8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of

The Securities Exchange Act of 1934

Date of report (Date of earliest event reported): April 14, 2015

WELLS FARGO & COMPANY

(Exact Name of Registrant as Specified in Charter)

Delaware	001-02979	No. 41-0449260
(State or Other Jurisdiction of Incorporation)	(Commission File Number)	(IRS Employer Identification No.)

420 Montgomery Street, San Francisco, California 94163

(Address of Principal Executive Offices) (Zip Code)

1-866-249-3302

(Registrant’s telephone number, including area code)

Not applicable

(Former Name or Former Address, if Changed Since Last Report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

[  ]	Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
[  ]	Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
[  ]	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
[  ]	Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Item 2.02 Results of Operations and Financial Condition.

On April 14, 2015, Wells Fargo & Company (the “Company”) issued a press release regarding its results of operations and financial condition for the quarter ended March 31, 2015 (the “Press Release”), and posted on its website its 1Q15 Quarterly Supplement (the “Quarterly Supplement”), which contains certain additional historical and forward-looking information relating to the Company. The Press Release is included as Exhibit 99.1 to this report and is incorporated by reference into this Item 2.02. The information included in Exhibit 99.1 is considered to be “filed” for purposes of Section 18 under the Securities Exchange Act of 1934. The Quarterly Supplement is included as Exhibit 99.2 to this report and is incorporated by reference into this Item 2.02. Exhibit 99.2 shall not be considered “filed” for purposes of Section 18 under the Securities Exchange Act of 1934 and shall not be deemed to be incorporated by reference into the filings of the Company under the Securities Act of 1933.

On April 14, 2015, the Company intends to host a live conference call that will also be available by webcast to discuss the Press Release, the Quarterly Supplement, and other matters relating to the Company.

Item 9.01  Financial Statements and Exhibits.

(d)  Exhibits
99.1	The Press Release, deemed “filed” under the Securities Exchange Act of 1934
99.2	The Quarterly Supplement, deemed “furnished” under the Securities Exchange Act of 1934

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Dated:	April 14, 2015	WELLS FARGO & COMPANY
		By:	/s/ RICHARD D. LEVY
			Richard D. Levy
			Executive Vice President and Controller
			(Principal Accounting Officer)

EX-99.1

Exhibit 99.1

Media	Investors
Mary Eshet	Jim Rowe
704-383-7777	415-396-8216

Tuesday, April 14, 2015

WELLS FARGO REPORTS $5.8 BILLION IN NET INCOME

Diluted EPS of $1.04, Revenue Up 3 Percent from Prior Year

▪ Strong financial results:

◦ Net income of $5.8 billion, compared with $5.9 billion in first quarter 2014

◦ Diluted earnings per share (EPS) of $1.04, compared with $1.05

◦ Revenue of $21.3 billion, up 3 percent

◦ Pre-tax pre-provision profit¹ of $8.8 billion, up 1 percent

◦ Efficiency ratio of 58.8 percent, compared with 57.9 percent

◦ Return on assets (ROA) of 1.38 percent and return on equity (ROE) of 13.17 percent

▪ Strong growth in average loans and deposits:

◦ Total average loans of $863.3 billion, up $39.5 billion, or 5 percent, from first quarter 2014

▪ Quarter-end loans of $861.2 billion, up $34.8 billion, or 4 percent

▪ Quarter-end core loans of $802.7 billion², up $54.2 billion, or 7 percent

◦ Total average deposits of $1.2 trillion, up $97.5 billion, or 9 percent

▪ Continued strength in credit quality:

◦ Net charge-offs of $708 million, down $117 million from first quarter 2014

▪ Net charge-off rate of 0.33 percent (annualized), down from 0.41 percent

◦ Nonaccrual loans down $2.1 billion, or 15 percent

◦ $100 million reserve release³

▪ Maintained strong capital levels⁴ and continued share repurchases:

◦ Common Equity Tier 1 ratio under Basel III (Advanced Approach, fully phased-in) of 10.53 percent

◦ Period-end common shares outstanding down 7.4 million from fourth quarter 2014

¹ Pre-tax pre-provision profit (PTPP) is total revenue less noninterest expense. Management believes that PTPP is a useful financial measure because it enables investors and others to assess the Company’s ability to generate capital to cover credit losses through a credit cycle.

² See table on page 4 for more information on core and non-strategic/liquidating loan portfolios.

³ Reserve release represents the amount by which net charge-offs exceed the provision for credit losses.

⁴ See tables on pages 34-35 for more information on Common Equity Tier 1. Common Equity Tier 1 (Advanced Approach, fully phased-in) is estimated based on final rules adopted July 2, 2013, by the Federal Reserve Board establishing a new comprehensive capital framework for U.S. banking organizations that would implement the Basel III capital framework and certain provisions of the Dodd-Frank Act.

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◦ No objection from the Federal Reserve to our 2015 Capital Plan, which included a proposed dividend rate of $0.375 per share for second quarter 2015, subject to Board approval, up from $0.35 per share in the first quarter

◦ Approval to use Advanced Approaches for capital requirements granted from the Federal Reserve and the Office of the Comptroller of the Currency starting in second quarter 2015

Selected Financial Information

				Quarter ended
	Mar 31, 2015			Dec 31, 2014	Mar 31, 2014
Earnings
Diluted earnings per common share	$	1.04		1.02	1.05
Wells Fargo net income (in billions)	5.80			5.71	5.89
Return on assets (ROA)	1.38		%	1.36	1.57
Return on equity (ROE)	13.17			12.84	14.35
Asset Quality
Net charge-offs (annualized) as a % of avg. total loans	0.33		%	0.34	0.41
Allowance for credit losses as a % of total loans	1.51			1.53	1.74
Allowance for credit losses as a % of annualized net charge-offs	453			452	431
Other
Revenue (in billions)	$	21.3		21.4	20.6
Efficiency ratio	58.8		%	59.0	57.9
Average loans (in billions)	$	863.3		849.4	823.8
Average core deposits (in billions)	1,063.2			1,036.0	973.8
Net interest margin	2.95		%	3.04	3.20

SAN FRANCISCO – Wells Fargo & Company (NYSE:WFC) reported net income of $5.8 billion, or $1.04 per diluted common share, for first quarter 2015, compared with $5.9 billion, or $1.05 per share, for first quarter 2014, and up from $5.7 billion, or $1.02 per share, for fourth quarter 2014.

“Our solid first quarter results again reflected the benefit of our diversified business model and the continued focus of our 266,000 team members on serving the needs of consumer and business customers," said Chairman and CEO John Stumpf. “We continued to strengthen our customer relationships in the quarter, as reflected in strong growth in deposits and primary checking customers. In addition, our mortgage business was able to serve more customers by refinancing their mortgage loans with lower rates. Capital levels remained strong, and we were pleased to receive a non-objection to our 2015 Capital Plan, which included a proposed increase in our dividend rate to $0.375 per common share in second quarter 2015, subject to Board approval.”

Chief Financial Officer John Shrewsberry added, “Wells Fargo earned $5.8 billion in first quarter 2015, an increase of $95 million from the prior quarter, including the benefit from lower income tax expense in the first quarter. Credit quality remained strong, as net charge-offs continued to decline. Expenses also decreased from the prior quarter and our efficiency ratio improved. We remained within our targeted ranges for ROA, ROE, efficiency ratio and net payout ratio, while maintaining record liquidity and capital levels."

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Revenue

Revenue was $21.3 billion in the first quarter, compared with $21.4 billion in fourth quarter 2014, as higher noninterest income was more than offset by the decline in net interest income primarily due to two fewer days in the quarter. Revenue sources remained balanced between spread and fee income and the sources of fee income were diversified among our consumer and wholesale businesses.

Net Interest Income

Net interest income in first quarter 2015 declined $194 million on a linked-quarter basis to $11.0 billion primarily as a result of two fewer days relative to the fourth quarter of 2014. Additionally, interest income from variable sources, including purchased credit-impaired (PCI) loan resolutions and loan fees included in interest income, declined linked quarter. These impacts were partially offset by growth in average commercial and consumer loan balances, a modest increase in the duration of the commercial loan portfolio, and lower deposit and long-term debt costs.

Net interest margin was 2.95 percent, down 9 basis points from fourth quarter 2014. Approximately 5 basis points of the decrease was from customer driven deposit growth, which had minimal impact to net interest income but was dilutive to net interest margin, and 3 basis points of the decline was due to lower income from variable sources. The net impact of all other growth and repricing was neutral in the first quarter.

Noninterest Income

Noninterest income was $10.3 billion, up $29 million from the prior quarter. Higher revenue from trading activities, debt security gains, mortgage origination gains and insurance was offset by lower other income (which included a $217 million gain on the sale of government guaranteed student loans in fourth quarter 2014), lower mortgage servicing income, and seasonally lower card fees and deposit service charges.

Trust and investment fees were $3.7 billion, down $28 million from the prior quarter. Higher retail brokerage asset-based fees and transaction revenue were offset by lower investment banking fees.

Mortgage banking noninterest income was $1.5 billion, up $32 million from fourth quarter. During the first quarter, residential mortgage originations were $49 billion, up $5 billion linked quarter, while the gain on sale ratio was 2.06 percent, up from 1.80 percent in fourth quarter. Net mortgage servicing rights (MSRs) results were $108 million, compared with $235 million in fourth quarter 2014.

Noninterest Expense

Noninterest expense declined $140 million from the prior quarter to $12.5 billion, as seasonally higher employee benefits and incentive compensation of $688 million were offset by costs that typically decline in the first quarter including outside professional services ($252 million lower), equipment costs ($87 million lower) and advertising and promotion ($77 million lower). First quarter salary expense was $87 million lower than fourth quarter due to two fewer days in the quarter, and revenue-related compensation was $60 million lower, driven primarily by lower investment banking revenue. The efficiency ratio was 58.8 percent in first quarter 2015, an improvement

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from 59.0 percent in fourth quarter 2014. The Company expects to operate within its targeted efficiency ratio range of 55 to 59 percent for full year 2015.

Income Taxes

The Company’s effective income tax rate was 28.2 percent for first quarter 2015, compared with 30.6 percent in the prior quarter. The tax rate for the first quarter reflected a net $359 million discrete tax benefit primarily from a reduction in the reserve for uncertain tax positions due to the resolution of prior period matters with U.S. federal and state taxing authorities.

Loans

Total average loans were $863.3 billion in the first quarter, up $13.8 billion from the fourth quarter, driven by broad-based loan growth. Period end loan balances were $861.2 billion at March 31, 2015, down $1.3 billion from December 31, 2014, due in part to a seasonal decline in credit card balances and the continued decline in junior lien mortgage loans. Fourth quarter 2014 loan growth included the acquisition of the Dillard's credit card portfolio as well as $6.5 billion from the financing related to the sale of government guaranteed student loans.

	March 31, 2015						December 31, 2014
(in millions)	Core		Non-strategic and liquidating (a)		Total		Core	Non-strategic and liquidating		Total
Commercial	$	414,600	699		415,299		413,701	1,125		414,826
Consumer	388,077		57,855		445,932		388,062	59,663		447,725
Total loans	$	802,677	58,554		861,231		801,763	60,788		862,551
Change from prior quarter:	$	914	(2,234	)	(1,320	)	25,972	(2,304	)	23,668

(a) See table on page 32 for additional information on non-strategic/liquidating loan portfolios. Management believes that the above information provides useful disclosure regarding the Company’s ongoing loan portfolios.

Investment Securities

Investment securities were $324.7 billion at March 31, 2015, up $11.8 billion from fourth quarter. Purchases of approximately $23 billion (primarily U.S. Treasury, federal agency mortgage-backed securities (MBS) and municipal securities), were partially offset by run-off, a significant portion of which was in federal agency MBS.

Net unrealized available-for-sale securities gains of $7.9 billion at March 31, 2015 increased from $7.8 billion at December 31, 2014.

Deposits

Average total deposits for first quarter 2015 were $1.2 trillion, up 9 percent from a year ago, driven by both commercial and consumer growth. The average deposit cost for first quarter 2015 was 9 basis points, unchanged from the prior quarter and an improvement of 2 basis points from a year ago. Average core deposits were $1.1 trillion, up 9 percent from a year ago. Average mortgage escrow deposits were $28.4 billion, compared with $24.2 billion a year ago and $29.2 billion in fourth quarter 2014.

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Capital

Capital levels remained strong in the first quarter, with Common Equity Tier 1 of $139.2 billion under Basel III (Standardized Approach with Transition Requirements), or 10.86 percent of risk-weighted assets. The Common Equity Tier 1 ratio under the Basel III (Advanced Approach, fully phased-in) framework was 10.53 percent⁴. During first quarter 2015, the Company purchased 48.4 million shares of its common stock and entered into a $750 million forward repurchase transaction for an additional 14.0 million shares, which settled in early April 2015. The Company also paid a quarterly common stock dividend of $0.35 per share, up from $0.30 per share a year ago.

On March 11, 2015, the Company received no objection from the Federal Reserve to its 2015 Capital Plan, which included a proposed dividend rate of $0.375 per common share for second quarter 2015, subject to Board approval. On March 31, 2015, the Federal Reserve and the Office of the Comptroller of the Currency announced that the Company may begin using the Basel III Advanced Approaches capital framework to determine risk-based capital requirements starting in the second quarter of 2015. The approval did not include stipulations requiring Wells Fargo to increase its current Advanced Approach risk-weighted assets (RWA).

Credit Quality

“Credit losses were $708 million in first quarter 2015, compared with $735 million in fourth quarter 2014, a 4 percent improvement," said Chief Risk Officer Mike Loughlin. "The quarterly loss rate (annualized) was 0.33 percent with commercial losses of 0.04 percent and consumer losses of 0.60 percent. Nonperforming assets declined by $618 million, or 16 percent (annualized), from the prior quarter, and early stage delinquencies dropped. We released $100 million from the allowance for credit losses in the first quarter, reflecting continued credit quality improvement. Future allowance levels may increase or decrease based on a variety of factors, including loan growth, portfolio performance and general economic conditions."

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Net Loan Charge-offs

Net loan charge-offs were $708 million in first quarter 2015, or 0.33 percent (annualized) of average loans, compared with $735 million in fourth quarter 2014, or 0.34 percent (annualized) of average loans.

Net Loan Charge-Offs

	Quarter ended
	March 31, 2015					December 31, 2014					September 30, 2014
($ in millions)	Net loan  charge-  offs			As a % of  average  loans (a)		Net loan  charge-  offs			As a % of  average  loans (a)		Net loan  charge-  offs			As a % of  average  loans (a)
Commercial:
Commercial and industrial	$	64		0.10	%	$	82		0.12	%	$	67		0.11	%
Real estate mortgage	(11		)	(0.04	)	(25		)	(0.09	)	(37		)	(0.13	)
Real estate construction	(9		)	(0.19	)	(26		)	(0.56	)	(58		)	(1.27	)
Lease financing	—			—		1			0.05		4			0.10
Total commercial	44			0.04		32			0.03		(24		)	(0.02	)
Consumer:
Real estate 1-4 family first mortgage	83			0.13		88			0.13		114			0.17
Real estate 1-4 family junior lien mortgage	123			0.85		134			0.88		140			0.90
Credit card	239			3.19		221			2.97		201			2.87
Automobile	101			0.73		132			0.94		112			0.81
Other revolving credit and installment	118			1.32		128			1.45		125			1.46
Total consumer	664			0.60		703			0.63		692			0.62
Total	$	708		0.33	%	$	735		0.34	%	$	668		0.32	%

(a) Quarterly net charge-offs as a percentage of average loans are annualized. See explanation on page 31 of the accounting for purchased credit-impaired (PCI) loans and the impact on selected financial ratios.

Nonperforming Assets

Nonperforming assets decreased by $618 million from fourth quarter to $14.8 billion. Nonaccrual loans decreased $338 million to $12.5 billion. Foreclosed assets were $2.3 billion, down from $2.6 billion in fourth quarter 2014.

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Nonperforming Assets (Nonaccrual Loans and Foreclosed Assets)

	March 31, 2015					December 31, 2014					September 30, 2014
($ in millions)	Total  balances			As a % of  total  loans		Total balances			As a  % of  total  loans		Total  balances			As a  % of  total  loans
Commercial:
Commercial and industrial	$	663		0.24	%	$	538		0.20	%	$	614		0.24	%
Real estate mortgage	1,324			1.18		1,490			1.33		1,636			1.46
Real estate construction	182			0.91		187			1.00		217			1.20
Lease financing	23			0.19		24			0.20		27			0.22
Total commercial	2,192			0.53		2,239			0.54		2,494			0.63
Consumer:
Real estate 1-4 family first mortgage	8,345			3.15		8,583			3.23		8,785			3.34
Real estate 1-4 family junior lien mortgage	1,798			3.11		1,848			3.09		1,903			3.13
Automobile	133			0.24		137			0.25		143			0.26
Other revolving credit and installment	42			0.12		41			0.11		40			0.11
Total consumer	10,318			2.31		10,609			2.37		10,871			2.46
Total nonaccrual loans	12,510			1.45		12,848			1.49		13,365			1.59
Foreclosed assets:
Government insured/guaranteed	772					982					1,140
Non-government insured/guaranteed	1,557					1,627					1,691
Total foreclosed assets	2,329					2,609					2,831
Total nonperforming assets	$	14,839		1.72	%	$	15,457		1.79	%	$	16,196		1.93	%
Change from prior quarter:
Total nonaccrual loans	$	(338	)			$	(517	)			$	(607	)
Total nonperforming assets	(618		)			(739		)			(781		)

Loans 90 Days or More Past Due and Still Accruing

Loans 90 days or more past due and still accruing (excluding government insured/guaranteed) totaled $841 million at March 31, 2015, down from $920 million at December 31, 2014. Loans 90 days or more past due and still accruing with repayments insured by the Federal Housing Administration (FHA) or predominantly guaranteed by the Department of Veterans Affairs (VA) for mortgages and the U.S. Department of Education for student loans under the Federal Family Education Loan Program were $15.5 billion at March 31, 2015, down from $16.9 billion at December 31, 2014.

Allowance for Credit Losses

The allowance for credit losses, including the allowance for unfunded commitments, totaled $13.0 billion at March 31, 2015, down from $13.2 billion at December 31, 2014. The allowance coverage to total loans was 1.51 percent, compared with 1.53 percent in fourth quarter 2014. The allowance covered 4.5 times annualized first quarter net charge-offs, unchanged from the prior quarter. The allowance coverage to nonaccrual loans was 104 percent at March 31, 2015, compared with 103 percent at December 31, 2014. “We believe the allowance was appropriate for losses inherent in the loan portfolio at March 31, 2015,” said Loughlin.

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Business Segment Performance

Wells Fargo defines its operating segments by product type and customer segment. Segment net income for each of the three business segments was:

	Quarter ended
(in millions)	Mar 31, 2015		Dec 31, 2014	Mar 31, 2014
Community Banking	$	3,665	3,435	3,844
Wholesale Banking	1,797		1,970	1,742
Wealth, Brokerage and Retirement	561		514	475

Community Bankingoffers a complete line of diversified financial products and services for consumers and small businesses including checking and savings accounts, credit and debit cards, and auto, student, and small business lending. Community Banking also offers investment, insurance and trust services in 39 states and D.C., and mortgage and home equity loans in all 50 states and D.C. through its Regional Banking and Wells Fargo Home Lending business units.

