Credit Suisse Credit Suisse Financial Services Forum

David CarrollSenior Executive Vice PresidentHead of Wealth, Brokerage and Retirement

February 9, 2011

© 2011 Wells Fargo & Company. All rights reserved.

Forward-looking statements and additional information

This presentation may contain forward-looking statements about our future financial performance. These forward-looking statements include statements using words such as “believe,” “expect,” “anticipate,” “estimate,” “should,” “may,” “can,” “will,” “outlook,” “appears” or similar expressions. Forward-looking statements in this presentation include, among others, statements about: expected or estimated future losses in our loan portfolios, including our belief that quarterly provision expense and quarterly total credit losses have peaked and the allowance for loan losses belief that quarterly provision expense and quarterly total credit losses have peaked and the allowance for loan losses is expected to decline; future performance targets for Wealth, Brokerage and Retirement; and certain proposed capital actions and our estimated Tier 1 common ratio as of December 31, 2010 under proposed Basel capital rules. Investors are urged to 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 more information about factors that could cause actual

lt t diff t i ll f t ti f t W ll F ’ t fil d ith th S iti d E h results to differ materially from expectations, refer to Wells Fargo’s reports filed with the Securities and Exchange Commission, including our Annual Report on Form 10-K for the year ended December 31, 2009 and Quarterly Reports on Form 10-Q for the quarters ended March 31, 2010, June 30, 2010, and September 30, 2010 including the discussion under “Risk Factors” in each of those reports.

Loans that were acquired from Wachovia that were considered credit impaired were written down at acquisition date in purchase accounting to an amount estimated to be collectible and the related allowance for loan losses was not carried over to Wells Fargo’s allowance. In addition, such purchased credit-impaired loans are not classified as nonaccrual or nonperforming, and are not included in loans that were contractually 90+ days past due and still accruing. Any losses on such loans are charged against the nonaccretable difference established in purchase accounting and are not reported as charge-offs (until such difference is fully utilized). As a result of accounting for purchased loans with evidence of credit deterioration, certain ratios of the combined company are not comparable to p , p y pa portfolio that does not include purchased credit-impaired loans. In certain cases, the purchased credit-impaired loans may affect portfolio credit ratios and trends. Management believes that the presentation of information adjusted to exclude the purchased credit-impaired loans provides useful disclosure regarding the credit quality of the non-impaired loan portfolio. Accordingly, certain of the loan balances and credit ratios in this presentation have been adjusted to exclude the purchased credit-impaired loans. References to impaired loans mean the purchased credit-impaired loans Please see pages 31-33 of the fourth quarter 2010 press release for additional information regarding impaired loans. Please see pages 31 33 of the fourth quarter 2010 press release for additional information regarding the purchased credit-impaired loans.

1

Wells Fargo vision

“We want to satisfy all our customers’ financial needs, help them succeed “financial needs, help them succeed financially, be the premier provider of financial services in every one of of financial services in every one of our markets, and be known as one of America’s great companies ”of America s great companies.”

2

Overview

Leading franchise

Wells Fargo 4Q10 results

Wealth, Brokerage and Retirement Business (WBR) overview

- Competitive advantage

- Business model

- Growth opportunities

- Performance targets

3

Wells Fargo serves consumers and businesses in more communities than any other U.S. Bank

▪ 70 MM+

customerscustomers

▪ 9,000 stores

▪ 12,000 ATMs

▪ 57,000 ,salespeople

▪ 18MM online banking customers

Wells Fargo Bank storesWachovia Bank storesWells Fargo Advisors officesWells Fargo Home Mortgage stores

4As of 4Q10.

