WFC

Wells Fargo & Co WFC
1 5 8
Quote Analysis Insiders
25 Performance 27 Financials 30 Valuation / Estimates 32 Key Ratios 35 Ownership
Release date 10-02-2013
Page 1 of 40
Wells Fargo & Co WFC

Last Price Day Change Open Price Day Range 52-Week Range Proj. Yield Market Cap Volume Avg Vol.
Morningstar Analyst Rating . Forward P/E P/B P/S P/CF
41.18
[-0.31 | -0.75 %
41.20
41.00-41.25
31.25-44.78
2.89
218.98 bil
11 mil
18 mil
10.12
1.48
2.59
4.9
Stock Price 2013-01-01 - 2013-10-01

XNYS:WFC: 7.31|21.39% 45.00 30.00 15.00
Dividends Declared Date Ex-Dividend Date Latest Indicated Dividend Amount Projected Yield
Recent Dividends & Splits Type
07/23/2013 08/07/2013 0.30 2.89 %

Amount
2013
Morningstars Take Having doubled in size with its 2008 purchase of Wachovia,Wells Fargo is now one of the four largest banks in the United States, along with Citigroup , Bank of America , and J.P. Morgan Chase . Wells Fargo stands out from its peers not only due to its long history of superb management, but also because of its relatively simple business model, making it our favorite of the big four American banks from a quality perspective. Fair Value Estimate Consider Buying Consider Selling Fair Value Uncertainty Economic Moat Stewardship Growth Profitability Morningstar Credit Rating $ 46.00 $ 32.20 $ 62.10 Medium Narrow Exemplary C C A+
05/08/2013 01/30/2013 11/07/2012 08/08/2012

Purchase Options
Cash Dividends Cash Dividends Cash Dividends Cash Dividends
0.3000 0.2500 0.2200 0.2200
Direct Investment Dividend Reinvestment Plan Competitors

Name Price % Chg
Yes Yes
TTM Sales $ mil
Key Stats
Stock Ind Avg Relative to Industry
Price/Earnings TTM Price/Book Price/Sales TTM Rev Growth (3 Yr Avg) Net Income Growth (3 Yr Avg) Operating Margin % TTM Net Margin % TTM ROA TTM ROE TTM Debt/Equity
11.2 1.5 2.6 -1 15.5 36 23.1 1.4 13.9 0.8
14.1 1.1 2.1 3.4 32.5 44 14.8 0.5 7.4 1.3

Avg +
Wells Fargo & Co JPMorgan Chase & Co Industrial And Commercial Bank Of China Ltd. ADR HSBC Holdings PLC ADR HSBC Holdings PLC China Construction Bank Corp ADR
$41.18 $52.04 $14.10 $54.46 $10.79 $15.50
-0.75 [ 0.15 ] 0.64 ] -0.37 [ -0.46 [ -0.23 [
85,798 99,132 93,118 82,885 82,885 79,246
Wall St. Recommendations Current Total Analysts: 10 3.3

5.0 Buy 3.0 Hold 1.0 Sell
Financials
Annual Income Statement 2012-12 2011-12 2010-12 2013-06 Quarterly 2012-06
Ownership
Fund Owners Star Rating % Shares Held % Total Assets
Revenue Net Interest Income Net Income Earnings Per Share Shares Outstanding
Balance Sheet
86,086.00 43,230.00 18,897.00 3.36 5,351.50
80,948.00 42,763.00 15,869.00 2.82 5,323.40
85,210.00 44,757.00 12,362.00 2.21 5,263.10
21,378.00 10,750.00 5,519.00 0.98 5,384.60
21,289.00 11,037.00 4,622.00 0.82 5,369.90
Vanguard Total Stock Mkt Idx QQQQ Fidelity Contrafund Vanguard 500 Index Inv QQQQ QQQQ Vanguard Institutional Index I QQQQ SPDR S&P 500
1.43 1.26 0.89 0.88 0.88
1.23 2.82 1.42 1.43 1.32
Net Loans Total Assets Deposits Total Liabilities Stockholders' Equity

Cash Flow
829,773.00 1,422,968.00 1,002,835.00 1,265,414.00 157,554.00
799,954.00 1,313,867.00 920,070.00 1,173,626.00 140,241.00
787,298.00 1,258,128.00 847,942.00 1,131,720.00 126,408.00
824,805.00 1,440,563.00 1,021,585.00 1,278,142.00 162,421.00
808,194.00 1,336,204.00 928,933.00 1,188,134.00 148,070.00
Cash From Operations Cash From Investing Cash From Financing
58,540.00 -139,890.00 83,770.00
13,665.00 -35,044.00 24,775.00
18,772.00 -3,675.00 -26,133.00
12,978.00 -14,819.00 3,563.00
2013 Morningstar. All Rights Reserved. Unless otherwise provided in a separate agreement, you may use this report only in the country in which its original distributor is based. Data as originally reported. The information contained herein is not represented or warranted to be accurate, correct, complete, or timely. This report is for information purposes only, and should not be considered a solicitation to buy or sell any security. Redistribution is prohibited without written permission. To order reprints, call +1 312-696-6100. To license the research, call +1 312-696-6869.
Page 2 of 40
Wells Fargo & Co WFC Quote

Industry Classification NAICS SIC ISIC Operation Details Fiscal Year Ends CIK Year Established Employees (12/31/2012) Full Time Part Time Auditor (12/31/2009) Legal Advisor () Key Executives 2013-12-31 72971 158,900 269,200 KPMG LLP John G. Stumpf/Chairman of the Board, President and Chief Executive Officer; David M. Carroll/Senior Executive Vice President, Wealth, Brokerage and Retirement; Timothy Sloan/Senior Executive Vice President and Chief Financial Officer; David A. Hoyt/Senior Executive Vice President, Wholesale Banking; Carrie L. Tolstedt/Senior Executive Vice President, Community Banking; Kevin A. Rhein/Senior Executive Vice President and Chief Information Officer; James M. Strother/Senior Executive Vice President and General Counsel; Michael J. Loughlin/Senior Executive Vice President and Chief Risk Officer; Richard D. Levy/Executive Vice President and Controller; Michael J. Heid/Executive Vice President, Home Lending and President of Wells Fargo Home Mortgage, Wells Fargo Bank, N.A.; Avid Modjtabai/Senior Executive Vice President, Consumer Lending; Patricia R. Callahan/Senior Executive Vice President and Chief Administrative Officer; Anthony R. Augliera/Corporate Secretary Commercial Banking (522110) Other Financial Intermediaries N.E.C. (7499);National Commercial Banks (6021) Other Monetary Intermediation (6419)
Stock Type Last Close 10/02/2013 Fair Value Estimate Morningstar Rating TM
Cyclical
41.18
46.00 Business Description
QQQ
Wells Fargo & Co is a diversified financial services company. It provides retail, corporate and commercial banking services through banking stores and offices, the internet and other distribution channels to individuals, businesses and institutions. 30-day Avg Volume Market Cap Net Income Sales Sector Industry Stock Style Direct Investment Dividend Reinvestment 17.3Mil 220.3Bil 20.7Bil 85.8Bil Financial Services Banks - Global 1 Large Value Yes Yes
Page 3 of 40

Industry Peers
Morningstar Rating Market Cap $Mil Net Income $Mil P/S P/B P/E Dividend Yield% 5 Yr Rev CAGR% Med Oper. Margin% Interest Coverage D/E Stock Type Last Close 10/02/2013 Fair Value Estimate Morningstar Rating TM
Cyclical
41.18
46.00
QQQ
Wells Fargo & Co Industrial And Commercial Bank Of China Ltd. HSBC Holdings PLC HSBC Holdings PLC JPMorgan Chase & Co China Construction Bank Corp Agricultural Bank of China Ltd. Bank of America Corporation Citigroup Inc Bank Of China Ltd. Bank Of China Ltd. Commonwealth Bank of Australia Westpac Banking Corp Royal Bank Of Canada Mitsubishi UFJ Financial Group, Inc. Mitsubishi UFJ Financial Group, Inc. Banco Santander SA Banco Santander SA Toronto-Dominion Bank UBS AG Australia and New Zealand Banking Group Limited Australia and New Zealand Banking Group Limited National Australia Bank Limited Bank of Nova Scotia Sumitomo Mitsui Financial Group Inc Sumitomo Mitsui Financial Group Inc Banco Bilbao Vizcaya Argentaria SA Bank Of Communications Co., Ltd. Barclays PLC Barclays PLC Credit Suisse Group Bank of Montreal Royal Bank of Scotland Group (The) PLC Canadian Imperial Bank of Commerce Malayan Banking Berhad ICICI Bank Ltd National Bank of Canada Julius Baer Gruppe AG EFG International EFG International Blom Bank S.A.L. National Bank of Greece National Bank of Greece CNB Corp Merchants & Marine Bancorp Inc Harris Exploration, Inc. Star Financial Group Inc T.W. Christian, Inc. Ledyard Financial Group, Inc. Mercersburg Financial Corp Kotak Mahindra Bank Ltd.
QQQ QQQ QQQ
220,302 244,929 202,690 200,984 195,587 194,208 150,314 149,329 147,793 129,803 127,961 108,708 95,532 93,007 91,455 90,181 89,827 89,503 81,987 79,853 79,785 79,566 76,409 69,250 66,590 66,385 63,095 57,479 56,038 55,973 49,844 43,155 36,835 32,004 25,656 18,066 13,493 2,065 2,031 2,007 1,741 500 493 73 50 1
20,717 253,719 15,873 15,873 24,425 206,607 156,947 6,567 9,654 148,670 148,670 7,677 6,307 8,124 1,141,494 1,141,494 2,711 2,711 6,533 -2,407 5,682 5,682 4,550 6,249 743,408 743,408 3,047 62,111 -518 -518 2,865 4,172 -3,016 3,410 6,033 96,495 1,494 249 142 142 339 -299 -299 1 4
2.6 2.7 2.4 2.4 2.0 2.5 2.1 1.8 2.0 2.1 2.1 5.0 5.5 3.5 2.3 2.2 1.3 1.3 3.6 2.5 4.9 4.9 3.0 3.4 2.2 2.2 1.7 2.2 1.2 1.2 1.5 2.8 2.0 2.6 4.7 2.3 2.7 0.9 2.2 2.2 2.4 0.2 0.2 2.0 2.0
1.5 1.3 1.2 1.2 1.0 1.2 1.2 0.7 0.8 0.9 0.9 2.6 2.3 2.3 0.8 0.7 0.9 0.9 1.8 1.5 2.0 2.0 1.8 1.8 1.0 1.0 1.0 0.9 0.7 0.7 1.1 1.6 0.3 2.1 1.8 16.1 1.9 0.4 1.7 1.7 0.8 0.0 0.0 0.8 0.9
11.2 6.0 11.5 11.4 8.7 5.8 5.9 23.0 14.7 5.6 5.5 15.6 15.9 11.9 7.5 7.4 18.5 18.4 12.8 15.3 15.2 18.2 11.0 7.5 7.5 14.0 5.5 120.5 119.0 13.9 10.6 9.7 13.3 11.1 9.7 7.3 12.5 12.3 5.2
2.6 4.6 4.3 3.5 2.5 4.7 4.5 0.3 0.1 6.1 5.2 5.2 5.7 3.8 2.0 2.2 7.4 2.8 3.5 0.8 5.4 5.4 5.8 4.1 2.2 1.2 3.8 4.3 2.3 2.0 0.3 4.3 4.6 6.0 2.1 4.0 1.1 0.8 0.7 5.2
16.9 16.0 -0.6 -0.6 6.3 16.0 18.7 4.5 -2.2 13.5 13.5 10.4 12.1 4.0 -0.6 -0.6 11.7 11.7 9.7 -8.8 8.8 8.8 2.6 9.8 -5.3 -5.3 4.9 18.8 1.9 1.9 -9.4 11.5 -9.2 0.8 6.0 9.2 -12.8 -2.1 -2.1 -8.7 -8.7
22.3 56.3 15.2 15.2 24.2 53.7 41.1 3.6 11.3 51.2 51.2 94.6 48.4 26.5 27.0 27.0 10.0 10.0 29.5 -6.9 90.8 90.8 38.5 38.5 38.5 21.4 47.7 12.8 12.8 13.2 28.6 -8.4 30.6 46.8 17.0 30.9 24.2 13.4 13.4 60.0 4.6 4.6 18.0 26.8
6.5 2.0 2.1 2.1 3.6 2.0 1.8 1.2 1.4 1.8 1.8 1.5 1.4 2.2 3.5 3.5 1.1 1.1 2.0 0.8 1.4 1.4 1.3 2.1 3.8 3.8 1.1 1.6 1.0 1.0 1.1 2.1 0.3 1.9 2.2 1.4 2.1 4.7 1.7 1.7 1.5 0.1 0.1 1.2 2.8
0.8 0.2
1.5 0.3 0.3 1.2 1.2 0.2 0.2 0.1 3.2 0.2 0.9 0.9
QQQ QQQ
QQQ QQ QQQ QQQ QQQ QQQ
0.2 2.1
QQQ
0.2 1.5 1.5 1.9 0.2 0.5 0.5 3.1 0.1 0.4 0.4 2.2 0.3 0.2
QQQ QQQ QQQ QQQ QQQ QQQ QQQQ
QQQ
0.3 0.3
52.9 12.4
-5
0.3
-0.0 2.8 1.6
-201427.4
23,724
11.1
25.7
1.4
2.3
Page 4 of 40

Industry Peers Greater Hudson Bank, Commonwealth Bank of Australia CapStone Bank (Raleigh, NC) Alior Bank S.A. Jyske Bank AS Bancorp Southern Indiana Housing Bank for Trade & Finance Industry Average 80,055
Stock Type Last Close 10/02/2013 Fair Value Estimate Morningstar Rating TM
Cyclical
41.18
46.00
QQQ
7,677
10.4
94.6
1.5
0.1
1,706 1.8 94 100,807 2.1 1.1 14.1 2.8
1.4
19.3 53.4
1.5 2.4 1.9 0.0 1.3
4.5
-4079.7
Page 5 of 40
Wells Fargo & Co WFC Analysis