Selected Financial Information

	Quarter ended
(in millions)	Mar 31, 2015		Dec 31, 2014	Mar 31, 2014
Total revenue	$	12,784	12,835	12,593
Provision for credit losses	617		518	419
Noninterest expense	7,064		7,281	6,774
Segment net income	3,665		3,435	3,844
(in billions)
Average loans	506.4		503.8	505.0
Average assets	993.1		974.9	892.6
Average core deposits	668.9		655.6	626.5

Community Banking reported net income of $3.7 billion, up $230 million, or 7 percent, from fourth quarter 2014. Revenue of $12.8 billion was flat compared with the prior quarter due to seasonally lower deposit service charges and card fees, and a non-recurring gain on sale of government guaranteed student loans in the prior quarter, partially offset by higher market sensitive revenue, mainly gains on sale of debt securities and equity investments. Noninterest expense decreased $217 million, or 3 percent, due to lower project spending, advertising, travel, and equipment expense, partially offset by seasonally higher personnel costs. The provision for credit losses increased $99 million from the prior quarter as a $59 million improvement in net charge offs was more than offset by a $158 million lower reserve release.

Net income was down $179 million, or 5 percent, from first quarter 2014. Revenue increased $191 million, or 2 percent, from a year ago primarily due to higher net interest income, gains on sale of debt securities, revenue from debit and credit card volumes, and trust and investment fees, partially offset by lower gains on equity investments and lower deposit service charges. Noninterest expense increased $290 million, or 4 percent, from a year ago driven by higher personnel expenses and operating losses, partially offset by lower travel, occupancy and other expenses. The provision for credit losses increased $198 million from a year ago as the $172 million improvement in net charge-offs was more than offset by a $370 million lower reserve release.

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Regional Banking

• Retail banking

◦ Primary consumer checking customers⁵ up 5.7 percent year-over-year⁶

◦ Retail Bank household cross-sell ratio of 6.13 products per household, compared with 6.17 year-over-year^6, 7

• Small Business/Business Banking

◦ Primary business checking customers⁵ up 5.5 percent year-over-year⁶ 

◦ Combined Business Direct credit card, lines of credit and loan product solutions (primarily under $100,000 sold through our retail banking stores) were up 23 percent from the prior year

• Online and Mobile Banking

◦ 25.7 million active online customers, up 8 percent year-over-year⁶ 

◦ 14.9 million active mobile customers, up 19 percent year-over-year⁶ 

Consumer Lending Group

• Home Lending

◦ Originations of $49 billion, up from $44 billion in prior quarter

◦ Applications of $93 billion, up from $66 billion in prior quarter

◦ Application pipeline of $44 billion at quarter end, up from $26 billion at December 31, 2014

◦ Residential mortgage servicing portfolio of $1.7 trillion

◦ Average note rate on the servicing portfolio was 4.43 percent, compared with 4.45 percent in prior quarter

• Consumer Credit

◦ Credit card penetration in retail banking households rose to 41.8 percent⁶, up from 38.0 percent in prior year

◦ Auto originations of $7.1 billion in first quarter, up 6 percent from prior quarter and down 10 percent from prior year

⁵ Customers who actively use their checking account with transactions such as debit card purchases, online bill payments, and direct deposit.

⁶ Data as of February 2015, comparisons with February 2014.

⁷ February 2015 Retail Bank household cross-sell ratio includes the impact of the sale of government guaranteed student loans in fourth quarter 2014.

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Wholesale Bankingprovides financial solutions to businesses across the United States and globally with annual sales generally in excess of $20 million. Products and business segments include Middle Market Commercial Banking, Government and Institutional Banking, Corporate Banking, Commercial Real Estate, Treasury Management, Wells Fargo Capital Finance, Insurance, International, Real Estate Capital Markets, Commercial Mortgage Servicing, Corporate Trust, Equipment Finance, Wells Fargo Securities, Principal Investments, Asset Backed Finance, and Asset Management.

Selected Financial Information

	Quarter ended
(in millions)	Mar 31, 2015			Dec 31, 2014		Mar 31, 2014
Total revenue	$	5,912		6,054		5,580
Reversal of provision for credit losses	(6		)	(39	)	(93	)
Noninterest expense	3,409			3,307		3,215
Segment net income	1,797			1,970		1,742
(in billions)
Average loans	337.6			326.8		301.9
Average assets	594.9			573.3		517.4
Average core deposits	303.4			292.4		259.0

Wholesale Banking reported net income of $1.8 billion, down $173 million, or 9 percent, from fourth quarter 2014. Revenue of $5.9 billion decreased $142 million, or 2 percent, from prior quarter. Net interest income decreased $183 million, or 6 percent, as strong loan and other earning asset growth was more than offset by the impact of two fewer days in the quarter and lower loan resolution income. Noninterest income increased $41 million, or 1 percent, driven by strong sales and trading results, higher multi-family capital mortgage banking fees and seasonally higher crop insurance fees, partially offset by lower investment banking fees, commercial real estate brokerage fees and gains on equity investments. Noninterest expense increased $102 million, or 3 percent, linked quarter on seasonally higher personnel tax expense and seasonally higher insurance commissions. The provision for credit losses increased $33 million from prior quarter due to lower recoveries.

Net income was up $55 million, or 3 percent, from first quarter 2014. Revenue increased $332 million, or 6 percent, from first quarter 2014 on strong loan and deposit growth, and higher investment banking, commercial real estate brokerage, treasury management, foreign exchange and loan fees. Noninterest expense increased $194 million, or 6 percent, from a year ago primarily due to higher personnel expenses related to growth initiatives, compliance, regulatory requirements and higher variable incentive compensation. The provision for credit losses increased $87 million from a year ago primarily due to lower recoveries and a $23 million lower reserve release.

• Average loans increased 12 percent in first quarter 2015, compared with first quarter 2014, on broad-based growth, including asset-backed finance, capital finance, commercial banking, commercial real estate, corporate banking, equipment finance, government and institutional banking, and real estate capital markets

• Cross-sell of 7.2 products per relationship, unchanged from first quarter 2014⁸

• Treasury management revenue up 11 percent from first quarter 2014

⁸ Cross-sell reported on a one-quarter lag.

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• Assets under management of $493 billion, up $13 billion from first quarter 2014, including a $9 billion increase in fixed income assets under management reflecting net client inflows and favorable market conditions

Wealth, Brokerage and Retirementprovides a full range of financial advisory services to clients using a planning approach to meet each client’s financial needs. Wealth Management provides affluent and high net worth clients with a complete range of wealth management solutions, including financial planning, private banking, credit, investment management and fiduciary services. Abbot Downing, a Wells Fargo business, provides comprehensive wealth management services to ultra high net worth families and individuals as well as endowments and foundations. Brokerage serves customers’ advisory, brokerage and financial needs as part of one of the largest full-service brokerage firms in the United States. Retirement is a national leader in providing institutional retirement and trust services (including 401(k) and pension plan record keeping) for businesses and reinsurance services for the life insurance industry.

Selected Financial Information

	Quarter ended
(in millions)	Mar 31, 2015			Dec 31, 2014	Mar 31, 2014
Total revenue	$	3,733		3,647	3,468
Provision (reversal of provision) for credit losses	(3		)	8	(8	)
Noninterest expense	2,831			2,811	2,711
Segment net income	561			514	475
(in billions)
Average loans	56.9			54.8	50.0
Average assets	195.7			192.2	190.6
Average core deposits	161.4			157.0	156.0

Wealth, Brokerage and Retirement (WBR) reported net income of $561 million, up $47 million, or 9 percent, from fourth quarter 2014. Revenue of $3.7 billion increased $86 million, or 2 percent, from the prior quarter, largely driven by higher asset-based fees and brokerage transaction revenue. Noninterest expense increased $20 million, or 1 percent, from the prior quarter driven primarily by seasonally higher personnel expenses which were partially offset by lower other expenses. The provision for credit losses decreased $11 million from fourth quarter 2014.

Net income was up $86 million, or 18 percent, from first quarter 2014. Revenue increased $265 million, or 8 percent, from a year ago primarily due to strong growth in asset-based fees and net interest income. Noninterest expense increased $120 million, or 4 percent, from a year ago primarily due to brokerage volume-based expenses. The provision for credit losses increased $5 million from a year ago.

Retail Brokerage

• Client assets of $1.4 trillion, up 4 percent from prior year

• Managed account assets of $435 billion, increased $46 billion, or 12 percent, from prior year, reflecting net flows and increased market valuations

• Strong loan growth, with average balances up 23 percent from prior year largely due to growth in non-conforming mortgages and security-based lending

- 12 -

Wealth Management

• Client assets of $226 billion, up 4 percent from prior year

• Loan growth, with average balances up 10 percent over prior year primarily driven by growth in non-conforming mortgages

Retirement

• IRA assets of $365 billion, up 6 percent from prior year

• Institutional Retirement plan assets of $347 billion, up 3 percent from prior year

WBR cross-sell ratio of 10.44 products per household, up from 10.42 a year ago⁶

Conference Call

The Company will host a live conference call on Tuesday, April 14, at 7 a.m. PDT (10 a.m. EDT). You may participate by dialing 866-872-5161 (U.S. and Canada) or 706-643-1962 (International). The call will also be available online at wellsfargo.com/invest_relations/earnings and at https://engage.vevent.com/rt/wells_fargo_ao~021415.

A replay of the conference call will be available beginning at 10 a.m. PDT (1 p.m. EDT) on April 14 through Tuesday, April 21. Please dial 855-859-2056 (U.S. and Canada) or 404-537-3406 (International) and enter Conference ID #82513650. The replay will also be available online at wellsfargo.com/invest_relations/earnings and at https://engage.vevent.com/rt/wells_fargo_ao~021415.

- 13 -

Forward-Looking Statements

This document contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. In addition, we may make forward-looking statements in our other documents filed or furnished with the SEC, and our management may make forward-looking statements orally to analysts, investors, representatives of the media and others. Forward-looking statements can be identified by words such as “anticipates,” “intends,” “plans,” “seeks,” “believes,” “estimates,” “expects,” “target,” “projects,” “outlook,” “forecast,” “will,” “may,” “could,” “should,” “can” and similar references to future periods. In particular, forward-looking statements include, but are not limited to, statements we make about: (i) the future operating or financial performance of the Company, including our outlook for future growth; (ii) our noninterest expense and efficiency ratio; (iii) future credit quality and performance, including our expectations regarding future loan losses and allowance levels; (iv) the appropriateness of the allowance for credit losses; (v) our expectations regarding net interest income and net interest margin; (vi) loan growth or the reduction or mitigation of risk in our loan portfolios; (vii) future capital levels and our estimated Common Equity Tier 1 ratio under Basel III capital standards; (viii) the performance of our mortgage business and any related exposures; (ix) the expected outcome and impact of legal, regulatory and legislative developments, as well as our expectations regarding compliance therewith; (x) future common stock dividends, common share repurchases and other uses of capital; (xi) our targeted range for return on assets and return on equity; (xii) the outcome of contingencies, such as legal proceedings; and (xiii) the Company’s plans, objectives and strategies.

Forward-looking statements are not based on historical facts but instead represent our current expectations and assumptions regarding our business, the economy and other future conditions. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict. Our actual results may differ materially from those contemplated by the forward-looking statements. We caution you, therefore, against relying on any of these forward-looking statements. They are neither statements of historical fact nor guarantees or assurances of future performance. While there is no assurance that any list of risks and uncertainties or risk factors is complete, important factors that could cause actual results to differ materially from those in the forward-looking statements include the following, without limitation:

• current and future economic and market conditions, including the effects of declines in housing prices, high unemployment rates, U.S. fiscal debt, budget and tax matters, geopolitical matters, and the overall slowdown in global economic growth;

• our capital and liquidity requirements (including under regulatory capital standards, such as the Basel III capital standards) and our ability to generate capital internally or raise capital on favorable terms;

• financial services reform and other current, pending or future legislation or regulation that could have a negative effect on our revenue and businesses, including the Dodd-Frank Act and other legislation and regulation relating to bank products and services;

• the extent of our success in our loan modification efforts, as well as the effects of regulatory requirements or guidance regarding loan modifications;

• the amount of mortgage loan repurchase demands that we receive and our ability to satisfy any such demands without having to repurchase loans related thereto or otherwise indemnify or reimburse third parties, and the credit quality of or losses on such repurchased mortgage loans;

• negative effects relating to our mortgage servicing and foreclosure practices, including our obligations under the settlement with the Department of Justice and other federal and state government entities, as well as changes in industry standards or practices, regulatory or judicial requirements, penalties or fines, increased servicing and other costs or obligations, including loan modification requirements, or delays or moratoriums on foreclosures;

• our ability to realize our efficiency ratio target as part of our expense management initiatives, including as a result of business and economic cyclicality, seasonality, changes in our business composition and operating environment, growth in our businesses and/or acquisitions, and unexpected expenses relating to, among other things, litigation and regulatory matters;

- 14 -

• the effect of the current low interest rate environment or changes in interest rates on our net interest income, net interest margin and our mortgage originations, mortgage servicing rights and mortgages held for sale;

• a recurrence of significant turbulence or disruption in the capital or financial markets, which could result in, among other things, reduced investor demand for mortgage loans, a reduction in the availability of funding or increased funding costs, and declines in asset values and/or recognition of other-than-temporary impairment on securities held in our investment securities portfolio;

• the effect of a fall in stock market prices on our investment banking business and our fee income from our brokerage, asset and wealth management businesses;

• reputational damage from negative publicity, protests, fines, penalties and other negative consequences from regulatory violations and legal actions;

• a failure in or breach of our operational or security systems or infrastructure, or those of our third party vendors or other service providers, including as a result of cyber attacks;

• the effect of changes in the level of checking or savings account deposits on our funding costs and net interest margin;

• fiscal and monetary policies of the Federal Reserve Board; and

• the other risk factors and uncertainties described under “Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2014.

In addition to the above factors, we also caution that the amount and timing of any future common stock dividends or repurchases will depend on the earnings, cash requirements and financial condition of the Company, market conditions, capital requirements (including under Basel capital standards), common stock issuance requirements, applicable law and regulations (including federal securities laws and federal banking regulations), and other factors deemed relevant by the Company’s Board of Directors, and may be subject to regulatory approval or conditions.

For more information about factors that could cause actual results to differ materially from our expectations, refer to our reports filed with the Securities and Exchange Commission, including the discussion under “Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2014, as filed with the Securities and Exchange Commission and available on its website at www.sec.gov.

Any forward-looking statement made by us speaks only as of the date on which it is made. Factors or events that could cause our actual results to differ may emerge from time to time, and it is not possible for us to predict all of them. We undertake no obligation to publicly update any forward-looking statement, whether as a result of new information, future developments or otherwise, except as may be required by law.

- 15 -

About Wells Fargo

Wells Fargo & Company (NYSE: WFC) is a nationwide, diversified, community-based financial services company with $1.7 trillion in assets. Founded in 1852 and headquartered in San Francisco, Wells Fargo provides banking, insurance, investments, mortgage, and consumer and commercial finance through more than 8,700 locations, 12,500 ATMs, the internet (wellsfargo.com) and mobile banking, and has offices in 36 countries to support customers who conduct business in the global economy. With approximately 266,000 team members, Wells Fargo serves one in three households in the United States. Wells Fargo & Company was ranked No. 29 on Fortune’s 2014 rankings of America’s largest corporations. Wells Fargo’s vision is to satisfy all our customers’ financial needs and help them succeed financially.

# # #

- 16 -

Wells Fargo & Company and Subsidiaries

QUARTERLY FINANCIAL DATA

TABLE OF CONTENTS

	Pages
Summary Information
Summary Financial Data	17
Income
Consolidated Statement of Income	19
Consolidated Statement of Comprehensive Income	21
Condensed Consolidated Statement of Changes in Total Equity	21
Average Balances, Yields and Rates Paid (Taxable-Equivalent Basis)	22
Five Quarter Average Balances, Yields and Rates Paid (Taxable-Equivalent Basis)	23
Noninterest Income and Noninterest Expense	24
Balance Sheet
Consolidated Balance Sheet	26
Investment Securities	28
Loans
Loans	28
Nonperforming Assets	29
Loans 90 Days or More Past Due and Still Accruing	30
Purchased Credit-Impaired Loans	31
Pick-A-Pay Portfolio	32
Non-Strategic and Liquidating Loan Portfolios	32
Five Quarter Changes in Allowance for Credit Losses	33
Equity
Five Quarter Risk-Based Capital Components	34
Common Equity Tier 1 Under Basel III	35
Operating Segments
Operating Segment Results	36
Other
Mortgage Servicing and other related data	38

- 17 -

Wells Fargo & Company and Subsidiaries

SUMMARY FINANCIAL DATA

	Quarter ended					% Change Mar 31, 2015 from
($ in millions, except per share amounts)	Mar 31, 2015			Dec 31, 2014	Mar 31, 2014	Dec 31, 2014		Mar 31, 2014
For the Period
Wells Fargo net income	$	5,804		5,709	5,893	2	%	(2	)
Wells Fargo net income applicable to common stock	5,461			5,382	5,607	1		(3	)
Diluted earnings per common share	1.04			1.02	1.05	2		(1	)
Profitability ratios (annualized):
Wells Fargo net income to average assets (ROA)	1.38		%	1.36	1.57	1		(12	)
Wells Fargo net income applicable to common stock to average Wells Fargo common stockholders’ equity (ROE)	13.17			12.84	14.35	3		(8	)
Efficiency ratio (1)	58.8			59.0	57.9	—		2
Total revenue	$	21,278		21,443	20,625	(1	)	3
Pre-tax pre-provision profit (PTPP) (2)	8,771			8,796	8,677	—		1
Dividends declared per common share	0.35			0.35	0.30	—		17
Average common shares outstanding	5,160.4			5,192.5	5,262.8	(1	)	(2	)
Diluted average common shares outstanding	5,243.6			5,279.2	5,353.3	(1	)	(2	)
Average loans	$	863,261		849,429	823,790	2		5
Average assets	1,707,798			1,663,760	1,525,905	3		12
Average core deposits (3)	1,063,234			1,035,999	973,801	3		9
Average retail core deposits (4)	731,413			714,572	690,643	2		6
Net interest margin	2.95		%	3.04	3.20	(3	)	(8	)
At Period End
Investment securities	$	324,736		312,925	270,327	4		20
Loans	861,231			862,551	826,443	—		4
Allowance for loan losses	12,176			12,319	13,695	(1	)	(11	)
Goodwill	25,705			25,705	25,637	—		—
Assets	1,737,737			1,687,155	1,546,707	3		12
Core deposits (3)	1,086,993			1,054,348	994,185	3		9
Wells Fargo stockholders’ equity	188,796			184,394	175,654	2		7
Total equity	189,964			185,262	176,469	3		8
Capital ratios:
Total equity to assets	10.93		%	10.98	11.41	—		(4	)
Risk-based capital (5):
Tier 1 capital	12.39			12.45	12.63	—		(2	)
Total capital	15.30			15.53	15.71	(1	)	(3	)
Tier 1 leverage (5)	9.48			9.45	9.84	—		(4	)
Common Equity Tier 1 (5)(6)	10.86			11.04	11.36	(2	)	(4	)
Common shares outstanding	5,162.9			5,170.3	5,265.7	—		(2	)
Book value per common share	$	32.70		32.19	30.48	2		7
Common stock price:
High	56.29			55.95	49.97	1		13
Low	50.42			46.44	44.17	9		14
Period end	54.40			54.82	49.74	(1	)	9
Team members (active, full-time equivalent)	266,000			264,500	265,300	1		—

(1) The efficiency ratio is noninterest expense divided by total revenue (net interest income and noninterest income).

