Financial Overview

John Shrewsberry
Senior EVP, Chief Financial Officer
May 20, 2014
2014 Wells Fargo & Company. All rights reserved.
Financial Overview 1 Wells Fargo 2014 Investor Day
Strong results since 2012 Investor Day
Topics Results 1Q12 versus 1Q14 (unless otherwise noted)

Net Income - Record EPS every quarter, up 40%
Loan growth - Total loans up $59.9 billion, or 8%
Core loans up $90.1 billion, or 14%
Liquidating loans down $30.2 billion, or 28%
10% of loan portfolio vs. 16% as of 1Q12
Deposit growth - Average deposits up $162.3 billion, or 18%
130% of average loans vs. 119%
Deposit costs of 11 bps down 9 bps
Credit costs - Net charge-offs declined 66%
- Reserve releases
(1)
totaling $4 billion (1Q12 through 1Q14)
Capital return - $22.6 billion in gross capital returned to shareholders
(1Q12 through 1Q14)
Quarterly dividend increased 36%
Repurchased 277 million shares (1Q12 through 1Q14)

(1) Provision expense minus net charge-offs.
Strong Performance Relative to 2012 Targets
Financial Overview 2 Wells Fargo 2014 Investor Day
Represents target ranges presented at 2012 Investor Day.
(1) Efficiency ratio defined as noninterest expense divided by total revenue (net interest income plus noninterest income).
(2) Payout ratios provided are both on a gross and net basis. Gross payout means common stock dividends and repurchases, and net payout means common
stock dividends and repurchases less issuances. Dividends and share repurchases are subject to Wells Fargo board and regulatory approvals, and other
considerations. Share issuances may vary based on business and market conditions, as well as other factors.



14%
25%
34%
33%
48%
55%
2011 2012 2013
Net Payout Gross Payout
Strong performance relative to 2012 targets
60.1%
57.9%
1Q12 2Q12 3Q12 4Q12 1Q13 2Q13 3Q13 4Q13 1Q14
1.31%
1.57%
1Q12 2Q12 3Q12 4Q12 1Q13 2Q13 3Q13 4Q13 1Q14
12.14%
14.35%
1Q12 2Q12 3Q12 4Q12 1Q13 2Q13 3Q13 4Q13 1Q14
ROE
ROA Efficiency Ratio
(1)
Payout Ratio
(2)
59%
55%
15%
12%
1.30%
1.60%
50%
65%
Financial Overview 3 Wells Fargo 2014 Investor Day
Environmental considerations: 2012 - 2014
After extended low rate environment, rates began to transition
higher, while still at historically low levels
Improving credit performance
Strong housing market with mortgage refinances slowing after
peaking in 2012
Evolving regulatory framework for capital levels, CCAR,
liquidity
Slow but steady economic growth: real GDP~2%
Political uncertainty








Financial Overview 4 Wells Fargo 2014 Investor Day
EPS performance since 1Q12
Diluted Earnings Per Common Share

$0.75
$0.82
$0.88
$0.91 $0.92
$0.98
$0.99
$1.00
$1.05
1Q12 2Q12 3Q12 4Q12 1Q13 2Q13 3Q13 4Q13 1Q14
Financial Overview 5 Wells Fargo 2014 Investor Day
0
5
10
15
20
25
Long-term performance, across cycles
Wells Fargo Net Income

($ in billions)
(1) Slope of the yield curve is the 10-year Treasury less the 3-month Treasury.
(2) Acquired Wachovia on December 31, 2008. Full year 2008 net income was impacted by an $8.1 billion (pre-tax) credit reserve
build, including a $3.9 billion (pre-tax) provision to conform both Wells Fargos and Wachovias credit reserve practices.
Wachovia
merger
(2)
10+ years of Volatile Rates,
Unemployment and GDP
-4.00%
-2.00%
0.00%
2.00%
4.00%
6.00%
8.00%
10.00%
Slope of the Yield Curve Unemployment Rate Real GDP Growth
(1)