Analyst Note | 12 Jul 2013 | Jim Sinegal, Director Investment Thesis | 08 Mar 2013 | Jim Sinegal, Director
Wells Fargo reported net income of $5.5 billion, or $0.98 per share, for the second quarter. The results were in line with our forecasts, and we don't expect to significantly alter our fair value estimate as a result. We were encouraged to see that Wells Fargo managed to grow loans across the board, especially in the consumer business where the bank added nonconforming mortgages, automobile, and credit card loans. We think consumer debt is not likely to experience much growth in the medium term, and Wells Fargo's performance is an indication that the bank can still manage to expand its balance sheet in such an environment. The changing rate environment did not take much of a toll in the second quarter, though the effects of rising interest rates are sure to be seen in the second half of the year. Wells originated $112 billion in mortgages during the quarter, down from $131 in the second quarter of 2012. At the same time, refinancings made up a smaller portion of the total--only 56% compared to more than 60% in each of the last four quarters. Although Wells Fargo is a massive player in the mortgage market, it's worth considering that mortgage-related income made up only about a quarter of non-interest income in the second quarter. In fact, wealth management and brokerage was responsible for a larger portion of revenue, showing the benefits of Wells' diversified business model. Along with the cost control responsible for the bank's narrow moat, Wells Fargo's ability to generate noninterest income makes it a force to be reckoned with. That said, Wealth Management and IRA assets were flat to down during the quarter despite a strong market performance. Wells Fargo may not be able to sustain this momentum in a tougher equity market, and we're hesitant to forecast ever-increasing market-related revenue with indices near all-time highs.
Having doubled in size with its 2008 purchase of Wachovia, Wells Fargo is now one of the four largest banks in the United States, along with Citigroup C, Bank of America BAC, and J.P. Morgan Chase JPM. Wells Fargo stands out from its peers not only due to its long history of superb management, but also because of its relatively simple business model, making it our favorite of the big four American banks from a quality perspective. We view Wells Fargo's dominant market position as its largest structural advantage. Following its purchase of Wachovia, Wells Fargo is now the largest deposit gatherer in major metropolitan markets from Anchorage to Miami, including San Diego, Phoenix, Denver, and Minneapolis, according to Thomson Reuters Bank Insight. In fact, we estimate that more than one third of the bank's deposits come from markets in which Wells Fargo is the pre-eminent player, and more than two thirds are gathered in markets in which the company ranks among the top three. Such positioning provides the bank's customers with unmatched convenience and provides the firm with a ready source of funds. In addition to boosting the top line, the bank's storied focus on cross-selling also deepens its customer relationships, increasing switching costs and adding to the bank's pricing power. Together, these factors result in more than $1 trillion in low-cost deposit funding, accounting for 70% of the company's funding and contributing to its narrow economic moat rating. Indeed, Wells Fargo was able to fund its assets at an average cost of only 1.3% during the last 10 years, about 20% more cheaply than its closest competitor. With such a low cost of funds, Wells Fargo's managers have historically been able to resist the temptation to stretch for yield on the asset side of the balance sheet, yet the company's net interest margin occasionally exceeded 5% during the last decade. Going forward, we expect the low interest rate environment to weigh on margins, but still expect Wells to have an advantage over peers. If management's expense-reduction program is successful, Wells Fargo's combination of
low funding costs and efficient operations will be exceedingly difficult for peers to match. Wells Fargo's funding advantage allows the bank to achieve an exceptional level of profitability while participating primarily in basic financial intermediation. Loans make up more than half of the company's assets, while the company's exposure to trading assets was less than 60% of its tangible common equity balance in 2012. Neither is Wells Fargo a large derivatives dealer--its notional and net exposures are only a fraction of the size of the figures reported by J.P. Morgan Chase. In our view, this greatly lessens the probability that a complex exposure will elude the oversight of the firm's risk managers. Furthermore, it also reduces the bank's vulnerability to regulatory changes to the derivative business such as those required by the Dodd-Frank Wall Street Reform and Consumer Protection Act. That said, the company's newfound scale may require it to enlarge its aspirations in the investment banking arena as customers come to expect more such services from the bank. We caution that Wells Fargo will need to carefully manage risk and reward if management chooses to advance further down that path. Wells Fargo's simple business model does not mean that it is overly reliant on net interest income. Noninterest income accounts for nearly half of revenue, driven by investment-related fees and commissions and mortgage banking income. Wells Fargo is aggressively pursuing mortgage business in the aftermath of the subprime crisis and now controls about one third of the U.S. mortgage market. These ambitions are not without cost, though. Along with its peers, Wells has been forced to repurchase faulty mortgages and make financial amends for its servicing missteps. However, Wells Fargo was certainly not the most aggressive mortgage originator in the boom years, as evidenced by the relative performance of the loans on its book and those it services. We therefore think its mortgage expenses eventually will be surmountable. Finally, we think Wells Fargo will soon be in a position to begin returning more capital to shareholders via both dividends and share repurchases. The company's internally estimated Tier 1 common ra-
Page 6 of 40

tio exceeded the 8% level it is required to hold (including a 1% systemically important institution surcharge) as of December 2012. If the company continues to generate equity capital at a doubledigit annual rate as we anticipate it will, it should be well positioned for a dividend increase in 2013 and on track to meet its goal to eventually return 50%-65% of its growing earnings power to shareholders.
Economic Moat | 08 Mar 2013
TM
ciency ratio to fall gradually to 54% by the end of our forecast period, as operating costs are reduced and mortgage-related expenses taper off. We expect net charge-offs to average just over 0.6% of loans in the long run. All in, we foresee a long-run return on average assets of 1.6%, in line with the company's current goal of 1.3%-1.6%. We use a 10% cost of equity for the bank, reflecting its relatively stable operating results.
Risk | 08 Mar 2013
activity, most recently doubling in size by acquiring Wachovia, we think it maintains an advantage in terms of succession planning over firms assembled more recently. We would not be surprised to see management increase the quarterly dividend by mid-2013, though we would prefer repurchases as long as the stock is trading at a reasonable discount to our fair value estimate.
Bulls Say
The major source of Wells Fargo's narrow moat is its low-cost deposit base, produced by dominant market share and a business model built on customer service and cross-selling, which increases customer switching costs. The company's interest expenses averaged less than 1.3% of assets during the past decade. With such a low cost of funds, the company has little need to swing for the fences in order to achieve a healthy level of profitability. The bank's impressive operational expense control and conservative underwriting standards cement its position as a low-cost producer. Wells Fargo's efficiency ratio averaged only 58% during the past 10 years, while its quarterly net chargeoff rate never exceeded an annualized 3% of loans. Finally, the company's performance during the financial crisis--tangible book value per share more than tripled over the last decade--also strengthened the intangible yet valuable asset associated with the Wells Fargo brand name.
Valuation | 21 Jun 2013
The list of risks facing Wells Fargo is not short. The company will be forced to hold quite a bit more capital as a systemically important financial institution, which could depress returns. In general, the company will be the subject of far greater scrutiny from regulators and politicians than in the past thanks to its newfound size. Wells Fargo's participation in the mortgage market--as originator and servicer--could also result in substantial fines and judgments against the company. Management's incentives may also change as the bank begins to compete with money center institutions-Wells Fargo may be forced into riskier lines of business as it attempts to provide similar services to its customers. The macroeconomic environment is also likely to influence results. An extended period of deleveraging combined with low interest rates could dramatically reduce profitability, much as Japanese financial institutions have experienced for years.
Management | 08 Mar 2013
Wells Fargo's earnings power will improve from current levels as credit quality improves, interest rates rise, and the company cuts costs. Wells Fargo's business model is difficult to duplicate. Future CEOs are likely to have been steeped in the company's culture for decades, ensuring that the company's competitive advantage is maintained. The bank has room to squeeze more revenue out of former Wachovia customers by expanding the number of products and services sold to each customer.
Bears Say
Increased regulation and the continuing deflation of a decades-long debt bubble will result in low levels of profitability for the foreseeable future. The costs associated with past mortgage missteps will continue to rise as homeowners and regulators target the bank, making the final extent of Wells Fargo's liability difficult to predict. Profitable growth will be difficult--if not impossible--to come by for the nation's largest banks.
Overview
We are raising our fair value estimate to $46 per share, up $3 since our last update due to a slight increase in our net interest margin assumption, a slight decrease in our expense forecasts, and the time value of money since our last update. Our fair value estimate represents 1.6 times book value per share as of March 31 and 12 times our 2013 earnings per share estimate. In our base-case scenario, we expect the net interest margin to average 3.7% by our calculation over the next five years. The valuation is quite sensitive to this parameter, which has varied by more than 2 percentage points over the last 10 years. We expect the bank's effi-
Wells Fargo's management has proved its merit over the years, quadrupling tangible book value per share during the past decade and developing a base of low-cost deposits that is the envy of the industry. We believe this is enough evidence to categorize the bank's stewardship of shareholder capital as exemplary. CEO John Stumpf has been with the company for nearly 30 years, assuming the CEO role in 2007. Stumpf succeeded Richard Kovacevich, the architect of both the 1998 Wells Fargo-Norwest merger of equals and the company's well-known cross-selling strategy. Although Wells Fargo is also a product of merger
Wells Fargo is one of the four largest banks in the U.S., with well over $1 trillion in assets. The company is split into three segments for reporting purposes: community banking; wholesale banking; and wealth, brokerage, and retirement. The company is also a major player in the residential mortgage market, servicing $1.8 trillion in loans.
Page 7 of 40

Competitors
Name Price % Chg TTM Sales $ mil
Wells Fargo & Co JPMorgan Chase & Co Industrial And Commercial Bank Of China Ltd. ADR HSBC Holdings PLC ADR HSBC Holdings PLC China Construction Bank Corp ADR Analyst Price 10-02-2013 Fair Value Estimate Uncertainty Consider Buy Consider Sell Economic Moat Stewardship Rating Quantitative Price 10-02-2013 Quantitative Fair Value Quantitative Uncertainty Quantitative Moat As of 10/01/2013
$41.18 $52.04 $14.10 $54.46 $10.79 $15.50
-0.75 [ 0.15 ] 0.64 ] -0.37 [ -0.46 [ -0.23 [
85,798 99,132 93,118 82,885 82,885 79,246
41.18 BASE 46.00 BASE Medium 32.20 BASE 62.10 BASE Narrow Exemplary
41.17 BASE 44.86 BASE Low Narrow
Page 8 of 40
Wells Fargo & Co WFC Insiders

Total Executive Compensation
73.47 mil 67.08 mil 72.59 mil 72.74 mil 81.00
2012 Executive Compensation
Total Compensation 1-Year % Change

Compensation vs. Performance
$72,738,294 0.2 % ]
1-Year % Change
54.00
26.51 mil
27.00
2008
2009
2010
2011
2012
CEO Compensation Stock Return Revenue Return on Equity Net Income
15.27% 27.21% 6.35% 7.96% 19.08%
Stock Price
40.00 20.00
2008
2009
2010
2011
2012
Total Return
45.0 0
2008
2009
2010
2011
2012
Revenue
0.00 -1.00
2008
2009
2010
2011
2012
Return of Equity
0.00 -1.00
2008
2009
2010
2011
2012
Net Income
0.00 -1.00
2008
2009
2010
2011
2012
Page 9 of 40

Key Executive Compensation
Key Executive Compensation 2008 2009 2010 2011 2012
Salary Bonus Annual Other Income Restricted Stock Award Securities Options LTIP Payout Non-Equity Compensation Other Compensation Total
John G. Stumpf / Chairman of the Board, President and Chief Executive Officer
1,477,687 0 0 0 11,959,963 0 0 392,161 13,880,922

2008
10,166,667 0 0 20,155,528 4,723,740 0 10,940,024 150,646 49,120,548

2009
8,450,319 0 0 27,969,101 1,766,934 0 8,035,000 72,631 48,069,167

2010
9,331,402 0 0 34,500,082 0 0 9,175,000 73,500 55,428,394

2011
11,161,686 0 0 41,250,044 4,110,806 0 11,880,000 162,838 72,738,294

2012
Timothy Sloan / Senior Executive Vice President and Chief Financial Officer
878,920 0 0 0 7,920,000 0 0 242,167 9,041,087

2008
5,600,000 0 0 13,083,386 0 0 0 72,786 21,340,547

2009
3,239,847 0 0 11,000,009 0 0 3,300,000 28,531 18,973,722

2010
2,800,000 0 0 12,000,026 0 0 3,100,000 14,700 19,843,021

2011
2,800,000 0 0 12,500,004 0 0 4,000,000 15,000 22,873,085

2012
David A. Hoyt / Senior Executive Vice President, Wholesale Banking 2008 2009 2010
1,331,402 0 0 5,500,004 0 0 1,400,000 14,700 8,333,892

2011
1,661,686 0 0 5,500,008 121,350 0 1,600,000 15,000 9,009,155

2012
598,767 0 0 0 4,039,963 0 0 149,994 4,839,835
3,866,667 0 0 7,072,142 2,203,740 0 0 45,071 13,477,231
2,293,231 0 0 6,500,002 1,766,934 0 2,000,000 14,700 12,765,256
2,000,000 0 0 6,500,022 0 0 1,875,000 14,700 10,541,652
2,000,000 0 0 6,750,008 1,994,728 0 1,900,000 15,000 12,837,921
Page 10 of 40

David M. Carroll / Senior Executive Vice President, Wealth, Brokerage and Retirement 2008 2009 2010 2011 2012
Carrie L. Tolstedt / Senior Executive Vice President, Community Banking 2008
700,000 0 0 0 2,520,000 0 10,940,024 32,789 14,302,770

2009
1,374,329 0 0 4,969,072 0 0 1,500,000 14,700 7,922,288

2010
1,500,000 0 0 5,000,026 0 0 1,400,000 14,700 8,010,953

2011
1,500,000 0 0 5,500,008 1,994,728 0 1,425,000 15,000 10,602,871

2012
Avid Modjtabai / Senior Executive Vice President, Consumer Lending 2008 2009
1,542,912 0 0 5,500,018 0 0 1,235,000 14,700 8,407,901

2010
1,700,000 0 0 5,500,004 0 0 1,400,000 14,700 8,698,876

2011
1,700,000 0 0 5,500,008 0 0 1,530,000 15,000 8,850,212

2012
1,500,000 0 0 5,500,008 0 0 1,425,000 87,838 8,565,050
A publicly-traded company is only required to disclose information concerning the amount and type of compensation paid to its CEO, CFO, and the three other most highly compensated executive officers in a given year. Information about compensation for these individuals may be unavailable in prior years if they were not in their current roles or did not qualify as among the most highly compensated officers at the time.
Page 11 of 40

Weekly Insider Transactions
2 mil 1 mil 0 -1 mil Buy Acquisition (Non-open Mkt) Option Exercise Sell Disposition (Non-open Mkt)
Oct
Nov
Dec
2013
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
Stock Price
60.00 30.00
Oct
Nov
Dec
2013
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
Total Return
10.0 0
Oct
Nov
Dec
2013
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
Revenue
0.00 -1.00
Oct
Nov
Dec
2013
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
Return of Equity
0.00 -1.00
Oct
Nov
Dec
2013
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
Net Income
0.00 -1.00
Oct
Nov
Dec
2013
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
Page 12 of 40