(2) Pre-tax pre-provision profit (PTPP) is total revenue less noninterest expense. Management believes that PTPP is a useful financial measure because it enables investors and others to assess the Company’s ability to generate capital to cover credit losses through a credit cycle.

(3) Core deposits are noninterest-bearing deposits, interest-bearing checking, savings certificates, certain market rate and other savings, and certain foreign deposits (Eurodollar sweep balances).

(4) Retail core deposits are total core deposits excluding Wholesale Banking core deposits and retail mortgage escrow deposits.

(5) The March 31, 2015, ratios are preliminary.

(6) See the “Five Quarter Risk-Based Capital Components” table for additional information.

- 18 -

Wells Fargo & Company and Subsidiaries

FIVE QUARTER SUMMARY FINANCIAL DATA

	Quarter ended
($ in millions, except per share amounts)	Mar 31, 2015			Dec 31, 2014	Sep 30, 2014	Jun 30, 2014	Mar 31, 2014
For the Quarter
Wells Fargo net income	$	5,804		5,709	5,729	5,726	5,893
Wells Fargo net income applicable to common stock	5,461			5,382	5,408	5,424	5,607
Diluted earnings per common share	1.04			1.02	1.02	1.01	1.05
Profitability ratios (annualized):
Wells Fargo net income to average assets (ROA)	1.38		%	1.36	1.40	1.47	1.57
Wells Fargo net income applicable to common stock to average Wells Fargo common stockholders’ equity (ROE)	13.17			12.84	13.10	13.40	14.35
Efficiency ratio (1)	58.8			59.0	57.7	57.9	57.9
Total revenue	$	21,278		21,443	21,213	21,066	20,625
Pre-tax pre-provision profit (PTPP) (2)	8,771			8,796	8,965	8,872	8,677
Dividends declared per common share	0.35			0.35	0.35	0.35	0.30
Average common shares outstanding	5,160.4			5,192.5	5,225.9	5,268.4	5,262.8
Diluted average common shares outstanding	5,243.6			5,279.2	5,310.4	5,350.8	5,353.3
Average loans	$	863,261		849,429	833,199	831,043	823,790
Average assets	1,707,798			1,663,760	1,617,942	1,564,003	1,525,905
Average core deposits (3)	1,063,234			1,035,999	1,012,219	991,727	973,801
Average retail core deposits (4)	731,413			714,572	703,062	698,763	690,643
Net interest margin	2.95		%	3.04	3.06	3.15	3.20
At Quarter End
Investment securities	$	324,736		312,925	289,009	279,069	270,327
Loans	861,231			862,551	838,883	828,942	826,443
Allowance for loan losses	12,176			12,319	12,681	13,101	13,695
Goodwill	25,705			25,705	25,705	25,705	25,637
Assets	1,737,737			1,687,155	1,636,855	1,598,874	1,546,707
Core deposits (3)	1,086,993			1,054,348	1,016,478	1,007,485	994,185
Wells Fargo stockholders’ equity	188,796			184,394	182,481	180,859	175,654
Total equity	189,964			185,262	182,990	181,549	176,469
Capital ratios:
Total equity to assets	10.93		%	10.98	11.18	11.35	11.41
Risk-based capital (5):
Tier 1 capital	12.39			12.45	12.55	12.72	12.63
Total capital	15.30			15.53	15.58	15.89	15.71
Tier 1 leverage (5)	9.48			9.45	9.64	9.86	9.84
Common Equity Tier 1 (5)(6)	10.86			11.04	11.11	11.31	11.36
Common shares outstanding	5,162.9			5,170.3	5,215.0	5,249.9	5,265.7
Book value per common share	$	32.70		32.19	31.55	31.18	30.48
Common stock price:
High	56.29			55.95	53.80	53.05	49.97
Low	50.42			46.44	49.47	46.72	44.17
Period end	54.40			54.82	51.87	52.56	49.74
Team members (active, full-time equivalent)	266,000			264,500	263,900	263,500	265,300

(1) The efficiency ratio is noninterest expense divided by total revenue (net interest income and noninterest income).

(2) Pre-tax pre-provision profit (PTPP) is total revenue less noninterest expense. Management believes that PTPP is a useful financial measure because it enables investors and others to assess the Company’s ability to generate capital to cover credit losses through a credit cycle.

(3) Core deposits are noninterest-bearing deposits, interest-bearing checking, savings certificates, certain market rate and other savings, and certain foreign deposits (Eurodollar sweep balances).

(4) Retail core deposits are total core deposits excluding Wholesale Banking core deposits and retail mortgage escrow deposits.

(5) The March 31, 2015, ratios are preliminary.

(6) See the “Five Quarter Risk-Based Capital Components” table for additional information.

- 19 -

Wells Fargo & Company and Subsidiaries

CONSOLIDATED STATEMENT OF INCOME

	Quarter ended March 31,			%
(in millions, except per share amounts)	2015		2014	Change
Interest income
Trading assets	$	445	374	19	%
Investment securities	2,144		2,110	2
Mortgages held for sale	177		170	4
Loans held for sale	5		2	150
Loans	8,938		8,746	2
Other interest income	254		210	21
Total interest income	11,963		11,612	3
Interest expense
Deposits	258		279	(8	)
Short-term borrowings	18		12	50
Long-term debt	604		619	(2	)
Other interest expense	97		87	11
Total interest expense	977		997	(2	)
Net interest income	10,986		10,615	3
Provision for credit losses	608		325	87
Net interest income after provision for credit losses	10,378		10,290	1
Noninterest income
Service charges on deposit accounts	1,215		1,215	—
Trust and investment fees	3,677		3,412	8
Card fees	871		784	11
Other fees	1,078		1,047	3
Mortgage banking	1,547		1,510	2
Insurance	430		432	—
Net gains from trading activities	408		432	(6	)
Net gains on debt securities	278		83	235
Net gains from equity investments	370		847	(56	)
Lease income	132		133	(1	)
Other	286		115	149
Total noninterest income	10,292		10,010	3
Noninterest expense
Salaries	3,851		3,728	3
Commission and incentive compensation	2,685		2,416	11
Employee benefits	1,477		1,372	8
Equipment	494		490	1
Net occupancy	723		742	(3	)
Core deposit and other intangibles	312		341	(9	)
FDIC and other deposit assessments	248		243	2
Other	2,717		2,616	4
Total noninterest expense	12,507		11,948	5
Income before income tax expense	8,163		8,352	(2	)
Income tax expense	2,279		2,277	—
Net income before noncontrolling interests	5,884		6,075	(3	)
Less: Net income from noncontrolling interests	80		182	(56	)
Wells Fargo net income	$	5,804	5,893	(2	)
Less: Preferred stock dividends and other	343		286	20
Wells Fargo net income applicable to common stock	$	5,461	5,607	(3	)
Per share information
Earnings per common share	$	1.06	1.07	(1	)
Diluted earnings per common share	1.04		1.05	(1	)
Dividends declared per common share	0.35		0.30	17
Average common shares outstanding	5,160.4		5,262.8	(2	)
Diluted average common shares outstanding	5,243.6		5,353.3	(2	)

- 20 -

Wells Fargo & Company and Subsidiaries

FIVE QUARTER CONSOLIDATED STATEMENT OF INCOME

	Quarter ended
(in millions, except per share amounts)	Mar 31, 2015		Dec 31, 2014	Sep 30, 2014	Jun 30, 2014	Mar 31, 2014
Interest Income
Trading assets	$	445	477	427	407	374
Investment securities	2,144		2,150	2,066	2,112	2,110
Mortgages held for sale	177		187	215	195	170
Loans held for sale	5		25	50	1	2
Loans	8,938		9,091	8,963	8,852	8,746
Other interest income	254		253	243	226	210
Total interest income	11,963		12,183	11,964	11,793	11,612
Interest expense
Deposits	258		269	273	275	279
Short-term borrowings	18		18	15	14	12
Long-term debt	604		620	629	620	619
Other interest expense	97		96	106	93	87
Total interest expense	977		1,003	1,023	1,002	997
Net interest income	10,986		11,180	10,941	10,791	10,615
Provision for credit losses	608		485	368	217	325
Net interest income after provision for credit losses	10,378		10,695	10,573	10,574	10,290
Noninterest income
Service charges on deposit accounts	1,215		1,241	1,311	1,283	1,215
Trust and investment fees	3,677		3,705	3,554	3,609	3,412
Card fees	871		925	875	847	784
Other fees	1,078		1,124	1,090	1,088	1,047
Mortgage banking	1,547		1,515	1,633	1,723	1,510
Insurance	430		382	388	453	432
Net gains from trading activities	408		179	168	382	432
Net gains on debt securities	278		186	253	71	83
Net gains from equity investments	370		372	712	449	847
Lease income	132		127	137	129	133
Other	286		507	151	241	115
Total noninterest income	10,292		10,263	10,272	10,275	10,010
Noninterest expense
Salaries	3,851		3,938	3,914	3,795	3,728
Commission and incentive compensation	2,685		2,582	2,527	2,445	2,416
Employee benefits	1,477		1,124	931	1,170	1,372
Equipment	494		581	457	445	490
Net occupancy	723		730	731	722	742
Core deposit and other intangibles	312		338	342	349	341
FDIC and other deposit assessments	248		231	229	225	243
Other	2,717		3,123	3,117	3,043	2,616
Total noninterest expense	12,507		12,647	12,248	12,194	11,948
Income before income tax expense	8,163		8,311	8,597	8,655	8,352
Income tax expense	2,279		2,519	2,642	2,869	2,277
Net income before noncontrolling interests	5,884		5,792	5,955	5,786	6,075
Less: Net income from noncontrolling interests	80		83	226	60	182
Wells Fargo net income	$	5,804	5,709	5,729	5,726	5,893
Less: Preferred stock dividends and other	343		327	321	302	286
Wells Fargo net income applicable to common stock	$	5,461	5,382	5,408	5,424	5,607
Per share information
Earnings per common share	$	1.06	1.04	1.04	1.02	1.07
Diluted earnings per common share	1.04		1.02	1.02	1.01	1.05
Dividends declared per common share	0.35		0.35	0.35	0.35	0.30
Average common shares outstanding	5,160.4		5,192.5	5,225.9	5,268.4	5,262.8
Diluted average common shares outstanding	5,243.6		5,279.2	5,310.4	5,350.8	5,353.3

- 21 -

Wells Fargo & Company and Subsidiaries

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

	Quarter ended March 31,					%
(in millions)	2015			2014		Change
Wells Fargo net income	$	5,804		5,893		(2)%
Other comprehensive income, before tax:
Investment securities:
Net unrealized gains arising during the period	393			2,725		(86)
Reclassification of net gains to net income	(300		)	(394	)	(24)
Derivatives and hedging activities:
Net unrealized gains arising during the period	952			44		NM
Reclassification of net gains on cash flow hedges to net income	(234		)	(106	)	121
Defined benefit plans adjustments:
Net actuarial losses arising during the period	(11		)	—		NM
Amortization of net actuarial loss, settlements and other to net income	43			18		139
Foreign currency translation adjustments:
Net unrealized losses arising during the period	(55		)	(17	)	224
Reclassification of net losses to net income	—			6		(100)
Other comprehensive income, before tax	788			2,276		(65)
Income tax expense related to other comprehensive income	(228		)	(831	)	(73)
Other comprehensive income, net of tax	560			1,445		(61)
Less: Other comprehensive income from noncontrolling interests	301			79		281
Wells Fargo other comprehensive income, net of tax	259			1,366		(81)
Wells Fargo comprehensive income	6,063			7,259		(16)
Comprehensive income from noncontrolling interests	381			261		46
Total comprehensive income	$	6,444		7,520		(14)

NM - Not meaningful

FIVE QUARTER CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN TOTAL EQUITY

	Quarter ended
(in millions)	Mar 31, 2015			Dec 31, 2014		Sep 30, 2014		Jun 30, 2014		Mar 31, 2014
Balance, beginning of period	$	185,262		182,990		181,549		176,469		171,008
Wells Fargo net income	5,804			5,709		5,729		5,726		5,893
Wells Fargo other comprehensive income (loss), net of tax	259			400		(999	)	1,365		1,366
Noncontrolling interests	301			353		(181	)	(125	)	(52	)
Common stock issued	1,327			508		402		579		994
Common stock repurchased (1)	(2,592		)	(2,945	)	(2,490	)	(2,954	)	(1,025	)
Preferred stock released by ESOP	41			166		170		430		305
Common stock warrants repurchased/exercised	(8		)	(9	)	—		—		—
Preferred stock issued	1,997			—		780		1,995		—
Common stock dividends	(1,805		)	(1,816	)	(1,828	)	(1,844	)	(1,579	)
Preferred stock dividends	(344		)	(327	)	(321	)	(302	)	(285	)
Tax benefit from stock incentive compensation	354			75		48		61		269
Stock incentive compensation expense	376			176		144		164		374
Net change in deferred compensation and related plans	(1,008		)	(18	)	(13	)	(15	)	(799	)
Balance, end of period	$	189,964		185,262		182,990		181,549		176,469

(1) For the quarter ended March 31, 2015, includes $750 million related to a private forward repurchase transaction that settled in second quarter 2015 for 14.0 million shares of common stock. For the quarters ended December 31, September 30, and June 30, 2014, includes $750 million, $1.0 billion, and $1.0 billion, respectively, related to private forward repurchase transactions that settled in subsequent quarters for 14.3 million, 19.8 million, and 19.5 million shares of common stock, respectively.

- 22 -

Wells Fargo & Company and Subsidiaries

AVERAGE BALANCES, YIELDS AND RATES PAID (TAXABLE-EQUIVALENT BASIS) (1)(2)

	Quarter ended March 31,
	2015							2014
(in millions)	Average balance			Yields/ rates		Interest income/ expense		Average balance		Yields/ rates		Interest income/ expense
Earning assets
Federal funds sold, securities purchased under resale agreements and other short-term investments	$	275,731		0.28	%	$	190	213,284		0.27	%	$	144
Trading assets	62,977			2.88		453		48,231		3.17		381
Investment securities (3):
Available-for-sale securities:
Securities of U.S. Treasury and federal agencies	26,163			1.55		100		6,572		1.68		28
Securities of U.S. states and political subdivisions	44,948			4.20		472		42,600		4.37		465
Mortgage-backed securities:
Federal agencies	102,193			2.76		706		117,641		2.94		864
Residential and commercial	23,938			5.71		342		28,035		6.12		429
Total mortgage-backed securities	126,131			3.32		1,048		145,676		3.55		1,293
Other debt and equity securities	47,051			3.43		400		49,156		3.59		438
Total available-for-sale securities	244,293			3.32		2,020		244,004		3.65		2,224
Held-to-maturity securities:
Securities of U.S. Treasury and federal agencies	42,869			2.21		234		1,104		2.18		6
Securities of U.S. states and political subdivisions	1,948			5.16		25		—		—		—
Federal agency mortgage-backed securities	11,318			1.87		53		6,162		3.11		48
Other debt securities	6,792			1.72		29		6,414		1.86		29
Total held-to-maturity securities	62,927			2.19		341		13,680		2.45		83
Total investment securities	307,220			3.08		2,361		257,684		3.59		2,307
Mortgages held for sale (4)	19,583			3.61		177		16,556		4.11		170
Loans held for sale (4)	700			2.67		5		111		6.28		2
Loans:
Commercial:
Commercial and industrial - U.S.	227,682			3.28		1,844		193,865		3.43		1,641
Commercial and industrial - Non U.S.	45,062			1.88		209		42,181		1.92		200
Real estate mortgage	111,497			3.57		981		112,824		3.56		990
Real estate construction	19,492			3.52		169		17,071		4.38		184
Lease financing	12,319			4.95		152		12,262		6.12		188
Total commercial	416,052			3.26		3,355		378,203		3.43		3,203
Consumer:
Real estate 1-4 family first mortgage	265,823			4.13		2,741		259,488		4.17		2,705
Real estate 1-4 family junior lien mortgage	58,880			4.27		621		65,014		4.30		692
Credit card	30,380			11.78		883		26,283		12.32		798
Automobile	56,004			5.95		821		51,794		6.50		831
Other revolving credit and installment	36,122			6.01		535		43,008		5.00		531
Total consumer	447,209			5.05		5,601		445,587		5.02		5,557
Total loans (4)	863,261			4.19		8,956		823,790		4.29		8,760
Other	4,730			5.41		63		4,655		5.72		66
Total earning assets	$	1,534,202		3.21	%	$	12,205	1,364,311		3.49	%	$	11,830
Funding sources
Deposits:
Interest-bearing checking	$	39,155		0.05	%	$	5	36,799		0.07	%	$	6
Market rate and other savings	613,413			0.06		97		579,044		0.07		105
Savings certificates	34,608			0.75		64		40,535		0.89		89
Other time deposits	56,549			0.39		56		45,822		0.42		48
Deposits in foreign offices	105,537			0.14		36		91,050		0.14		31
Total interest-bearing deposits	849,262			0.12		258		793,250		0.14		279
Short-term borrowings	71,712			0.11		18		54,502		0.09		13
Long-term debt	183,763			1.32		604		153,793		1.62		619
Other liabilities	16,894			2.30		97		12,859		2.72		87
Total interest-bearing liabilities	1,121,631			0.35		977		1,014,404		0.40		998
Portion of noninterest-bearing funding sources	412,571							349,907		—		—
Total funding sources	$	1,534,202		0.26		977		1,364,311		0.29		998
Net interest margin and net interest income on a taxable-equivalent basis (5)				2.95	%	$	11,228			3.20	%	$	10,832
Noninterest-earning assets
Cash and due from banks	$	17,059						16,363
Goodwill	25,705							25,637
Other	130,832							119,594
Total noninterest-earning assets	$	173,596						161,594
Noninterest-bearing funding sources
Deposits	$	325,531						284,069
Other liabilities	71,988							52,955
Total equity	188,648							174,477
Noninterest-bearing funding sources used to fund earning assets	(412,571		)					(349,907	)
Net noninterest-bearing funding sources	$	173,596						161,594
Total assets	$	1,707,798						1,525,905

(1) Our average prime rate was 3.25% for the quarters ended March 31,2015 and 2014. The average three-month London Interbank Offered Rate (LIBOR) was 0.26% and 0.24% for the same quarters, respectively.

