The Vision & Values of Wells Fargo

John G. Stumpf, Chairman, President & CEO

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What unites us? Our vision Our strategy The customer value of cross-selling Technology: the personal touch Customer-centric Our brand Our goals Financial Revenue Financial literacy Every customer: a plan Our stock Our reputation Social responsibility Our values People Ethics Whats right for customers Diversity Leadership Our culture One Wells Fargo Wow! Disciplined, responsible lending Frugality Culture first, size second Who are we? How we define ourselves Community-based Out-local the nationals and out-national the locals How we rank Our 10 strategic initiatives Investments, brokerage, trust and insurance Going for gr-eight Commercial bank of choice Doing it right for the customer Banking with a mortgage Wells Fargo cards in every Wells Fargo wallet When, where and how Information-based marketing Be our customers payment processor People as a competitive advantage Our future Its up to us

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On the cover: Wells Fargo Home Mortgage team members Joe Ohayon of Frederick, Maryland, and Anita Smith-Dixon 2 of Savannah, Georgia.

Documents such as this are rare these days in corporate America. Most companies have them, of course, but few as long as weve had ours. Fewer have resisted fads and stayed faithful to their founding language. Only a handful have made measurable progress guided by John Stumpf the same values toward an unchanging vision not just for a year or two but almost two decades. Our progress has not been perfect. We learn just as much from failure (perhaps more) as we do from success. Companies are made up of human beings who make mistakes. When we make them we admit them, learn from them, then we keep moving forward with even more understanding, guided by the same values toward the same vision. We first published our Vision & Values in the early 1990s as Wells Fargos predecessor, Norwest Corporation. Our industry, our world and our company have changed a lot since then. Weve grown from a network of small Midwestern banks into a national company with a global reputation. Were the product of hundreds of combinations. Tens of thousands of our team members today trace their heritage to our ancestor companiesfrom as large as Norwest, Wells Fargo, Wachovia, First Union, CoreStates Financial, SouthTrust, Golden West Financial, A.G. Edwards, First Interstate, Crocker Bank, United Banks of Colorado, First Security, Acordia and First United Bank Group to as small as Comfort Bancshares of Comfort, Texas, and Little Mountain Bancshares of Monticello, Minnesota. Big or small, each influenced and strengthened our culture. Each brought us new geographies or capabilities and inspiring stories, and then each found common cause in our Vision & Values. As a result, we believe in our vision just as stronglywe embrace these values just as passionatelyas we did the first time we put them on paper. Our vision, our values, our commitment to outstanding sales and service for every customer, our diversified business model, our relationship strategy, our belief in people as a competitive advantage, our goal of consistent,
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sustainable revenue growthnone of that has changed. In fact, our unchanging vision and values and our time-tested business model are, more than ever, a competitive advantage as our industry evolves and consolidates. If our vision and values continue to anchor us, then we believe solving every problem, seizing every opportunity, and making every decision consistent with our vision and values will guide us toward more growth and success not just this year but for decades to come.

What unites us?

This is about who we are, where were headed, and how every Wells Fargo team member can help us get there and share in our teams success. We are a big company. Were one of Americas largest financial institutions. We have a significant international presence. Were one of the worlds 40 largest employers and Americas 12th-largest private employer, with 275,000 team members. Our stock market value exceeds $130 billion, making us one of the worlds 35 top companies in market value. Forbes ranks us among the worlds top 50 companies based on a composite of sales, assets, profits and market value. Were in the top 20 among all U.S. companies in profits and market value. Regardless of our size, our scope and reach, we all share one vision and distinct values. Theyre the fabric that holds us together wherever we are, whatever we do. It doesnt matter what our responsibilities are, our levels or titles or age, what businesses were part of, or where we live and work. We all should know our vision. We want everyone on our team to have a clear line of sight between their work, our vision and our success. We all should be passionate about and live our values and share them with others. We all can help Wells Fargo be known as one of the worlds great companies.

Our vision
Where were going
This is about our vision for being known as one of the worlds great companies. This is not a task. This is a journey. Every journey has a destination. To reach it, we have an ambitious visionwhich is the character of our company in action:

We want to satisfy all our customers financial needs and help them succeed financially.
Our vision of financially satisfied, successful customers is based on a simple, time-tested premise. We believe our customers can save more time and money ifafter carefully shopping around and comparing choicesthey bring all their financial services to one trusted provider. Some people believe its smarter to disperse risk by dividing their assets among a half-dozen or more providers. A laudable goal, but then what? They have to monitor the performance, ethics and reputation of a half-dozen or more providers. They waste time keeping track of where their assets are. They drown in monthly account statements. They cant take advantage of volume discounts. If you find one trusted provider that can satisfy all your financial services needs and save you time and money, why not bring all your business to that trusted provider? This isnt as easy as it sounds. If it were, it wouldnt be a competitive advantage for us. Theres always a premium, however, on things that cant be replicated. Our journey toward our vision has required persistence and determination and has resulted in steady progress for more than two decades. But we still have much to learn, teach, share and, as always, more of our customers financial needs to satisfy. For example, our own customers still give about half their financial business to our competitors! Our job central to our visionis to make it easy for customers to bring us more of their business so we can satisfy all their financial needs. Our vision has nothing to do with transactions, pushing products or getting bigger for the sake of bigness. Its about
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building lifelong relationships one customer at a time. Each of our customers defines financial success differently and very personally. This includes the desire for financial security and self-sufficiency. The desire to be financially literate. The desire to be disciplined and focused on spending, saving and investing to own a home, start or grow a business, save for education, or prepare for retirement. And because no one lives in a vacuum, the desire for the economic success of their neighborhood and community. Theres a difference between our vision and our results. Were careful not to put the second ahead of the first. We never put the stagecoach in front of the horses. This may sound odd to some, but we dont believe our first job is to make a lot of money. Nowhere in our vision statement will you find we want to make a lot of money. Our first job is to understand our customers financial objectives, then offer them products and solutions to help satisfy those needs so they can be financially successful. If we do that right, then all sorts of good things happen for all our stakeholders including our shareholders.

Our strategy
How were going to get there
A vision is not enough. You need a strategy to achieve that vision and a time-tested business model that can succeed in any economic cycle. This requires extraordinary execution. In fact, its all about execution. A good strategy perfectly executed will beat a great strategy poorly executed every time.