Transaction History
Date * Name Title Transaction Shares Value
09/05/2013 09/04/2013 08/21/2013 08/21/2013 08/14/2013 08/12/2013 08/12/2013 08/07/2013 08/07/2013 08/05/2013 08/05/2013 08/02/2013 08/02/2013 08/02/2013 08/02/2013 08/01/2013 08/01/2013 08/01/2013 08/01/2013 08/01/2013 08/01/2013 08/01/2013 07/31/2013 07/31/2013 07/31/2013
Patricia R. Callahan Patricia R. Callahan Patricia R. Callahan Patricia R. Callahan James M. Strother Michael J. Heid Michael J. Heid Michael J. Heid Michael J. Heid Patricia R. Callahan Patricia R. Callahan Michael J. Heid Michael J. Heid Michael J. Heid Michael J. Heid Timothy Sloan Timothy Sloan Timothy Sloan Timothy Sloan James M. Strother James M. Strother David M. Carroll Kevin A. Rhein Kevin A. Rhein Avid Modjtabai
Senior Executive Vice President and Chief Administrative Officer Gift Senior Executive Vice President and Chief Administrative Officer Gift Senior Executive Vice President and Chief Administrative Officer Gift Senior Executive Vice President and Chief Administrative Officer Gift Senior Executive Vice President and General Counsel Sale at 43.353 per share. Executive Vice President, Home Lending and President of Wells Exercise Fargo Home Mortgage, Wells Fargo Bank, N.A. Executive Vice President, Home Lending and President of Wells Disposition Fargo Home Mortgage, Wells Fargo Bank, N.A. Executive Vice President, Home Lending and President of Wells Gift Fargo Home Mortgage, Wells Fargo Bank, N.A. Executive Vice President, Home Lending and President of Wells Gift Fargo Home Mortgage, Wells Fargo Bank, N.A. Senior Executive Vice President and Chief Administrative Officer Exercise Senior Executive Vice President and Chief Administrative Officer Disposition Executive Vice President, Home Lending and President of Wells Disposition Fargo Home Mortgage, Wells Fargo Bank, N.A. Executive Vice President, Home Lending and President of Wells Exercise Fargo Home Mortgage, Wells Fargo Bank, N.A. Executive Vice President, Home Lending and President of Wells Disposition Fargo Home Mortgage, Wells Fargo Bank, N.A. Executive Vice President, Home Lending and President of Wells Exercise Fargo Home Mortgage, Wells Fargo Bank, N.A. Senior Executive Vice President and Chief Financial Officer Disposition Senior Executive Vice President and Chief Financial Officer Disposition Senior Executive Vice President and Chief Financial Officer Exercise Senior Executive Vice President and Chief Financial Officer Exercise Senior Executive Vice President and General Counsel Disposition Senior Executive Vice President and General Counsel Senior Executive Vice President, Wealth, Brokerage and Retirement Senior Executive Vice President and Chief Information Officer Senior Executive Vice President and Chief Information Officer Senior Executive Vice President, Consumer Lending Exercise Sale at 44.51 per share. Disposition Exercise Sale at 43.71 per share.
1,220 1,830 36,490 36,490 9,307 41,140 35,709 7,208 7,208 192,600 156,110 12,117 35,000 29,985 14,310 38,019 45,675 55,100 45,000 50,693 60,000 39,700 44,485 53,080 60,000
0 0 0 0 403,486 1,326,559 1,542,628 0 0 5,475,618 6,921,917 539,085 1,128,575 1,334,032 449,334 1,682,720 2,021,575 1,566,493 1,345,725 2,243,672 1,794,300 1,767,047 1,935,097 1,587,357 2,622,600
* Date represents the date on which the insider initiated the transaction
Page 13 of 40

Holding Summary
Name Title Total Shares Held TTM Change % Shares Outstanding % Market Value
All Key Insiders John G. Stumpf David M. Carroll Timothy Sloan David A. Hoyt Carrie L. Tolstedt Kevin A. Rhein Susan G. Swenson James M. Strother Cynthia H. Milligan Michael J. Loughlin Judith M. Runstad Lloyd H. Dean John D. Baker John S. Chen Enrique Hernandez Susan E. Engel Richard D. Levy Federico F. Pena Michael J. Heid Donald M. James Stephen W Sanger Elaine L. Chao Howard V. Richardson Avid Modjtabai Patricia R. Callahan All Key Insiders
Chairman of the Board, President and Chief Executive Officer Senior Executive Vice President, Wealth, Brokerage and Retirement Senior Executive Vice President and Chief Financial Officer Senior Executive Vice President, Wholesale Banking Senior Executive Vice President, Community Banking Senior Executive Vice President and Chief Information Officer Independent Director Senior Executive Vice President and General Counsel Independent Director Senior Executive Vice President and Chief Risk Officer Independent Director Independent Director Independent Director Independent Director Independent Director Independent Director Executive Vice President and Controller Independent Director Executive Vice President, Home Lending and President of Wells Fargo Home Mortgage, Wells Fargo Bank, N.A. Independent Director Lead Independent Director Independent Director Independent Director Senior Executive Vice President, Consumer Lending Senior Executive Vice President and Chief Administrative Officer
1,594,082 306,013 215,130 189,426 180,826 153,007 151,364 80,403 64,866 54,620 36,160 28,513 27,651 27,489 20,890 17,297 11,726 10,008 8,253 5,431 3,863 846 150 150 0 0 1,594,082
83.43% 199.53 23.2 105.29 163.89 -28.07 123.23 8.4 -0.27 19.28 0 42.52 0.36 0 23.98 46.2 -11.63 -91.51 0 -23.07 0 -64.75 0 0 -100 0 83.43%
0.01% 0.01% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0.01%
65,867,487 12,644,457 8,889,171 7,827,082 7,471,730 6,322,249 6,254,360 3,322,251 2,680,263 2,256,918 1,494,131 1,178,157 1,142,538 1,135,845 863,174 714,712 484,518 413,530 341,013 224,408 159,619 34,956 6,198 6,198 0 0 65,867,487
* Based on WFC Last Close Price: 41.32 10/01/2013 4:00:00 PM EST.
Page 14 of 40

Key Executive
John G. Stumpf, 59
Mr. Stumpf has served as our Chairman since December 2009, Chief Executive Officer since June 2007, to June 2007, and as Group Executive Vice President, Community Banking from July 2002 to August 2005. Other Public Company Directorships: Chevron Corporation and Target Corporation. Mr. Stumpf has been employed with the Company for over 31 years in a variety of management and senior management positions and he brings to the Board tremendous experience and knowledge regarding the financial services industry and the Companys businesses, as well as a complete understanding of the Companys vision and strategy. Mr. Stumpf joined the former Norwest in 1982 and held a number of senior management positions with the former Norwest, including regional president of its Colorado/Arizona operations and its Texas operations, and he led the former Norwests acquisition of over 30 Texas banks. Following the former Norwests merger with the former Wells Fargo in 1998, Mr. Stumpf served as head of the Companys southwestern and western banking groups, led the integration of the Companys acquisition of First Security Corporation, and served as Group EVP of Community Banking. As CEO, he led the acquisition and integration of Wachovia, the largest banking merger and integration in U.S. history. Mr. Stumpf has extensive leadership experience, and his service on the board of directors for The Clearing House and the Financial Services Roundtable provides additional insight to the Board on key issues facing the Company and the financial services industry. He has a Master of Business Administration from the University of Minnesota. David M. Carroll, Senior Executive Vice President (Wealth Management, Brokerage and Retirement) since January 2009; Senior Executive Vice President of Wachovia Corporation from September 2001 to January 2009. Mr. Carroll has served with the Company or its predecessors for 31 years. Timothy J. Sloan, Senior Executive Vice President and Chief Financial Officer since February 2011; Senior Executive Vice President and Chief Administrative Officer from September 2010 to February 2011; Executive Vice President (Commercial Banking, Real Estate and Specialized Financial Services) of Wells Fargo Bank, N.A. from June 2006 to September 2010. Mr. Sloan has served with the Company or its predecessors for 25 years. David A. Hoyt, Senior Executive Vice President (Wholesale Banking) since August 2005; Group Executive Vice President (Wholesale Banking) from November 1998 to August 2005. Mr. Hoyt has served with the Company or its predecessors for 31 years. Carrie L. Tolstedt, Senior Executive Vice President (Community Banking) since June 2007; Group Executive Vice President (Regional Banking) from July 2002 to June 2007. Ms. Tolstedt has served with the Company or its predecessors for 23 years. Kevin A. Rhein, Senior Executive Vice President and Chief Information Officer since July 2011; Executive President (Card Services) of Wells Fargo Bank, N.A. from February 2004 to January 2009, President and Chief Executive Officer of Wells Fargo Card Services, Inc. from August 1999 to February 2004. Mr. Rhein has served with the Company or its predecessors for 34 years. James M. Strother, Senior Executive Vice President and General Counsel since July 2011; Executive Vice President and General Counsel from January 2004 to July 2011. Mr. Strother has served with the Company or its predecessors for 26 years.
Chairman of the Board, President and Chief Executive Officer and as our President since August 2005. He also served as our Chief Operating Officer from August 2005 Since:1998
David M. Carroll, 55
Senior Executive Vice President, Wealth, Brokerage and Retirement Since:2009
Timothy Sloan, 52
Senior Executive Vice President and Chief Financial Officer Since:2006
David A. Hoyt, 57
Senior Executive Vice President, Wholesale Banking Since:1998
Carrie L. Tolstedt, 53
Senior Executive Vice President, Community Banking Since:1998
Kevin A. Rhein, 59
Senior Executive Vice President and Chief Information Officer Vice President (Card Services and Consumer Lending) from January 2009 to July 2011; Executive Vice Since:1999
James M. Strother, 61
Senior Executive Vice President and General Counsel Since:2004
Page 15 of 40

Key Executive
Michael J. Loughlin, 57
Senior Executive Vice President and Chief Risk Officer Since:2000
Michael J. Loughlin, Senior Executive Vice President and Chief Risk Officer since July 2011; Executive Vice President and Chief Risk Officer from November 2010 to July 2011; Executive Vice President and Chief Credit and Risk Officer from April 2006 to November 2010; Deputy Chief Credit Officer from January 2006 to April 2006; Executive Vice President of Wells Fargo Bank, N.A. from May 2000 to April 2006. Mr. Loughlin has served with the Company or its predecessors for 31 years. Richard D. Levy, Executive Vice President and Controller since February 2007; Senior Vice President and Controller from September 2002 to February 2007. Mr. Levy has served with the Company for 10 years.
Richard D. Levy, 55
Executive Vice President and Controller Since:2002
Michael J. Heid, 55
Executive Vice President, Home Lending and President of Wells Fargo Home Mortgage, Wells Fargo Bank, N.A. Since:2004
Michael J. Heid, Executive Vice President (Home Lending) since July 2011; Executive Vice President (and President of Wells Fargo Home Mortgage, a division of Wells Fargo Bank, N.A.) since July 2011; CoPresident of Wells Fargo Home Mortgage from May 2004 to July 2011. Mr. Heid has served with the Company or its predecessors for 25 years. Avid Modjtabai, Senior Executive Vice President (Consumer Lending) since July 2011; Executive Vice President and Chief Information Officer from April 2007 to July 2011; Executive Vice President (Human Resources) from June 2005 to April 2007; Executive Vice President (Internet Services) of Wells Fargo Bank, N.A. from March 2001 to June 2005. Ms. Modjtabai has served with the Company or its predecessors for 19 years. Patricia R. Callahan, Senior Executive Vice President and Chief Administrative Officer since February 2011; Executive Vice President (Office of Transition) from January 2009 to February 2011; Executive Vice President (Social Responsibility Group) from June 2008 to December 2008; Executive Vice President (Compliance and Risk) from June 2005 to September 2007; Executive Vice President (Human Resources) from November 1998 to June 2005. Ms. Callahan has served with the Company or its predecessors for 35 years. Anthony R. Augliera, Corporate Secretary
Avid Modjtabai, 51
Senior Executive Vice President, Consumer Lending Since:2001
Patricia R. Callahan, 59
Senior Executive Vice President and Chief Administrative Officer Since:1998
Anthony R. Augliera,
Corporate Secretary Since:2013
Board of Directors
John G. Stumpf, 59
Mr. Stumpf has served as our Chairman since December 2009, Chief Executive Officer since June 2007, to June 2007, and as Group Executive Vice President, Community Banking from July 2002 to August 2005. Other Public Company Directorships: Chevron Corporation and Target Corporation. Mr. Stumpf has been employed with the Company for over 31 years in a variety of management and senior management positions and he brings to the Board tremendous experience and knowledge regarding the financial services industry and the Companys businesses, as well as a complete understanding of the Companys vision and strategy. Mr. Stumpf joined the former Norwest in 1982 and held a number of senior management positions with the former Norwest, including regional president of its Colorado/Arizona operations and its Texas operations, and he led the former Norwests acquisition of over 30 Texas banks. Following the former Norwests merger with the former Wells Fargo in 1998, Mr. Stumpf served as head of
Chairman of the Board, President and Chief Executive Officer and as our President since August 2005. He also served as our Chief Operating Officer from August 2005 Since:2006
Page 16 of 40

the Companys southwestern and western banking groups, led the integration of the Companys acquisition of First Security Corporation, and served as Group EVP of Community Banking. As CEO, he led the acquisition and integration of Wachovia, the largest banking merger and integration in U.S. history. Mr. Stumpf has extensive leadership experience, and his service on the board of directors for The Clearing House and the Financial Services Roundtable provides additional insight to the Board on key issues facing the Company and the financial services industry. He has a Master of Business Administration from the University of Minnesota.
Susan G. Swenson, 64
Independent Director Since:1994
Ms. Swenson served as President and Chief Executive Officer of Sage Software-North America, the North American operations of The Sage Group PLC located in the United Kingdom (business management software and services supplier) from March 2008 until April 2011. Ms. Swenson held positions as the Chief Operating Officer of Atrinsic, Inc. (formerly known as New Motion, Inc.) from August 2007 to March 2008, Ampd Mobile, Inc. from October 2006 to July 2007, and T-Mobile USA from February 2004 to October 2005, and as President and Chief Operating Officer and a director of Leap Wireless International, Inc. from July 1999 to January 2004. Other Public Company Directorships: Harmonic Inc., Novatel Wireless, Inc., and Spirent Communications plc, and a former director of Eltek Ltd. Ms. Swenson brings extensive leadership, executive management, and information technology experience to the Board, as well as substantial knowledge and experience regarding the Company, which she acquired during her 18 years as a director. Ms. Swenson has over 30 years experience in the telecommunications industry, including as the CEO or COO of several public and private companies, and was recently appointed by the U.S. Commerce Secretary to serve as one of the initial board members of the First Responder Network Authority, an independent U.S. governmental entity created to establish a nationwide, public safety broadband network. Ms. Swensons experience and management responsibilities during her business career has included information technology, engineering, software research and development, marketing and sales, business operations and customer care and loyalty, each of which is important to the Company, particularly in its retail, online, and mobile banking businesses. She has served on several public and private boards, including as chair of the audit committee for Palm, Inc. from 1999 to 2004. She has extensive financial management expertise, and has been a member of the Companys Audit and Examination Committee since 1996. Ms. Milligan served as Dean of the College of Business Administration at the University of NebraskaLincoln, Lincoln, Nebraska (higher education) from June 1998 to May 2009, when she was named Dean Emeritus of the College of Business Administration. Other Public Company Directorships: Calvert Funds, Kellogg Company, and Raven Industries, Inc. Ms. Milligan has extensive experience in the financial services industry, including as a bank regulator and lawyer, which provides valuable insight to the Board on banking, regulatory, and risk assessment and management issues. Ms. Milligan served as the Director of Banking and Finance for the State of Nebraska from 1987 until 1991, responsible for supervising several hundred banks and other financial institutions, and she also served as a Director, Omaha Branch, of the Kansas City Federal Reserve for approximately six years. In addition, she was president of her own consulting firm for financial institutions for approximately seven years and acquired significant banking and related financial management expertise in this role, as well as during her service as a bank regulator and as Dean of the College of Business Administration for the University of Nebraska-Lincoln. She has substantial knowledge and experience about the Companys businesses and has served on many of the Boards committees, including its Audit and Examination Committee for over 17 years and currently as chair of the Credit Committee and member of the Risk Committee. Ms. Milligan has a law degree from George Washington University National Law Center and was a senior partner at a law firm in Nebraska, as well as an Adjunct Professor of Law in taxation at Georgetown University Law Center and in banking at the University of Nebraska College of Law.
Cynthia H. Milligan, 66
Page 17 of 40
Judith M. Runstad, 68
Ms. Runstad is a former partner of, and has been of counsel since January 1997 to the law firm of Foster Pepper PLLC, Seattle, Washington. She is a former Chairwoman of the Board of the Federal Reserve Bank of San Francisco. Other Public Company Directorships: Former director of Potlatch Corporation and SAFECO Corporation. As a former director and Chairwoman of the Board of the Federal Reserve Bank of San Francisco, as well as a former director and Chairwoman of the Federal Reserves Seattle branch, Ms. Runstad has substantial banking and finance experience, as well as strong leadership and corporate governance skills. She has been practicing law in the areas of real estate development and land use and environmental law for over 38 years with a large law firm, and her legal background and experience provide her with additional insight in dealing with complex legal, regulatory, and risk matters affecting the Company, as well as real estate-related issues. Ms. Runstad serves as a member of the board of Wright Runstad & Company, a privately held commercial real estate developer/owner. Ms. Runstad has a broad understanding of the Companys businesses, which she has acquired during the past 14 years as a director, and she has been a member of the Companys Finance Committee for over 13 years and was a past member of the Companys Audit and Examination Committee for eight years. Ms. Runstads participation in a variety of civic activities in the Northwest, where the Company has significant business operations, also contributes important community affairs experience to the Board. Ms. Runstad received her law degree from the University of Washington. Mr. Dean has served as President, Chief Executive Officer, and a director of Dignity Health, San Francisco, California (health care) since April 2000. Other Public Company Directorships: Cytori Therapeutics, Inc. As the president and CEO of Dignity Health, a large multi-state healthcare organization that is the fifth largest hospital provider in the nation, and as a former executive vice president and chief operating officer of Advocate Health Care and officer of The Upjohn Company, Mr. Dean brings over 21 years of leadership, executive management, and business strategy experience to the Board. Similar to the Company, Dignity Health is subject to significant regulatory oversight, which provides Mr. Dean with additional insight in analyzing and advising on complex regulatory issues affecting the Company. The Board also benefits from Mr. Deans substantial finance, systems operations, service quality, human resources, and community affairs expertise, which he gained as a result of his responsibilities with Dignity Health, and from his extensive banking and related financial management expertise acquired as a former member of the Companys Audit and Examination Committee and Credit Committee. Mr. Deans current service as the nonexecutive chairman of Cytori Therapeutics provides an additional corporate governance perspective to the Board and its Human Resources and Governance and Nominating Committees where he serves as a member. Mr. Dean holds a Masters Degree in Education from Western Michigan University and also is a graduate of Pennsylvania State Universitys Executive Management Program.
Lloyd H. Dean, 62
Page 18 of 40