(2) Yield/rates and amounts include the effects of hedge and risk management activities associated with the respective asset and liability categories.

(3) Yields and rates are based on interest income/expense amounts for the period, annualized based on the accrual basis for the respective accounts. The average balance amounts represent amortized cost for the periods presented.

(4) Nonaccrual loans and related income are included in their respective loan categories.

(5) Includes taxable-equivalent adjustments of $242 million and $217 million for the quarters ended March 31,2015 and 2014, respectively, primarily related to tax-exempt income on certain loans and securities. The federal statutory tax rate was 35% for the periods presented.

- 23 -

Wells Fargo & Company and Subsidiaries

FIVE QUARTER AVERAGE BALANCES, YIELDS AND RATES PAID (TAXABLE-EQUIVALENT BASIS) (1)

	Quarter ended
	Mar 31, 2015					Dec 31, 2014					Sep 30, 2014					Jun 30, 2014					Mar 31, 2014
($ in billions)	Average balance			Yields/ rates		Average balance			Yields/ rates		Average balance			Yields/ rates		Average balance			Yields/ rates		Average balance			Yields/ rates
Earning assets
Federal funds sold, securities purchased under resale agreements and other short-term investments	$	275.7		0.28	%	$	268.1		0.28	%	$	253.2		0.28	%	$	229.8		0.28	%	$	213.3		0.27	%
Trading assets	63.0			2.88		60.4			3.21		57.5			3.00		54.4			3.05		48.2			3.17
Investment securities (2):
Available-for-sale securities:
Securities of U.S. Treasury and federal agencies	26.2			1.55		19.5			1.55		8.8			1.69		6.6			1.78		6.6			1.68
Securities of U.S. states and political subdivisions	44.9			4.20		43.9			4.30		43.3			4.24		42.7			4.26		42.6			4.37
Mortgage-backed securities:
Federal agencies	102.2			2.76		109.3			2.78		113.0			2.76		116.5			2.85		117.6			2.94
Residential and commercial	23.9			5.71		24.7			5.89		26.0			5.98		27.3			6.11		28.0			6.12
Total mortgage-backed securities	126.1			3.32		134.0			3.36		139.0			3.36		143.8			3.47		145.6			3.55
Other debt and equity securities	47.1			3.43		45.0			3.87		47.1			3.45		48.7			3.76		49.2			3.59
Total available-for-sale securities	244.3			3.32		242.4			3.48		238.2			3.48		241.8			3.62		244.0			3.65
Held-to-maturity securities:
Securities of U.S. Treasury and federal agencies	42.9			2.21		32.9			2.25		23.7			2.22		10.8			2.20		1.1			2.18
Securities of U.S. states and political subdivisions	1.9			5.16		0.9			4.92		—			—		—			—		—			—
Federal agency mortgage-backed securities	11.3			1.87		5.6			2.07		5.9			2.23		6.1			2.74		6.2			3.11
Other debt securities	6.8			1.72		6.1			1.81		5.9			1.83		5.2			1.90		6.4			1.86
Total held-to-maturity securities	62.9			2.19		45.5			2.22		35.5			2.17		22.1			2.28		13.7			2.45
Total investment securities	307.2			3.08		287.9			3.28		273.7			3.31		263.9			3.51		257.7			3.59
Mortgages held for sale	19.6			3.61		19.2			3.90		21.5			4.01		18.8			4.16		16.6			4.11
Loans held for sale	0.7			2.67		7.0			1.43		9.5			2.10		0.2			2.55		0.1			6.28
Loans:
Commercial:
Commercial and industrial - U.S.	227.7			3.28		218.3			3.32		207.6			3.29		199.2			3.39		193.9			3.43
Commercial and industrial - Non U.S.	45.1			1.88		43.0			2.03		42.4			2.11		43.0			2.06		42.2			1.92
Real estate mortgage	111.5			3.57		112.3			3.69		113.0			3.69		112.8			3.61		112.8			3.56
Real estate construction	19.5			3.52		18.3			4.33		17.8			3.94		17.5			4.18		17.1			4.38
Lease financing	12.3			4.95		12.3			5.35		12.3			5.38		12.2			5.68		12.2			6.12
Total commercial	416.1			3.26		404.2			3.39		393.1			3.37		384.7			3.42		378.2			3.43
Consumer:
Real estate 1-4 family first mortgage	265.8			4.13		264.8			4.16		262.2			4.23		260.0			4.20		259.5			4.17
Real estate 1-4 family junior lien mortgage	58.9			4.27		60.2			4.28		61.6			4.30		63.3			4.31		65.0			4.30
Credit card	30.4			11.78		29.5			11.71		27.7			11.96		26.4			11.97		26.3			12.32
Automobile	56.0			5.95		55.4			6.08		54.6			6.19		53.5			6.34		51.8			6.50
Other revolving credit and installment	36.1			6.01		35.3			6.01		34.0			6.03		43.1			5.07		43.0			5.00
Total consumer	447.2			5.05		445.2			5.06		440.1			5.11		446.3			5.02		445.6			5.02
Total loans	863.3			4.19		849.4			4.27		833.2			4.29		831.0			4.28		823.8			4.29
Other	4.7			5.41		4.8			5.30		4.7			5.41		4.5			5.74		4.6			5.72
Total earning assets	$	1,534.2		3.21	%	$	1,496.8		3.31	%	$	1,453.3		3.34	%	$	1,402.6		3.43	%	$	1,364.3		3.49	%
Funding sources
Deposits:
Interest-bearing checking	$	39.2		0.05	%	$	40.5		0.06	%	$	41.4		0.07	%	$	40.2		0.07	%	$	36.8		0.07	%
Market rate and other savings	613.4			0.06		593.9			0.07		586.4			0.07		583.9			0.07		579.0			0.07
Savings certificates	34.6			0.75		35.9			0.80		37.3			0.84		38.8			0.86		40.5			0.89
Other time deposits	56.5			0.39		56.1			0.39		55.1			0.39		48.5			0.41		45.8			0.42
Deposits in foreign offices	105.5			0.14		99.3			0.15		98.9			0.14		94.2			0.15		91.1			0.14
Total interest-bearing deposits	849.2			0.12		825.7			0.13		819.1			0.13		805.6			0.14		793.2			0.14
Short-term borrowings	71.7			0.11		64.7			0.12		62.3			0.10		58.9			0.10		54.5			0.09
Long-term debt	183.8			1.32		183.3			1.35		173.0			1.46		159.2			1.56		153.8			1.62
Other liabilities	16.9			2.30		15.6			2.44		15.5			2.73		13.6			2.73		12.9			2.72
Total interest-bearing liabilities	1,121.6			0.35		1,089.3			0.37		1,069.9			0.38		1,037.3			0.39		1,014.4			0.40
Portion of noninterest-bearing funding sources	412.6			—		407.5			—		383.4			—		365.3			—		349.9			—
Total funding sources	$	1,534.2		0.26		$	1,496.8		0.27		$	1,453.3		0.28		$	1,402.6		0.28		$	1,364.3		0.29
Net interest margin on a taxable-equivalent basis				2.95	%				3.04	%				3.06	%				3.15	%				3.20	%
Noninterest-earning assets
Cash and due from banks	$	17.1				16.9					16.2					15.9					16.4
Goodwill	25.7					25.7					25.7					25.7					25.6
Other	130.8					124.4					122.7					119.8					119.6
Total noninterest-earnings assets	$	173.6				167.0					164.6					161.4					161.6
Noninterest-bearing funding sources
Deposits	$	325.6				324.1					308.0					295.9					284.1
Other liabilities	72.0					65.7					57.9					51.1					52.9
Total equity	188.6					184.7					182.1					179.7					174.5
Noninterest-bearing funding sources used to fund earning assets	(412.6		)			(407.5		)			(383.4		)			(365.3		)			(349.9		)
Net noninterest-bearing funding sources	$	173.6				167.0					164.6					161.4					161.6
Total assets	$	1,707.8				1,663.8					1,617.9					1,564.0					1,525.9

(1) Our average prime rate was 3.25% for quarters ended March 31,2015 and December 31,September 30, and June 30, and March 31,2014. The average three-month London Interbank Offered Rate (LIBOR) was 0.26%, 0.24%, 0.23%, 0.23% and 0.24% for the same quarters, respectively.

(2) Yields and rates are based on interest income/expense amounts for the period, annualized based on the accrual basis for the respective accounts. The average balance amounts represent amortized cost for the periods presented.

- 24 -

Wells Fargo & Company and Subsidiaries

NONINTEREST INCOME

	Quarter ended March 31,				%
(in millions)	2015		2014		Change
Service charges on deposit accounts	$	1,215	1,215		—	%
Trust and investment fees:
Brokerage advisory, commissions and other fees	2,380		2,241		6
Trust and investment management	852		844		1
Investment banking	445		327		36
Total trust and investment fees	3,677		3,412		8
Card fees	871		784		11
Other fees:
Charges and fees on loans	309		367		(16	)
Merchant processing fees	187		172		9
Cash network fees	125		120		4
Commercial real estate brokerage commissions	129		72		79
Letters of credit fees	88		96		(8	)
All other fees	240		220		9
Total other fees	1,078		1,047		3
Mortgage banking:
Servicing income, net	523		938		(44	)
Net gains on mortgage loan origination/sales activities	1,024		572		79
Total mortgage banking	1,547		1,510		2
Insurance	430		432		—
Net gains from trading activities	408		432		(6	)
Net gains on debt securities	278		83		235
Net gains from equity investments	370		847		(56	)
Lease income	132		133		(1	)
Life insurance investment income	145		132		10
All other	141		(17	)	NM
Total	$	10,292	10,010		3
NM - Not meaningful
NONINTEREST EXPENSE
	Quarter ended March 31,				%
(in millions)	2015		2014		Change
Salaries	$	3,851	3,728		3	%
Commission and incentive compensation	2,685		2,416		11
Employee benefits	1,477		1,372		8
Equipment	494		490		1
Net occupancy	723		742		(3	)
Core deposit and other intangibles	312		341		(9	)
FDIC and other deposit assessments	248		243		2
Outside professional services	548		559		(2	)
Operating losses	295		159		86
Outside data processing	253		241		5
Contract services	225		234		(4	)
Travel and entertainment	158		219		(28	)
Postage, stationery and supplies	171		191		(11	)
Advertising and promotion	118		118		—
Foreclosed assets	135		132		2
Telecommunications	111		114		(2	)
Insurance	140		125		12
Operating leases	62		50		25
All other	501		474		6
Total	$	12,507	11,948		5

- 25 -

Wells Fargo & Company and Subsidiaries

FIVE QUARTER NONINTEREST INCOME

	Quarter ended
(in millions)	Mar 31, 2015		Dec 31, 2014	Sep 30, 2014	Jun 30, 2014	Mar 31, 2014
Service charges on deposit accounts	$	1,215	1,241	1,311	1,283	1,215
Trust and investment fees:
Brokerage advisory, commissions and other fees	2,380		2,335	2,327	2,280	2,241
Trust and investment management	852		849	856	838	844
Investment banking	445		521	371	491	327
Total trust and investment fees	3,677		3,705	3,554	3,609	3,412
Card fees	871		925	875	847	784
Other fees:
Charges and fees on loans	309		311	296	342	367
Merchant processing fees	187		187	184	183	172
Cash network fees	125		125	134	128	120
Commercial real estate brokerage commissions	129		155	143	99	72
Letters of credit fees	88		102	100	92	96
All other fees	240		244	233	244	220
Total other fees	1,078		1,124	1,090	1,088	1,047
Mortgage banking:
Servicing income, net	523		685	679	1,035	938
Net gains on mortgage loan origination/sales activities	1,024		830	954	688	572
Total mortgage banking	1,547		1,515	1,633	1,723	1,510
Insurance	430		382	388	453	432
Net gains from trading activities	408		179	168	382	432
Net gains on debt securities	278		186	253	71	83
Net gains from equity investments	370		372	712	449	847
Lease income	132		127	137	129	133
Life insurance investment income	145		145	143	138	132
All other	141		362	8	103	(17	)
Total	$	10,292	10,263	10,272	10,275	10,010
FIVE QUARTER NONINTEREST EXPENSE
	Quarter ended
(in millions)	Mar 31, 2015		Dec 31, 2014	Sep 30, 2014	Jun 30, 2014	Mar 31, 2014
Salaries	$	3,851	3,938	3,914	3,795	3,728
Commission and incentive compensation	2,685		2,582	2,527	2,445	2,416
Employee benefits	1,477		1,124	931	1,170	1,372
Equipment	494		581	457	445	490
Net occupancy	723		730	731	722	742
Core deposit and other intangibles	312		338	342	349	341
FDIC and other deposit assessments	248		231	229	225	243
Outside professional services	548		800	684	646	559
Operating losses	295		309	417	364	159
Outside data processing	253		270	264	259	241
Contract services	225		245	247	249	234
Travel and entertainment	158		216	226	243	219
Postage, stationery and supplies	171		190	182	170	191
Advertising and promotion	118		195	153	187	118
Foreclosed assets	135		164	157	130	132
Telecommunications	111		106	122	111	114
Insurance	140		60	97	140	125
Operating leases	62		58	58	54	50
All other	501		510	510	490	474
Total	$	12,507	12,647	12,248	12,194	11,948

- 26 -

Wells Fargo & Company and Subsidiaries

CONSOLIDATED BALANCE SHEET

(in millions, except shares)	Mar 31, 2015			Dec 31, 2014		% Change
Assets
Cash and due from banks	$	19,793		19,571		1	%
Federal funds sold, securities purchased under resale agreements and other short-term investments	291,317			258,429		13
Trading assets	79,278			78,255		1
Investment securities:
Available-for-sale, at fair value	257,603			257,442		—
Held-to-maturity, at cost	67,133			55,483		21
Mortgages held for sale	23,606			19,536		21
Loans held for sale	681			722		(6	)
Loans	861,231			862,551		—
Allowance for loan losses	(12,176		)	(12,319	)	(1	)
Net loans	849,055			850,232		—
Mortgage servicing rights:
Measured at fair value	11,739			12,738		(8	)
Amortized	1,252			1,242		1
Premises and equipment, net	8,696			8,743		(1	)
Goodwill	25,705			25,705		—
Other assets	101,879			99,057		3
Total assets	$	1,737,737		1,687,155		3
Liabilities
Noninterest-bearing deposits	$	335,858		321,963		4
Interest-bearing deposits	860,805			846,347		2
Total deposits	1,196,663			1,168,310		2
Short-term borrowings	77,697			63,518		22
Accrued expenses and other liabilities	90,121			86,122		5
Long-term debt	183,292			183,943		—
Total liabilities	1,547,773			1,501,893		3
Equity
Wells Fargo stockholders’ equity:
Preferred stock	21,998			19,213		14
Common stock – $1-2/3 par value, authorized 9,000,000,000 shares; issued 5,481,811,474 shares and 5,481,811,474 shares	9,136			9,136		—
Additional paid-in capital	59,980			60,537		(1	)
Retained earnings	110,676			107,040		3
Cumulative other comprehensive income	3,777			3,518		7
Treasury stock – 318,869,849 shares and 311,462,276 shares	(14,556		)	(13,690	)	6
Unearned ESOP shares	(2,215		)	(1,360	)	63
Total Wells Fargo stockholders’ equity	188,796			184,394		2
Noncontrolling interests	1,168			868		35
Total equity	189,964			185,262		3
Total liabilities and equity	$	1,737,737		1,687,155		3

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Wells Fargo & Company and Subsidiaries

FIVE QUARTER CONSOLIDATED BALANCE SHEET

(in millions)	Mar 31, 2015			Dec 31, 2014		Sep 30, 2014		Jun 30, 2014		Mar 31, 2014
Assets
Cash and due from banks	$	19,793		19,571		18,032		20,635		19,731
Federal funds sold, securities purchased under resale agreements and other short-term investments	291,317			258,429		261,932		238,719		222,781
Trading assets	79,278			78,255		67,755		71,674		63,753
Investment securities:
Available-for-sale, at fair value	257,603			257,442		248,251		248,961		252,665
Held-to-maturity, at cost	67,133			55,483		40,758		30,108		17,662
Mortgages held for sale	23,606			19,536		20,178		21,064		16,233
Loans held for sale	681			722		9,292		9,762		91
Loans	861,231			862,551		838,883		828,942		826,443
Allowance for loan losses	(12,176		)	(12,319	)	(12,681	)	(13,101	)	(13,695	)
Net loans	849,055			850,232		826,202		815,841		812,748
Mortgage servicing rights:
Measured at fair value	11,739			12,738		14,031		13,900		14,953
Amortized	1,252			1,242		1,224		1,196		1,219
Premises and equipment, net	8,696			8,743		8,768		8,977		9,020
Goodwill	25,705			25,705		25,705		25,705		25,637
Other assets	101,879			99,057		94,727		92,332		90,214
Total assets	$	1,737,737		1,687,155		1,636,855		1,598,874		1,546,707
Liabilities
Noninterest-bearing deposits	$	335,858		321,963		313,791		308,099		294,863
Interest-bearing deposits	860,805			846,347		816,834		810,478		799,713
Total deposits	1,196,663			1,168,310		1,130,625		1,118,577		1,094,576
Short-term borrowings	77,697			63,518		62,927		61,849		57,061
Accrued expenses and other liabilities	90,121			86,122		75,727		69,021		65,179
Long-term debt	183,292			183,943		184,586		167,878		153,422
Total liabilities	1,547,773			1,501,893		1,453,865		1,417,325		1,370,238
Equity
Wells Fargo stockholders’ equity:
Preferred stock	21,998			19,213		19,379		18,749		17,179
Common stock	9,136			9,136		9,136		9,136		9,136
Additional paid-in capital	59,980			60,537		60,100		59,926		60,618
Retained earnings	110,676			107,040		103,494		99,926		96,368
Cumulative other comprehensive income	3,777			3,518		3,118		4,117		2,752
Treasury stock	(14,556		)	(13,690	)	(11,206	)	(9,271	)	(8,206	)
Unearned ESOP shares	(2,215		)	(1,360	)	(1,540	)	(1,724	)	(2,193	)
Total Wells Fargo stockholders’ equity	188,796			184,394		182,481		180,859		175,654
Noncontrolling interests	1,168			868		509		690		815
Total equity	189,964			185,262		182,990		181,549		176,469
Total liabilities and equity	$	1,737,737		1,687,155		1,636,855		1,598,874		1,546,707

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Wells Fargo & Company and Subsidiaries

FIVE QUARTER INVESTMENT SECURITIES

(in millions)	Mar 31, 2015		Dec 31, 2014	Sep 30, 2014	Jun 30, 2014	Mar 31, 2014
Available-for-sale securities:
Securities of U.S. Treasury and federal agencies	$	30,031	25,804	14,794	6,414	6,359
Securities of U.S. states and political subdivisions	47,380		44,944	45,805	44,779	44,140
Mortgage-backed securities:
Federal agencies	103,217		110,089	112,613	116,908	118,090
Residential and commercial	24,712		26,263	27,491	29,433	30,362
Total mortgage-backed securities	127,929		136,352	140,104	146,341	148,452
Other debt securities	48,759		46,666	45,013	48,312	50,253
Total available-for-sale debt securities	254,099		253,766	245,716	245,846	249,204
Marketable equity securities	3,504		3,676	2,535	3,115	3,461
Total available-for-sale securities	257,603		257,442	248,251	248,961	252,665
Held-to-maturity securities:
Securities of U.S. Treasury and federal agencies	44,244		40,886	28,887	17,777	5,861
Securities of U.S. states and political subdivisions	2,092		1,962	123	41	—
Federal agency mortgage-backed securities	14,311		5,476	5,770	6,030	6,199
Other debt securities	6,486		7,159	5,978	6,260	5,602
Total held-to-maturity debt securities	67,133		55,483	40,758	30,108	17,662
Total investment securities	$	324,736	312,925	289,009	279,069	270,327

FIVE QUARTER LOANS

(in millions)	Mar 31, 2015		Dec 31, 2014	Sep 30, 2014	Jun 30, 2014	Mar 31, 2014
Commercial:
Commercial and industrial	$	271,088	271,795	254,199	248,192	239,233
Real estate mortgage	111,848		111,996	112,064	113,564	112,920
Real estate construction	19,981		18,728	18,090	17,272	16,816
Lease financing	12,382		12,307	12,006	12,252	12,164
Total commercial	415,299		414,826	396,359	391,280	381,133
Consumer:
Real estate 1-4 family first mortgage	265,213		265,386	263,337	260,114	259,488
Real estate 1-4 family junior lien mortgage	57,839		59,717	60,875	62,487	63,998
Credit card	30,078		31,119	28,280	27,226	26,073
Automobile	56,339		55,740	55,242	54,095	52,607
Other revolving credit and installment	36,463		35,763	34,790	33,740	43,144
Total consumer	445,932		447,725	442,524	437,662	445,310
Total loans (1)	$	861,231	862,551	838,883	828,942	826,443

(1) Includes $22.4 billion, $23.3 billion, $24.2 billion, $25.0 billion and $25.9 billion of purchased credit-impaired (PCI) loans at March 31, 2015, and December 31, September 30, June 30 and March 31, 2014, respectively.