The customer value of cross-selling

The core of our vision and our strategy is crosssellingthe process of offering customers the products and services they need, when they need them, to help them succeed financially. The more we give our customers what they need, the more we know about them. The more we know about their other financial needs, the easier it is for them to bring us more of their business. The more business they do with us, the better value they receive, the more loyal they are. The longer they stay with us, the more opportunities we have to satisfy even more of their
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financial needs. As a diversified financial services company, we have a clear cost advantageand a value advantage for our customersover companies that offer just a few financial products or that do so through only one channel.

We want to be the premier provider of financial services in every one of our markets.
Were not satisfied with just being #1 in deposit market share. We want to be known as the best in every product in every market in which we do businessin retail banking, business banking, credit, investments, retirement services, mortgage and wholesale banking. We want to be the first provider our customers think of when they need their next financial product. We may have 25 or 30 percent share of deposits in any given state, but our market share of total household financial assets in that state may only be about five percent. We have four core consumer productschecking/debit, investments, insurance and mortgage. If customers have any of these products with us, theyre much more likely to think of us first when they need other products. At Wells Fargo, sales and service are inseparable. More sales do not always lead to better service, but better service almost always leads to more sales. Money is a commodity. Were in the service business. We inspect what we expect for sales and service performance. We expect all Wells Fargo businesses to collaborate, to be partnersreferring all their customers to all our other businesses. We expect to sell at least one more product to every customer every year.

Our product is service. Our value added is our financial advice.

Our talented people and sound financial advice sell products. The quality of our service keeps customers coming back for more. The quality of our customer experience is our single biggest opportunity for revenue growth and a higher stock price. What does the entire customer experience at Wells Fargo feel like to our customers? When they come to us with
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problems, how fast do we fix them? How often does a team member, who is the first point of contact for the customer, take personal responsibility to make sure the customers problem is fixed? Do we make it easy for our customers to learn more about all our products and services? We dont want them to just come in the front door and lose them out the back door. We want them to visit with us in the kitchen so we can have a conversation with them, understand their financial needs, and help them succeed financially.

Technology: the personal touch

We use technology to personalize service, not to de-personalize it. Our outstanding technology and operations team members are our stagehands behind the curtainthe show cant go on without them. Our customer-contact people rely on them every time we serve a customer and provide a product. Technology enables our customers to control when, where and how they want to be served. It gives our customercontact team the power to be self-sufficient in using information to earn 100 percent of every customers business. Technology is essential for cross-selling, targeted marketing, protecting confidential information about our customers, pricing products and services that reflect the depth of our customer relationships, analyzing customer profitability, controlling costs, creating new products and services, and providing superior service. Thanks to technology, we know how many products each customer has with us. We know which products customers have and what they might need. We can predict the products theyll most likely needbased on account balances, life events, transaction history and how they access Wells Fargo. Technology alone does not give us a competitive advantage. Whats important is the creativity and speed with which we use it to benefit our customers.

Our strategy: customer-centric not product-centric

We do not view any product in isolation. We view it as part of a relationship. We always consider its value to the customer as part of a full and long-lasting relationship and the customers total financial needs. We start with what the customer needs not with what we want to sell them. All our channelsstores, phone banks, ATMs and the internetwork together, integrated with our products, to benefit customers. We do not want to offer our customersespecially new customersjust one product at a time. We want to offer them packages of products that save them time and money. For example, three of every four of our new checking account customers sign up for a Wells Fargo Package that has at least four products (such as a checking account, credit card, debit card, a home equity loan, market rate savings account and online banking). Our Portfolio Management Account (PMA) combines all a customers Wells Fargo accounts into one monthly statement. Our Business Services Package combines checking accounts, deposit and credit services, payroll and merchant services at a lower price than if a small business customer were to buy those same products separately. Were all salespeople and were proud of it. Superb salespeople know the importance of service. Our product is service and advice. Theres no sale without superb service from our entire teamfrom our customer-contact people to our operations centers and everyone in between.

Our brand

Our brand is what people say about Wells Fargo to their friends and family. Its how they feel about doing business with us and how they describe those feelings. Our brand has economic value. One published study estimates its worth almost $25 billion. We have a strategy to protect our brands value. At the center of that strategy is our brand promise. It says what we stand for, how we differ from our competitors, and why customers should care. Our promise to our customers is this: Well take the time to
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understand your complete financial picture. Together, we work with you, now and over time, to provide the best information and guidance about the products and services youll need to help you reach your financial goals. We sum up our promise in two words: Working Together. Our brand also has a personalitytraits that describe how we want customers and team members to think and feel about us: y Reliable. We want to be seen as consistent and dependable. People can count on us. y Confident. We want to be seen as thoughtfully prepared. Weve done our homework. y Down-to-earth. People should feel comfortable doing business with us. y Eager. We want to show an active interest in our colleagues and customers needs. We want to respect their time. y Supportive. We want to show we care. We also have what we call a signature for our company, to help show how our brand is different: Together well go far. It means we want to guide and advise our customers so theyll be more confident about their financial future. As a result, they expect to go far in their financial journey. Our Stagecoach symbolizes our strength and stability. It says to our customers: Weve been here for almost 160 years and well be here for you in the future, too. Were one of only about a dozen U.S. public companies of that vintage thats still in its founding business under its founding name.

Our goals
What we want to achieve Our financial goals
We want to have a conservative financial position measured by asset quality, accounting policies, capital levels and diversity of revenue sources. We also disperse risk by geography, loan type and industry segment. We want such a strong balance
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sheetfunded more by core deposits than virtually any of our competitorsthat our customers would put their money in our banks even if there was no FDIC insurance.

Our revenue goal

The key to the bottom line is the top line. The key to consistent profit growth is sustainable revenue growthsustainable because it results from our ability to satisfy our customers fundamental financial needs. If we had to select only one goal, it would be revenue growth. Its the most important measure of service, sales and customer satisfaction. Its the vote our customers cast every day with their pocketbooks. When they rave about our service, theyll give us more of their business, increasing revenue. Theyll refer new customers to us. Theyll stay with us for life. We cant control the economy, interest rates, the markets or world events. We focus on what we can control and what we can sustain long term: our core performance, our revenue growth. Thats our goal whether the roads bumpy or smooth. Whether interest rates or unemployment are high or low. Whether the yield curves flat or steep. Whether the economys growing or contracting. What we can influence is our team members desire to serve customersthats what propels our revenue growth.