John D. Baker, 64
Mr. Baker has served as Executive Chairman and a director of Patriot Transportation Holding, Inc., Jacksonville, Florida (motor carrier and real estate company) since October 2010. He served as President and Chief Executive Officer of Patriot from February 2008 until October 2010. He served as President from May 1989, and Chief Executive Officer from February 1997 of Florida Rock Industries, Inc., Jacksonville, Florida (construction materials) until November 2007. Mr. Baker also currently serves as Chairman of Panadero Aggregates Holdings LLC, a construction aggregates company located in Jacksonville, Florida. Other Public Company Directorships: Patriot Transportation Holding, Inc. and Texas Industries, Inc.; and a former director of Duke Energy Corporation, Florida Rock Industries, Inc., Progress Energy Inc., Vulcan Materials Company, and Wachovia Corporation. As the CEO or chairman of two public companies during the past 16 years, including a company involved in real estate activities, Mr. Baker brings leadership and executive management experience to the Board. Mr. Baker has led or founded several public and private companies doing business in the Southeast, including recently as the lead investor and senior advisor for a start-up private equity firm, and his entrepreneurial skills and deep knowledge of the business climate in the Southeast provide unique insight into the operating environment of some of the Companys largest banking markets. Mr. Baker has extensive financial management expertise that he gained as a CEO or chairman, and as a past member of the audit committees of two other public companies and a current member of the Companys Audit and Examination and Credit Committees. Mr. Baker has a law degree from the University of Florida School of Law, and his experience as a lawyer and former member of the board of a large public utility company also contribute important risk management and regulatory oversight skills to the Board. Mr. Chen served as Chairman and Chief Executive Officer of Sybase, Inc., Dublin, California (computer software) from July 2010 until he retired in November 2012. Sybase is a wholly-owned subsidiary of SAP AG, Walldorf, Germany. He also served as Chairman, Chief Executive Officer, President, and as a director of Sybase from November 1998 until July 2010 when Sybase was acquired by SAP AG. Mr. Chen currently serves as a Senior Advisor of Silver Lake, Menlo Park, California (a private investment firm). Other Public Company Directorships: The Walt Disney Company; and a former director of Sybase, Inc. Mr. Chen has leadership and executive management experience gained from his 14 years as the CEO of Sybase, one of three highly successful technology companies that he has led during his business career. Mr. Chen also served as president of the Open Enterprise Computing Division of Siemens Nixdorf, and president and chief operating officer of Pyramid Technology Corporation. Mr. Chens experience and perspective on information technology, information security, and software matters are particularly important to the Company, which uses numerous complex information technology applications and systems and frequently is involved in system integrations. Mr. Chen also brings to the Board finance experience and, as a result of his work with Sybase and several public sector organizations, an important focus on international relations and business and community affairs. His experience serving on the board of a large well-known entertainment company also provides valuable insight into the importance of developing and maintaining an internationally recognized brand, since the Companys brand and reputation are recognized as one of the most valuable in the financial services business. Mr. Chen holds a Master of Science from California Institute of Technology.
John S. Chen, 57
Page 19 of 40

Enrique Hernandez, 57
Mr. Hernandez has served as Chairman, President, Chief Executive Officer, and a director of Inter-Con Security Systems, Inc., Pasadena, California (security services) since 1986. Other Public Company Directorships: Chevron Corporation, McDonalds Corporation, and Nordstrom, Inc. (Chairman of the Board). Mr. Hernandez brings leadership and executive management experience to the Board as the chairman, president and CEO of Inter-Con Security Systems, Inc., a global security services provider, and as the nonexecutive chairman of the board of Nordstrom, Inc., a large publicly traded retail company. The Board benefits from the valuable corporate governance and board leadership experience and expertise that Mr. Hernandez has acquired, including as chairman of Nordstrom, particularly in areas such as business strategy, risk assessment and succession planning. Mr. Hernandez also has extensive experience in the banking and financial services industry, as well as banking and related financial management expertise as a former member of the boards and audit committees of two other large financial institutions, Great Western Financial Corporation from 1993 to 1997 and Washington Mutual, Inc. from 1997 to 2002. Mr. Hernandez has served as chair of the audit committees of Nordstrom and McDonalds, currently serves on the Companys Audit and Examination Committee, and chairs the Finance Committee and Risk Committee, all of which have further enhanced his finance experience and contributions to the Board. Mr. Hernandez has a law degree from Harvard Law School and practiced as a litigation attorney for four years with a large law firm in California, which provides him with additional insight on risk management and litigation issues relevant to the Companys operations. Ms. Engel serves as Chief Executive Officer of Portero, Inc., New York, New York (an online retailer of luxury pre-owned and vintage personal accessories) since July 2009. She served as Chairwoman, Chief Executive Officer, and a director of Lenox Group Inc., Eden Prairie, Minnesota (a tabletop, collectibles and giftware marketer, manufacturer and wholesaler) from November 1996 until she retired in January 2007. Other Public Company Directorships: SUPERVALU INC. Ms. Engel has extensive executive management, leadership, and sales and marketing experience, which she has acquired as the CEO of several public and private companies over the past 20 years. In addition to her current executive position with Portero and her previous leadership positions with Lenox Group, Ms. Engel served as the president and chief executive officer of Champion Products, Inc., the athletic apparel division of Sara Lee Corporation for approximately three years and was a consultant with Booz Allen Hamilton, a large management consulting firm, for over 14 years. She has served on several public and private boards, and provides entrepreneurial, retail, and online sales experience to the Board, which is important to our many consumer businesses. Ms. Engel has extensive knowledge and experience regarding the Companys businesses, which she gained as a result of over 14 years of service on the Companys Board, including as a director of the former Norwest, and she has been a member of the Companys Credit and Finance Committees for the past 14 years and its Human Resources Committee for over 11 years. Ms. Engel has a Master of Business Administration from Harvard Business School.
Susan E. Engel, 66
Page 20 of 40

Federico F. Pena, 66
Mr. Pena has served as a Senior Advisor of Vestar Capital Partners, Denver, Colorado (private equity firm) since January 2009 and previously served as a Managing Director of Vestar from January 2000 to January 2009. He served as the U.S. Secretary of Energy from March 1997 until June 1998 and as the U.S. Secretary of Transportation from January 1993 until February 1997. Other Public Company Directorships: Sonic Corp. As the former U.S. Secretary of Energy and U.S. Secretary of Transportation, as well as Mayor of the City and County of Denver, Colorado for eight years and member of the Colorado House of Representatives for four years, Mr. Pena brings substantial leadership, executive management, regulatory, public policy, and community affairs expertise to the Board, which provide invaluable insight as the Company operates in the rapidly changing regulatory, political, and social environment for financial services companies. Mr. Penas service with Vestar, including his work analyzing complex financial transactions and advising senior management teams, as well as his experience founding and leading his own investment management firm, contribute important financial management, investment, business strategy, and entrepreneurial skills to the Board, which are useful in its oversight of the Companys capital markets and investment advisory businesses. He holds a law degree from the University of Texas, which enhances his understanding of legal and regulatory issues affecting the Company. Mr. James has served as Chairman, Chief Executive Officer, and a director of Vulcan Materials Company, Birmingham, Alabama (construction materials) since May 1997. Other Public Company Directorships: Vulcan Materials Company and Southern Company; and a former director of Wachovia Corporation. Mr. James brings extensive leadership and executive management experience to the Board as the chairman and CEO of Vulcan Materials Company where he also served in various senior management positions since 1992, including as president and chief operating officer. Before joining Vulcan, Mr. James practiced law as a partner in a large law firm in Alabama and was chairman of the firms litigation practice group, which also provides him with additional perspective in dealing with complex legal, regulatory, and risk matters affecting the Company. As a former board member of Wachovia, South Trust Corporation (which was acquired by Wachovia), and Protective Life Corporation, Mr. James has substantial knowledge and experience in the banking and financial services industry, and his prior service as the presiding director of the Southern Company, a large public utility company, also brings important corporate governance, regulatory oversight, succession planning, and business strategy experience to the Board. Mr. James holds a Master of Business Administration from the University of Alabama and a law degree from the University of Virginia.
Donald M. James, 64
Page 21 of 40

Stephen W Sanger, 66
Lead Independent Director Since:2003
Mr. Sanger served as Chairman of General Mills, Inc., Minneapolis, Minnesota (packaged food producer and distributor) from May 1995, and as a director since 1992, until he retired in May 2008. He also served as Chief Executive Officer of General Mills from May 1995 to September 2007. Other Public Company Directorships: Pfizer Inc. and Target Corporation; and a former director of General Mills, Inc. Mr. Sanger brings leadership, executive management, and sales and marketing experience to the Board, as well as valuable experience in corporate strategy and mergers and acquisitions. Mr. Sanger joined General Mills in 1974 and held various management positions at General Mills before becoming chairman and CEO in 1995. Mr. Sanger led General Mills through the complex acquisition and integration of Pillsbury, and his extensive experience gained from leading a company responsible for developing and marketing some of the worlds best known consumer brands is beneficial to the Company and the Board. He has served on the audit, compensation, and governance committees of several large public companies, including the audit and governance committees of Pfizer and the compensation and governance committees of Target, where he enhanced his human resources and corporate governance skills. His service on the Companys Human Resources Committee for over eight years, including five years during which he served as the chair of the committee, and as a member and current Chair of the Companys Governance and Nominating Committee, provides valuable experience for his current role as Lead Director. Mr. Sanger holds a Master of Business Administration from the University of Michigan. Ms. Chao served as the 24th U.S. Secretary of Labor from January 2001 until January 2009. She has been a Distinguished Fellow at the Heritage Foundation, Washington, D.C. (educational and research organization) since January 2009 and from August 1996 until January 2001. She was President and Chief Executive Officer of United Way of America from November 1992 until August 1996. Ms. Chaos previous government experience also includes serving as Director of the Peace Corps from December 1991 until November 1992 and Deputy Secretary of the U.S. Department of Transportation from April 1989 until December 1991. Other Public Company Directorships: Dole Food Company, Inc., News Corporation, and Protective Life Corporation. As the first Asian Pacific American woman in U.S. history to be appointed to a Presidents cabinet and a leader of large high-profile organizations operating in complex regulatory and public policy environments, Ms. Chao has extensive leadership, executive management, and governmental experience, which provide the Board with important expertise as it oversees the Companys interaction with a wide variety of outside groups in a rapidly changing external environment. Ms. Chaos skills in building constructive working relationships with diverse stakeholders also provide useful insight for the Company in various social responsibility and community affairs areas as it strives to enhance its relationships in the communities where it does business. Her experience as Secretary of Labor provides the Board with a valuable perspective on workforce issues important for the Company and its over 265,000 team members, and her previous work at two large financial services companies contributes relevant industry experience to the Board. As a current and former board member of a number of prominent public companies, including as the current chair of the governance committee of Dole Food Company and a member of the nominating and corporate governance committee of News Corporation, she also brings additional corporate governance experience to the Board. Ms. Chao has a Master of Business Administration from Harvard Business School.
Elaine L. Chao, 59
Page 22 of 40

Howard V. Richardson, 62
Mr. Richardson served as a partner of PricewaterhouseCoopers LLP, New York, New York (accounting, auditing, and consulting firm) from 1988 until June 2011. He joined PricewaterhouseCoopers in June 1976 and held a variety of positions with the firm, including U.S. Financial Services and Banking leader from 1996 to 2000 and Global Banking/Capital Markets leader from 1998 to 2002. Mr. Richardson brings extensive accounting, financial reporting, risk management, bank regulatory, and financial services experience to the Board. He served PricewaterhouseCoopers for over 35 years in a wide range of leadership, audit and business advisory positions, and was the lead engagement partner or advisory partner for some of PricewaterhouseCoopers largest financial services clients, including large bank holding companies, investment management firms, broker-dealers, and insurance companies. During his career at PricewaterhouseCoopers, Mr. Richardson worked closely with the senior management teams, boards of directors, and audit committees of large U.S. and international financial services firms, and his work at PricewaterhouseCoopers provides him with a unique perspective on the complex issues facing large financial services firms such as the Company. Mr. Richardson is a member of the American Institute of Certified Public Accountants and holds a Master of Science from Boston University (London Program). He is also a graduate of Tucks Executive Management Program at Dartmouth Colleges Graduate School of Business.
Page 23 of 40