Our foreign loans are reported by respective class of financing receivable in the table above. Substantially all of our foreign loan portfolio is commercial loans. Loans are classified as foreign primarily based on whether the borrower's primary address is outside of the United States. The following table presents total commercial foreign loans outstanding by class of financing receivable.

(in millions)	Mar 31, 2015		Dec 31, 2014	Sep 30, 2014	Jun 30, 2014	Mar 31, 2014
Commercial foreign loans:
Commercial and industrial	$	45,325	44,707	41,829	42,136	42,465
Real estate mortgage	5,171		4,776	4,856	5,146	4,952
Real estate construction	241		218	209	216	201
Lease financing	307		336	332	344	322
Total commercial foreign loans	$	51,044	50,037	47,226	47,842	47,940

- 29 -

Wells Fargo & Company and Subsidiaries

FIVE QUARTER NONPERFORMING ASSETS (NONACCRUAL LOANS AND FORECLOSED ASSETS)

(in millions)	Mar 31, 2015			Dec 31, 2014	Sep 30, 2014	Jun 30, 2014	Mar 31, 2014
Nonaccrual loans:
Commercial:
Commercial and industrial	$	663		538	614	724	664
Real estate mortgage	1,324			1,490	1,636	1,805	2,034
Real estate construction	182			187	217	239	296
Lease financing	23			24	27	29	32
Total commercial	2,192			2,239	2,494	2,797	3,026
Consumer:
Real estate 1-4 family first mortgage	8,345			8,583	8,785	9,026	9,357
Real estate 1-4 family junior lien mortgage	1,798			1,848	1,903	1,965	2,073
Automobile	133			137	143	150	161
Other revolving credit and installment	42			41	40	34	33
Total consumer	10,318			10,609	10,871	11,175	11,624
Total nonaccrual loans (1)(2)(3)	12,510			12,848	13,365	13,972	14,650
As a percentage of total loans	1.45		%	1.49	1.59	1.69	1.77
Foreclosed assets:
Government insured/guaranteed	$	772		982	1,140	1,257	1,609
Non-government insured/guaranteed	1,557			1,627	1,691	1,748	1,813
Total foreclosed assets	2,329			2,609	2,831	3,005	3,422
Total nonperforming assets	$	14,839		15,457	16,196	16,977	18,072
As a percentage of total loans	1.72		%	1.79	1.93	2.05	2.19

(1) Includes nonaccrual mortgages held for sale and loans held for sale in their respective loan categories.

(2) Excludes PCI loans because they continue to earn interest income from accretable yield, independent of performance in accordance with their contractual terms.

(3) Real estate 1-4 family mortgage loans predominantly insured by the Federal Housing Administration (FHA) or guaranteed by the Department of Veterans Affairs (VA) and student loans predominantly guaranteed by agencies on behalf of the U.S. Department of Education under the Federal Family Education Loan Program are not placed on nonaccrual status because they are insured or guaranteed.

- 30 -

Wells Fargo & Company and Subsidiaries

LOANS 90 DAYS OR MORE PAST DUE AND STILL ACCRUING

(in millions)	Mar 31, 2015		Dec 31, 2014	Sep 30, 2014	Jun 30, 2014	Mar 31, 2014
Loans 90 days or more past due and still accruing:
Total (excluding PCI)(1):	$	16,344	17,810	18,295	18,582	21,215
Less: FHA insured/guaranteed by the VA (2)(3)	15,453		16,827	16,628	16,978	19,405
Less: Student loans guaranteed under the FFELP (4)	50		63	721	707	860
Total, not government insured/guaranteed	$	841	920	946	897	950
By segment and class, not government insured/guaranteed:
Commercial:
Commercial and industrial	$	31	31	35	52	12
Real estate mortgage	43		16	37	53	13
Real estate construction	—		—	18	16	69
Total commercial	74		47	90	121	94
Consumer:
Real estate 1-4 family first mortgage (3)	221		260	327	311	333
Real estate 1-4 family junior lien mortgage (3)	55		83	78	70	88
Credit card	352		364	302	266	308
Automobile	47		73	64	48	41
Other revolving credit and installment	92		93	85	81	86
Total consumer	767		873	856	776	856
Total, not government insured/guaranteed	$	841	920	946	897	950

(1) PCI loans totaled $3.6 billion, $3.7 billion, $4.0 billion, $4.0 billion and $4.3 billion, at March 31,2015 and December 31,September 30,June 30, and March 31,2014, respectively.

(2) Represents loans whose repayments are predominantly insured by the FHA or guaranteed by the VA.

(3) Includes mortgages held for sale 90 days or more past due and still accruing.

(4) Represents loans whose repayments are predominantly guaranteed by agencies on behalf of the U.S. Department of Education under the FFELP. In fourth quarter 2014, substantially all government guaranteed loans were sold.

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Wells Fargo & Company and Subsidiaries

CHANGES IN ACCRETABLE YIELD RELATED TO PURCHASED CREDIT-IMPAIRED (PCI) LOANS

Loans purchased with evidence of credit deterioration since origination and for which it is probable that all contractually required payments will not be collected are considered to be credit impaired. PCI loans predominantly represent loans acquired from Wachovia that were deemed to be credit impaired. Evidence of credit quality deterioration as of the purchase date may include statistics such as past due and nonaccrual status, recent borrower credit scores and recent LTV percentages. PCI loans are initially measured at fair value, which includes estimated future credit losses expected to be incurred over the life of the loan. Accordingly, the associated allowance for credit losses related to these loans is not carried over at the acquisition date.

As a result of PCI loan accounting, certain credit-related ratios cannot be used to compare a portfolio that includes PCI loans against one that does not, or to compare ratios across quarters or years. The ratios particularly affected include the allowance for loan losses and allowance for credit losses as percentages of loans, of nonaccrual loans and of nonperforming assets; nonaccrual loans and nonperforming assets as a percentage of total loans; and net charge-offs as a percentage of loans.

The excess of cash flows expected to be collected over the carrying value of PCI loans is referred to as the accretable yield and is accreted into interest income over the estimated lives of the PCI loans using the effective yield method. The accretable yield is affected by:

• Changes in interest rate indices for variable rate PCI loans - Expected future cash flows are based on the variable rates in effect at the time of the quarterly assessment of expected cash flows;

• Changes in prepayment assumptions - Prepayments affect the estimated life of PCI loans which may change the amount of interest income, and possibly principal, expected to be collected; and

• Changes in the expected principal and interest payments over the estimated life - Updates to changes in expected cash flows are driven by the credit outlook and actions taken with borrowers. Changes in expected future cash flows from loan modifications are included in the regular evaluations of cash flows expected to be collected.

The change in the accretable yield related to PCI loans is presented in the following table.

(in millions)
Balance, December 31, 2008	$	10,447
Addition of accretable yield due to acquisitions	132
Accretion into interest income (1)	(12,783		)
Accretion into noninterest income due to sales (2)	(430		)
Reclassification from nonaccretable difference for loans with improving credit-related cash flows	8,568
Changes in expected cash flows that do not affect nonaccretable difference (3)	11,856
Balance, December 31, 2014	17,790
Addition of accretable yield due to acquisitions	—
Accretion into interest income (1)	(398		)
Accretion into noninterest income due to sales (2)	(28		)
Reclassification from nonaccretable difference for loans with improving credit-related cash flows (3)	22
Changes in expected cash flows that do not affect nonaccretable difference (4)	(61		)
Balance, March 31, 2015	$	17,325

(1) Includes accretable yield released as a result of settlements with borrowers, which is included in interest income.

(2) Includes accretable yield released as a result of sales to third parties, which is included in noninterest income.

(3) At March 31, 2015, our carrying value for PCI loans totaled $22.4 billion and the remainder of nonaccretable difference established in purchase accounting totaled $2.9 billion. The nonaccretable difference absorbs losses of contractual amounts that exceed our carrying value for PCI loans.

(4) Represents changes in cash flows expected to be collected due to the impact of modifications, changes in prepayment assumptions, changes in interest rates on variable rate PCI loans and sales to third parties.

- 32 -

Wells Fargo & Company and Subsidiaries

PICK-A-PAY PORTFOLIO (1)

	March 31, 2015
	PCI loans								All other loans
(in millions)	Adjusted unpaid principal balance (2)		Current LTV ratio (3)		Carrying value (4)		Ratio of carrying value to current value (5)		Carrying value (4)		Ratio of carrying value to current value (5)
California	$	17,901	76	%	$	14,690	61	%	$	11,037	56	%
Florida	2,047		86		1,525		61		2,286		70
New Jersey	863		82		727		64		1,482		70
New York	557		77		494		62		699		68
Texas	227		62		208		56		888		49
Other states	4,156		82		3,391		65		6,318		68
Total Pick-a-Pay loans	$	25,751	77		$	21,035	61		$	22,710	62

(1) The individual states shown in this table represent the top five states based on the total net carrying value of the Pick-a-Pay loans at the beginning of 2015.

(2) Adjusted unpaid principal balance includes write-downs taken on loans where severe delinquency (normally 180 days) or other indications of severe borrower financial stress exist that indicate there will be a loss of contractually due amounts upon final resolution of the loan.

(3) The current LTV ratio is calculated as the adjusted unpaid principal balance divided by the collateral value. Collateral values are generally determined using automated valuation models (AVM) and are updated quarterly. AVMs are computer-based tools used to estimate market values of homes based on processing large volumes of market data including market comparables and price trends for local market areas.

(4) Carrying value, which does not reflect the allowance for loan losses, includes remaining purchase accounting adjustments, which, for PCI loans may include the nonaccretable difference and the accretable yield and, for all other loans, an adjustment to mark the loans to a market yield at date of merger less any subsequent charge-offs.

(5) The ratio of carrying value to current value is calculated as the carrying value divided by the collateral value.

NON-STRATEGIC AND LIQUIDATING LOAN PORTFOLIOS

(in millions)	Mar 31, 2015		Dec 31, 2014	Sep 30, 2014	Jun 30, 2014	Mar 31, 2014
Commercial:
Legacy Wachovia commercial and industrial and commercial real estate PCI loans (1)	$	699	1,125	1,465	1,499	1,720
Total commercial	699		1,125	1,465	1,499	1,720
Consumer:
Pick-a-Pay mortgage (1)(2)	43,745		45,002	46,389	47,965	49,533
Legacy Wells Fargo Financial debt consolidation	11,067		11,417	11,781	12,169	12,545
Liquidating home equity	2,744		2,910	3,083	3,290	3,505
Legacy Wachovia other PCI loans (1)	276		300	320	336	355
Legacy Wells Fargo Financial indirect auto	23		34	54	85	132
Education Finance - government insured (3)	—		—	—	—	10,204
Total consumer	57,855		59,663	61,627	63,845	76,274
Total non-strategic and liquidating loan portfolios	$	58,554	60,788	63,092	65,344	77,994

(1) Net of purchase accounting adjustments related to PCI loans.

(2) Includes PCI loans of $21.0 billion, $21.5 billion, $22.1 billion, $22.7 billion and $23.3 billion at March 31, 2015 and December 31,September 30,June 30, and

March 31,2014, respectively.

(3) The government guaranteed student loan portfolio was transferred to held for sale during 2014, and substantially all of the portfolio was sold as of December 31, 2014.

- 33 -

Wells Fargo & Company and Subsidiaries

FIVE QUARTER CHANGES IN ALLOWANCE FOR CREDIT LOSSES

	Quarter ended
(in millions)	Mar 31, 2015			Dec 31, 2014		Sep 30, 2014		Jun 30, 2014		Mar 31, 2014
Balance, beginning of quarter	$	13,169		13,481		13,834		14,414		14,971
Provision for credit losses	608			485		368		217		325
Interest income on certain impaired loans (1)	(52		)	(48	)	(52	)	(55	)	(56	)
Loan charge-offs:
Commercial:
Commercial and industrial	(133		)	(161	)	(157	)	(146	)	(163	)
Real estate mortgage	(23		)	(19	)	(11	)	(16	)	(20	)
Real estate construction	(1		)	(2	)	(3	)	(3	)	(1	)
Lease financing	(3		)	(3	)	(5	)	(3	)	(4	)
Total commercial	(160		)	(185	)	(176	)	(168	)	(188	)
Consumer:
Real estate 1-4 family first mortgage	(130		)	(138	)	(167	)	(193	)	(223	)
Real estate 1-4 family junior lien mortgage	(179		)	(193	)	(202	)	(220	)	(249	)
Credit card	(278		)	(256	)	(236	)	(266	)	(267	)
Automobile	(195		)	(214	)	(192	)	(143	)	(180	)
Other revolving credit and installment	(154		)	(160	)	(160	)	(171	)	(177	)
Total consumer	(936		)	(961	)	(957	)	(993	)	(1,096	)
Total loan charge-offs	(1,096		)	(1,146	)	(1,133	)	(1,161	)	(1,284	)
Loan recoveries:
Commercial:
Commercial and industrial	69			79		90		86		114
Real estate mortgage	34			44		48		26		42
Real estate construction	10			28		61		23		24
Lease financing	3			2		1		2		3
Total commercial	116			153		200		137		183
Consumer:
Real estate 1-4 family first mortgage	47			50		53		56		53
Real estate 1-4 family junior lien mortgage	56			59		62		60		57
Credit card	39			35		35		55		36
Automobile	94			82		80		97		90
Other revolving credit and installment	36			32		35		39		40
Total consumer	272			258		265		307		276
Total loan recoveries	388			411		465		444		459
Net loan charge-offs	(708		)	(735	)	(668	)	(717	)	(825	)
Allowances related to business combinations/other	(4		)	(14	)	(1	)	(25	)	(1	)
Balance, end of quarter	$	13,013		13,169		13,481		13,834		14,414
Components:
Allowance for loan losses	$	12,176		12,319		12,681		13,101		13,695
Allowance for unfunded credit commitments	837			850		800		733		719
Allowance for credit losses	$	13,013		13,169		13,481		13,834		14,414
Net loan charge-offs (annualized) as a percentage of average total loans	0.33		%	0.34		0.32		0.35		0.41
Allowance for loan losses as a percentage of:
Total loans	1.41			1.43		1.51		1.58		1.66
Nonaccrual loans	97			96		95		94		93
Nonaccrual loans and other nonperforming assets	82			80		78		77		76
Allowance for credit losses as a percentage of:
Total loans	1.51			1.53		1.61		1.67		1.74
Nonaccrual loans	104			103		101		99		98
Nonaccrual loans and other nonperforming assets	88			85		83		81		80

(1) Certain impaired loans with an allowance calculated by discounting expected cash flows using the loan’s effective interest rate over the remaining life of the loan recognize reductions in allowance as interest income.

- 34 -

Wells Fargo & Company and Subsidiaries

FIVE QUARTER RISK-BASED CAPITAL COMPONENTS UNDER BASEL III

		Standardized Approach (1)			General Approach (1)
(in billions)		Mar 31, 2015			Dec 31, 2014		Sep 30, 2014		Jun 30, 2014		Mar 31, 2014
Total equity		$	190.0		185.3		183.0		181.5		176.5
Noncontrolling interests		(1.2		)	(0.9	)	(0.5	)	(0.6	)	(0.8	)
Total Wells Fargo stockholders’ equity		188.8			184.4		182.5		180.9		175.7
Adjustments:
Preferred stock		(20.0		)	(18.0	)	(18.0	)	(17.2	)	(15.2	)
Cumulative other comprehensive income (2)		(1.9		)	(2.6	)	(2.5	)	(3.2	)	(2.2	)
Goodwill and other intangible assets (2)(3)		(26.9		)	(26.3	)	(26.1	)	(25.6	)	(25.6	)
Investment in certain subsidiaries and other		(0.8		)	(0.4	)	—		(0.1	)	—
Common Equity Tier 1 (1)(4)	(A)	139.2			137.1		135.9		134.8		132.7
Preferred stock		20.0			18.0		18.0		17.2		15.2
Qualifying hybrid securities and noncontrolling interests		—			—		—		—		—
Other		(0.4		)	(0.4	)	(0.5	)	(0.3	)	(0.3	)
Total Tier 1 capital		158.8			154.7		153.4		151.7		147.6
Long-term debt and other instruments qualifying as Tier 2		24.4			25.0		23.7		24.0		21.7
Qualifying allowance for credit losses		13.0			13.2		13.5		13.8		14.1
Other		—			—		(0.1	)	—		0.2
Total Tier 2 capital		37.4			38.2		37.1		37.8		36.0
Total qualifying capital	(B)	$	196.2		192.9		190.5		189.5		183.6
Risk-Weighted Assets (RWAs) (5)(6):
Credit risk		$	1,234.6		1,192.9		1,171.8		1,145.7		1,120.3
Market risk		47.6			49.6		51.1		46.8		48.1
Total RWAs	(C)	$	1,282.2		1,242.5		1,222.9		1,192.5		1,168.4
Capital Ratios (6):
Common Equity Tier 1 to total RWAs	(A)/(C)	10.86		%	11.04		11.11		11.31		11.36
Total capital to total RWAs	(B)/(C)	15.30			15.53		15.58		15.89		15.71

(1) Basel III revises the definition of capital, increases minimum capital ratios, and introduces a minimum Common Equity Tier 1 (CET1) ratio. These changes are being fully phased in effective January 1, 2014, through the end of 2021. The capital ratios were determined using the Basel III definition of capital and the Basel III Standardized Approach RWAs as of March 31, 2015 and the general risk-based capital rules (General Approach) RWAs for 2014.