Wells Fargo Home Mortgage stores

Wells Fargo overviewDiversified, scale businesses

2010 Revenues (1)

($ in millions)Key Business Segments:

Community BankingOver 6,300 retail banking stores and 12,000 ATMs

No 2 U S Deposit market share (2)- No. 2 U.S. Deposit market share (2)

No. 1 Small business banking (SBA lender) (3)

No. 1 Mortgage originator (4)

- No. 2 Mortgage servicing portfolio13%

Wealth, Brokerage and

Retirement$11,730

Wholesale BankingNo. 1 Commercial real estate lender (5)

No. 1 Insurance Brokerage (bank-owned) (6)

No. 2 Asset management (bank-owned) (7)

(8)25%

Community Wholesale Banking No. 3 Commercial loan syndications (8)

No. 5 U.S. equity underwriting (9)

Wealth, Brokerage and Retirement (WBR)15 188 financial advisors

62%

Community Banking$54,698

Banking$22,216

15,188 financial advisors- No. 3 Brokerage Client Assets (10); $1.2 trillion

No. 5 Family wealth (11)

No. 5 IRA provider (12)

(1) Revenue excludes other segment revenue of ($3,434) million that includes the elimination of items included in both Community Banking and WBR, largely representing wealth management customers serviced and products sold in the stores. (2) FDIC, June 2010. (3) CRA. (4) Inside Mortgage Finance. (5) Mortgage Bankers Association. (6) Business Insurance Magazine, 7/19/10. (7) Strategic Insight, 12/31/10. (8) Bookrunner by number of transactions, FY 2010, Thomson Reuters LPC. (9) Bookrunner by number of transactions, FY 2010, SDC. (10) SNL Financial. (11) Family Wealth Alliance, 2010. (12) Cerulli Associates, September 2010.

5

Record quarterly earnings in 4Q10

$3.4 billion record NIAT (1) in 4Q10

− NIAT up 21% YoY, 9% linked quarter annualized (LQA)

$0 61 earnings per share in 4Q10

Net Income($ in billions)

2.8

3.1

3.3 3.4

$0.61 earnings per share in 4Q10

2.8

2.6

4Q09 1Q10 2Q10 3Q10 4Q10

6(1) Net income after tax.

Earnings growth driven by strong, broad-based revenue

$21.5 billion quarterly revenue, up 12% linked quarter annualized (LQA)

60% of revenue in 4Q10 came from businesses with > 10% LQA growth

Revenue($ in billions)

22.721.4 21.4 20.9 21.5

C it Revenue growth across the franchise in 4Q10:

- Period end loans up 2% LQA, up 6% LQA excluding $6.0 billion reduction in non-strategic loans (1)

- Mortgage originations up 27%

CommunityBanking

WholesaleBanking

4Q09 1Q10 2Q10 3Q10 4Q10

- Mortgage originations up 27%

- Accelerating checking/savings deposits up 17% annualized

- Wealth, Brokerage and Retirement client assets up 12% annualized

WBR

12.8 12.1

12.7 12.3 13.3

- Trust and investment fees up 15%

4Q10 expenses included:

- $533 million in Wachovia integration costs

- $827 million in loan resolution/loss

Noninterest Expense($ in billions)

$827 million in loan resolution/loss mitigation costs

- $400 million charitable contribution to Wells Fargo Foundation

- Seasonally higher advertising, travel, i t d ft

4Q09 1Q10 2Q10 3Q10 4Q10

7

equipment and software expense

Percent changes from 3Q10.(1) The non-strategic / liquidating loan portfolio includes the Pick-a-Pay, liquidating home equity, legacy WFF indirect auto, legacy WFF debt consolidation and

Commercial and Commercial PCI loan portfolios.

Earnings growth also driven by continued decline in charge-offs / provision expense

0.50

(0 50)

$3.8 billion net charge-offs in 4Q10, down 29% from 4Q09 peak

Provision expense of $3.0 billion, down $456 million from 3Q10 ($256 million fewer losses

Provision Expense($ in billions)

3.993.45 2 99

5.335.91

5.41 5.334.49 4.10 3.84

(0.50) Q ($and $200 million higher reserve release)

$2.1 billion decline in NPLs from 3Q10

Allowance for credit losses = $23.5 billion = 6.11x quarterly charge-offs

(0.65)(0.85)

2.99

4Q09 1Q10 2Q10 3Q10 4Q10

Net Charge-offs Credit Reserve Build

Remaining PCI nonaccretable at 12/31/10 = 29.5% of remaining UPB (1)

Reserve Release

Nonperforming Assets

3.24.2 5.1 6.3

6.2

Nonperforming Assets ($ in billions)

32.434.632.931.5

27.6

24.4 27.3 27.8 28.3 26.2

4Q09 1Q10 2Q10 3Q10 4Q10

Nonperforming loans REO/Foreclosed assets/Other

8

(1) Unpaid principal balance for PCI loans that have not had a UPB charge-off. Wells Fargo’s charge-offs in part reflect reduced risk in the Wachovia portfolio due to PCI accounting performed for highest risk Wachovia loans.