Audit And Examination Committee
Name Title
Federico F. Pena John D. Baker Susan G. Swenson Enrique Hernandez Howard V. Richardson
Independent Director, Member Of Audit And Examination Committee And Member Of Governance And Nominating Committee Independent Director, Member Of Credit Committee, Member Of Audit And Examination Committee And Member Of Corporate Responsibility Committee Independent Director, Member Of Governance And Nominating Committee And Member Of Audit And Examination Committee Independent Director, Chairman Of Finance Committee, Chairman Of Risk Committee, Member Of Audit And Examination Committee And Member Of Corporate Responsibility Committee Independent Director And Member Of Audit And Examination Committee
Corporate Responsibility Committee

Name Title
Judith M. Runstad Cynthia H. Milligan John D. Baker Enrique Hernandez Lloyd H. Dean
Independent Director, Chairman Of Corporate Responsibility Committee, Member Of Risk Committee, Member Of Credit Committee And Member Of Finance Committee Independent Director, Chairman Of Credit Committee, Member Of Governance And Nominating Committee, Member Of Risk Committee And Member Of Corporate Responsibility Committee Independent Director, Member Of Credit Committee, Member Of Audit And Examination Committee And Member Of Corporate Responsibility Committee Independent Director, Chairman Of Finance Committee, Chairman Of Risk Committee, Member Of Audit And Examination Committee And Member Of Corporate Responsibility Committee Independent Director, Chairman Of Human Resources Committee, Member Of Corporate Responsibility Committee, Member Of Risk Committee And Member Of Governance And Nominating Committee
Credit Committee
Name Title
Cynthia H. Milligan John D. Baker Judith M. Runstad Susan E. Engel Elaine L. Chao
Independent Director, Chairman Of Credit Committee, Member Of Governance And Nominating Committee, Member Of Risk Committee And Member Of Corporate Responsibility Committee Independent Director, Member Of Credit Committee, Member Of Audit And Examination Committee And Member Of Corporate Responsibility Committee Independent Director, Chairman Of Corporate Responsibility Committee, Member Of Risk Committee, Member Of Credit Committee And Member Of Finance Committee Independent Director, Member Of Human Resources Committee, Member Of Credit Committee And Member Of Finance Committee Independent Director, Member Of Credit Committee And Member Of Finance Committee
Finance Committee
Name Title
Enrique Hernandez Judith M. Runstad Susan E. Engel Donald M. James Elaine L. Chao
Independent Director, Chairman Of Finance Committee, Chairman Of Risk Committee, Member Of Audit And Examination Committee And Member Of Corporate Responsibility Committee Independent Director, Chairman Of Corporate Responsibility Committee, Member Of Risk Committee, Member Of Credit Committee And Member Of Finance Committee Independent Director, Member Of Human Resources Committee, Member Of Credit Committee And Member Of Finance Committee Independent Director, Member Of Human Resources Committee And Member Of Finance Committee Independent Director, Member Of Credit Committee And Member Of Finance Committee
Page 24 of 40
Governance And Nominating Committee

Name Title
Stephen W Sanger Cynthia H. Milligan Federico F. Pena Susan G. Swenson Lloyd H. Dean
Lead Independent Director, Chairman Of Governance And Nominating Committee, Member Of Human Resources Committee And Member Of Risk Committee Independent Director, Chairman Of Credit Committee, Member Of Governance And Nominating Committee, Member Of Risk Committee And Member Of Corporate Responsibility Committee Independent Director, Member Of Audit And Examination Committee And Member Of Governance And Nominating Committee Independent Director, Member Of Governance And Nominating Committee And Member Of Audit And Examination Committee Independent Director, Chairman Of Human Resources Committee, Member Of Corporate Responsibility Committee, Member Of Risk Committee And Member Of Governance And Nominating Committee
Human Resources Committee

Name Title
Lloyd H. Dean John S. Chen Susan E. Engel Donald M. James Stephen W Sanger
Independent Director, Chairman Of Human Resources Committee, Member Of Corporate Responsibility Committee, Member Of Risk Committee And Member Of Governance And Nominating Committee Independent Director And Member Of Human Resources Committee Independent Director, Member Of Human Resources Committee, Member Of Credit Committee And Member Of Finance Committee Independent Director, Member Of Human Resources Committee And Member Of Finance Committee Lead Independent Director, Chairman Of Governance And Nominating Committee, Member Of Human Resources Committee And Member Of Risk Committee
Risk Committee
Name Title
Enrique Hernandez Cynthia H. Milligan Judith M. Runstad Lloyd H. Dean Stephen W Sanger
Independent Director, Chairman Of Finance Committee, Chairman Of Risk Committee, Member Of Audit And Examination Committee And Member Of Corporate Responsibility Committee Independent Director, Chairman Of Credit Committee, Member Of Governance And Nominating Committee, Member Of Risk Committee And Member Of Corporate Responsibility Committee Independent Director, Chairman Of Corporate Responsibility Committee, Member Of Risk Committee, Member Of Credit Committee And Member Of Finance Committee Independent Director, Chairman Of Human Resources Committee, Member Of Corporate Responsibility Committee, Member Of Risk Committee And Member Of Governance And Nominating Committee Lead Independent Director, Chairman Of Governance And Nominating Committee, Member Of Human Resources Committee And Member Of Risk Committee
Page 25 of 40
Wells Fargo & Co WFC Performance

Growth of 10,000 09-30-2013
30k 20k 15k 10k WFC Banks - Global
1-Month Range
52-Week Range
5-Year Range
% Below 52-Week High
% Below 5-Year High
40.89-43.83
31.25-44.78
7.80-44.78
8.05
8.05
5k
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
YTD
History
29.46 49.47 -20.00 2.53 100,134
8.16 13.42 -5.26 2.99 105,150
4.31 7.39 -3.08 3.18 105,067
17.75 21.54 -3.80 3.01 120,049
-12.64 -19.93 7.29 3.91 101,269
1.95 -53.80 55.75 4.41 98,028
-6.78 11.91 -18.70 1.82 139,771
15.56 1.09 14.47 0.65 163,078
-9.52 -26.83 17.31 1.49 145,038
27.21 36.56 -9.34 2.28 180,003
23.38 16.41 6.96 219,400
WFC Banks - Global +/- Banks - Global Dividend Yield % Market Cap USD Mil
Trailing Total Returns (Daily)

40.00 30.00 20.00 10.00 0.00 WFC Banks - Global S&P 500 TR USD
1-Day
1-week
1-Month
3-Month
YTD
1-Year
3-Year
5-Year
10-Year
15-Year
Total Ret % 2013-10-01
0.41 0.73 0.81 -0.32 -0.40
-0.58 0.13 -0.10 -0.70 -0.47
1.00 5.11 3.97 -4.11 -2.97
1.04 8.39 5.51 -7.35 -4.47
23.87 16.41 20.76 7.46 3.11
22.65 35.11 19.98 -12.46 2.67
19.62 6.82 16.41 12.80 3.22
4.04 -4.82 10.29 8.86 -6.25
6.60 -1.80 7.41 8.39 -0.82
7.72 3.95 5.60 3.77 2.12
WFC Banks - Global S&P 500 TR USD +/- Banks - Global) +/- S&P 500 TR USD
Trailing Total Returns (Month-End)

1-Month
3-Month
6-Month
YTD
1-Year
3-Year
5-Year
10-Year
15-Year
Total Ret % 2013-09-30
0.58 5.11 3.14 -4.52 -2.55
0.85 8.39 5.24 -7.54 -4.40
13.33 11.61 8.31 1.71 5.02
23.38 16.41 19.79 6.96 3.58
22.76 35.11 19.34 -12.35 3.42
20.17 6.82 16.27 13.35 3.90
3.49 -4.82 10.02 8.32 -6.52
6.85 -1.80 7.57 8.64 -0.72
7.39 3.95 5.33 3.44 2.06
Page 26 of 40
Wells Fargo & Co WFC Performance

Trailing Total Returns (Quarter-End)
1-Month Range
52-Week Range
5-Year Range
% Below 52-Week High
% Below 5-Year High
40.89-43.83
31.25-44.78
7.80-44.78
8.05
8.05
1-Month
3-Month
6-Month
YTD
1-Year
3-Year
5-Year
10-Year
15-Year
Total Ret % 2013-09-30
0.58 5.11 3.14 -4.52 -2.55
0.85 8.39 5.24 -7.54 -4.40
13.33 11.61 8.31 1.71 5.02
23.38 16.41 19.79 6.96 3.58
22.76 35.11 19.34 -12.35 3.42
20.17 6.82 16.27 13.35 3.90
3.49 -4.82 10.02 8.32 -6.52
6.85 -1.80 7.57 8.64 -0.72
7.39 3.95 5.33 3.44 2.06
Historical Prices 5-Day

Date Open High Low Close Volume
Split History
Date Ratio
2013-10-01 2013-09-30 2013-09-27 2013-09-26 2013-09-25 Five Year Dividend History

Annual Dividends
41.37 41.06 41.57 41.92 41.83
41.57 41.54 41.77 42.20 41.96
41.09 40.90 41.51 41.41 41.29
41.49 41.32 41.59 41.61 41.81
12.78 Mil 20.36 Mil 20.03 Mil 20.49 Mil 19.19 Mil
2006-08-14 1997-10-14 1993-06-29 1989-07-24 1988-07-01 1977-06-20
2:1 2:1 2:1 2:1 3:2 2:1
12-2008
12-2009
12-2010
12-2011
12-2012
Dividend Amount Year-end Yield %
1.30 4.41
0.49 1.82
0.20 0.65
0.48 1.74
0.88 2.57
*Dividend Amount is calculated using the ex-dividend date
Dividend History
Ex-Dividend Date
Declaration Date
Record Date
Payable Date
$ Amount
2013
2012
2011
2010
2009
2008
2013-08-07 2013-05-08 2013-01-30 2012-11-07 2012-08-08 2012-05-02 2012-02-01 2012-03-22 2011-11-02 2011-08-03 2011-05-04 2011-02-02 2011-03-24 2010-11-03 2010-08-04 2010-05-05 2010-02-03 2009-11-04 2009-08-05 2009-05-06 2009-02-04 2008-11-05
2013-07-23 2013-04-23 2013-01-22 2012-10-23 2012-07-25 2012-03-13 2012-01-25 2012-03-13 2011-10-26 2011-07-27 2011-04-21 2011-01-26 2011-03-19 2010-10-27 2010-07-28 2010-04-28 2010-01-27 2009-10-28 2009-07-29 2009-04-30 2009-01-29 2008-10-23
2013-08-09 2013-05-10 2013-02-01 2012-11-09 2012-08-10 2012-05-04 2012-02-03 2012-03-26 2011-11-04 2011-08-05 2011-05-06 2011-02-04 2011-03-28 2010-11-05 2010-08-06 2010-05-07 2010-02-05 2009-11-06 2009-08-07 2009-05-08 2009-02-06 2008-11-07
2013-09-01 2013-06-01 2013-03-01 2012-12-01 2012-09-01 2012-06-01 2012-03-01 2012-03-30 2011-12-01 2011-09-01 2011-06-01 2011-03-01 2011-03-31 2010-12-01 2010-09-01 2010-06-01 2010-03-01 2009-12-01 2009-09-01 2009-06-01 2009-03-01 2008-12-01
USD 0.30 USD 0.30 USD 0.25 USD 0.22 USD 0.22 USD 0.22 USD 0.12 USD 0.10 USD 0.12 USD 0.12 USD 0.12 USD 0.05 USD 0.07 USD 0.05 USD 0.05 USD 0.05 USD 0.05 USD 0.05 USD 0.05 USD 0.05 USD 0.34 USD 0.34
Page 27 of 40
Wells Fargo & Co WFC Financials

Income Annual Statement As of Reported
2003-12 2004-12 2005-12 2006-12 2007-12 2008-12 2009-12 2010-12 2011-12 2012-12 TTM
Loans and Leases Securities Trading assets Other assets Total interest income Deposits Short-term borrowing Long-term debt Other expense Total interest expense Net interest income Commissions and fees Principal transactions Equity investment income Lending and deposit-related fees Securities gains (losses) Credit card income Other income Total noninterest revenue Total net revenue Provisions for credit losses Compensation and benefits Occupancy expense Tech, communication and equipment Amortization of intangibles Other expenses Total noninterest expenses Income (loss) from cont ops before taxes Provision (benefit) for taxes Other income (expense) Net income Preferred dividend Net income available to common shareholders Earnings per share Basic Diluted Weighted average shares outstanding Basic Diluted EBITDA
Fiscal year ends in December USD in Million except per share data
17,324 1,816 278 19,418 1,613 322 1,355 121 3,411 16,007 6,873 2,361 59 3,089 12,382 28,389 1,722 8,446 8,744 17,190 9,477 3,275 6,202 3 6,199 1.84 1.82 3,362 3,395 13,782
18,810 1,883 145 129 20,967 1,827 353 1,637 3,817 17,150 6,312 2,417 379 3,801 12,909 30,059 1,717 8,924 8,649 17,573 10,769 3,755 7,014 7,014 2.08 2.04 3,384 3,427 14,218
23,619 1,921 190 232 25,962 3,848 744 2,866 7,458 18,504 8,335 2,512 391 3,207 14,445 32,949 2,383 10,455 8,563 19,018 11,548 3,877 7,671 7,671 2.28 2.25 3,373 3,411 15,709
28,404 3,278 225 332 32,239 7,174 992 4,122 12,288 19,951 9,231 2,690 719 3,100 15,740 35,691 2,204 11,927 8,815 20,742 12,745 4,263 8,482 8,482 2.52 2.49 3,368 3,410 15,966
31,260 3,451 173 293 35,177 8,152 1,245 4,806 14,203 20,974 10,627 3,050 943 3,796 18,416 39,390 4,939 13,368 9,456 22,824 11,627 3,570 8,057 8,057 2.41 2.38 3,349 3,383 13,159
29,253 5,287 177 181 34,898 4,521 1,478 3,756 9,755 25,143 10,547 3,190 300 2,717 16,754 41,897 15,979 12,940 9,721 22,661 3,257 602 2,655 286 2,369 0.70 0.70 3,378 3,391 4,926
43,702 11,319 918 335 56,274 3,774 222 5,782 172 9,950 46,324 22,963 2,674 185 5,741 (127) 3,683 7,243 42,362 88,686 21,668 18,446 3,127 2,506 24,941 49,020 17,998 5,331 (392) 12,275 4,285 7,990 1.76 1.75 4,545 4,563 20,839
41,597 9,666 1,098 435 52,796 2,832 92 4,888 227 8,039 44,757 23,492 1,648 779 4,916 (324) 3,652 6,290 40,453 85,210 15,753 18,520 3,030 2,636 2,199 24,071 50,456 19,001 6,338 (301) 12,362 730 11,632 2.23 2.21 5,227 5,263 20,925
38,949 8,475 1,440 548 49,412 2,275 80 3,978 316 6,649 42,763 23,430 1,014 1,482 4,280 54 3,653 4,272 38,185 80,948 7,899 18,810 3,011 2,283 1,880 23,409 49,393 23,656 7,445 (342) 15,869 844 15,025 2.85 2.82 5,278 5,323 25,864
38,348 8,098 1,358 587 48,391 1,727 79 3,110 245 5,161 43,230 23,930 1,707 1,485 4,683 (128) 2,838 8,341 42,856 86,086 7,217 19,300 2,857 2,068 1,674 24,499 50,398 28,471 9,103 (471) 18,897 898 17,999 3.40 3.36 5,288 5,352 31,278
37,471 7,822 1,305 661 47,259 1,549 80 2,820 256 4,705 42,554 25,215 1,705 1,195 4,922 (69) 3,031 7,245 43,244 85,798 5,293 19,469 2,890 1,998 1,591 23,715 49,663 30,842 9,687 (438) 20,717 940 19,777 3.74 3.69 5,286 5,359 33,908
Page 28 of 40