Our goal for financial literacy

We want all our team members and customers to be smart and sensible about credit and financially literatethe gateway to economic self-sufficiency. We offer many tools to make this happen, including: y My Spending Report, sorts every dollar you spend into familiar categories such as groceries, utilities, restaurants for a complete, convenient spending overview, y Budget Watch, online budget tools, y My Savings Plan, an easy online way to save for your goals and track progress, and y Online account alerts to help customers successfully manage their deposit and credit accounts, and

y Hands on Banking, our free financial literacy website that teaches the basics for smart money management. We want all our team members to be financially literate about our companyand know how our company makes money:

We grow revenue:
Make loans + Interest income Sell investments, insurance + Fee income and operating services We take prudent risks We receive deposits We keep whats left We invest in our people Our people need systems, space, computers Uncle Sam gets his share - Provision for loan loss/ or charge-offs - Interest expense = Total income - Salary/benefits expense - Non-interest expense Net operating income - Tax expense NET INCOME

Our goal for every customer: a plan

We want our customers to see us as a trusted financial advisor, for outstanding service and sound advice. Todayafter the largest decline in the U.S. stock market since the Great Depressionthat means helping them save more, reduce debt, be financially independent, spend wisely, prepare for a financially secure retirement, or perhaps, in some cases, helping them consider whether to delay or redefine retirement. In the wake of so many high-profile financial scandals, our customers are fearful and anxious. Theyre more averse to risk, not sure who they can trust with their money and assets. Theyre searching for a trusted, reliable financial advisor who will put whats best for them first.

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We want to work with our customers to help them be personally accountable for their own financial well-being. Their financial plan should be unique to their needs and help them make wise financial choices so theyre credit ready, and they know when and how to move their cash into investments that are right for them. Some need a detailed financial plan, some a simple one. Everything we do for our customers should connect to their financial plan. Our counsel and guidance can make a real difference in their lives. This requires an honest discussion. We have to ask our investment customers the right questions, such as: y What are your short-term and long-term financial goals? y Are you saving enough from your income? y How much does your lifestyle cost you? y Do you plan to pay for your childrens education? y When do you want to retire? y How much annual income do you want during retirement? y How are you going to create your retirement paycheckpension, IRA, 401(k), annuities, Social Security, savings? y Have you budgeted for what if risks? Then we help them rank their goals, test them with those what ifs, and help them reach those goals. Theyll expect us to offer them products and services that work well together to help them meet those needs. Theyll come to us for personal, hometown, responsive, friendly service. Well be the best financial partner for both their personal financial needs and their business financial needs. Well make it easy for individual customers to adjust their portfolios, access their funds, and move money to meet their financial needs. Well make it easy for business customers to manage their interest rate risk, payrolls, treasury functions, 401(k) plans, investments, insurance, equipment leasing, and trustee and custodial services.

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Our goal for our stock

This may surprise you. We believe shareholders come last. If we do whats right for our team members, customers and communities, thenand only then will our shareholders see us as a great investment. We want our financial results to be among the very best in the financial services industry and the entire Fortune 500. We want to be a leader in our industry in return on equity, return on assets, and growth in revenue and profitability. Our stock should be among the best performers in any industry.

Our reputation goal

We want to be known as one of the worlds great companies. Were already known as such by several measures. Barrons ranks us one of the worlds 25 most-respected companies. Fortune ranks us Americas 14th most-admired company. An outstanding reputation cannot be bought or manipulated. It has to be earned over decades by ethical, customer-centered behavior. Our vision and our values come first, not our reputation. Our reputation extends from our character, not the other way around. We should want to do something or not do something based first on whether its right for our customers, not for how it will affect our reputation. If its good for our customers, it will be good for our reputation.

Our goal for social responsibility

Our responsibility goes far beyond protecting our customers assets. Were responsible for being leaders to promote the long-term economic prosperity and quality of life for everyone in our communities. If they prosper, so do we. Theres never been a thriving bank in a struggling community. Were also responsible for managing the effect our operations have on the environment so the natural resources we use today are protected and preserved for future generations. Our Social Responsibility Group builds strategies, programs and products to integrate social and environmental responsibility into our business practices, operations and culture. Our goal is to be known as the best in corporate America in these five areas:

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Ethics This is the foundation of how were perceived as a socially responsible company. We want to go beyond what the law and industry standards require. We monitor and refine our business practices to help ensure all team members are performing ethically and with integrity. Products and services We help our customers succeed financially when we offer them financial solutions that are right for them offering products and services responsibly, lending responsibly, servicing mortgages responsibly, offering trusted financial advice and financial education. Community involvement Were known as one of Americas most generous companies. We contribute about a quarter of a billion dollars to nonprofits a yearmuch more than peers two or three times our size. We dont call this giving back because that implies we took something. This is not about charity. Its about intelligent and thoughtful investing of our resources in the future of our communities where our team members and customers live and work. The Office of the Comptroller of the Currency rates our bank Outstanding for community reinvestment, the highest rating possible, earned by fewer than one of every five national banks. Team member engagement We expect all our team members to be community leaders. We need all of them, regardless of rank or title, to be our eyes and ears, to help us identify and decide how Wells Fargo should respond to community needs. Wherever you go across our territory, youll see our team members rolling up their sleevesteaching money management skills, helping build homes, mentoring youth, fund-raising and serving on nonprofit boards.

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Our environmental commitment We want to run our company as efficiently as possible, reducing paper and energy use. Weve set a goal to reduce our greenhouse gas emissions by 20 percent from 2008 levels by 2018. Weve strengthened our due-diligence of middle-market and large corporate customers in environmentally sensitive industries to help ensure that, like us, our customers do business in an environmentally responsible way. We want to offer them the financial products and services and the financial advice they need to be environmentally responsible. For example, we provide credit to renewable-energy companies, finance green buildings, offer our credit card customers renewableenergy certificates, and provide electronic banking solutions that reduce or eliminate paper. We have a comprehensive recycling program in our banking stores, and were using energy-saving design elements in our new banking stores. Newsweek has named us Americas greenest bank.