Capital is strong and continued to grow internally

Internal capital generation in 4Q10 = 12% annualized ($3.5 billion)

Tier 1 common +36 bps in 4Q10

O h i l i i

Tier 1 Common Equity Ratio

6.46%

7.09%7.61%

8.01%8.37%

Other capital ratios growing

- Tier 1 Capital = 11.25%

- Tier 1 Leverage = 9.19%

Tier 1 common under Basel II/III = 6.9% (1)

2001-2007 Avg = 7.0%

3 12%

4.49%

5.18%at 12/31/10

Objective: increase dividend, repurchase shares, redeem callable TRUPS (2)

3.12%

1Q09 2Q09 3Q09 4Q09 1Q10 2Q10 3Q10 4Q10

See the appendix for more information on Tier 1 common equity.4Q10 capital ratios are preliminary estimates. (1) Pro forma calculations based on reported Tier 1 common equity, as adjusted to reflect management’s interpretation of current Basel III capital proposals. These

pro forma calculations and management’s estimates are subject to change depending on final promulgation of Basel III capital rulemaking and interpretations thereof by regulatory authorities.

(2) Subject to regulatory approval and, with respect to the TRUPS, the satisfaction of any other applicable conditions.9

WBR overview

Wealth, Brokerage and Retirement provides a full range of financial advisory, lending, fiduciary, and investment management services to clients using a planning approach tailored to meet each client’s needs

Wealth, Brokerage and Retirement provides a full range of financial advisory, lending, fiduciary, and investment management services to clients using a planning approach tailored to meet each client’s needs

Wealth ManagementProvides affluent and high net worth clients with a complete range of wealth management solutions including financial planning, private banking, credit, investment management and trust. Family Wealth delivers a complete and distinct experience focused on the

l h d f l ffl f lwealth needs of ultra affluent families.

BrokerageFinancial advisors primarily serve affluent and high net worth clients’ advisory, brokerage and financial needs, through multiple channels, as part of one of the largest full-service brokerage firms in the U.S.

RetirementProvides retirement services for individual investors and is a national leader in 401(k) and pension record keeping

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WBR framework

Mission: “To help our clients achieve financial peace of mind”

Build enduring client relationships on a foundation of sound, thoughtful and objective advice

Develop individualized financial plans to help meet clients’ financial objectives

Help our clients build, manage, preserve and transition their financial resources and wealth

Vision: “To be the premier provider of planning, advice, solutions and services in every one of our markets”

11

WBR advice-based business model / market positioning

Brokerage 3rd Largest U.S. Retail Brokerage firm with $1.2T in client assets and 15,188Financial Advisors

3rd Largest Managed Account provider with $235B in assets

Wealth Management

4th Largest Wealth Management firm (1) with $390B in U.S. Private Client Assets

5th Largest U.S.-based Multifamily Office with $23B in Assets Under Advisement and an average relationship size of $71MM (2)Management$198B in Assets Under Care (3)

R ti t

2nd Largest Annuity Distributor (4)

5th Largest IRA provider (5) with $266B IRA Assetsth l l dk b d (6) hRetirement 6th Largest Institutional Retirement Plan Recordkeeper based on assets (6) with

$231B Institutional Retirement Plan Assets$285B Custody Assets

7th Largest Retail Deposit base in the U.S.

WBR Deposits Attractive, stable funding source for the company with weighted average cost of 0.16%

Assets based on company data and peer analysis, as of December 31, 2010 unless otherwise noted.