Annual Cash Flow As of Reported
2003-12 2004-12 2005-12 2006-12 2007-12 2008-12 2009-12 2010-12 2011-12 2012-12 TTM
Net income Provision for credit losses Depreciation & amortization Deferred tax (benefit) expense Investments (gains) losses Stock based compensation Receivable Accrued liabilities Interest payable Other assets and liabilities Other operating activities Net cash provided by operating activities Change in federal funds sold Sales/maturity of investments Purchases of investments Changes in loans, net Acquisitions and dispositions Property, and equipments, net Other investing activities Net cash used for investing activities Change in deposits Change in short-term borrowing Long-term debt issued Long-term debt repayment Excess tax benefit from stock based compensation Common stock issued Preferred stock issued Repurchases of treasury stock Cash dividends paid Other financing activities Net cash provided by (used for) financing activities Net change in cash Cash at beginning of period Cash at end of period
6,202 1,722 4,305 1,698 (62) (5,132) 22,462 31,195 20,509 (25,131) (822) (57,535) (62,979) 28,643 (8,901) 30,190 (17,931) (2,530) 40 29,511 (2,273) 17,820 15,547
7,014 1,717 3,449 432 (60) (885) 8,421 20,088 15,145 (16,583) (331) (51,268) (53,037) 27,327 (2,697) 29,394 (19,639) (3,150) (930) 30,305 (2,644) 15,547 12,903
7,671 2,383 4,161 813 (40) (8,359) (15,962) (9,333) 26,031 (28,634) 66 (27,532) (30,069) 38,961 1,878 26,473 (18,576) (3,375) (3,465) 41,896 2,494 12,903 15,397
8,482 2,204 3,221 593 (326) 16,580 1,340 32,094 60,625 (62,462) (626) (18,237) (20,700) (4,452) (11,156) 20,255 (12,609) (3,641) (160) (11,763) (369) 15,397 15,028
8,057 4,939 1,532 (31) (6,974) 1,555 9,078 56,495 (75,129) (2,811) (55,870) (77,315) 27,058 39,827 29,360 (18,250) (3,955) (6,074) 67,966 (271) 15,028 14,757
2,655 15,979 1,669 (1,642) (29,850) 6,358 (4,831) 85,123 (105,341) 11,203 (9,156) (18,171) 7,697 (14,888) 35,701 (29,859) (4,312) 37,669 32,008 9,006 14,757 23,763
12,667 21,668 2,841 221 (293) 1,066 (1,028) 9,446 (17,975) 28,613 8,548 91,849 (95,295) 59,506 (138) 7,315 71,785 42,473 (69,108) 30,372 (66,260) 18 (220) (4,303) (30,053) (97,081) 3,317 23,763 27,080
12,663 15,753 1,924 436 1,051 (1,997) (268) (2,720) (8,070) 18,772 (39,752) 56,587 (53,466) 24,813 (36) 5,444 2,735 (3,675) 23,924 11,308 3,489 (63,317) 98 1,375 (636) (1,782) (592) (26,133) (11,036) 27,080 16,044
16,211 7,899 2,208 529 (401) 2,638 (362) 27,555 (42,612) 13,665 36,270 75,680 (121,235) (35,749) (353) 10,343 (35,044) 72,128 (6,231) 11,687 (50,555) 79 1,296 2,501 (2,416) (3,381) (333) 24,775 3,396 16,044 19,440
19,368 7,217 2,807 1,698 293 (12,037) (84) 106,291 (67,013) 58,540 (92,946) 64,922 (64,756) (51,124) (4,322) 8,336 (139,890) 82,762 7,699 27,695 (28,093) 226 2,091 1,377 (3,918) (5,457) (612) 83,770 2,420 19,440 21,860
21,155 5,293 3,066 1,798 67 (8,006) 40 67,727 (45,866) 45,274 (75,725) 55,215 (78,381) (45,155) (247) 11,146 (133,147) 92,652 949 26,274 (25,048) 259 2,117 1,987 (3,655) (6,018) (516) 89,001 1,128 16,811 17,939
Page 29 of 40

Annual Balance Sheet As of Reported
2003-12 2004-12 2005-12 2006-12 2007-12 2008-12 2009-12 2010-12 2011-12 2012-12
Cash and due from banks Deposits with banks Federal funds sold Trading assets Debt securities Loans Allowance for loan losses Net loans Receivables Premises and equipment Goodwill Other intangible assets Other assets Total assets Deposits Payables Short-term borrowing Long-term debt Other liabilities Total liabilities Preferred stock Common stock Other Equity Additional paid-in capital Retained earnings Treasury stock Accumulated other comprehensive income Total stockholders' equity Total liabilities and stockholders' equity
16,535 988 4,510 8,919 32,953 289,597 (3,891) 285,706 3,743 3,534 18,014 12,896 387,798 247,527 24,659 63,642 17,501 353,329 214 2,894 9,643 22,842 (1,833) 709 34,469 387,798
12,903 6,733 9,000 37,233 326,048 (3,762) 322,286 3,196 3,850 19,185 13,463 427,849 274,858 21,962 73,580 19,583 389,983 270 2,894 9,806 26,482 (2,247) 661 37,866 427,849
15,397 5,306 10,905 46,924 351,983 (3,871) 348,112 13,885 4,417 23,787 13,008 481,741 314,450 23,892 79,668 23,071 441,081 325 2,894 9,934 30,580 (3,390) 317 40,660 481,741
15,441 413 5,024 5,607 48,507 352,934 (3,764) 349,170 10,092 7,789 29,626 10,327 481,996 310,243 12,829 87,145 25,903 436,120 384 5,788 7,739 35,277 (3,203) (109) 45,876 481,996
15,217 460 3,625 7,727 78,550 409,958 (5,307) 404,651 13,890 5,122 30,770 15,430 575,442 344,460 53,255 99,393 30,706 527,814 450 5,788 8,212 38,970 (6,035) 243 47,628 575,442
23,763 49,433 54,884 168,351 891,146 (21,013) 870,133 28,239 11,269 54,302 49,265 1,309,639 781,402 108,074 267,158 53,921 1,210,555 31,332 7,273 36,026 36,543 (4,666) (7,424) 99,084 1,309,639
27,080 40,885 43,039 172,710 827,597 (24,516) 803,081 10,736 24,812 17,123 104,180 1,243,646 824,018 38,966 203,861 65,015 1,131,860 8,485 8,743 (442) 52,878 41,563 (2,450) 3,009 111,786 1,243,646
16,044 80,637 51,414 172,654 810,320 (23,022) 787,298 9,644 24,770 15,886 99,781 1,258,128 847,942 55,401 156,983 71,394 1,131,720 8,689 8,787 (663) 53,426 51,918 (487) 4,738 126,408 1,258,128
19,440 44,367 77,814 222,613 819,326 (19,372) 799,954 31,460 9,531 25,115 22,961 60,612 1,313,867 920,070 49,091 125,354 79,111 1,173,626 11,431 8,931 (926) 55,957 64,385 (2,744) 3,207 140,241 1,313,867
21,860 137,313 57,482 235,199 846,833 (17,060) 829,773 30,834 9,428 25,637 19,965 55,477 1,422,968 1,002,835 282 57,175 127,379 77,743 1,265,414 12,883 9,136 (986) 59,802 77,679 (6,610) 5,650 157,554 1,422,968
Page 30 of 40
Wells Fargo & Co WFC Valuation / Estimates

Valuation History
50.00 40.00 30.00 20.00 10.00 WFC S&P 500
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
TTM
Price/Earnings
16.2 21.1 2.9 3.1 3.5 1.6 3.2 11.9 Yields
15.2 19 2.8 3 3.5 1.6 5.3 11.4
14 17.3 2.6 2.8 3.3 1.5 -11.5 10.7
14.4 16.8 2.7 2.9 3.4 1.6 3.8 11.1
12.7 16.5 2.1 2.7 2.6 1.5 11.2 11.6
42.2 10.9 1.4 1.7 2.4 0.9 -20.7 6.8
15.4 18.6 1.4 2.2 1.4 1.2 4.3 9.1
14 15.5 1.4 2.2 1.9 1.3 8.7 9.3
9.8 13.7 1.1 2 1.8 1.2 10.7 8.5
10.2 15 1.2 2.1 2.1 1.3 3.1 9.2
11.2 17 1.5 2.4 2.6 1.5 4.9 10.2
WFC S&P 500

Price/Book
WFC S&P 500

Price/Sales
WFC S&P 500

Price/Cash Flow
WFC S&P 500
Current Rates of Return %
WFC
8.9 5.9 2.6 3.7 1.5

Cash Return S&P 500 Earnings Yield
10.00
5.00
2.2
Earnings Yield
Dividend Yield
S&P 500 Dividend Yield
30-year T-Bond Yield
Current Valuation 2013-10-01

WFC Industry Avg S&P 500 WFC 5Y Avg* Relative to Industry Relative to S&P 500
Price/Earnings Price/Book Price/Sales Price/Cash Flow Dividend Yield % Price/Fair Value

*Price/Cash Flow uses 3-year average.
11.2 1.5 2.6 4.9 2.6 0.9
14.2 1.1 2.1 -105.3 2.8
17.0 2.4 1.5 10.2 2.2
18.3 1.3 1.9 7.5 2.1

Avg + Avg +
Forward Valuation 2013-10-01

WFC Industry Avg S&P 500 Relative to Industry Relative to S&P 500
Forward Price/Earnings PEG Ratio PEG Payback (Yrs)
10.2 1.9 7.4
15.2
Avg + Avg +
Page 31 of 40
Wells Fargo & Co WFC Valuation / Estimates

Analyst Ratings
%
Five-Year Growth Forecast Industry Avg Average Rating Last Month Industry Avg S&P 500 Avg
5.3% 3.3
Total Number of Analysts: Buy Outperform Hold Underperform Sell
3 0 5 1 1
Annual Earnings Estimates Data as of10/01/2013

12/2013 USD Growth % USD 12/2014 Growth %
Forward Comparisons
5Y Growth Forecast % Forward P/E PEG Ratio
High Low Mean 30 Days Ago 60 Days Ago 90 Days Ago Number of Estimates
4.60 3.67 3.89 3.90 3.94 3.82
36.9 9.2 15.8 16.1 17.3 13.7 10
4.88 3.76 4.08 4.07 4.11 3.98
6.1 2.5 4.9 4.4 4.3 4.2 9
WFC Industry S&P 500
5.30 9.83
10.18 15.24
1.92
Page 32 of 40
Wells Fargo & Co WFC Key Ratios

Financials
2003-12 2004-12 2005-12 2006-12 2007-12 2008-12 2009-12 2010-12 2011-12 2012-12 TTM
Revenue USD Mil Gross Margin % Operating Income USD Mil Operating Margin % Net Income USD Mil Earnings Per Share USD Dividends USD Payout Ratio % Shares Mil Book Value Per Share USD Operating Cash Flow USD Mil Cap Spending USD Mil Free Cash Flow USD Mil Free Cash Flow Per Share USD Working Capital USD Mil Profitability
Margins % of Sales
28,389 9,477 33.4 6,202 1.83 0.75 41.1 3,395 10.12 31,195 2,091 0.62
30,059 10,769 35.8 7,014 2.05 0.93 45.5 3,427 11.11 20,088 3,617 1.06
32,949 11,548 35.0 7,671 2.25 1.00 44.4 3,411 12.06 -9,333 4,877 1.43
35,691 12,745 35.7 8,482 2.49 1.08 43.4 3,410 13.48 32,094 3,266 0.96
39,390 11,627 29.5 8,057 2.38 1.18 49.6 3,383 14.06 9,078 6,305 1.86
41,897 3,257 7.8 2,655 0.70 1.30 185.7 3,391 20.38 -4,831 -48,801 -14.39
88,686 17,998 20.3 12,275 1.75 0.49 28.0 4,563 19.95 28,613 -427 -0.09
85,210 19,001 22.3 12,362 2.21 0.20 9.0 5,263 22.37 18,772 -2,260 -0.43
80,948 23,656 29.2 15,869 2.82 0.41 14.5 5,323 24.48 13,665 2,036 0.38
86,086 28,471 33.1 18,897 3.36 0.78 23.2 5,352 27.47 58,540 1,584 0.30
85,798 30,842 35.9 20,717 3.69 0.99 26.8 5,359 27.95 45,274 6,366
2003-12
2004-12
2005-12
2006-12
2007-12
2008-12
2009-12
2010-12
2011-12
2012-12
TTM
Revenue COGS Gross Margin SG&A R&D Other Operating Margin Net Int Inc & Other EBT Margin
Profitability
100.00 29.75 30.80 33.38 -6.07 33.38
100.00 29.69 28.77 35.83 -5.71 35.83
100.00 31.73 25.99 35.05 -7.23 35.05
100.00 33.42 24.70 35.71 -6.18 35.71
100.00 33.94 24.01 29.52 -12.54 29.52
100.00 30.89 23.20 7.77 -38.14 7.77
100.00 29.84 25.43 20.29 -24.43 20.29
100.00 31.94 27.28 22.30 -18.49 22.30
100.00 35.74 25.28 29.22 -9.76 29.22
100.00 35.03 23.51 33.07 -8.38 33.07
100.00 35.69 22.19 35.95 -6.17 35.95
Profitability Tax Rate % Net Margin % Asset Turnover (Average) Return on Assets % Financial Leverage (Average) Return on Equity % Return on Invested Capital % Interest Coverage
2003-12 34.56 21.84 0.08 1.68 11.32 19.21 3.35
2004-12 34.87 23.33 0.07 1.72 11.38 19.52 3.54
2005-12 33.57 23.28 0.07 1.69 11.94 19.69 1.96
2006-12 33.45 23.77 0.07 1.76 10.60 19.77 0.21
2007-12 30.70 20.45 0.07 1.52 12.20 17.39 -1.03
2008-12 18.48 5.65 0.04 0.25 19.33 4.12 -1.74
2009-12 29.62 9.01 0.07 0.63 12.04 9.34 0.25
2010-12 33.36 13.65 0.07 0.93 10.69 10.53 1.86
2011-12 31.47 18.56 0.06 1.17 10.20 12.19 3.31
2012-12 31.97 20.91 0.06 1.32 9.84 13.16 4.58
TTM 31.41 23.05 0.06 1.42 9.71 13.89 5.12
Page 33 of 40

Growth
Revenue % 2003-12 2004-12 2005-12 2006-12 2007-12 2008-12 2009-12 2010-12 2011-12 2012-12 Latest Qtr
Year over Year 3-Year Average 5-Year Average 10-Year Average

Operating Income %
15.89 12.94 12.99 21.90
5.88 14.26 12.37 21.07
9.61 10.39 10.83 20.43
8.32 7.93 12.11 19.00
10.36 9.43 9.97 18.87
6.36 8.34 8.10 10.51
111.68 35.45 24.16 18.12
-3.92 29.33 20.93 15.77
-5.00 24.55 17.80 14.92
6.35 -0.99 16.93 13.39
0.42