(2) Under transition provisions to Basel III, cumulative other comprehensive income (previously deducted under Basel I) is included in CET1 over a specified phase-in period. In addition, certain intangible assets includable in CET1 are phased out over a specified period.

(3) Goodwill and other intangible assets are net of any associated deferred tax liabilities.

(4) CET1 (formerly Tier 1 common equity under Basel I) is a non-GAAP financial measure that is used by investors, analysts and bank regulatory agencies to assess the capital position of financial services companies. Management reviews CET1 along with other measures of capital as part of its financial analyses and has included this non-GAAP financial information, and the corresponding reconciliation to total equity, because of current interest in such information on the part of market participants.

(5) Under the regulatory guidelines for risk-based capital, on-balance sheet assets and credit equivalent amounts of derivatives and off-balance sheet items are assigned to one of several broad risk categories according to the obligor, or, if relevant, the guarantor or the nature of any collateral. The aggregate dollar amount in each risk category is then multiplied by the risk weight associated with that category. The resulting weighted values from each of the risk categories are aggregated for determining total RWAs. The risk weights and categories were changed, and some were added, by Basel III for the Standardized Approach and will generally result in higher RWAs than result from the General Approach risk weights and categories.

(6) The Company’s March 31, 2015, RWAs and capital ratios are preliminary.

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Wells Fargo & Company and Subsidiaries

COMMON EQUITY TIER 1 UNDER BASEL III (ADVANCED APPROACH, FULLY PHASED-IN) (1)(2) 

(in billions)	Mar 31, 2015
Common Equity Tier 1 (transition amount) under Basel III		$	139.2
Adjustments from transition amount to fully phased-in under Basel III (3):
Cumulative other comprehensive income		1.9
Other		(2.0		)
Total adjustments		(0.1		)
Common Equity Tier 1 (fully phased-in) under Basel III	(C)	$	139.1
Total RWAs anticipated under Basel III (4)(5)	(D)	$	1,320.3
Common Equity Tier 1 to total RWAs anticipated under Basel III (Advanced Approach, fully phased-in) (5)	(C)/(D)	10.53		%

(1) CET1 is a non-GAAP financial measure that is used by investors, analysts and bank regulatory agencies to assess the capital position of financial services companies. Management reviews CET1 along with other measures of capital as part of its financial analyses and has included this non-GAAP financial information, and the corresponding reconciliation to total equity, because of current interest in such information on the part of market participants.

(2) The Basel III CET1 and RWAs are estimated based on the Basel III capital rules adopted July 2, 2013, by the FRB. The rules establish a new comprehensive capital framework for U.S. banking organizations that implement the Basel III capital framework and certain provisions of the Dodd-Frank Act. The rules are being phased in effective January 1, 2014 through the end of 2021.

(3) Assumes cumulative other comprehensive income is fully phased in and certain other intangible assets are fully phased out under Basel III capital rules.

(4) The final Basel III capital rules provide for two capital frameworks: the Standardized Approach intended to replace Basel I, and the Advanced Approach applicable to certain institutions. Under the final rules, we will be subject to the lower of our CET1 ratio calculated under the Standardized Approach and under the Advanced Approach in the assessment of our capital adequacy. While the amount of RWAs determined under the Standardized and Advanced Approaches has been converging, management’s estimate of RWAs as of March 31, 2015, is based on the Advanced Approach, which is currently estimated to be higher than RWAs under the Standardized Approach, resulting in a lower CET1 compared with the Standardized Approach. Basel III capital rules adopted by the Federal Reserve Board incorporate different classification of assets, with risk weights based on Wells Fargo’s internal models, along with adjustments to address a combination of credit/counterparty, operational and market risks, and other Basel III elements.

(5) The Company’s March 31, 2015, RWAs and capital ratio are preliminary.

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Wells Fargo & Company and Subsidiaries

OPERATING SEGMENT RESULTS (1)

(income/expense in millions, average balances in billions)	Community Banking			Wholesale Banking				Wealth, Brokerage and Retirement				Other (2)				Consolidated Company
	2015		2014	2015		2014		2015		2014		2015		2014		2015	2014
Quarter ended Mar. 31,
Net interest income (3)	$	7,561	7,275	2,921		2,891		861		768		(357	)	(319	)	10,986	10,615
Provision (reversal of provision) for credit losses	617		419	(6	)	(93	)	(3	)	(8	)	—		7		608	325
Noninterest income	5,223		5,318	2,991		2,689		2,872		2,700		(794	)	(697	)	10,292	10,010
Noninterest expense	7,064		6,774	3,409		3,215		2,831		2,711		(797	)	(752	)	12,507	11,948
Income (loss) before income tax expense (benefit)	5,103		5,400	2,509		2,458		905		765		(354	)	(271	)	8,163	8,352
Income tax expense (benefit)	1,364		1,376	706		714		344		290		(135	)	(103	)	2,279	2,277
Net income (loss) before noncontrolling interests	3,739		4,024	1,803		1,744		561		475		(219	)	(168	)	5,884	6,075
Less: Net income (loss) from noncontrolling interests	74		180	6		2		—		—		—		—		80	182
Net income (loss)	$	3,665	3,844	1,797		1,742		561		475		(219	)	(168	)	5,804	5,893
Average loans	$	506.4	505.0	337.6		301.9		56.9		50.0		(37.6	)	(33.1	)	863.3	823.8
Average assets	993.1		892.6	594.9		517.4		195.7		190.6		(75.9	)	(74.7	)	1,707.8	1,525.9
Average core deposits	668.9		626.5	303.4		259.0		161.4		156.0		(70.5	)	(67.7	)	1,063.2	973.8

(1) The management accounting process measures the performance of the operating segments based on our management structure and is not necessarily comparable with other similar information for other financial services companies. We define our operating segments by product type and customer segment.

(2) Includes items not specific to a business segment and elimination of certain items that are included in more than one business segment, substantially all of which represents services for wealth management customers provided in Community Banking stores.

(3) Net interest income is the difference between interest earned on assets and the cost of liabilities to fund those assets. Interest earned includes actual interest earned on segment assets and, if the segment has excess liabilities, interest credits for providing funding to other segments. The cost of liabilities includes interest expense on segment liabilities and, if the segment does not have enough liabilities to fund its assets, a funding charge based on the cost of excess liabilities from another segment.

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Wells Fargo & Company and Subsidiaries

FIVE QUARTER OPERATING SEGMENT RESULTS (1)

								Quarter ended
(income/expense in millions, average balances in billions)	Mar 31, 2015			Dec 31, 2014		Sep 30, 2014		Jun 30, 2014		Mar 31, 2014
COMMUNITY BANKING
Net interest income (2)	$	7,561		7,576		7,472		7,386		7,275
Provision for credit losses	617			518		465		279		419
Noninterest income	5,223			5,259		5,356		5,220		5,318
Noninterest expense	7,064			7,281		7,051		7,020		6,774
Income before income tax expense	5,103			5,036		5,312		5,307		5,400
Income tax expense	1,364			1,545		1,609		1,820		1,376
Net income before noncontrolling interests	3,739			3,491		3,703		3,487		4,024
Less: Net income from noncontrolling interests	74			56		233		56		180
Segment net income	3,665			3,435		3,470		3,431		3,844
Average loans	$	506.4		503.8		498.6		505.4		505.0
Average assets	993.1			974.9		950.2		918.1		892.6
Average core deposits	668.9			655.6		646.9		639.8		626.5
WHOLESALE BANKING
Net interest income (2)	$	2,921		3,104		3,007		2,953		2,891
Reversal of provision for credit losses	(6		)	(39	)	(85	)	(49	)	(93	)
Noninterest income	2,991			2,950		2,895		2,993		2,689
Noninterest expense	3,409			3,307		3,250		3,203		3,215
Income before income tax expense	2,509			2,786		2,737		2,792		2,458
Income tax expense	706			789		824		838		714
Net income before noncontrolling interests	1,803			1,997		1,913		1,954		1,744
Less: Net income (loss) from noncontrolling interests	6			27		(7	)	2		2
Segment net income	$	1,797		1,970		1,920		1,952		1,742
Average loans	$	337.6		326.8		316.5		308.1		301.9
Average assets	594.9			573.3		553.0		532.4		517.4
Average core deposits	303.4			292.4		278.4		265.8		259.0
WEALTH, BROKERAGE AND RETIREMENT
Net interest income (2)	$	861		846		790		775		768
Provision (reversal of provision) for credit losses	(3		)	8		(25	)	(25	)	(8	)
Noninterest income	2,872			2,801		2,763		2,775		2,700
Noninterest expense	2,831			2,811		2,690		2,695		2,711
Income before income tax expense	905			828		888		880		765
Income tax expense	344			314		338		334		290
Net income before noncontrolling interests	561			514		550		546		475
Less: Net income from noncontrolling interests	—			—		—		2		—
Segment net income	$	561		514		550		544		475
Average loans	$	56.9		54.8		52.6		51.0		50.0
Average assets	195.7			192.2		188.8		187.6		190.6
Average core deposits	161.4			157.0		153.6		153.0		156.0
OTHER (3)
Net interest income (2)	$	(357	)	(346	)	(328	)	(323	)	(319	)
Provision (reversal of provision) for credit losses	—			(2	)	13		12		7
Noninterest income	(794		)	(747	)	(742	)	(713	)	(697	)
Noninterest expense	(797		)	(752	)	(743	)	(724	)	(752	)
Loss before income tax benefit	(354		)	(339	)	(340	)	(324	)	(271	)
Income tax benefit	(135		)	(129	)	(129	)	(123	)	(103	)
Net loss before noncontrolling interests	(219		)	(210	)	(211	)	(201	)	(168	)
Less: Net income from noncontrolling interests	—			—		—		—		—
Other net loss	$	(219	)	(210	)	(211	)	(201	)	(168	)
Average loans	$	(37.6	)	(36.0	)	(34.5	)	(33.5	)	(33.1	)
Average assets	(75.9		)	(76.6	)	(74.1	)	(74.1	)	(74.7	)
Average core deposits	(70.5		)	(69.0	)	(66.7	)	(66.9	)	(67.7	)
CONSOLIDATED COMPANY
Net interest income (2)	$	10,986		11,180		10,941		10,791		10,615
Provision for credit losses	608			485		368		217		325
Noninterest income	10,292			10,263		10,272		10,275		10,010
Noninterest expense	12,507			12,647		12,248		12,194		11,948
Income before income tax expense	8,163			8,311		8,597		8,655		8,352
Income tax expense	2,279			2,519		2,642		2,869		2,277
Net income before noncontrolling interests	5,884			5,792		5,955		5,786		6,075
Less: Net income from noncontrolling interests	80			83		226		60		182
Wells Fargo net income	$	5,804		5,709		5,729		5,726		5,893
Average loans	$	863.3		849.4		833.2		831.0		823.8
Average assets	1,707.8			1,663.8		1,617.9		1,564.0		1,525.9
Average core deposits	1,063.2			1,036.0		1,012.2		991.7		973.8

(1) The management accounting process measures the performance of the operating segments based on our management structure and is not necessarily comparable with other similar information for other financial services companies. We define our operating segments by product type and customer segment.

(2) Net interest income is the difference between interest earned on assets and the cost of liabilities to fund those assets. Interest earned includes actual interest earned on segment assets and, if the segment has excess liabilities, interest credits for providing funding to other segments. The cost of liabilities includes interest expense on segment liabilities and, if the segment does not have enough liabilities to fund its assets, a funding charge based on the cost of excess liabilities from another segment.

(3) Includes items not specific to a business segment and elimination of certain items that are included in more than one business segment, substantially all of which represents products and services for wealth management customers provided in Community Banking stores.

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Wells Fargo & Company and Subsidiaries

FIVE QUARTER CONSOLIDATED MORTGAGE SERVICING

	Quarter ended
(in millions)	Mar 31, 2015			Dec 31, 2014		Sep 30, 2014		Jun 30, 2014		Mar 31, 2014
MSRs measured using the fair value method:
Fair value, beginning of quarter	$	12,738		14,031		13,900		14,953		15,580
Servicing from securitizations or asset transfers	308			296		340		271		289
Sales	(1		)	(7	)	—		—		—
Net additions	307			289		340		271		289
Changes in fair value:
Due to changes in valuation model inputs or assumptions:
Mortgage interest rates (1)	(572		)	(1,016	)	251		(876	)	(509	)
Servicing and foreclosure costs (2)	(18		)	(5	)	(4	)	23		(34	)
Discount rates (3)	—			—		—		(55	)	—
Prepayment estimates and other (4)	(183		)	(78	)	6		73		102
Net changes in valuation model inputs or assumptions	(773		)	(1,099	)	253		(835	)	(441	)
Other changes in fair value (5)	(533		)	(483	)	(462	)	(489	)	(475	)
Total changes in fair value	(1,306		)	(1,582	)	(209	)	(1,324	)	(916	)
Fair value, end of quarter	$	11,739		12,738		14,031		13,900		14,953

(1) Includes prepayment speed changes as well as other valuation changes due to changes in mortgage interest rates (such as changes in estimated interest earned on custodial deposit balances).

(2) Includes costs to service and unreimbursed foreclosure costs.

(3) Reflects discount rate assumption change, excluding portion attributable to changes in mortgage interest rates.

(4) Represents changes driven by other valuation model inputs or assumptions including prepayment speed estimation changes and other assumption updates. Prepayment speed estimation changes are influenced by observed changes in borrower behavior and other external factors that occur independent of interest rate changes.

(5) Represents changes due to collection/realization of expected cash flows over time.

	Quarter ended
(in millions)	Mar 31, 2015			Dec 31, 2014		Sep 30, 2014		Jun 30, 2014		Mar 31, 2014
Amortized MSRs:
Balance, beginning of quarter	$	1,242		1,224		1,196		1,219		1,229
Purchases	22			38		47		32		40
Servicing from securitizations or asset transfers	50			43		29		24		14
Amortization	(62		)	(63	)	(48	)	(79	)	(64	)
Balance, end of quarter	$	1,252		1,242		1,224		1,196		1,219
Fair value of amortized MSRs:
Beginning of quarter	$	1,637		1,647		1,577		1,624		1,575
End of quarter	1,522			1,637		1,647		1,577		1,624

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Wells Fargo & Company and Subsidiaries

FIVE QUARTER CONSOLIDATED MORTGAGE SERVICING (CONTINUED)

	Quarter ended
(in millions)	Mar 31, 2015			Dec 31, 2014		Sep 30, 2014		Jun 30, 2014		Mar 31, 2014
Servicing income, net:
Servicing fees (1)	$	1,010		996		919		1,128		1,070
Changes in fair value of MSRs carried at fair value:
Due to changes in valuation model inputs or assumptions (2)	(773		)	(1,099	)	253		(835	)	(441	)
Other changes in fair value (3)	(533		)	(483	)	(462	)	(489	)	(475	)
Total changes in fair value of MSRs carried at fair value	(1,306		)	(1,582	)	(209	)	(1,324	)	(916	)
Amortization	(62		)	(63	)	(48	)	(79	)	(64	)
Net derivative gains (losses) from economic hedges (4)	881			1,334		17		1,310		848
Total servicing income, net	$	523		685		679		1,035		938
Market-related valuation changes to MSRs, net of hedge results (2)+(4)	$	108		235		270		475		407

(1) Includes contractually specified servicing fees, late charges and other ancillary revenues.

(2) Refer to the changes in fair value MSRs table on the previous page for more detail.

(3) Represents changes due to collection/realization of expected cash flows over time.

(4) Represents results from free-standing derivatives (economic hedges) used to hedge the risk of changes in fair value of MSRs.

(in billions)	Mar 31, 2015			Dec 31, 2014	Sep 30, 2014	Jun 30, 2014	Mar 31, 2014
Managed servicing portfolio (1):
Residential mortgage servicing:
Serviced for others	$	1,374		1,405	1,430	1,451	1,470
Owned loans serviced	344			342	342	341	337
Subserviced for others	5			5	5	5	5
Total residential servicing	1,723			1,752	1,777	1,797	1,812
Commercial mortgage servicing:
Serviced for others	461			456	440	429	424
Owned loans serviced	112			112	107	109	108
Subserviced for others	7			7	7	7	7
Total commercial servicing	580			575	554	545	539
Total managed servicing portfolio	$	2,303		2,327	2,331	2,342	2,351
Total serviced for others	$	1,835		1,861	1,870	1,880	1,894
Ratio of MSRs to related loans serviced for others	0.71		%	0.75	0.82	0.80	0.85
Weighted-average note rate (mortgage loans serviced for others)	4.43			4.45	4.47	4.49	4.51

(1) The components of our managed servicing portfolio are presented at unpaid principal balance for loans serviced and subserviced for others and at book value for owned loans serviced.

SELECTED FIVE QUARTER RESIDENTIAL MORTGAGE PRODUCTION DATA

	Quarter ended
(in billions)	Mar 31, 2015			Dec 31, 2014	Sep 30, 2014	Jun 30, 2014	Mar 31, 2014
Application data:
Wells Fargo first mortgage quarterly applications	$	93		66	64	72	60
Refinances as a percentage of applications	61		%	52	40	36	39
Wells Fargo first mortgage unclosed pipeline, at quarter end	$	44		26	25	30	27
Residential real estate originations:
Purchases as a percentage of originations	45		%	60	70	74	66
Refinances as a percentage of originations	55			40	30	26	34
Total	100		%	100	100	100	100
Wells Fargo first mortgage loans:
Retail	$	28		27	27	25	20
Correspondent	20			16	20	21	16
Other (1)	1			1	1	1	—
Total quarter-to-date	$	49		44	48	47	36
Total year-to-date	$	49		175	131	83	36

(1) Consists of home equity loans and lines.

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Wells Fargo & Company and Subsidiaries

CHANGES IN MORTGAGE REPURCHASE LIABILITY

	Quarter ended
(in millions)	Mar 31, 2015			Dec 31, 2014		Sep 30, 2014		Jun 30, 2014		Mar 31, 2014
Balance, beginning of period	$	615		669		766		799		899
Provision for repurchase losses:
Loan sales	10			10		12		12		10
Change in estimate (1)	(26		)	(49	)	(93	)	(38	)	(4	)
Total additions (reductions)	(16		)	(39	)	(81	)	(26	)	6
Losses	(13		)	(15	)	(16	)	(7	)	(106	)
Balance, end of period	$	586		615		669		766		799

(1) Results from changes in investor demand, mortgage insurer practices, credit and the financial stability of correspondent lenders.