(1) Barron’s 2010 Survey; Based on Assets Under Management in accounts > $5MM (as of June 30, 2010). Includes Brokerage Client Assets and Wealth Assets U d M t

12

Under Management.(2) Family Wealth Alliance Multifamily Office Study 2010; Company figures reflect year end 2009. (3) Includes $48 billion in deposits as of December 31, 2010.(4) Sun Life Distributor Roundtable Survey (based on sales), May 2010.(5) Cerulli Associates (based on 1Q10 assets), September 2010. (6) PLANSPONSOR Magazine (based on 4Q09 defined contribution assets), July 2010.

Brokerage business model

Multi-channel model positions us to serve diverse client segments “when, where and how” they want to be served

Segment

Target Segments Mass Affluent High Net Worth

Investable Assets: $13.0T

Li biliti $2 9T

Investable Assets: $7.2T

Investable Assets: $3.8T

Wells Fargo Advisors℠

Seg e tPotential

Direct Financial Solutions (DFS)

Liabilities: $2.9T$

Liabilities: $ 0.1T

$

Liabilities: $7.9T

Wealth Brokerage Services (WBS)

Multi-Channel Delivery Model Private Client Group (PCG)

WellsTrade

Independent Brokerage Group (IBG)FiNet Advisors, HD Vest, First Clearing Correspondents

13Data as of June 2008; source: Booz & Company analysis; Federal Reserve data.

Wealth Management business model

Three proven integrated delivery models

Affluent Family WealthThe Private Bank (TPB)

Cli t d li Family OfficeWealth Team Financial AdvisorClient delivery model

Client Client Client

PB

How it works…

Community Bank

Wealth Brokerage

WBSThe Private

BankFamily Wealth

PB

IMT

40% 50%

30%

Measure of

Services

Partnership with FA driving Investment Solutions

Executed by integrated team of professionals

Holistic Family Office Management

% Affluent Investment # of “Q alified” TPB ClientsMeasure of Success

Benefits

% Affluent Investment Penetration Rate

# of “Qualified” TPB Clients # of Families

Growing B l

Increasing C ll

Improving R t ti

14

Benefits Balances Cross-sell Retention

WBR market opportunity

$24T in U.S. investable assets

$3T in liabilities in target segments

We operate in a largemarketplace…

Assets represent a revenue pool of approximately $180B

Retirement Wave$4T in expected money movement over 5

Significant opportunities to capitalize on “Money-in-Motion” and cross-sell

…with a high growth $4T in expected money movement over 5

yearsin Motion and cross sell services with affluent Wells Fargo Bank clients

growth trajectory…

Big getting bigger

Proliferation of small players…that’s consolidating…

Top 3 firms dominate full-service space

Growth in need for “Total Financial Management” (i.e., Assets and Liabilities)

…and demandingholistic advice

Winners are firms with the depth and breadth to offer the client a unified experience

15

The “retiree wave” is here and they want and need help

The number of retirees is expected to grow

People in their 60’s have mixed feelings

People nearing retirement need help

People in their 60 s have mixed feelings about their upcoming retirement- 46% are excited about the opportunity- 31% are nervous about having enough

money49

50

51

Estimated Number of US Retirees

y

A sizable number still do not have a written plan showing how much and when they can withdraw savings in

ti t 46

47

48

49

Million

s

retirement - 41% of people in their 50’s have a plan- 46% of people in their 60’s have a plan

64% of affluent investors in their 60’s 43

44

45

M

64% of affluent investors in their 60’s would value a formal retirement plan42

2011 2012 2013 2014 2015% of US population 14.5% 14.8% 15.1% 15.4% 15.6%

16

Source: Wells Fargo, Retirement Survey, 2010 – Harris Interactive telephone survey of approximately 1,800 middle class Americans; LIMRA Fact Book on Retirement Income 2010.