Our values
What we stand for
Our values should guide and anchor every conversation we have, every decision we make, every business we run, every interaction among our team members, every product or service we provide, every channel we operate, every customer interaction. If we cannot link an action or behavior to one of our values, we should ask ourselves why were doing it. We want all team members to know our values so well that if we threw out all the policy manuals, we would still make decisions based on our understanding of our culture and these values. Corporate America is littered with the debris of companies that crafted lofty values on paper but then, when put to the test, failed to live by them. We believe in values lived not phrases memorized. If we had to choose, wed rather have a team member who lived by our values, but hadnt read or memorized them, than one who had but didnt. We have five primary values: people, ethics, whats right for customers, diversity and leadership.

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People

We value and support our people as a competitive advantage. We must attract, develop, retain and motivate the most talented people who care and who work together as partners across business units and functions. We want to give them the training they need to succeed in their work. We want them to be responsible and accountable for their businesses and functions. We want to recognize and thank them for outstanding performance. We believe everyone on our team is important and deserves respect for who they are and how they can contribute to our success. We say team members not employees because our people are a precious resource to be invested in, not expenses to be managedand because teamwork is essential to help our customers succeed financially. Products and technology dont fulfill the promise behind a brandpeople do, people who are more talented, more motivated, more energized than their competitors.

We believe our people will out-execute our competitors every time because they care more than our competitors do.
When our people are in the right jobs, spending time on the right things, leading well, feeling good about their contributions, fully using their skills and learning new ones, and having funtheyll do whats right for the customer. When theyre properly supported, incented, rewarded, encouraged and recognized, theyre even more satisfied with their jobs, providing even better service for our customers. This generates more revenuewhich results in greater profitwhich fuels a higher stock price. Capital, as the legendary banker Walt Wriston once said, goes where it is wanted and stays where it is well treated. That goes not just for financial capital but for human and intellectual capital. We must, therefore, be known as a great place to work. A place where our team members can build a career that can last a lifetime. We want to be an employer of choice, a company that really cares about people, where
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teamwork is valued and rewarded, where how the work gets done is just as important as getting the work done. Were a relationship company, but our relationships with our customers are only as strong as our relationships with each other. In a company our size, jobs are always changing, going away or being added to satisfy customer needs. A company has a responsibility to its stockholders and its customers to eliminate duplicate jobs and operate as efficiently as possible, but still maintain outstanding customer service. That doesnt mean we have to lose good people and their experience, loyalty and commitment. New jobs are being created virtually every day somewhere in Wells Fargo. We want to help those whose jobs have been eliminated try to find positions elsewhere in the company. Our team members are our most important constituents because theyre the single-most important influence on our customers. We want all our team members to be our customers, too. Some people say loyalty to a company is a thing of the past. We dont believe that. People naturally aspire to a larger purpose beyond just themselves. They want to believe in their company and the good it can do. Dont we all? People will believe in their company, however, only if they believe their company believes in themif their company values them and their contributionsif their company appreciates the complexity of their livesif theyre offered opportunity and challenge and, most important, if that company lives by its vision and values. Our company is only as good as the person you report to. Thats why we survey our team members to see how engaged our leaders are. Then, we expect all leaders to have an action plan to help their team members be more engaged so that our customers will be more engaged with Wells Fargo and will want to entrust all their business with us. As team members, were proud our work helps make Wells Fargo one of Americas most successful and admired companies. This will result over time in a higher stock price that will benefit all of us because virtually all of us own stock in our company.

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We value the contribution every team member can make toward our companys success by: y Holding ourselves personally accountable for results. y Taking prudent risks. y Leading by example. y Leading by having the courage to speak what we believe is the truth. y Making decisions locally, close to the customer. y Knowing our numbers. y Caring about each other and showing it. Each year, we invest millions of dollars in team member training for education, mentoring and coaching, developing management and leadership skills, and helping team members find challenging new assignments. We believe the greatest skill is the skill to learn new skills. At Wells Fargo, career development is a shared responsibility between team members and their managers. Were expected to take charge of our own career development. We need to understand the skills required for our next opportunity and then find ways, with our supervisors help, to develop those skills. Theres another important way we influence behavior. We use Americas most neglected motivator: recognition. If someones doing a good job, we tell them! We can never do enough of it. Try this: Give so much recognition to your team members for a job well done that it becomes counterproductive. You cant! We want every team member to be able to say, I chose the right company. Im valued. Im rewarded. Im recognized. We work hard, but we have fun, too. I can improve my professional skills here. I can reach my career goals. I enjoy my work.

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Ethics

We strive for the highest ethical standards with team members, customers, our communities and shareholders. Honesty, trust and integrity are essential for meeting the highest standards of corporate governance. Theyre not just the responsibility of our senior leaders and our board of directors. Were all responsible. All 275,000 of us. Corporations dont have a conscience. People do. Our ethics are the sum of all the decisions each of us makes every day. If you want to find out how strong a companys ethics are, dont listen to what its people say. Watch what they do. This is even more important in our industry because everything we do is built on trust. It doesnt happen with one transaction, in one day on the job, or in one quarter. Its earned relationship by relationship. Our customers trust us to protect their money. They trust us to keep their private information confidential. They trust our tellers to make transactions accurately and promptly. They trust our bankers to recommend the right products and solutions for their needs. They trust our financial consultants to give them the right financial advice. They trust our mortgage salespeople to manage their application process completely, accurately and as quickly as possible. They trust our investment bankers to build the right financial models to analyze business trends, shape investment ideas, raise capital, meet their strategic objectives, and satisfy all their financial needs. We behave ethically when we: y Value and reward open, honest, two-way communication. y Hold ourselves accountable for, and are proud of, our decisions and our conduct. y Only make promises we intend to keepdo what we say well do. If things change, let people know. y Share information with our colleagues that they need, and let them know if things change. y Avoid any actual or perceived conflict of interest. y Comply with the letter and the spirit of the law.
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y Acknowledge and apologize for our mistakes, and learn from our errors so we dont make them again. We want compliance and risk management to be part of our culture, an extension of our code of ethics. Everyone shapes the risk culture of our company. We encourage all team members to identify and bring risk forward. We should thank them for doing so, not penalize them. Ben Franklin was right: An ounce of prevention is worth a pound of cure.