UNRESOLVED REPURCHASE DEMANDS AND MORTGAGE INSURANCE RESCISSIONS

($ in millions)	Government sponsored entities (1)		Private	Mortgage insurance rescissions with no demand (2)	Total
March 31, 2015
Number of loans	526		161	108	795
Original loan balance (3)	$	118	29	28	175
December 31, 2014
Number of loans	546		173	120	839
Original loan balance (3)	$	118	34	31	183
September 30, 2014
Number of loans	426		322	233	981
Original loan balance (3)	$	93	75	52	220
June 30, 2014
Number of loans	678		362	305	1,345
Original loan balance (3)	$	149	80	66	295
March 31, 2014
Number of loans	599		391	409	1,399
Original loan balance (3)	$	126	89	90	305

(1) Includes repurchase demands of 7 and $1 million, 4 and $1 million, 7 and $1 million, 14 and $3 million, and 25 and $3 million at March 31, 2015, and December 31, September 30, June 30 and March 31, 2014, respectively, received from investors on mortgage servicing rights acquired from other originators. We generally have the right of recourse against the seller and may be able to recover losses related to such repurchase demands subject to counterparty risk associated with the seller.

(2) As part of our representations and warranties in our loan sales contracts, we typically represent to GSEs and private investors that certain loans have mortgage insurance to the extent there are loans that have loan to value ratios in excess of 80% that require mortgage insurance. To the extent the mortgage insurance is rescinded by the mortgage insurer due to a claim of breach of a contractual representation or warranty, the lack of insurance may result in a repurchase demand from an investor. Similar to repurchase demands, we evaluate mortgage insurance rescission notices for validity and appeal for reinstatement if the rescission was not based on a contractual breach. When investor demands are received due to lack of mortgage insurance, they are reported as unresolved repurchase demands based on the applicable investor category for the loan (GSE or private).

(3) While the original loan balances related to these demands are presented above, the establishment of the repurchase liability is based on a combination of factors, such as our appeals success rates, reimbursement by correspondent and other third party originators, and projected loss severity, which is driven by the difference between the current loan balance and the estimated collateral value less costs to sell the property.

EX-99.2

1Q15 Quarterly Supplement April 14, 2015 © 2015 Wells Fargo & Company. All rights reserved.

Wells Fargo 1Q15 Supplement 1  Appendix Pages 20-29 - Non-strategic/liquidating loan portfolio 21 - Real estate 1-4 family first mortgage portfolio 22 - Real estate 1-4 family junior lien mortgage portfolio 23 - Consumer credit card portfolio 24 - Auto portfolios 25 - Student lending portfolio 26  Common Equity Tier 1 under Basel III (General Approach and Standardized Approach with Transition Requirements) 27  Common Equity Tier 1 under Basel III (Advanced Approach, fully phased-in) 28  Forward-looking statements and additional information 29 Table of contents  1Q15 Results - 1Q15 Highlights Page 2 - Year-over-year results 3 - 1Q15 Revenue diversification 4 - Balance Sheet and credit overview (linked quarter) 5 - Income Statement overview (linked quarter) 6 - Loans 7 - Broad-based, year-over-year loan growth 8 - Deposits 9 - Net interest income 10 - Noninterest income 11 - Noninterest expense and efficiency ratio 12 - Community Banking 13 - Wholesale Banking 14 - Wealth, Brokerage and Retirement 15 - Credit quality 16 - Capital position 17 - Capital return 18 - Summary 19

Wells Fargo 1Q15 Supplement 2 5,893 5,726 5,729 5,709 5,804 1Q14 2Q14 3Q14 4Q14 1Q15 1Q15 Highlights  Earnings of $5.8 billion, down $89 million, or 2% year-over-year (YoY), and up $95 million, or 2% linked quarter (LQ)  Diluted earnings per common share of $1.04, down 1% YoY and up 2% LQ  Revenue up 3% YoY and down 1% LQ - Net interest income up 3% YoY and down 2% LQ - Noninterest income up 3% YoY and stable LQ  Strong balance sheet - Average loans up 2% LQ and up 7% annualized, LQ - Average deposits up 2% LQ and up 9% annualized, LQ - Credit quality remained strong with net charge- offs of 33 bps of average loans - Strong capital position • Common Equity Tier 1 ratio under Basel III (Advanced Approach, fully phased-in) of 10.53% at 3/31/15 (1) • Returned $3.3 billion to shareholders through common stock dividends and net share repurchases - Strong liquidity position • Already compliant with domestic, fully phased-in LCR • 18% of total assets in cash, fed funds sold and short-term investments, up from 16% in 1Q14 Wells Fargo Net Income ($ in millions) (1) 1Q15 capital ratios are preliminary estimates. See pages 27-28 for additional information regarding common equity ratios. Estimated based on final rules adopted July 2, 2013, by the Federal Reserve Board establishing a new comprehensive capital framework for U.S. banking organizations that would implement the Basel III capital framework and certain provisions of the Dodd-Frank Act. Diluted earnings per common share $1.05 $1.01 $1.02 $1.02 $1.04

Wells Fargo 1Q15 Supplement 3 $5.9 $5.8 1Q14 1Q15 Year-over-year results (1) Pre-tax pre-provision profit (PTPP) is total revenue less noninterest expense. Management believes PTPP is a useful financial measure because it enables investors and others to assess the Company’s ability to generate capital to cover credit losses through a credit cycle. Pre-tax Pre-provision Profit (1) ($ in billions) Net Income ($ in billions, except EPS) Diluted earnings per common share Period-end Loans ($ in billions) Period-end Deposits ($ in billions) Ending Common Shares Outstanding (shares in millions) $8.7 $8.8 1Q14 1Q15 994.2 1,087.0 100.4 109.7$1,094.6 $1,196.7 1Q14 1Q15 Core Deposits 748.4 802.6 78.0 58.6 $826.4 $861.2 1Q14 1Q15 Core Loans Non-strategic/liquidating loans Revenue ($ in billions) $1.05 $1.04 $20.6 $21.3 1Q14 1Q15 5,265.7 5,162.9 1Q14 1Q15

Wells Fargo 1Q15 Supplement 4 Balanced Spread and Fee Income Diversified Fee Generation Deposit Service Charges 12% Card Fees 9% Total Mortgage Banking 15% Insurance 4% Net Gains from Trading 4% (1) Other noninterest income includes lease income, life insurance investment income and all other noninterest income. 1Q15 Revenue diversification Total Trust & Investment Fees 35% Total Other Fees 10% Net Gains from Equity Inv. 4% Brokerage advisory, commissions and other Mortgage Orig./ Sales, net Mortgage Servicing, net Trust and investment management Investment banking Charges and fees on loans Merchant processing 1% Cash network 1% CRE brokerage commissions 1% Letters of credit Card fees Deposit service charges Other noninterest income (1) Net gains from trading Insurance 48%52% Net Interest Income Noninterest Income All other fees Net gains from equity investments Other Noninterest Income (1) 4% Net Gains on Debt Securities 3% Net gains on debt securities $21.3 billion 12% 23% 8% 4%9% 3% 2% 2% 5% 10% 4% 4% 3% 4%4% $10.3 billion

Wells Fargo 1Q15 Supplement 5 Balance Sheet and credit overview (linked quarter) Loans  Core loans (1) increased $914 million on commercial loan growth  Non-strategic/liquidating portfolio (1) decreased $2.2 billion Short-term investments/ Fed funds sold  Up $32.9 billion on growth in deposits Investment securities  Up $11.8 billion as gross purchases of ~$23 billion were partially offset by run-off and maturities Deposits  Up $28.4 billion on strong consumer and small business growth, as well as higher mortgage escrow balances Short-term borrowings  Up $14.2 billion on higher repurchase agreement balances across the sales and trading platform to support trading asset growth and client financing activity Common stock repurchases  Common shares outstanding down 7.4 million as share repurchases were partially offset by annual employee benefit plan issuances  Entered into a $750 million forward repurchase transaction for an additional 14.0 million shares, which settled in early April 2015 Credit  Provision expense of $608 million, up $123 million on lower reserve release - Net charge-offs of $708 million, or 33 bps, down $27 million on continued improvement in consumer credit - $100 million reserve release (2) vs. $250 million in 4Q14 on continued strong credit performance Period-end balances. All comparisons are 1Q15 compared with 4Q14. (1) See pages 7 and 21 for additional information regarding core loans and the non-strategic/liquidating portfolio, which is comprised of Pick-a-Pay, liquidating home equity, legacy WFF indirect auto, legacy WFF debt consolidation, Education Finance-government guaranteed, and legacy Wachovia commercial & industrial, commercial real estate, and other PCI loan portfolios. (2) Provision expense minus net charge-offs.

Wells Fargo 1Q15 Supplement 6 Income Statement overview (linked quarter) Total revenue  Revenue of $21.3 billion, down $165 million Net interest income  NII down $194 million reflecting two fewer days in the quarter, and lower income from variable sources  NIM down 9 bps to 2.95% driven by deposit growth and lower variable income Noninterest income  Noninterest income up $29 million - Service charges on deposit accounts down $26 million and card fees down $54 million reflecting seasonality - Trust and investment fees down $28 million on lower investment banking fees - Mortgage banking up $32 million on higher production revenue reflecting an 11% increase in originations and higher gain on sale - Insurance up $48 million on seasonally higher crop insurance premiums - Market sensitive revenue (1) up $319 million on higher trading gains and an increase in net gains from debt securities - Other income down $221 million from 4Q14 which included a $217 million gain on the sale of government guaranteed student loans Noninterest expense  Noninterest expense down $140 million - Personnel expense up $369 million; included $688 million in seasonally higher incentive compensation and employee benefits expense, partially offset by lower salaries expense on two fewer days in the quarter - Equipment expense down $87 million from typically higher 4Q14 - Outside professional services down $252 million from typically higher 4Q14 Income tax  Tax expense down $240 million  28.2% effective income tax rate included $359 million of discrete tax benefits related to the resolution of various federal and state prior period matters All comparisons are 1Q15 compared with 4Q14. (1) Consists of net gains from trading activities, debt securities and equity investments.

Wells Fargo 1Q15 Supplement 7 Loans Period-end  Core loans grew $54.2 billion, or 7%, YoY and were up $914 million LQ - Commercial loans up $899 million LQ driven by growth in real estate construction and lease financing • Oil and gas loans of $18.5 billion were up $65 million LQ - Consumer loans up $15 million LQ as growth in nonconforming mortgage, auto, security-based lending and student was largely offset by lower junior lien and seasonally lower credit card  Non-strategic/liquidating loans (1) down $19.4 billion YoY and $2.2 billion LQ Average  Total average loans of $863.3 billion up $39.5 billion YoY and $13.8 billion LQ on broad-based growth in 4Q14  Total average loan yield of 4.19%, down 8 bps LQ on lower PCI loan resolutions and loan fees - Core loan yield excluding the non-strategic/ liquidating portfolio was down 7 bps (1) See page 21 for additional information regarding the non-strategic/liquidating portfolio, which is comprised of Pick-a-Pay, liquidating home equity, legacy WFF indirect auto, legacy WFF debt consolidation, Education Finance-government guaranteed, and legacy Wachovia commercial & industrial, commercial real estate, and other PCI loan portfolios. At the end of 2Q14, $9.7 billion in Education Finance-government guaranteed loans were transferred to loans held for sale. Period–end Loans Outstanding ($ in billions) (1) Total average loan yield 748.4 763.6 775.8 801.8 802.6 78.0 65.3 63.1 60.8 58.6 826.4 828.9 838.9 862.6 861.2 1Q14 2Q14 3Q14 4Q14 1Q15 Core loans Non-strategic/liquidating loans 4.29% 4.28% 4.29% 4.27% 4.19%

Wells Fargo 1Q15 Supplement 8 210 220 230 240 250 260 270 280 1Q14 1Q15 Commercial and Industrial 10 14 18 22 26 30 1Q14 1Q15 Credit Card 24 29 34 39 44 49 54 59 1Q14 1Q15 Automobile 150 160 170 180 190 200 210 220 1Q14 1Q15 Core 1-4 Family First Mortgage (1) Broad-based, year-over-year loan growth  Nonconforming mortgage growth  Disciplined origination activity  New account growth and 4Q14 portfolio acquisition ($ in billions)  Broad-based growth Period-end balances. (1) Please see page 22 for additional information.

Wells Fargo 1Q15 Supplement 9 Deposits Average  Deposits up $97.5 billion, or 9%, YoY and $25.0 billion, or 2%, LQ  Average deposit cost of 9 bps, flat LQ and down 2 bps YoY  Core deposits (1) of $1.1 trillion up $89.4 billion, or 9%, YoY and up $27.2 billion, or 3%, LQ - Average retail core deposits up 6% YoY on both existing and new customer account balance growth, and up 10% annualized, LQ Period-end  Total period-end deposits of $1.2 trillion up $102.1 billion, or 9%, YoY and up $28.4 billion, or 2%, LQ  Primary consumer checking customers (2) up 5.7% YoY  Primary small business and business banking checking customers (2) up 5.5% YoY Average Deposits and Rates ($ in billions) Average deposit cost Period-end Deposits ($ in billions) (1) Core deposits are noninterest-bearing deposits, interest-bearing checking, savings certificates, certain market rate and other savings, and certain foreign deposits (Eurodollar sweep balances). (2) Data as of February 2015, comparisons with February 2014; customers who actively use their checking account with transactions such as debit card purchases, online bill payments, and direct deposits. 1,094.6 1,168.3 1,196.7 1Q14 4Q14 1Q15 793.2 825.7 849.2 284.1 324.1 325.6 1,077.3 1,149.8 1,174.8 1Q14 4Q14 1Q15 Noninterest-bearing deposits Interest-bearing deposits 0.11% 0.09% 0.09%

Wells Fargo 1Q15 Supplement 10 10,832 11,016 11,163 11,418 11,228 1Q14 2Q14 3Q14 4Q14 1Q15  Net interest income (TE) (1) up $396 million YoY on earning asset growth  Net interest income (TE) (1) down $190 million LQ on two fewer days in the quarter and lower variable income  Average earning assets up $37.4 billion, or 2%, LQ - Investment securities up $19.3 billion - Loans up $13.8 billion - Short-term investments/fed funds sold up $7.6 billion - Trading assets up $2.6 billion - Mortgages and loans held for sale down $5.9 billion  NIM of 2.95% down 9 bps from 4Q14 on: - Customer-driven deposit growth = (5) bps - Variable income = (3) bps - Liquidity-related activity = (1) bps - Balance sheet repricing, growth and mix = 0 bps Net interest income Net Interest Income (TE) (1) ($ in millions) Net Interest Margin (NIM) (1) Tax-equivalent net interest income is based on the federal statutory rate of 35% for the periods presented. Net interest income was $10,615 million, $10,791 million, $10,941 million, $11,180 million and $10,986 million for 1Q14, 2Q14, 3Q14, 4Q14 and 1Q15 respectively. 3.20% 3.15% 3.06% 3.04% 2.95%

Wells Fargo 1Q15 Supplement 11 Noninterest income  Deposit service charges down $26 million LQ on seasonality  Trust and investment fees down $28 million, or 1%, LQ as lower investment banking was partially offset by higher asset-based fees and retail brokerage transaction revenue  Card fees down $54 million on seasonality  Other fees down $46 million on lower CRE brokerage commissions and letter of credit fees  Mortgage banking up $32 million on higher origination volumes and gain on sale  Insurance up $48 million on seasonally higher crop insurance premiums  Trading gains up $229 million on $177 million higher customer accommodation trading reflecting better markets in high grade, high yield and RMBS as well as 1Q seasonality - $58 million in deferred compensation investment income (P&L neutral) vs. $53 million in 4Q14  Gains on sale of debt securities up $92 million  All other income down $221 million from 4Q14 which included a $217 million gain on the sale of government guaranteed student loans vs vs ($ in millions) 1Q15 4Q14 1Q14 Noninterest income Service charges on deposit accounts $ 1,215 (2) % - Trust and investment fees Brokerage advisory, commissions and other fees 2,380 2 6 Trust and investment management 852 - 1 Investment banking 445 (15) 36 Card fees 871 (6) 11 Other fees 1,078 (4) 3 Mortgage banking 1,547 2 2 Insurance 430 13 - Net gains from trading activities 408 n.m. (6) Net gains on debt securities 278 49 n.m. Net gains from equity investments 370 (1) (56) Lease income 132 4 (1) Life insurance investment income 145 - 10 All other 141 (61) n.m. Total noninterest income $ 10,292 - % 3 10,010 10,275 10,272 10,263 10,292 1Q14 2Q14 3Q14 4Q14 1Q15

Wells Fargo 1Q15 Supplement 12 Noninterest expense and efficiency ratio (1)  Noninterest expense down $140 million LQ - Personnel expense up $369 million • Salaries down $87 million due to two fewer days • Commission and incentive compensation up $103 million as $236 million in annual equity awards to retirement-eligible employees was partially offset by lower revenue-based incentive compensation • Employee benefits expense up $353 million on $452 million in seasonally higher payroll taxes and 401(k) matching expenses o $62 million in deferred compensation expense vs. $81 million in 4Q14 - Equipment expense down $87 million from a 4Q14 that included annual license renewals - Outside professional services (2) down $252 million from elevated 4Q14 levels - Other expense (2) down $154 million • Travel and entertainment down $58 million • Advertising expense down $77 million on seasonality • Insurance expense up $80 million on seasonally higher crop insurance commissions  1Q15 efficiency ratio of 58.8%  Expect to operate within targeted efficiency ratio range of 55%-59% for full year 2015 Efficiency Ratio (1) Efficiency ratio defined as noninterest expense divided by total revenue (net interest income plus noninterest income). Noninterest expense and our efficiency ratio may be affected by a variety of factors, including business and economic cyclicality, seasonality, changes in our business composition and operating environment, growth in our business and/or acquisitions, and unexpected expenses relating to, among other things, litigation and regulatory matters. (2) The sum of Outside professional services expense and Other expense equals Other noninterest expense in the Consolidated Statement of Income, pages 19 and 20 of the press release. vs vs ($ in millions) 1Q15 4Q14 1Q14 Noninterest expense Salaries $ 3,851 (2) % 3 Commission and incentive compensation 2,685 4 11 Employee benefits 1,477 31 8 Equipment 494 (15) 1 Net occupancy 723 (1) (3) Core deposit and other intangibles 312 (8) (9) FDIC and other deposit assessments 248 7 2 Outside professional services (2) 548 (32) (2) Other (2) 2,169 (7) 5 Total noninterest expense $ 12,507 (1) % 5 11,948 12,194 12,248 12,647 12,507 1Q14 2Q14 3Q14 4Q14 1Q15 57.9% 57.9% 57.7% 59.0% 58.8%