Financial Overview 6 Wells Fargo 2014 Investor Day
Wells Fargos model creates durable long-term advantages
Strong distribution and leading market share in key
financial products
Diversified and balanced revenue sources
Large and low cost deposit base
Relationship focus and cross-sell capability
Comprehensive risk discipline
Capital strength
Deep culture and the right team









Financial Overview 7 Wells Fargo 2014 Investor Day
Strong performance vs. peers: Balance Sheet growth
5.2% 5.2%
5.0%
2.2%
1.5%
-0.4%
PNC USB WFC BAC C JPM
Ending Loan Growth
(FY12 vs. FY13)
8.5%
7.5%
6.3%
5.3%
4.0%
3.0%
WFC JPM USB PNC BAC C
Average Deposit Growth
(FY12 vs. FY13)
Source: SNL.
(1) Core loan portfolio growth excludes the runoff from non-strategic/liquidating portfolios.
3.0%
(1)
Total loan growth Core loan growth
(1)

Financial Overview 8 Wells Fargo 2014 Investor Day
Strong performance vs. peers: Asset productivity
5.8%
5.5%
5.2%
4.1% 4.1% 4.1%
WFC USB PNC C BAC JPM
Revenue to Average Assets
(FY13)
Source: SNL
Financial Overview 9 Wells Fargo 2014 Investor Day
Strong performance vs. peers: Efficiency ratio
53.0%
58.3%
60.5%
65.1%
73.0%
77.8%
USB WFC PNC C JPM BAC
Efficiency Ratio
(1)
(FY13)
Source: SNL.
(1) Efficiency ratio defined as noninterest expense divided by total revenue (net interest income plus noninterest income). Noninterest expense and our
efficiency ratio may be affected by a variety of factors, including business and economic cyclicality, seasonality, changes in our business composition and
operating environment, growth in our business and/or acquisitions, and unexpected expenses relating to, among other things, litigation and regulatory
matters.
Financial Overview 10 Wells Fargo 2014 Investor Day
Strong performance vs. peers: Net charge-offs
Source: SNL.
0.56%
0.57%
0.63%
0.81%
0.86%
1.62%
WFC PNC USB JPM BAC C
Net Charge-offs / Average Loans
(FY13)
Financial Overview 11 Wells Fargo 2014 Investor Day
Strong performance vs. peers: ROA and ROE
Source: SNL.
1.65%
1.51%
1.37%
0.75%
0.73%
0.53%
USB WFC PNC JPM C BAC
15.8%
13.9%
10.8%
8.4%
6.9%
4.6%
USB WFC PNC JPM C BAC
Return on Assets
(FY13)
Return on Equity
(FY13)
Financial Overview 12 Wells Fargo 2014 Investor Day
WFC JPM USB BAC C PNC
Strong performance vs. peers: Capital return
Common Stock Repurchased
Dividends on Common Stock (Reported)
Gross Capital Returned
(Dividends and Repurchases)
(FY13, $ in billions)
11.44
3.65
10.37
0.96
3.91
0.93
Source: SNL.
Financial Overview 13 Wells Fargo 2014 Investor Day
Strong performance vs. peers: Total shareholder return
(1)
YTD 1 Year
WFC 10.3% 36.7%
PNC 9.4 36.5
USB 0.7 29.6
BAC -4.9 34.5
JPM -6.4 36.7
C -10.3 31.8
KBW Bank Index -1.3 37.8
Source: Bloomberg.
(1) Total shareholder return means increases (decreases) in common stock price plus dividends issued on common stock. Assumes dividends are reinvested.
YTD as of 5/7/2014.1 Year as of 12/31/2013.
Total Shareholder Return
Financial Overview 14 Wells Fargo 2014 Investor Day
Investor and analyst topics Investor Day 2014
Pace of loan growth
Net interest income and NIM considerations
Noninterest income strength after mortgage refinance cycle
Expense and efficiency opportunities
Credit cost trends net charge-offs and reserve levels
Financial targets