Optimizing advisor performance through best practices

Best practices are a defined set of processes and proven strategies that advisors implement to help them run their business, advise clients, strengthen existing

relationships, and grow new relationships

• Business Planning

• Client Segmentation • Envision

How to ADVISE clients

• Client Information Management

R f l P

How to GROWnew

relationships

Segmentation • Client Service

Matrix

How to RUN my business

• Envision Planning

• Advisory• Cross-sell• Recommended

Investments

g• Client Reviews

How to STRENGTHEN

existing

• Referral Process• Maximize

Existing Client Relationship

Investments grelationships

17

Optimizing advisor performance through best practices

Best practices for advising clients and strengthening relationships include: planning, understanding, implementing advice and on-going client reviews

Envision Envision

PLAN Clie

Fam

ilan

InvestmentsCredit

LendingBanking

EW

UN

DER

en

tIn

for

ly, O

ccup

atioe

vie

ws

gie

s A

ctio

n P

l

Risk Management

Estate & TrustPlanning

REV

IR

STA

ND

rmatio

n

on

, Recre

atio

nClien

t R

en

cial

Str

ate

g

g g

IMPLEMENT

Mg

mt.

n, M

on

ey

Fin

a

18

Advice

Adoption of best practices yielding desired results

Success measured by penetration of financial planning (Envision), growth in advisory assets, holistic balance sheet advice through lending and client loyalty

Key HHs (1) with Envision Plans Advisory AUM($ i billi )($ in billions)

86% of FAs have done an Envision plan on at least one of their clients

91% of FAs have Advisory AUM

$7.2

Annual Lending Sales($ in billions)

Client Loyalty Scores (2)

Clients Without A Plan Client With A Plan

52% Score as Loyal 83% Score As Loyal

$1.9

$

2004 2010

52% Score as Loyal 83% Score As Loyal

Non Best Practice Clients Best Practice Clients

47% Score as Loyal 88% Score as Loyal

19

2004 201059% of FAs have participated in delivering a lending product to a client

(1) Key HHs defined as those with $250,000 of assets with the firm.(2) As determined by Wells Fargo Advisors Client Satisfaction survey.

Best Practice clients are those who have a plan, an advisory relationship, and regular FA contact

Institutionalizing a planning culture – Envision process

Investment planning is a key component of the best practices model and Envision is our proprietary planning tool

Evolve Understand

New goals or priorities Define major life goals

The Envision Process

Monitor progress Ideal & Acceptable goals

Process

Implement allocation Prioritize goals

Advise Analyze

Recommendation“In balance” targeted confidence “Stress test” goals

20

Institutionalizing a planning culture - adoption metrics

Wells Fargo Advisors is successfully creating a planning culture that strengthens the client relationship, encourages loyalty, drives referrals, and promotes recurring

revenue

6,000

7,000

8,000 Financial Advisor Envision Adoption

350,000

400,000

450,000

ho

lds

Key HH Envision Adoption

2,000

3,000

4,000

5,000

FA

Co

un

t

100,000

150,000

200,000

250,000

300,000

Key H

ou

seh

0

1,000

FAs with 25+ Envision Plans

-

50,000

Over the last two years, the number of Key HHs with an Envision Plan has increased from ~160k to ~420k or approximately 71% of all planning eligible Key households

Financial Advisor adopters (defined as FAs who have completed more than 25 Envision Plans) have increased significantly from ~3,800 to ~7,100 over the last two years

21

Envision has helped identify more than $90 billion of client assets held away from the company

(1) Key HHs defined as those with $250,000 of assets with the firm.

Cross-sell

WBR cross-sell opportunity

Deepening relationships - 11% of retail bank households overlap with WBR

Significant opportunity to further penetrate retail households with brokerage and i d

Total Enterprise Households 40.2 MM Retail

22 1 MM HHNon-Retail

retirement products

22.1 MM HH

Non Bank Retail Bank

WBR

18.1 MM HH

5 1MM HH

Non-Bank 2.5 MM HH

Retail Bank Overlap

2.6 MM HH

9.80 Cross-sell

5.1MM HH

22

HH = Household.Data as of December 31, 2010. WBR households are total combined households excluding Institutional Retirement participants.Cross-sell represents the number of products owned by WF household.

Cross-sell potential – Wells Fargo banking customers

Wells Fargo Household Balance (2)

5% cross-sell generates over $600MM annual revenue

HH Balances increase

6X

5.2MM WFC banking HHs (1) currently

don’t hold investment products

Bank & Brokerage

RelationshipRelationship

$1.7 trillioninvestable assets

Bank Only Relationship

Bank Only Relationship

23

We deepen our relationships with affluent households by cross-selling products across lines

of businessesHH= Households.(1) Affluent Wells Fargo households with investable assets of $100K-2MM.(2) Household balances include deposits and investments.