Net Income %
7.04 13.11 23.54 26.03
13.63 25.26 12.61 24.74
7.23 9.26 12.01 23.29
10.37 10.38 18.39 21.75
-8.77 2.59 5.60 18.95
-71.99 -34.42 -19.23 -0.11
452.59 12.19 10.82 11.71
5.57 17.79 10.47 11.24
24.50 93.66 13.17 15.75
20.35 16.52 19.62 12.39
19.44

EPS %
14.13 15.49 26.04 25.23
13.09 27.01 13.36 24.24
9.37 12.18 13.76 23.15
10.57 11.00 19.90 22.08
-5.01 4.73 8.20 19.55
-67.05 -29.79 -15.61 3.13
362.34 13.11 11.84 12.60
0.71 15.34 10.01 11.87
28.37 81.48 13.35 16.58
19.08 15.47 18.59 13.27
Year over Year 3-Year Average 5-Year Average 10-Year Average Cash Flow
Cash Flow Ratios
15.51 16.14 25.55 14.65
12.05 27.57 12.90 13.00
10.02 12.51 14.07 12.67
10.67 10.91 20.38 12.49
-4.42 5.19 8.54 10.52
-70.59 -32.24 -17.44 1.81
150.00 -11.09 -3.07 4.61
26.29 -2.44 -0.36 6.61
27.60 59.12 2.52 11.09
19.15 24.29 7.14 7.84
19.51
2003-12
2004-12
2005-12
2006-12
2007-12
2008-12
2009-12
2010-12
2011-12
2012-12
TTM
Operating Cash Flow Growth % YOY Free Cash Flow Growth % YOY Cap Ex as a % of Sales Free Cash Flow/Sales % Free Cash Flow/Net Income
-869.00 7.37 0.34
12.03 0.52
14.80 0.64
9.15 0.39
16.01 0.78
-116.48 -18.38
-0.48 -0.03
-2.65 -0.18
2.52 0.13
1.84 0.08
7.42 0.31
Page 34 of 40

Financial Health
Balance Sheet Items (in %) 2003-12 2004-12 2005-12 2006-12 2007-12 2008-12 2009-12 2010-12 2011-12 2012-12 Latest Qtr
Cash & Short-Term Investments Accounts Receivable Inventory Other Current Assets Total Current Assets Net PP&E Intangibles Other Long-Term Assets Total Assets Accounts Payable Short-Term Debt Taxes Payable Accrued Liabilities Other Short-Term Liabilities Total Current Liabilities Long-Term Debt Other Long-Term Liabilities Total Liabilities Total Stockholders' Equity Total Liabilities & Equity
Liquidity/Financial Health
4.26 0.97 0.91 4.65 100.00 6.36 16.41 91.11 8.89 100.00 2003-12 11.32 1.86
3.02 0.75 0.90 4.48 100.00 5.13 17.20 91.15 8.85 100.00 2004-12 11.38 1.96
3.20 2.88 0.92 4.94 100.00 4.96 16.54 91.56 8.44 100.00 2005-12 11.94 1.98
3.20 2.09 1.62 6.15 100.00 2.66 18.08 90.48 9.52 100.00 2006-12 10.60 1.92
2.64 2.41 0.89 5.35 100.00 9.25 17.27 91.72 8.28 100.00 2007-12 12.20 2.11
1.81 2.16 0.86 4.15 100.00 8.25 20.40 92.43 7.57 100.00 2008-12 19.33 3.94
2.18 0.86 3.37 100.00 3.13 16.39 91.01 8.99 100.00 2009-12 12.04 1.97
1.28 0.77 3.23 100.00 4.40 12.48 89.95 10.05 100.00 2010-12 10.69 1.33
1.48 2.39 0.73 3.66 100.00 3.74 9.54 89.33 10.67 100.00 2011-12 10.20 0.97
1.54 2.17 0.66 3.20 100.00 0.02 4.02 8.95 88.93 11.07 100.00
1.25 0.64 2.85 100.00 3.96 8.56 88.73 11.27 100.00
Liquidity/Financial Health Quick Ratio Financial Leverage Debt/Equity Efficiency Ratios

Efficiency
2012-12 Latest Qtr 9.84 9.71 0.88 0.83
2003-12
2004-12
2005-12
2006-12
2007-12
2008-12
2009-12
2010-12
2011-12
2012-12
TTM
Days Sales Outstanding Days Inventory Payables Period Cash Conversion Cycle Receivables Turnover Inventory Turnover Fixed Assets Turnover Asset Turnover
7.86 0.08
8.14 0.07
7.97 0.07
5.85 0.07
6.10 0.07
5.11 0.04
8.06 0.07
8.36 0.07
8.44 0.06
9.08 0.06
9.27 0.06
Page 35 of 40
Wells Fargo & Co WFC Ownership

Equity and Debt
Type Mil USD Current Ownership (8 Qtrs)
4,400.00 3,520.00 2,640.00 1,760.00 880.00
Current Ownership (10 Yrs)

9,800.00 7,840.00 5,880.00 3,920.00 1,960.00
Equity Debt
162,421.0 180,358.0
Q3
Q4
Q1
Q2
Q3
Q4
Q1
Q2
04
05
06
07
08
09
10
11
12
13
Equity Owners
Current Ownership
210,000 140,000
Institutions
4,364.83
4,380.00 2,920.00 1,460.00
Institutions
4,364.83
9,780.00 6,520.00 3,260.00
70,000 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 04 05 06 07 08 09 10 11 12 13
Type
Mil USD
Mutual Funds
1,909.16
1,950.00 1,300.00 650.00
Mutual Funds
1,909.16
9,000.00 6,000.00 3,000.00
Institutions Mutual Funds Insiders
180,291.8 78,930.0 65.9

Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
04
05
06
07
08
09
10
11
12
13
Insiders
3.00 2.00 1.00 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
1.59
Insiders
3.00 2.00 1.00 04 05 06 07 08 09 10 11 12 13
1.59
Fund Owners' Style

Style # of Funds Shares Buy Sell Net % Chg
Buying Trend SellingTrend
982 32 3
Value
2,031 50 4
Blend
624 19 0
Growth
Large Value Large Blend Large Growth Mid Value Mid Blend Mid Growth Small Value Small Blend Small Growth Total
982 2,031 624 32 50 19 3 4 0 3,745
615,783,735 922,587,826 353,291,718 3,801,421 9,464,703 4,171,718 9,635 52,120 0 1,909,162,876
33,878,197 16,829,792 9,243,980 17,115 119,762 60,665 8,500 --60,158,011
9,984,927 26,088,247 25,489,189 315,531 265,786 205,219 -10,000 689,433 63,048,332
4.04 -0.99 -4.4 -7.28 -1.52 -3.35 ----0.15
Large Mid Small
Page 36 of 40

Owner Activity
Institutions Name Current % Chg from Prev Qtr Current Funds % Chg from Prev Qtr
Total Owners New Owners Sold Out # of Owners Buying # of Owners Selling Total Shares Owned (Mil) Total Shares Bought (Mil) Total Shares Sold (Mil) Net Share Change (Mil) Peer Comparison
Equity Ownership
2,537 259 123 885 902 4,365 265 166 98
22.68 96.21 1.65 1.26 29.04 7.22 41.19 -16.12 -1000.50
3,745 153 185 1,028 1,057 1,909 60 63 -3
9.06 8.51 -7.04 3.94 2.62 4.14 -16.91 -28.26 -81.09
WFC
JPM
BAC
Market Cap (Mil USD) # of Institution Owners Equity Ownership

Funds Shares
220,303 2,537
195,588 2,720
149,329 2,055
147,794 1,983
Change
% Total Shares Held
% Total Assets
Date
Vanguard Total Stock Mkt Idx Fidelity Contrafund Vanguard 500 Index Inv Vanguard Institutional Index I SPDR S&P 500 Dodge & Cox Stock American Funds Washington Mutual A Vanguard Wellington Inv American Funds American Balanced A Franklin Income A Total: Top 10 funds
Institutions
75,667,681 67,015,626 47,505,302 46,756,053 46,709,666 43,547,041 40,758,100 37,977,417 33,215,000 30,000,000 469,151,886
476,680 408,400 327,321 -60,806 -368,968 -387,800 -1,350,000 0 -1,500,000 -798,853 -3,254,026
1.43 1.26 0.89 0.88 0.88 0.82 0.77 0.72 0.63 0.57 8.85
1.23 2.82 1.42 1.43 1.32 3.87 2.78 2.18 2.29 1.63
07/31/2013 08/31/2013 07/31/2013 07/31/2013 10/01/2013 06/30/2013 06/30/2013 06/30/2013 06/30/2013 06/30/2013
Berkshire Hathaway Inc Vanguard Group, Inc. State Street Corp Fidelity Management and Research Company BlackRock Fund Advisors Capital World Investors Wellington Management Company, LLP Northern Trust Investments, N.A. Dodge & Cox Davis Selected Advisers Total: Top 10 institutions
463,131,623 241,053,484 210,955,372 178,764,630 151,636,933 135,306,374 121,660,360 75,832,477 74,139,268 60,400,962 1,712,881,483
4,961,300 10,651,620 6,967,488 3,918,894 -688,523 -6,635,600 4,813,936 635,086 -962,698 -3,628,077 20,033,426
8.73 4.55 3.98 3.37 2.86 2.55 2.29 1.43 1.40 1.14 32.3
21.47 1.04 1.14 1.29 1.12 1.81 1.64 1.12 3.63 6.33
06/30/2013 06/30/2013 06/30/2013 06/30/2013 06/30/2013 06/30/2013 06/30/2013 06/30/2013 06/30/2013 06/30/2013
Page 37 of 40

Major Shareholders
Funds Star Rating Shares Held % Total Shares Held Shares Change % Chg from Prior Port % Total Assets Date of Portfolio
Vanguard Total Stock Mkt Idx Fidelity Contrafund Vanguard 500 Index Inv Vanguard Institutional Index I SPDR S&P 500 Dodge & Cox Stock American Funds Washington Mutual A Vanguard Wellington Inv American Funds American Balanced A Franklin Income A Davis NY Venture A Financial Select Sector SPDR CREF Stock SSgA S&P 500 Index Strategy Vanguard Windsor II Inv BlackRock Equity Dividend Inv B Fidelity Spartan 500 Index Inv American Funds Growth Fund of Amer A MFS Value A Vanguard Value Index Inv
Institutions
QQQQ QQQQ QQQQ QQQQ QQQ QQQ QQQQQ QQQ QQQQ QQ Q QQQ QQQ QQQQ QQQQ QQQQ QQQ QQQ QQQ
75,667,681 67,015,626 47,505,302 46,756,053 46,709,666 43,547,041 40,758,100 37,977,417 33,215,000 30,000,000 28,240,834 28,946,080 27,058,496 29,516,615 24,603,441 22,139,100 20,278,908 17,972,178 17,542,179 15,394,910
Shares Held
1.43 1.26 0.89 0.88 0.88 0.82 0.77 0.72 0.63 0.57 0.53 0.55 0.51 0.56 0.46 0.42 0.38 0.34 0.33 0.29
% Total Shares Held
476,680 408,400 327,321 -60,806 -368,968 -387,800 -1,350,000 0 -1,500,000 -798,853 -613,600 -227,355 764,463 299,332 -267,500 0 302,605 -2,500,000 292,390 273,668
Shares Change
0.63 0.61 0.69 -0.13 -0.78 -0.88 -3.21 0.00 -4.32 -2.59 -2.13 -0.78 2.91 1.02 -1.08 0.00 1.51 -12.21 1.70 1.81
% Chg from Prior Port
1.23 2.82 1.42 1.43 1.32 3.87 2.78 2.18 2.29 1.63 6.06 8.17 1.01 1.26 2.39 3.18 1.36 0.65 2.68 2.57
% Total Assets
07/31/2013 08/31/2013 07/31/2013 07/31/2013 10/01/2013 06/30/2013 06/30/2013 06/30/2013 06/30/2013 06/30/2013 07/31/2013 10/01/2013 07/31/2013 03/31/2013 06/30/2013 08/31/2013 08/31/2013 06/30/2013 08/31/2013 07/31/2013
Date of Portfolio
Berkshire Hathaway Inc Vanguard Group, Inc. State Street Corp Fidelity Management and Research Company BlackRock Fund Advisors Capital World Investors Wellington Management Company, LLP Northern Trust Investments, N.A. Dodge & Cox Davis Selected Advisers State Farm Mutual Automobile Ins CO Columbia Insurance Company J.P. Morgan Investment Management Inc. T. Rowe Price Associates, Inc. MFS Investment Management K.K. Barrow, Hanley, Mewhinney & Strauss LLC. Franklin Advisers, Inc. National Fire & Marine Insurance Co BlackRock Advisors LLC Columbia Management Investment Adv LLC
463,131,623 241,053,484 210,955,372 178,764,630 151,636,933 135,306,374 121,660,360 75,832,477 74,139,268 60,400,962 55,039,014 65,963,496 54,160,334 47,158,629 46,017,504 42,938,914 40,231,716 46,318,830 37,495,033 35,154,796
8.73 4.55 3.98 3.37 2.86 2.55 2.29 1.43 1.40 1.14 1.04 1.25 1.02 0.89 0.87 0.81 0.76 0.88 0.71 0.66
4,961,300 10,651,620 6,967,488 3,918,894 -688,523 -6,635,600 4,813,936 635,086 -962,698 -3,628,077 0 0 -702,785 -1,857,260 6,863,548 1,336,294 -1,510,193 0 86,237 2,667,995
1.08 4.62 3.42 2.24 -0.45 -4.67 4.12 0.84 -1.28 -5.67 0.00 0.00 -1.28 -3.79 17.53 3.21 -3.62 0.00 0.23 8.21
21.47 1.04 1.14 1.29 1.12 1.81 1.64 1.12 3.63 6.33 4.13 18.05 1.45 0.52 1.28 2.98 1.7 36.35 1.62 1.14
06/30/2013 06/30/2013 06/30/2013 06/30/2013 06/30/2013 06/30/2013 06/30/2013 06/30/2013 06/30/2013 06/30/2013 06/30/2013 12/31/2012 06/30/2013 06/30/2013 06/30/2013 06/30/2013 06/30/2013 12/31/2012 06/30/2013 06/30/2013
Page 38 of 40