Whats right for our customers

We value whats right for our customers in everything we do. Were proud to compete in an industry thats central to the growth of our national and local economiesan industry where we do whats right for our customers and communities and make a fair profit at the same time. Our customersexternal and internalare our friends. We advocate for their best financial interests. We want them to feel as if theyre part of the Wells Fargo familythat were their bank. We put their long-term financial interests first by: y Starting every discussion with whats best for them. y Exceeding the expectations of internal and external customerswe want to surprise and delight them. y Investing in long-term relationships that we want to last a lifetime. Speaking and acting with them in mindbeing approachable, natural, friendly, respecting their time, empathetic and caringand speaking in language our customers use and that they can easily understand. We need to share customer information among our businesses to better understand how we can satisfy their needs, but we do not sell information about our customers to third parties nor do we share it with outside parties who may want to market their own products to our customers. Our customers trust us to protect their confidential information. They trust us to use that information to provide them with products and services that can save them time and money. Were committed to protecting their information. Weve been doing it for almost 160 years.

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Diversity

We value and benefit from the diversity of our team members, customers and communities. We want all of our team members to feel valued for their culture, skills and talents, and to know they can fulfill their career goals and help our company succeed. We want them to feel comfortable and enjoy being part of Wells Fargo. The companys commitment embraces an equal opportunity policy that will not tolerate discrimination or harassment on the basis of race, color, gender, national origin, religion, age, sexual orientation, gender identity, genetic information, physical or mental disability, pregnancy, marital status, veteran status, or any other status protected by federal, state, or local law. Becoming more diverse and inclusive is key to being one of the worlds great companies. Its a business imperative that lets us take advantage of the creativity and innovation that comes from multiple perspectives and allows us to respond quickly and effectively to customer needs. All our leaders must value and promote diversity and inclusion in every aspect of our business and be accountable for measurable and sustainable results. We also must reflect the communities we serve. An important step in this journey requires us to do a better job at attracting, developing and retaining the best-qualified, most diverse mix of talent, especially in senior leadership positions. The spirit of diversity and inclusion doesnt exist on a balance sheet. It lives in our hearts and minds, and most important, in our behaviorsthe way we interact with each other and the way we conduct our business practices. These include: y Seeking a diverse pool of candidates for positions for which were responsible. y Taking time to develop and mentor diverse leaders. y Establishing a safe and inclusive work environment. y Participating in internal and external diversity initiatives. y Considering a diverse perspective in all business practices and processes. y Establishing clear, consistent and executable diversity accountabilities.
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By making diversity a competitive advantage, we can make our company a better place to work, better understand our customers needs, provide outstanding service and deliver more value to our stockholders. For example: y We integrate supplier diversity into the procurement process and measure our progress publicly against goals. Were committed to spend at least $1 billion annually with certified diverse suppliers by 2013. y Our Diverse Segments team helps us earn more business from women, people with disabilities and (among others) our Latino, Asian-American, African-American and Lesbian-Gay-BisexualTransgender communities. y Our leaders and team members participate in diversity councils and team member networks. These groups provide opportunities for professional, business and leadership development, mentoring and community involvement. They also serve as a resource to help recruit new team members and strengthen our brand reputation in the communities we serve.

Leadership

Were all called to be leaders. We believe everyone can be a leaderthat leadership is not the exclusive domain of senior managers. Were all called to be leadersto be the link between the vision of Wells Fargo and our customers. We define leadership as the act of establishing, sharing and communicating our vision and the art of motivating others to understand and embrace our vision. Leaders are accountable. They share the credit and shoulder the blame. They give others the responsibility and opportunity for success. A good leader inspires a team to have confidence in her or him; a great leader inspires a team to have confidence in themselves. When a customer is waiting for an answer, we have to be able to respond to them fast, on the spot. Thats a competitive advantage. Leaders dont wait for an answer from headquarters. They dont rely solely on policy manuals at that moment of truth when they have to come through for the customer. They consider themselves equal partners in a team effort to achieve our vision. When the team needs help, leaders pitch in just
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like everyone else. Theyre involved. Theyre hands on and available. They take personal ownership for a customers problem and dont let go until that problem is solved. No one tells them to do it. They just do it. The best leaders are the best coaches. They dont rely on authority or force of personality. They believe in the inherent knowledge and talent of every team member. They believe our people have the answer to every problem and every opportunity. They empower their people to develop ideas, test them, quantify the results, and then share the good ones with our other businesses and functions throughout the company. Leaders connect to our vision. They share their passion and their discipline about how to make our vision come alive. Only when a team member understands how much the leader cares does the team member then permit the leader to lead. Leaders learn from each other. Thats an advantage of being big. We share ideas, give ideas and search for the best ideas across our company. We dont resist a good idea simply because it wasnt invented here. Were always searching across the company for the single best way to do something and adopting it wherever it appliesto improve the customer experience, keep customers, attract new ones, increase revenue and reduce expenses. Its not the strongest or most intelligent who survive in our industry, but those who best adapt to change. By being common where possible and custom where it counts, we can take full advantage of the knowledge and experience of all our businesses and the creativity of all our team members.

Our culture
The attitude we bring to work
We define culture as knowing what you need to do when you get up in the morning without having to be told what to do. Culture is the attitude we bring to work every daythe pattern of thinking and acting with the customer in mind. Its not just doing the right things, its doing things righta thousand different behaviors weve inherited from team members who came before us and that we model and give as our legacy for the team members who come after us. Respecting differences. Respecting deadlines.
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Listening to each other. Keeping promises. Returning phone calls and e-mails as promptly as we can. Being on time for meetings. Our success has as much to do with attitude as aptitudewhats in our hearts, not just our heads. Our success depends on how much our team members care for their customers, for each other, their communities and our stockholders. People commit themselves to other people, not organizations. In hiring, we really dont care how much a person knows until we know how much they care. The attitude of our team members, their commitment to the customer, their colleagues, their communities and stockholders is the most important difference between a great financial services company and a good one. Enthusiasm and caring enable ordinary people to do extraordinary things. When we do this, we want to have fun, toobecause success without fun never lasts, and fun without success isnt much fun. Fun for us means enjoying our work, enjoying the people we work with, enjoying the difference we make in the lives of our customers and communities, and celebrating our achievements together as a team.