Cross-Sell Opportunity

WBR interest rate opportunity

2.00%

2.50%

1 00%

1.50%

2.00%

Net Interest Margin 1.94%

0 00%

0.50%

1.00%

Average 3 Month LIBOR 0.34%

Impact of 50 basis points (bps) increase in Avg 3 month LIBOR on 2010 results:

0.00%

1Q10 2Q10 3Q10 4Q10 2010 Average

Impact of 50 basis points (bps) increase in Avg. 3 month LIBOR on 2010 results:

Earnings up 18% over reported results

Pretax margin up 200 bps

Additional 270 bps of operating leverageAdditional 270 bps of operating leverage

24

WBR financial performance

2010 Revenue by Line of BusinessTotal Revenue($ in billions)

Retirement6%

Private Banking $11.7

& Trust18%

$10.8

Retail Brokerage76%

2009 2010

$1005

Noninterest Expense($ in billions)

Net Income After Tax($ in millions)

2010 Performance Measures

$9.4

$9.8 $529

$1,005

14%

70%

2009 2010

25

2009 2010 Pre-Tax Margin Recurring Revenue

WBR performance targets

Operating Leverage

19%

25%

5 3%

Pre-Tax Operating Margin

8%14%

22%

14%

3.5%

1.1%

2010 3 Yr Target

5.3%

2009 2010 3 Yr Target

As Reported Ex-Intangible Amortization

2010 3 Yr Target

As Reported

Ex-Intangible Amortization & 2009 ARS Settlement

$1.575%

Recurring Revenue as a % of Total Revenue

Client Assets($ in trillions)

$1.3

$1.4

65%

70%

2009 2010 3 Yr Target2009 2010 3 Yr Target

26(1) Includes $50 billion and $46 billion of Wealth deposits for 2009 and 2010, respectively, previously not included.

(1)(1)

Summary

Leading franchise

Strong, consistent and high-quality earnings

4Q10 results driven by broad-based revenue growth, significant improvement in credit quality and loan growth

Strong capital position

Wealth, Brokerage and Retirement is well-positioned to capitalize on growth opportunities- Leading provider across wealth, brokerage, retirement and retail deposit segments, fueled

by strong demographic and economic tailwind- Advice-based planning to achieve client’s financial peace of mind - Deepen and enhance Wells Fargo customer relationships and add new customers

Strong growth segment for the company- Strong growth segment for the company• Recurring revenue streams• Optimizing advisor performance• Institutionalizing a planning culture• Proven internal partnershipsp p• Interest rate opportunity

27

Appendix

28

WBR client service model

BankingInvestment

Management Trust Brokerage Insurance

ServicesFamilyWealth BrokerageWealth Planning

Ultra High NetWorth

ClientManagement

Directors

PrivateBankers I

High NetWorth

Bankersand

WealthAdvisors

FinancialAdvisors

PrivateBankers

TrustOfficers

InvestmentManagers

FinancialAdvisors

InsuranceSpecialists

Planning Specialists/

Professionals

Affluent Regional

BankPrivate

MassM k t

LicensedBankers

PlatformBankers

Bankers

29

Market

WBR status of merger integration

2009 2011 20122010

W ll F Brokerage

Feb - DecJan

ersi

ons

Wealth Relationship Management Conversion

Institutional Retirement

Wells Fargo Advisors

Rebranding

Brokerage Platform

Conversion

Retail Retirement

WB

R C

onve

Core Trust Conversion

Retirement Rebranding

Completed

Retirement Rebranding

g

Completed Conversions

Pending Conversions

DC Conversion

(4 of 4)Defined Contribution Conversion (1-3 of 4)

gion

al B

anki

ngC

onve

rsio

ns

CO NV, AZ, IL CA TX, MO, KS, GAAL, MS, TN

NJ, NY Remaining Easternfootprint

Reg C

30

WBR revenue mix and trends

2010 Revenue Mix

$3.0

4Q Revenue Growth($ in billions)

(1)

Other8%

$0 5

$0.6$0.2

$0.2

$2.7Retirement

Private ki &

Asset-Based / Other Recurring

Transaction Revenue

22% IBG

IBGWBS

WBS$0.5

DFS/WellsTrade

DFS/WellsTrade

Banking & Trust

Net Interest Income

Fees47%

22%

PCGPCG

IBG

$2.0$2.3

Retail Brokerage

23%

4Q09 4Q10

31

4Q09 4Q10

(1) Does not foot due to rounding.