Concentrated Shareholders
Funds Star Rating Shares Held % Total Shares Held Shares Change % Chg from Prior Port % Total Assets Date of Portfolio
ProFunds VP Banks ProFunds Banks UltraSector Inv Fidelity Select Banking iShares U.S. Financial Services ETF Market Vectors Bank and Brokerage ETF Bretton Fund ICON Financial S Davis Financial Davis Financial A Schwab Financial Services Financial Select Sector SPDR PowerShares KBW Bank Chestnut Street Exchange JHVIT Financial Services I Vanguard Financials ETF Metropolitan Ser Dav Vent Value B PowerShares Fundamental Pure Large Core SAST Davis Venture Value 3 ProFunds VP Financials JNL/Mellon Cptl Financial Sector B
Institutions
Q QQQ Q QQ QQQQ QQQ QQQ Q QQQQ QQ QQQ QQQQ QQQ QQ QQQ
32,951 49,911 1,861,892 1,570,044 36,816 15,000 85,600 166,890 1,286,419 124,900 28,946,080 267,402 336,269 275,881 2,552,291 6,193,147 52,483 1,945,549 62,220 562,056
Shares Held
0.00 0.00 0.04 0.03 0.00 0.00 0.00 0.00 0.02 0.00 0.55 0.01 0.01 0.01 0.05 0.12 0.00 0.04 0.00 0.01
% Total Shares Held
-1,240 -22,191 16,200 -9,692 92 2,000 -27,400 -8,050 -48,300 900 -227,355 0 -32,400 0 127,186 -80,239 0 0 3,660 48,390
Shares Change
-3.63 -30.78 0.88 -0.61 0.25 15.38 -24.25 -4.60 -3.62 0.73 -0.78 0.00 -8.79 0.00 5.24 -1.28 0.00 0.00 6.25 9.42
19.98 14.27 11.56 10.77 10.73 10.23 9.93 9.29 9.12 8.48 8.17 7.73 7.67 6.94 6.69 6.67 6.55 6.46 6.44 6.42
% Total Assets
06/30/2013 04/30/2013 08/31/2013 10/01/2013 08/30/2013 06/30/2013 07/31/2013 06/30/2013 06/30/2013 04/30/2013 10/01/2013 10/01/2013 09/30/2013 07/31/2013 07/31/2013 06/30/2013 10/01/2013 07/31/2013 06/30/2013 06/30/2013
Date of Portfolio
Cornhusker Casualty Company Geico Casualty Co National Fire & Marine Insurance Co Trafelet & Co Uk, Llp American Assets Inc General Re New England Asset Mgmt Inc Theleme Partners LLP Universal Surety Company Brandywine Trust Co Berkshire Hathaway Inc Kansas Bankers Surety Company Columbia Insurance Company General Star Indemnity Company Mount Vernon Fire Insurance Company Merial Limited 401K Savings Plan DAVIS CAPITAL PARTNERS, LLC Medical Protective Company American Assets Investment Management Check Capital Management, Inc. First National Bank Sioux Falls
16,000,000 1,776,000 46,318,830 948,400 1,751,961 24,446,400 7,708,047 877,599 382,800 463,131,623 450,000 65,963,496 1,432,000 1,722,600 523,109 755,900 9,272,000 896,000 1,989,839 100,169
0.30 0.03 0.88 0.02 0.03 0.46 0.15 0.02 0.01 8.73 0.01 1.25 0.03 0.03 0.02 0.01 0.18 0.02 0.04 0.00
0 1,776,000 0 -736,800 0 -3,100 -663,000 -28,385 0 4,961,300 -150,000 0 0 0 523,109 755,900 6,572,000 0 142,498 0
0.00 New 0.00 -43.72 0.00 -0.01 -7.92 -3.13 0.00 1.08 -25.00 0.00 0.00 0.00 New New 243.41 0.00 7.71 0.00
62.7 37.8 36.35 33.24 30.66 30.25 25.25 23.22 22.81 21.47 20.13 18.05 15.72 15.72 15.15 14.98 14.32 13.66 12.84 11.84
12/31/2012 12/31/2012 12/31/2012 06/30/2013 06/30/2013 06/30/2013 06/30/2013 12/31/2012 06/30/2013 06/30/2013 12/31/2012 12/31/2012 12/31/2012 12/31/2012 12/31/2008 06/30/2013 12/31/2012 06/30/2013 06/30/2013 06/30/2013
Page 39 of 40

Shareholders Buying
Funds Star Rating Shares Bought % Total Shares Held % Chg from Prior Port % Total Assets Date of Portfolio
American Funds Inc Fund of Amer A Vanguard Wellesley Income Fund Vanguard Equity-Income Inv Victory Diversified Equity Composite Schwab Dividend Equity CREF Stock Vanguard Dividend Growth Inv Transamerica Barrow Hanley Div Foc VP Sv Metropolitan Ser MFS Value B Old Westbury Large Cap Strategies Federated Equity Income A Transamerica Large Cap Value A Calamos Growth A Vanguard Total Stock Mkt Idx American Century Income & Growth Inv Goldman Sachs US Eq Div and Premium A MFS VIT Total Return Svc Fidelity Contrafund American Funds American Mutual A LVIP SSgA S&P 500 Index Std
Institutions
QQQQ QQQQQ QQ QQQQ QQQ QQQQQ QQQ QQQQ QQQ QQQQ Q QQQQ QQQ QQQ QQQQ QQQQ QQQ
12,990,000 3,054,300 2,389,800 896,000 767,400 764,463 679,100 677,750 666,310 628,000 597,294 582,535 500,000 476,680 424,544 422,600 414,030 408,400 405,000 401,090
Shares Bought
0.24 0.20 0.19 0.03 0.03 0.51 0.13 0.01 0.04 0.07 0.02 0.02 0.01 1.43 0.02 0.01 0.02 1.26 0.05 0.03
% Total Shares Held
New 40.36 30.76 132.54 117.88 2.91 11.12 1422.35 41.45 20.57 140.53 108.57 New 0.63 89.82 451.01 57.60 0.61 16.98 33.68
0.7 1.29 3.29 2.72 3.36 1.01 1.79 3.86 2.61 2.16 2.96 3.21 0.5 1.23 2.21 1.75 1.48 2.82 0.45 1.37
% Total Assets
06/30/2013 06/30/2013 06/30/2013 03/31/2013 04/30/2013 07/31/2013 06/30/2013 06/30/2013 06/30/2013 07/31/2013 06/30/2013 06/30/2013 07/31/2013 07/31/2013 06/30/2013 06/30/2013 08/31/2013 08/31/2013 06/30/2013 06/30/2013
Date of Portfolio
BMO Asset Management Inc. Vanguard Group, Inc. State Farm Insurance Retirement Plan For U.S. Employees J.P. Morgan Asset Management (UK) Ltd. Manufacturers Life Insurance Co ING Investment Management LLC State Street Corp Ontario Teachers' Pension Plan Government Pension Fund of Norway - Global MFS Investment Management K.K. New Jersey Division of Pensions and Benefits Medical Protective Company Allianz Global Investors U.S. LLC Putnam Investment Management,LLC Egerton Capital Ltd Berkshire Hathaway Inc Wellington Management Company, LLP Yacktman Asset Management Co ING Investments, LLC Westwood Holdings Group, Inc.
14,587,935 10,651,620 10,183,963 8,826,125 8,221,789 7,733,023 6,967,488 6,900,000 6,882,566 6,863,548 6,579,890 6,572,000 6,130,338 5,738,200 5,089,839 4,961,300 4,813,936 4,805,287 4,768,317 4,390,117
0.28 4.55 0.20 0.37 0.18 0.15 3.98 0.12 0.76 0.87 0.13 0.18 0.18 0.11 0.10 8.73 2.29 0.09 0.11 0.08
New 4.62 New 81.47 716.61 New 3.42 New 20.67 17.53 New 243.41 171.22 New New 1.08 4.12 25027.54 526.90 New
1.07 1.04 2.26 2.38 0.73 0.88 1.14 1.03 0.2 1.28 0.27 14.32 1.74 0.69 4.66 21.47 1.64 0.94 1.24 1.58
06/30/2013 06/30/2013 12/31/2009 06/30/2013 06/30/2013 06/30/2013 06/30/2013 12/31/2010 12/31/2011 06/30/2013 06/30/2010 12/31/2012 06/30/2013 06/30/2013 06/30/2013 06/30/2013 06/30/2013 06/30/2013 06/30/2013 06/30/2013
Page 40 of 40

Shareholders Selling
Funds Star Rating Shares Sold % Total Shares Held % Chg from Prior Port % Total Assets Date of Portfolio
American Funds Fundamental Invs A Ivy Asset Strategy C American Funds Growth Fund of Amer A American Funds American Balanced A American Funds Washington Mutual A Mellon Cap EB DL Large Cap Stock Indx Fd Franklin Income A Davis NY Venture A Fidelity Series All-Sector Equity Fidelity Magellan Putnam Fund for Growth & Income A RhumbLine S&P 500 Pooled Index CF Mutual Quest Z Waddell & Reed Asset Strategy A Dodge & Cox Stock SPDR S&P 500 Fidelity Advisor Growth & Income A ING Columbia Contrarian Core Port I American Funds NVIT Growth II RhumbLine Russell 1000 Pooled Index CF
Institutions
QQQ QQQ QQQ QQQ QQQ QQQQ QQQQ QQ QQQ Q QQ QQQQ QQQQQ QQQ QQQ QQQQ QQ QQ QQ QQQQ
-5,850,000 -3,641,400 -2,500,000 -1,500,000 -1,350,000 -1,251,258 -798,853 -613,600 -580,000 -500,500 -440,200 -437,328 -431,580 -428,700 -387,800 -368,968 -332,175 -327,377 -320,000 -314,458
Shares Sold
0.27 0.08 0.34 0.63 0.77 0.01 0.57 0.53 0.01 0.14 0.04 0.01 0.03 0.01 0.82 0.88 0.01 0.00 0.29 0.00
% Total Shares Held
-29.35 -45.87 -12.21 -4.32 -3.21 -77.83 -2.59 -2.13 -45.72 -6.22 -16.49 -43.00 -21.82 -45.86 -0.88 -0.78 -52.74 -72.02 -2.03 -54.56
1.06 0.63 0.65 2.29 2.78 1.2 1.63 6.06 0.28 2.1 1.87 1.42 1.17 0.66 3.87 1.32 2.31 1.67 2.98 1.21
% Total Assets
06/30/2013 06/30/2013 06/30/2013 06/30/2013 06/30/2013 06/30/2013 06/30/2013 07/31/2013 08/31/2013 08/31/2013 06/30/2013 06/30/2013 06/30/2013 06/30/2013 06/30/2013 10/01/2013 08/31/2013 06/30/2013 06/30/2013 06/30/2013
Date of Portfolio
Marsico Capital Management, LLC Capital World Investors Pioneer Investment Management Inc Waddell & Reed Investment Management Co Credit Suisse First Boston (CSFB) AllianceBernstein LP Davis Selected Advisers Robeco Institutional Asset Mgmt BV OMERS Administration Corp. Goldman Sachs Asset Management, L.P. Fidelity International Ltd Robeco Investment Management, Inc. Morgan Stanley & Co Inc TD Asset Management Inc UBS Securities LLC OppenheimerFunds, Inc. Pyramis Global Advisors, LLC Hotchkis & Wiley Capital Management LLC T. Rowe Price Associates, Inc. ClearBridge Advisors, LLC
-6,823,408 -6,635,600 -4,624,979 -4,613,010 -4,237,630 -3,672,146 -3,628,077 -3,290,369 -2,783,900 -2,750,300 -2,417,466 -2,367,811 -2,191,417 -2,178,850 -2,112,440 -2,068,337 -2,014,512 -1,913,294 -1,857,260 -1,844,313
0.17 2.55 0.11 0.12 0.29 0.59 1.14 0.03 0.01 0.11 0.02 0.37 0.05 0.09 0.06 0.10 0.15 0.16 0.89 0.16
-42.70 -4.67 -44.31 -42.50 -21.64 -10.51 -5.67 -67.30 -85.03 -31.38 -70.22 -10.89 -45.47 -30.21 -41.02 -28.59 -20.66 -18.42 -3.79 -18.29
2.37 1.81 1 0.54 0.64 1.37 6.33 0.67 1.89 0.28 0.24 2.2 0.22 0.45 0.35 0.31 0.78 1.74 0.52 0.52
06/30/2013 06/30/2013 06/30/2013 06/30/2013 06/30/2013 06/30/2013 06/30/2013 06/30/2013 06/30/2013 06/30/2013 06/30/2013 06/30/2013 06/30/2013 06/30/2013 06/30/2013 06/30/2013 06/30/2013 06/30/2013 06/30/2013 06/30/2013

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Wells Fargo & Co WFC

Quote Analysis Insiders

25 Performance 27 Financials 30 Valuation / Estimates 32 Key Ratios 35 Ownership

Release date 10-02-2013

Wells Fargo & Co WFC

Morningstar Analyst Rating . Forward P/E P/B P/S P/CF

Stock Price 2013-01-01 - 2013-10-01

07/23/2013 08/07/2013 0.30 2.89 %

05/08/2013 01/30/2013 11/07/2012 08/08/2012

Cash Dividends Cash Dividends Cash Dividends Cash Dividends

0.3000 0.2500 0.2200 0.2200

Direct Investment Dividend Reinvestment Plan Competitors

TTM Sales $ mil

11.2 1.5 2.6 -1 15.5 36 23.1 1.4 13.9 0.8

14.1 1.1 2.1 3.4 32.5 44 14.8 0.5 7.4 1.3

$41.18 $52.04 $14.10 $54.46 $10.79 $15.50

-0.75 [ 0.15 ] 0.64 ] -0.37 [ -0.46 [ -0.23 [

85,798 99,132 93,118 82,885 82,885 79,246

Wall St. Recommendations Current Total Analysts: 10 3.3

86,086.00 43,230.00 18,897.00 3.36 5,351.50

80,948.00 42,763.00 15,869.00 2.82 5,323.40

85,210.00 44,757.00 12,362.00 2.21 5,263.10

21,378.00 10,750.00 5,519.00 0.98 5,384.60

21,289.00 11,037.00 4,622.00 0.82 5,369.90

1.43 1.26 0.89 0.88 0.88

1.23 2.82 1.42 1.43 1.32

Net Loans Total Assets Deposits Total Liabilities Stockholders' Equity

829,773.00 1,422,968.00 1,002,835.00 1,265,414.00 157,554.00

799,954.00 1,313,867.00 920,070.00 1,173,626.00 140,241.00

787,298.00 1,258,128.00 847,942.00 1,131,720.00 126,408.00

824,805.00 1,440,563.00 1,021,585.00 1,278,142.00 162,421.00

808,194.00 1,336,204.00 928,933.00 1,188,134.00 148,070.00

Cash From Operations Cash From Investing Cash From Financing

58,540.00 -139,890.00 83,770.00

13,665.00 -35,044.00 24,775.00

18,772.00 -3,675.00 -26,133.00

12,978.00 -14,819.00 3,563.00

Release date 10-02-2013

Wells Fargo & Co WFC Quote

46.00 Business Description

Release date 10-02-2013

Wells Fargo & Co WFC Quote

QQQ QQQ QQQ

QQQ QQ QQQ QQQ QQQ QQQ

QQQ QQQ QQQ QQQ QQQ QQQ QQQQ

-0.0 2.8 1.6

Release date 10-02-2013

Wells Fargo & Co WFC Quote

1,706 1.8 94 100,807 2.1 1.1 14.1 2.8

1.5 2.4 1.9 0.0 1.3

Release date 10-02-2013

Wells Fargo & Co WFC Analysis

Release date 10-02-2013

Wells Fargo & Co WFC Analysis

Release date 10-02-2013

Wells Fargo & Co WFC Analysis

$41.18 $52.04 $14.10 $54.46 $10.79 $15.50

-0.75 [ 0.15 ] 0.64 ] -0.37 [ -0.46 [ -0.23 [

85,798 99,132 93,118 82,885 82,885 79,246

41.17 BASE 44.86 BASE Low Narrow

Release date 10-02-2013

Wells Fargo & Co WFC Insiders

2012 Executive Compensation