Our culture: One Wells Fargo

Every time we serve a customer, we should ask ourselves: If I were the customer in this situation, how would this experience feel for me? Did the transaction feel simple and easy? Did my problem get resolved quickly? Did the team member I contacted first accept responsibility for making sure I got what I needed? Thats what we mean by One Wells Fargo imagining ourselves as the customer. Customers want to do business with companies they connect with emotionally, that speak their language, are sensitive to their culture, value what they value, and help them succeed financially. To make that emotional connection, we must put our customers at the center of everything we do. Were a circle not a hierarchy. At the center of the circleour customers. Alongside themour customercontact team members. Farther out in the circle are our leaders. At the outside of the circle are senior leaders. All of us partner together to do the best job we can for our customers. Customers expect us to be One Wells Fargo. We have thousands of products and more than 80 businesses. None of us can know everything about all
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products and services. Customers dont expect that. What they do expect is One Wells Fargo. Our systems must work smoothly across all our businesses. It should be easy for customers to find the right team member quickly or the right channel to answer their question or satisfy their financial need. They should see us as a one click financial services provider: y One clickto help our team members serve them easier. y One clickto get them to the team member best able to satisfy their needs. y One clickone signatureto get a loan, not ten. y Reducing the clicks, or keystrokes, for our tellers deleting any part of any process that does not add value for the customer. Every Wells Fargo team member has one thing in common. We all work for the customer. Every day, our customers say to us Know me. Know who I am. Know what I need. When I come into the bank or go online or use your Phone Bank or ATM, have all my information there about my accounts. Dont ask me the same questions over and over about my information that you already have. Dont transfer me to someone else who might do the same thing. They say Understand me. Understand what I want to accomplish, understand my goals. They say Appreciate me and all the business I bring you. Treat me like a friend. Thank me. Reward me. If I give you more of my business, then give me a better deal and give me better service. Everything we need to know about a customer must be available easily, accurately and securely, as fast as the best internet search engine. No one has a monopoly on knowledge. All of us need to share it with our teams and learn from each other. We should recognize and reward those who share knowledge quickly and effectively, so our teams can use it to satisfy all our customers financial needs. Information is key to helping customers succeed financially. Our customers see us as one brand, not a bunch of separate businesses. Customers come to us because they expect our businesses to work together to help them with all their financial needs.
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When we communicate with customers, we must do it with C-A-R-E. Consistent. Approachable. Respectful. Empathetic. We should do so in a consistent voice in a single communication, across an event, across lines of business and across the company. We should be approachableclear and simple, quickly and easily understood, and interested in helping. We should be respectfulpolite, courteous and considerate. We should show empathy. How does the customer feel? We should speak and write in language our customers can understand, not bank jargon.

Our culture: wow!

Our attitude in all our businessesbanking, investments, mortgage, insuranceis to wow! our customers. We know what that feels like because were all customers. When a banker helps a customer in one of our stores, or when a customer gets help from one of our phone bankers or does transactions on wellsfargo.com, we want them to say That was great. I cant wait to tell someone. We want every customer to say I didnt know I could get service like that. She made a difference. He solved a problem and helped me understand how I can achieve my goals. I learned something new about my financial health. Wow! is as simple as a warm smile at the teller line, or the friendly, helpful phone banker who responds quickly and effectively to a customers question. It can be a full profile of a customers financial needs or something as tactical for a commercial customer as a well-executed interest rate swap. Were only as good as our first impression and last connection. In Community Banking, for example, we believe there are 11 attributes of service that make our customers say wow! We call them our 11 Ways to Wow! Welcoming y You make me feel at home. y You care about me. y You make me feel special.

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Delivering value y You give me the right advice. y You provide me value. y You keep your promises. Following up and building relationships y You help me when I really need it. y You know me. y When you make a mistake, you make things even better. y You thank me. y You reach out to me.

Our culture: disciplined, responsible lending

To be the best in our industry, we have to be the best in credit and risk management. This is the foundation of our reputation and industry leadership. Our time-tested lending discipline has made it possible for us to grow and prosper through many economic cycles. Its helped us avoid many of the credit traps that many others have fallen into. Because of our discipline, we can be there for our credit-worthy customers when they need us, in good times and bad. Banks serve customers in two ways. First, offering checking and savings accounts and making loans to help customers achieve their financial objectives. Second, by providing operating services such as investments, insurance, payroll and treasury management. Both lending and operating services involve risk. Were not rewarded unless we take risk, but we must understand, control and price appropriately for that risk. This helps ensure a reasonable return on our investment and that every customer can repay the loan. Everyone on our team those who manage our customer relationships, our credit team and our senior leadersworks together to reduce credit and operating risk, so we can satisfy our customers financial needs, build market share, and protect our long-term safety, soundness and reputation.

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The fundamental principle of sound credit is to know your customers and understand their needs. So we can respond quickly to customer needs, we encourage local decision-making and local accountability when we underwrite a loan. We expect our credit and lending officers to be well trained, knowledgeable, up-to-date, and use common sense and conservative assumptions. We have central checks and balances including corporate credit oversight, independent credit review, line of business credit management, and a process for delegating credit authority. We never want to sacrifice credit quality for shortterm financial gain. The return on a transaction or relationship should be in proportion to the risk. We should not compromise this principle to meet market competition. We should always ask: Is this credit right for the customer and for Wells Fargo? Lending should anchor any customer relationship, but we dont view a loan as just a transaction. It must be part of a broader, deeper relationship with our customersretail or commercialbecause lending is simply one facet of any customers total financial needs. Banks that do transactional lending or that compete on price alone are doomed to fail. Successful bankers build long-term relationships, providing virtually every product or service to their customers, and see the loan as not an end in itself, but one way to earn all of a customers business. We want to build long-term relationships including those with customers whose credit history may not qualify them for traditional prime-rate loans. We have five principles for responsible consumer lending: 1. Pricing on all loans is fully disclosed and competitive, reflecting a complete view of the customers finances, credit history, characteristics of the transaction and collateral. 2. We offer customers enough information to encourage an informed decision. 3. We cap points and fees to maintain competitive loan pricing based on the consumers finances and credit history.