Financial Overview 15 Wells Fargo 2014 Investor Day
Loan growth
658.3
707.6
748.4
108.2
90.8
78.0 766.5
798.4
826.4
1Q12 1Q13 1Q14
Core loans Non-strategic/liquidating loans
Period-end loans up $59.9 billion,
or 8%, since 1Q12
- Commercial loans up $35.5 billion,
or 10%, driven by strength in C&I
and foreign
- Consumer loans up $24.4 billion, or
6%, on broad-based growth
Core loans up $90.1 billion, or 14%
Liquidating loans down $30.2
billion, or 28%


Key takeaway: Expect to grow loans
at a rate faster than U.S. GDP growth.
Expect continued commercial/
consumer balance.












Periodend Loans Outstanding
($ in billions)
(1)
(1) See page 20 of our 1Q14 Quarterly Supplement for additional information regarding the non-strategic/liquidating portfolio, which comprises the Pick-a-
Pay, liquidating home equity, legacy WFF indirect auto, legacy WFF debt consolidation, Education Finance-government guaranteed, and legacy Wachovia
commercial & industrial, commercial real estate, foreign and other PCI loan portfolios.
Financial Overview 16 Wells Fargo 2014 Investor Day
Net interest income and NIM considerations
Earning assets grew while composition shifted towards liquid assets
NII down only modestly despite NIM decline, reflecting earning asset growth
and lower funding costs
Key takeaway: Continue to target growth in NII. Well positioned for rising
rates.




11,058
10,675
10,832
1Q12 1Q13 1Q14
3.89%
3.49%
3.20%
Net Interest Margin (NIM)
Net Interest Income (TE)
(1)
($ in millions)
68%
60%
4%
1%
19%
19%
4%
4%
5%
16%
1Q12 1Q14
Fed Funds
Trading
Securities
MHFS
Loans
Average Earning Asset Mix
($ in billions)

$1,135
$1,364
(1) Tax-equivalent net interest income is based on the federal statutory rate of 35% for the periods presented. Net interest income was $10,888 million, $10,499
million, and $10,615 million for 1Q12, 1Q13, and 1Q14 respectively.
Financial Overview 17 Wells Fargo 2014 Investor Day
Noninterest income diversification
2,839
3,202
3,412
2,618
2,480
572
5,291
5,066
6,764
1Q12 1Q13 1Q14
Other Fee
Income
Total
Mortgage
Production
Total Trust &
Investment
Fees
Noninterest Income
($ in millions)
$10,010
$10,760 $10,748
Deposit Service Charges 12%
Trust and Investment Fees 34%
Card Fees 8%
Other Banking Fees 11%
Mortgage Banking 15%
Insurance 4%
Net Gains from Trading 4%
Other Noninterest Income
(1)
3%
Net Gains from Equity Inv. 9%
Noninterest income well diversified
- Mortgage production as a percent of total fee
revenue declined to 6% in 1Q14 from 24% in
1Q12 and 23% in 1Q13
Key takeaway: Expect mortgage production
revenue to stabilize. Remain well-positioned
for non-mortgage fee growth.










Pie chart data is for 1Q14.
(1) Other noninterest income includes net gains on debt
securities, lease income, life insurance investment
income and all other noninterest income.
12%
34%
8%
11%
15%
4%
4%
9%
3%
Financial Overview 18 Wells Fargo 2014 Investor Day
12,993
12,400
11,948
1Q12 1Q13 1Q14
Efficiency Ratio
Expense and efficiency opportunities
Noninterest Expense
($ in millions)
Disciplined expense management
across the company
Noninterest expense down $1.0
billion from 1Q12
Efficiency ratio improved 220 bps
from 1Q12