Tier 1 common equity reconciliation

Wells Fargo & Company and SubsidiariesTIER 1 COMMON EQUITY (1)

Quarter endedDec. 31, Sept. 30, June 30, Mar. 31, Dec. 31, Sept. 30, June 30, Mar. 31,, p , , , , p , , ,

($ in billions) 2010 2010 2010 2010 2009 2009 2009 2009 Total equity 127.9$ 125.2 121.4 118.1 114.4 128.9 121.4 107.1 Noncontrolling interests (1.5) (1.5) (1.6) (2.0) (2.6) (6.8) (6.8) (6.8)

Total Wells Fargo stockholders' equity 126.4 123.7 119.8 116.1 111.8 122.1 114.6 100.3 Adjustments:

Preferred equity (8.1) (8.1) (8.1) (8.1) (8.1) (31.1) (31.0) (30.9) G d ill d i ibl ( h h MSR ) (36 1) (36 7) (37 2) (37 7) (37 5) (38 7) (38 6)Goodwill and intangible assets (other than MSRs) (35.5) (36.1) (36.7) (37.2) (37.7) (37.5) (38.7) (38.6) Applicable deferred taxes 4.3 4.7 5.0 5.2 5.3 5.3 5.5 5.7 Deferred tax asset limitation - - - - (1.0) - (2.0) (4.7) MSRs over specified limitations (0.9) (0.9) (1.0) (1.5) (1.6) (1.5) (1.6) (1.2) Cumulative other comprehensive income (4.6) (5.4) (4.8) (4.0) (3.0) (4.0) 0.6 3.6 Other (0.3) (0.3) (0.3) (0.3) (0.2) (0.3) (0.3) (0.8)

Tier 1 common equity (A) 81.3$ 77.6 73.9 70.2 65.5 53.0 47.1 33.4 (2)Total risk-weighted assets (2)

(B) 971.7$ 968.4 970.8 990.1 1,013.6 1,023.8 1,047.7 1,071.5 Tier 1 common equity to total risk-weighted assets (A)/(B) 8.37 % 8.01 7.61 7.09 6.46 5.18 4.49 3.12

(1) Tier 1 common equity is a non-generally accepted accounting principle (GAAP) financial measure that is used by investors, analysts and bank regulatory agencies to assess the capital position of financial

services companies. T ier 1 common equity includes total Wells Fargo stockholders' equity, less preferred equity, goodwill and intangible assets (excluding MSRs), net of related deferred taxes, adjusted for

specified Tier 1 regulatory capital limitations covering deferred taxes, MSRs, and cumulative other comprehensive income. Management reviews Tier 1 common equity along with other measures of capital as

part of its financial analyses and has included this non GAAP financial information and the corresponding reconciliation to total equity because of current interest in such information on the part of market

(2)

part of its financial analyses and has included this non-GAAP financial information, and the corresponding reconciliation to total equity, because of current interest in such information on the part of market

participants.Under the regulatory guidelines for risk-based capital, on-balance sheet assets and credit equivalent amounts of derivatives and off-balance sheet items are assigned to one of several broad risk categories

according to the obligor or, if relevant, the guarantor or the nature of any collateral. The aggregate dollar amount in each risk category is then multiplied by the risk weight associated with that category. The

resulting weighted values from each of the risk categories are aggregated for determining total risk-weighted assets. The Company's December 31, 2010, preliminary risk-weighted assets reflect estimated on-

balance sheet risk-weighted assets of $814.4 billion and derivative and off-balance sheet risk-weighted assets of $157.3 billion.

32