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4. Every real estate loan we make through our mortgage or consumer finance non-prime lending channels must provide a demonstrable benefit to the customer. 5. We try diligently to determine that customers have a high likelihood of repaying a loan before we provide it. We want to do everything we can to help our borrowers stay in their homes even when financial difficulties arise. If our customers have trouble making payments, we try to contact them early and often so we can help them pay on time. Our delinquency and foreclosure rates are lower than the industry average. More than nine of every 10 of our mortgage customers are current on their payments. Its totally contrary to our vision and values to try to sell customers any product or service thats not in their best long-term interests.

Our culture: frugality

All of us know what its like to manage a budget at home. We pay the bills. We keep a close eye on expenses. We want to get the most for our hardearned money. No one likes to find out they couldve bought the same thing for much less somewhere else. Its the same at Wells Fargowith one big difference: Were spending money that doesnt belong to us. It belongs to our shareholders. So we have to be even more disciplined in managing our companys expenses without sacrificing our ability to earn more of our customers business and grow revenue. There's a difference between frugal and just being cheap. A frugal person knows how to save and spend wisely. Were making expense management a competitive advantagejust like our people, cross-sell, our solid capital position, our strong balance sheet and credit discipline. This can help us grow market share when many of our competitors are struggling. Its good for us, good for our customers, good for our communities. And, good for the people who entrust us with their moneyour shareholders.

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Culture first, size second

We use acquisitions as a cost-effective way to help us set the stage to earn all the business of many more customers. We dont acquire another company simply to get bigger. We never put size ahead of culture. So, we get bigger by getting betterwe dont get better by getting bigger. By better we mean putting ourselves in the best position to be there for our customers when they need their next financial product. The biggest acquisition story in financial services is really, simply, cross-sell! There are only three ways a company can grow. First, earn more business from your current customers. Second, attract customers from your competitors. Or third, buy another company. If you cant do the first earn more business from your current customers what makes you think you can earn more business from your competitors customers or from customers youd buy through an acquisition? You have to show you can grow revenue first. Thats called organic growth. You cant buy your way to greatness. You have to earn it from your current customers. We build relationships with potential merger partners that often take years to bear fruit. We look for economies of skill, not just economies of scale. We buy companies we understand. We use conservative assumptions. We acquire only what will benefit shareholders. Every acquisition must add to earnings per share no later than the third year after purchase and earn at least a 15 percent internal rate of return. We integrate the acquired company and its people quickly and smoothly into our culture. In community banking, for example, we pair each location of an acquired company with a similar Wells Fargo store or business. These buddy bankers help instill the vision and values of Wells Fargo and guide the new company through the transition. Our priorities for newly acquired companies are the same as those of any other Wells Fargo business: first, get control; second, achieve acceptable profitability; third, grow the business and have fun succeeding.

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Who are we?

How we define ourselves
The merger of Wells Fargo and Wachovia doubled our size. Were no longer defined as just a regional bank. Were a national company. National in community banking. National in mortgage. National in investment services. National in commercial banking. National in consumer finance. National in insurance. We serve 70 million customersone of every three households in America. That includes 20 million retail banking households and another two million business banking households. We service one of every six mortgages in America. The merger also brought us size, scale and expertise in a number of businesses such as investment banking and capital markets. It significantly expanded our global reach into Europe, South America and Asia. Some now even call us a money center bankoperating in major global capitals, with a large balance sheet, and extensive commercial lending and operating services. With this growth in size and scope, what makes us different than other so-called large banks? How do we define ourselves? Heres how I believe we should define ourselves:

Were a nationwide, diversified, community-based financial services company.

Community-based distinguishes us from every other large bank. By community-based we mean were not just a bank that happens to be in the community, were a community bank. Were in and of every community in which we do business, whether its Chapel Hill, North Carolina or Mason City, Iowa or Roseville, California. We all identify with our community and take geographic pride in where we live and where were from. Thats my town. Thats my state. Were relationship-oriented, so we begin every conversation with whats best for customers and their communities because every customer (and every one of our team members) lives somewhere, is part of a communitywhere they live and work and play, pay

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taxes, raise their family, educate their children, buy their groceries, practice their faith, care for their neighborhood, and support their local non-profits. Were local first, then national. We werent born as a national bank that then decided to be local. We were born as a local bank in one community that does business on Main Street and grew into a family of many local banks in many communities that only then became national. Every segment of the industry in which we do businessbanking, mortgage, investments, insurancestarted in a neighborhood and a town and grew to be national, not the other way around. Since were local and national at the same time, however, we say that we want to:

Out-local the nationals and out-national the locals.

This means we look like a national bank but behave like a smaller bankand vice versa. It means you as the customer can know your local tellers by name, but they can refer you to a global world of financial products and services. Out-national the locals means we must offer better products, more channels, superior technology and a broader product line than smaller local competitors. Out-local the nationals means we stay closer to our customers than any national competitors in our communities, understanding our local customer needs, and providing professional, personalized, timely service on a first-name basis. We offer our retail banking customers the most extensive, convenient distribution system in our industry. We have more than 10,000 stores and 12,300 ATMs. We have the most banking stores in supermarkets. Our customers call our Phone Banks tens of millions of times a year. Were the first, the oldest and the best internet online financial services provider in the U.S. with more services to a broader group of consumers and businesses than any competitor. We have products available online to meet all the financial needs of every one of our customers including consumers, investors, small businesses, middle market companies and larger
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corporations. We have 16 million active internet banking customers. We want wellsfargo.com to be known as the best, integrated trusted gateway for all our customers financial services. We have three major customer segments: individuals, small businesses and large businesses. We have five major business groups: Community Banking (individuals and small businesses); Wealth, Brokerage and Retirement Services; Home Mortgage; Card Services and Consumer Lending; and Wholesale Banking (larger businesses). Our corporate headquarters is in San Francisco, but we believe our real head quarters are where our customers are. Likewise, our talent and resources are broadly dispersed across North America. We have significant hubquarters of employment and expertise in many large metro areas including Charlotte, Boston, New York City, Atlanta, Philadelphia, Miami, Chicago, Des Moines, Saint Louis, Minneapolis-Saint Paul, Phoenix, Denver and Los Angeles. Rankings such as those below are important measures not of how big we are but, connecting to our vision, how well we satisfy all our customers financial needs. Were a national leader: y #1 community banking stores y #1 retail banking deposits1 y #1 deposit market share in 17 of our 39 Community Banking states and Washington D.C.2 y #1 home mortgage originator and #2 mortgage servicer y #1 mortgage lender to low- to moderate-income home buyers, ethnic segments y #1 mortgage stores y #1 middle-market commercial banker y #1 small business lender
1 FDIC-insured 2 Deposits up to $500 million in a single banking store, excludes credit unions