Key takeaway: Continue to target
efficiency ratio of 55% - 59%
60.1%
58.3% 57.9%
Financial Overview 19 Wells Fargo 2014 Investor Day
22.0
19.5
14.7
4.6
3.4
4.1
26.6
22.9
18.8
1Q12 1Q13 1Q14
Nonaccrual loans Foreclosed assets
2.0
1.2
0.3
2.4
1.4
0.8
1.25%
0.72%
0.41%
1Q12 1Q13 1Q14
Provision Expense Net Charge-offs Net charge-off rate
Credit cost trends charge-off and reserve levels
Credit quality has significantly
improved since 1Q12
- Provision expense down $1.7 billion
- Net charge-offs down $1.6 billion
- NPAs down $7.8 billion

Key takeaway: Expect continued
strong credit results. Reserve
releases expected to continue,
absent significant deterioration
in the economy.

Provision Expense and Net Charge-offs
($ in billions)
Nonperforming Assets
(1)
($ in billions)
(1) 30-89 days and 90 days or more past due and still accruing, and nonperforming loans, include held for sale loans reported on Balance Sheet.
Financial Overview 20 Wells Fargo 2014 Investor Day
Current environment considerations
Expect economy to grow slowly, yet steadily, presenting
opportunities for Wells Fargo
- Housing remains strong, but expect home price appreciation
to moderate
- Employment levels improving
While well positioned for rising rates, our diversified model
positions us to adapt to a variety of environments
Regulatory environment requires continued diligence
As competition intensifies, our long-term risk discipline
remains integral










Financial Overview 21 Wells Fargo 2014 Investor Day
Financial targets
Targets depend on the overall economic, interest rate and evolving
regulatory environment and assume continued annual revenue and
earnings growth over time








Efficiency Ratio

55 - 59%
ROA

1.30% - 1.60%
ROE

12% - 15%
Net Payout Ratio
(1)
55% - 75%
(1) Net payout means common stock dividends and share repurchases less issuances. Dividends and share repurchases are subject to Wells Fargo board and
regulatory approvals, and other considerations. Share issuances may vary based on business and market conditions, as well as other factors.

Financial Overview 22 Wells Fargo 2014 Investor Day
Summary
Solid performance from 1Q12 vs. WFC targets and peers
Successfully managed through transitional periods in interest
rates, housing and the economy
Continued to enhance product capabilities and competitive
positioning
Grew relationships and cross-sell across the franchise
Maintained risk discipline
Returned more capital to shareholders and targeting further
increases









Financial Overview 23 Wells Fargo 2014 Investor Day
Biography
Financial Overview 24 Wells Fargo 2014 Investor Day
John Shrewsberry is the chief financial officer responsible for Wells Fargos
financial management functions including controllers, financial reporting, tax
management, asset-liability management, treasury, corporate development and
investor relations. John is also responsible for Wells Fargos investment
portfolios as well as the companys corporate properties functions and strategic
planning. John serves on the Wells Fargo Operating, Management, and Market
Risk Committees and is based in San Francisco.
A 20-year veteran of banking and investing, John served as head of Wells Fargo
Securities from 2006 through May 2014, where he was responsible for
investment banking, capital markets, institutional fixed income, equity, and
derivatives sales and trading, investment research, and a credit-intensive
principal investment portfolio. From 2001 through 2005, he was the group
head of Wells Fargo Commercial Capital, the successor to a commercial finance
company he co-founded that became part of Wells Fargo in 2001. Previously,
John worked at Goldman Sachs and Credit Suisse First Boston in the principal
finance areas. He started his career as a Certified Public Accountant at
Coopers & Lybrand.
John earned his B.A. in economics from Claremont McKenna College, in
Claremont, CA, and an MBA from the Yale School of Management.
John currently serves on the board for the Committee on Capital Markets
Regulation. Committed to serving the communities around him, John also
serves on the boards of the Robert Day School of Economics and Finance, the
Yale School of Management and is active with the Juvenile Diabetes Research
Foundation.
John Shrewsberry
Senior Executive Vice President, Chief Financial Officer