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y #1 bank brokerageone-stop shopping for customers in our banking stores y #1 internet bank y #1 agricultural lender y #1 insurance broker owned by a bank-holding company and worlds 4th-largest insurance brokerage y #1 SBA lender (dollars) y #1 NAFTA bank (more banking stores and banking assets than any competitor within 60 miles of Mexico and Canada) y #1 securitization trustee in North America y #1 commercial real estate broker y #1 asset-based lender y #1 used car lender (excludes leases) y #2 debit card issuer y #2 bank to financial institutions in the world in trade payments, deposit products, credit products y #2 student lending y #2 treasury management y #3 branded ATM network y #3 wealth manager y #3 auto finance lender in originations (excluding leases) y #3 correspondent banker y #7 institutional retirement provider y #9 investment bank y #10 fund manager

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Our 10 strategic initiatives

How we measure our progress
Our 10 strategic initiatives help us frame our priorities and measure our progress toward our vision. By making progress in these initiatives, and being faithful to our vision and values, we can be known as one of Americas great companies. 1. Investments, brokerage, trust and insurance We want to be the nations most respected provider of wealth, brokerage and retirement services. Fewer than nine of every 100 of our banking households have relationships with our brokerage business. Only six of every 100 of our banking customers have purchased an IRA through us. Only seven of every 100 buy insurance through us. We want all our wealth management, brokerage and retirement services customers to bank with Wells Fargo. We want all our banking customers to think of us first for all their wealth management needs. 2. Going for gr-eight Our average retail banking household has almost six products with us. We want to get to eight . . . and beyond. One of every four already has eight or more. Four of every 10 have six or more. The average banking household, for example, has about 16 products. Only seven of every 100 of our business households have a retail banking relationship with us. 3. Commercial bank of choice We want to satisfy every financial need of commercial customers, large and small (including working capital, insurance, real estate financing, equipment leasing, trade finance, investment banking and international banking), and have more lead relationships than any competitor in every market we serve. Our average Wholesale Banking relationship has more than six and a half products with us. Our average Commercial Banking relationship, eight.

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4. Doing it right for the customer We want to be advocates for our customers, put them at the center of everything we do, and give them such outstanding service and advice that theyll give us all their business, honor us with repeat purchases, and rave about us to their family, friends and business associates. 5. Banking with a mortgage We want all our mortgage customers to bank with us. We want all our banking customers who need a mortgage to buy it from us. Only about one of every five of our banking households that has a mortgage has it with us. Only about a third of our mortgage households have a banking relationship with us. We want to satisfy all the financial needs, including banking, of the three million Wells Fargo mortgage customers in the 15 states weve entered in Community Banking through Wachovia. We also want to satisfy the mortgage needs of all our Wachovia banking customers. 6. Wells Fargo cards in every Wells Fargo wallet Every one of our creditworthy customers should have a Wells Fargo credit card and debit card. Only one of every three of our banking customers has a credit card with Wells Fargo. Nine of every 10 have a Wells Fargo debit card. 7. When, where and how We serve our customers through our stores, ATMs, Phone Banks, internet and mobile banking, and mail when, where and how they want to use them. Very few, if any, customers are single-channel users. We integrate these channels so we can offer all our products and services through all of themanytime, anywhere our customers want to be served. 8. Information-based marketing We must take full advantage of what we know about our customers needs so we can offer them the choice, convenience and price benefits of giving us all their business. The winners in financial services will be companies that know the most about their customers needs, obtain that information least expensively, treat it respectfully, use it most effectively, and attract new customers most efficiently.
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9. Be our customers payment processor We must be our customers first choice for payment processing and the intermediary through checks, debit and credit cards, bill payment, cash, securities, direct deposit and wire transfer, and the payments link for our customers among all their Wells Fargo accounts. 10. People as a competitive advantage We must do even better in training, rewarding and recognizing all our team members. Everyone on our team should know theyre valued, that they can go as far as their ability and desire to work hard will take them. We want to encourage a healthy balance between work and home life. Processes are important, but they dont do the work. People do. Investing in human capital is the most valuable investment we can make. Our team members are the single biggest influence on our customers. In Regional Banking, for example, our ratio of happy to grumpy team members (engaged to actively disengaged) now is eight and a half to oneversus 4.1 to one three years ago. (National average of all workers measured by a Gallup survey: two to one.)

Our future
Ive grown up with our Vision & Values during my almost 30 years with our company. Ive never been more confident of our vision and never more certain of our values than today. I have no doubt our company can persevere through any economic cycle and that well be even stronger, even more secure, even more dependable and reliable for our customers and communities. Never before in our companys history has our physical presence meant more for a neighborhood or a community than it does now. Our customers today, more than ever, need a safe, trustworthy, capable financial advisor who can help them plan for and achieve their financial goals for buying a home, providing education for their children, building a business, and saving for retirement. Never before has it been more important for us to see our customers as our friends and neighborsto make them feel at home, show them we care, make them feel special, give them the right
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advice, give them value, keep our promises, reach out to them, know them, thank them. If we continue doing all these things well, well earn not just their gratitude but all their business for a lifetime.

Its up to us

We have what it takes to be great. One vision. Shared values that we live. A well-understood and effective culture. A time-tested business model. A proven strategy and goals. An operating philosophy. Sustainable competitive advantages. The know-how to execute well. And most of all: great people. Our formula for greatness starts and ends with people: Mind share plus heart share equals market share.

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Our product: service. Our value added: financial advice. Our competitive advantage: people.

2011 Wells Fargo & Company All rights reserved. Member FDIC.