Wells Fargo 1Q15 Supplement 13 Community Banking  Net income of $3.7 billion, down 5% YoY and up 7% LQ Regional Banking (1)  Primary consumer checking customers (2) up 5.7% YoY  Primary small business and business banking checking customers (2) up 5.5% YoY  Retail bank cross-sell of 6.13 (3) products per household Consumer Lending  Credit card penetration (1)(4) rose to 41.8%, up from 41.5% in 4Q14 and 38.0% in 1Q14  Consumer auto originations of $7.1 billion, up 6% LQ on seasonality and down 10% YoY reflecting continued underwriting discipline  Mortgage originations of $49 billion, up 11% LQ and 36% YoY - 55% of originations were for refinance, compared with 40% in 4Q14 - 2.06% gain on sale ratio (5) - Application pipeline at its highest level since 2Q13 (1) Metrics reported on a one-month lag from reported quarter-end; for example 1Q15 data as of February 2015 compared with February 2014. (2) Customers who actively use their checking account with transactions such as debit card purchases, online bill payments, and direct deposit. (3) February 2015 Retail Bank household cross-sell ratio includes the impact of the sale of government guaranteed student loans in 4Q14. (4) Household penetration as of February 2015 and defined as the percentage of Retail Bank households that have a credit card with Wells Fargo. (5) Net gains on mortgage loan origination/or sales activities less repurchase reserve build/release divided by total originations. vs vs ($ in millions) 1Q15 4Q14 1Q14 Net interest income $ 7,561 - % 4 Noninterest income 5,223 (1) (2) Provision for credit losses 617 19 47 Noninterest expense 7,064 (3) 4 Income tax expense 1,364 (12) (1) Segment net income $ 3,665 7 % (5) ($ in billions) Avg loans, net $ 506.4 1 - Avg core deposits 668.9 2 7 vs vs ($ in billions) 1Q15 4Q14 1Q14 Consumer Lending Credit card payment volumes (POS) $ 15.4 (8) % 16 Credit card penetration (1)(4) 41.8 % 26 bps 383 Home Lending Applications $ 93 41 % 55 Application pipeline 44 69 63 Originations 49 11 36 Gain on sale ratio (5) 2.06 % 26 bps 45 1Q15 4Q14 1Q14 Regional Banking Primary consumer checking customers (1)(2) 5.7 % 5.2 5.1 Primary business checking customers (1)(2) 5.5 5.4 5.1 Retail Bank household cross-sell (1)(3) 6.13 6.17 6.17

Wells Fargo 1Q15 Supplement 14 Wholesale Banking  Net income of $1.8 billion, up 3% YoY and down 9% LQ  Net interest income down 6% LQ reflecting lower loan resolution income as well as two fewer days in the quarter  Noninterest income up 1% LQ on higher trading gains and seasonally higher insurance  Noninterest expense up 3% LQ on seasonally higher personnel costs Cross-sell  Cross-sell of 7.2 products per relationship (1), stable LQ Treasury Management  Commercial card spend volume (2) of $6.0 billion up 12% YoY  Treasury management revenue up 3% LQ and 11% YoY reflecting new product sales and repricing Investment Banking  U.S. investment banking market share of 4.9% (3) up LQ reflecting continued improvement in equity capital markets and investment grade originations despite a flat U.S. market Asset Management  Total AUM up $13 billion YoY, including a $9 billion increase in fixed income AUM reflecting net client inflows and favorable market conditions (1) Cross-sell reported on a one-quarter lag. (2) Includes commercial card volume for the entire company. (3) Source: Dealogic U.S. investment banking fee market share. vs vs ($ in millions) 1Q15 4Q14 1Q14 Net interest income $ 2,921 (6) % 1 Noninterest income 2,991 1 11 Reversal of provision for credit losses (6) (85) (94) Noninterest expense 3,409 3 6 Income tax expense 706 (11) (1) Segment net income $ 1,797 (9) % 3 ($ in billions) Avg loans, net $ 337.6 3 12 Avg core deposits 303.4 4 17 vs vs ($ in billions) 1Q15 4Q14 1Q14 Key Metrics: Cross-sell (1) 7.2 - % - Commercial card spend volume (2) $ 6.0 - 12 Total AUM $ 492.7 (1) % 3 Advantage Funds AUM 236.7 (3) 1

Wells Fargo 1Q15 Supplement 15 Wealth, Brokerage and Retirement  Record net income of $561 million, up 18% YoY and up 9% LQ  Net interest income up 2% LQ; average loans up 4% and average core deposits up 3%  Noninterest income up 3% LQ primarily driven by higher asset-based fees and brokerage transaction revenue  Noninterest expense up 1% LQ as seasonally higher personnel expenses were partially offset by lower other expenses Retail Brokerage  Managed account assets of $435 billion, up 3% LQ and 12% YoY driven by net flows and market performance Wealth Management  Wealth Management client assets flat LQ and up 4% YoY Retirement  IRA assets up 2% LQ and 6% YoY  Institutional Retirement plan assets up 2% LQ and 3% YoY (3) (1) Includes deposits. (2) Data as of February 2015. (3) Year-over-year percentage changes reflect revision of prior periods to conform with current period classification of Institutional Retirement Plan assets. vs vs ($ in millions) 1Q15 4Q14 1Q14 Net interest income $ 861 2 % 12 Noninterest income 2,872 3 6 Reversal of provision for credit losses (3) n.m. (63) Noninterest expense 2,831 1 4 Income tax expense 344 10 19 Segment net income $ 561 9 % 18 ($ in billions) Avg loans, net $ 56.9 4 14 Avg core deposits 161.4 3 3 vs vs ($ in billions, except where noted) 1Q15 4Q14 1Q14 Key Metrics: WBR Client Assets (1) ($ in trillions) $ 1.7 1 % 4 Cross-sell (2) 10.44 - - Retail Brokerage Financial Advisors 15,134 - - Managed account assets $ 435 3 12 Client assets (1) ($ in trillions) 1.4 1 4 Wealth Management Client assets (1) 226 - 4 Retirement IRA Assets 365 2 6 Institutional Retirement Plan Assets (3) 347 2 3

Wells Fargo 1Q15 Supplement 16 Credit quality  Provision expense of $608 million, up $123 million from 4Q14 on lower reserve release (1)  Net charge-offs of $708 million, down $27 million, or 4%, LQ  0.33% net charge-off rate - Commercial losses of 4 bps, up 1 bp LQ on lower recoveries - Consumer losses of 60 bps, down 3 bps LQ  NPAs declined $618 million LQ - $338 million decline in nonaccrual loans - $280 million decrease in foreclosed assets  Reserve release (1) of $100 million, down $150 million LQ  Allowance for credit losses as of 3/31/15 contemplated the inherent credit losses associated with our oil and gas exposures  Allowance for credit losses = $13.0 billion - Allowance covered 4.5x annualized 1Q15 net charge-offs - Future allowance levels may increase or decrease based on a variety of factors, including loan growth, portfolio performance and general economic conditions (1) Provision expense minus net charge-offs. Provision Expense and Net Charge-offs ($ in billions) Nonperforming Assets ($ in billions) 14.7 14.0 13.4 12.9 12.5 3.4 3.0 2.8 2.6 2.3 18.1 17.0 16.2 15.5 14.8 1Q14 2Q14 3Q14 4Q14 1Q15 Nonaccrual loans Foreclosed assets 0.3 0.2 0.4 0.5 0.6 0.8 0.7 0.7 0.7 0.7 0.41% 0.35% 0.32% 0.34% 0.33% 1Q14 2Q14 3Q14 4Q14 1Q15 Provision Expense Net Charge-offs Net charge-off rate

Wells Fargo 1Q15 Supplement 17  Capital remained strong  Common Equity Tier 1 ratio under Basel III (Standardized Approach with Transition Requirements) of 10.86%  Common Equity Tier 1 ratio under Basel III (Advanced Approach, fully phased-in) of 10.53% at 3/31/15 (1)  Approval to use Advanced Approaches for capital requirements granted from the FRB and OCC starting in 2Q15 - Approval did not include stipulations requiring increases to current Advanced Approach risk-weighted assets (RWA) Capital position See pages 27-28 for additional information regarding capital ratios. 1Q15 capital ratios are preliminary estimates. (1) Estimated based on final rules adopted July 2, 2013, by the Federal Reserve Board establishing a new comprehensive capital framework for U.S. banking organizations that would implement the Basel III capital framework and certain provisions of the Dodd-Frank Act. 10.53% 1.49% 1.77% Basel III, Advanced Approach, Fully Phased-in (1) As of 3/31/15 13.79% Tier 2 Capital / Subordinated Debt Tier 1 Capital / Preferred Common Equity Tier 1

Wells Fargo 1Q15 Supplement 18  Our strong capital levels allowed us to continue to return capital to shareholders - Returned $3.3 billion to shareholders in 1Q15  No objection from the Federal Reserve to our 2015 Capital Plan - Included a proposed dividend rate of $0.375 per common share for 2Q15, subject to Board approval Capital return (1) Dividend payout ratio means the ratio of (i) common stock dividends, divided by (ii) net income applicable to common stock. (2) Net payout ratio means the ratio of (i) common stock dividends and share repurchases less issuances and stock compensation-related items, divided by (ii) net income applicable to common stock. Payout Ratios  Period-end common shares outstanding down 7.4 million LQ - Purchased 48.4 million common shares - Issued 41.0 million common shares through employee benefit plans  Entered into a $750 million forward repurchase transaction for an additional 14.0 million shares, which settled in early April 2015 (1) (2) 28% 34% 34% 34% 33% 26% 66% 66% 72% 61% 1Q14 2Q14 3Q14 4Q14 1Q15 Dividend Payout Ratio Net Payout Ratio 9 (16) (35) (45) (7) (50) (40) (30) (20) (10) - 10 20 1Q14 2Q14 3Q14 4Q14 1Q15 Net Change in Ending Common Shares Outstanding (shares in millions)

Wells Fargo 1Q15 Supplement 19 Summary 1Q15  Solid earnings of $5.8 billion, down $89 million, or 2% from 1Q14 - Diluted EPS of $1.04, down 1%  Solid returns - ROA = 1.38% - ROE = 13.17%  Strong loan and deposit growth - Period-end loans up $34.8 billion, or 4%, YoY with core loans up $54.2 billion, or 7%, on broad-based growth - Period-end deposits up $102.1 billion, or 9%, YoY  Diversified and high quality loan portfolio - Credit quality remained strong with net charge-offs of 0.33% (annualized), down from 0.41% a year ago - Maintained our risk and pricing discipline  Strong capital levels while returning $3.3 billion to shareholders through common stock dividends and net share repurchases in 1Q15  Strong liquidity position - Compliant with domestic, fully phased-in LCR - 18% of total assets in cash, fed funds sold and short-term investments

Appendix

Wells Fargo 1Q15 Supplement 21 (1) Net of purchase accounting adjustments. (2) At the end of 2Q14, $9.7 billion in Education Finance-government guaranteed loans were transferred to loans held for sale. -$112.8 Non-strategic/liquidating loan portfolio -$12.7 -$132.2 -$2.2 -$2.3 -$2.2 ($ in billions) 1Q15 4Q14 3Q14 2Q14 1Q14 4Q08 Pick-a-Pay mortgage (1) $ 43.7 45.0 46.4 48.0 49.5 95.3 Liquidating home equity 2.7 2.9 3.1 3.3 3.5 10.3 Legacy WFF indirect auto - - 0.1 0.1 0.1 18.2 Legacy WFF debt consolidation 11.1 11.4 11.8 12.2 12.6 25.3 Education Finance - gov't guaranteed (2) - - - - 10.2 20.5 Legacy WB C&I and CRE PCI loans (1) 0.7 1.1 1.5 1.5 1.7 18.7 Legacy WB other PCI loans (1) 0.4 0.4 0.2 0.2 0.4 2.5 Total $ 58.6 60.8 63.1 65.3 78.0 190.8

Wells Fargo 1Q15 Supplement 22 Real estate 1-4 family first mortgage portfolio  Core first lien up $1.4 billion, or 1%, reflecting nonconforming mortgage originations - Nonconforming mortgage loans increased $4.7 billion to $115.2 billion (2) - First lien home equity lines of $16.7 billion, down $263 million  Strong core first lien credit performance - Nonaccrual loans down $42 million, or 3 bps, LQ - Net charge-offs up $3 million LQ to 7 bps  Pick-a-Pay non-PCI portfolio - Loans of $22.7 billion down 3% LQ driven by loans paid-in-full - Nonaccrual loans decreased $101 million, or 4%, LQ - Net charge-offs of $8 million, or 15 bps, down $1 million LQ on improved portfolio performance and lower severities - Current average LTV of 62% (3) (1) Non-strategic and liquidating loan portfolios primarily consist of Pick-a-Pay and PCI loans acquired from Wachovia and certain portfolios from legacy Wells Fargo Home Equity and Wells Fargo Financial. (2) Nonconforming mortgages originated post February 2009. (3) The current loan-to-value (LTV) ratio is calculated as the net carrying value divided by the collateral value. ($ in millions) 1Q15 4Q14 Real estate 1-4 family first mortgage: Core portfolio $ 210,287 208,851 Non-strategic and liquidating loan portfolios (1) 54,926 56,535 Total real estate 1-4 family first mortgage portfolio 265,213 265,386 Nonaccrual loans $ 3,678 3,720 as % of loans 1.75 % 1.78 Net charge-offs $ 35 32 as % of average loans 0.07 % 0.06 Nonaccrual loans $ 4,667 4,863 as % of loans 8.50 % 8.60 Net charge-offs $ 48 56 as % of average loans 0.35 % 0.39 Core first lien mortgage Non-strategic and liquidating first lien mortgage portfolio

Wells Fargo 1Q15 Supplement 23 Real estate 1-4 family junior lien mortgage portfolio  Junior lien mortgage loans down 3% LQ as high quality new originations were more than offset by paydowns  Core junior nonaccruals down $46 million, or 3%, LQ  Core junior net charge-offs of $106 million, or 77 bps, down $5 million LQ (1) Non-strategic and liquidating loan portfolios primarily consist of PCI loans acquired from Wachovia and certain portfolios from legacy Wells Fargo Home Equity and Wells Fargo Financial. ($ in millions) 1Q15 4Q14 Real estate 1-4 family junior mortgage: Core portfolio $ 54,941 56,631 Non-strategic and liquidating loan portfolios (1) 2,898 3,086 Total real estate 1-4 family junior mortgage portfolio 57,839 59,717 Nonaccrual loans $ 1,676 1,722 as % of loans 3.05 % 3.04 Net charge-offs $ 106 111 as % of average loans 0.77 % 0.77 Nonaccrual loans $ 122 126 as % of loans 4.21 % 4.08 Net charge-offs $ 17 23 as % of average loans 2.30 % 2.87 Core junior lien mortgage Non-strategic and liquidating junior lien mortgage portfolio

Wells Fargo 1Q15 Supplement 24 Consumer credit card portfolio  Credit card outstandings down 3% LQ on seasonality, but up 15% YoY reflecting new account growth and growth in private label and co-brand outstandings driven by the card portfolio acquisition in 4Q14 - Credit card household penetration (2) of 41.8%, up 26 bps LQ and 383 bps YoY reflecting the card portfolio acquisition in 4Q14 and continued new account growth - Purchase dollar volume down 8% LQ and POS transactions down 6% LQ on 4Q14 seasonal spending - Purchase dollar volume up 16% YoY and POS transactions up 19% YoY reflecting growth in the account base, as well as the card portfolio acquisition in 4Q14  Net charge-offs up $18 million, or 22 bps, LQ on seasonality and up $8 million YoY on portfolio growth (1) Includes consumer credit card as well as certain co-brand and private label relationship new account openings. The 4Q14 new accounts have been revised to conform with this basis of presentation. (2) Household penetration as of February 2015 and defined as the percentage of Retail Bank households that have a credit card with Wells Fargo. ($ in millions) 1Q15 4Q14 Credit card outstandings $ 30,078 31,119 Net charge-offs 239 221 as % of avg loans 3.19 % 2.97 Key Metrics: Purchase volume $ 15,410 16,839 POS transactions (millions) 224 239 New accounts (1) 729,283 553,804 Penetration (2) 41.8 % 41.5

Wells Fargo 1Q15 Supplement 25 Auto portfolios (1) Consumer Portfolio  Auto outstandings of $56.3 billion up 1% LQ and 7% YoY - 1Q15 originations of $7.1 billion up 6% LQ on seasonality and down 10% YoY reflecting continued underwriting discipline  Nonaccrual loans declined $4 million LQ and $28 million YoY  Net charge-offs were down $31 million LQ reflecting seasonality, and down $11 million YoY - March Manheim index of 124.5 up 1% LQ and stable YoY  30+ days past due decreased $367 million, or 68 bps, LQ reflecting seasonality and increased $228 million, or 31 bps, YoY Commercial Portfolio  Loans of $9.0 billion stable LQ and up 6% YoY (1) The consumer auto portfolio includes the liquidating legacy Wells Fargo Financial indirect portfolio of $23 million. ($ in millions) 1Q15 4Q14 Auto outstandings $ 53,336 52,672 Nonaccrual loans 129 131 as % of loans 0.24 % 0.25 Net charge-offs $ 99 128 as % of avg loans 0.76 % 0.96 30+ days past due $ 964 1,325 as % of loans 1.81 % 2.52 Auto outstandings $ 3,003 3,068 Nonaccrual loans 4 6 as % of loans 0.13 % 0.18 Net charge-offs $ 2 4 as % of avg loans 0.28 % 0.46 30+ days past due $ 10 16 as % of loans 0.33 % 0.52 Commercial Auto outstandings $ 8,962 8,973 Nonaccrual loans 17 17 as % of loans 0.19 % 0.19 Net charge-offs $ - - as % of avg loans n.m. % n.m. Indirect Consumer Direct Consumer

Wells Fargo 1Q15 Supplement 26 Student lending portfolio Private Portfolio  $12.2 billion private loan outstandings up 2% LQ and 4% YoY - Average FICO of 754 and 80% of the total outstandings have been co-signed  Net charge-offs decreased $5 million LQ due to seasonality of repayment  30+ days past due decreased $25 million LQ on seasonality Government Portfolio  Transferred to held for sale at the end of 2Q14 - $8.3 billion sold in 4Q14 - $0.7 billion remains in held for sale ($ in millions) 1Q15 4Q14 Private Portfolio Private outstandings $ 12,169 11,936 Net charge-offs 33 38 as % of avg loans 1.09 % 1.27 30 days past due $ 228 253 as % of loans 1.87 % 2.12

Wells Fargo 1Q15 Supplement 27 Common Equity Tier 1 under Basel III (General Approach and Standardized Approach with Transition Requirements) Wells Fargo & Company and Subsidiaries FIVE QUARTER RISK-BASED CAPITAL COMPONENTS UNDER BASEL III Standardized Approach (1) General Approach (1) (in billions) Mar 31, 2015 Dec 31, 2014 Sep 30, 2014 Jun 30, 2014 Mar 31, 2014 Total equity $ 190.0 185.3 183.0 181.5 176.5 Noncontrolling interests (1.2 ) (0.9 ) (0.5 ) (0.6 ) (0.8 ) Total Wells Fargo stockholders’ equity 188.8 184.4 182.5 180.9 175.7 Adjustments: Preferred stock (20.0 ) (18.0 ) (18.0 ) (17.2 ) (15.2 ) Cumulative other comprehensive income (2) (1.9 ) (2.6 ) (2.5 ) (3.2 ) (2.2 ) Goodwill and other intangible assets (2)(3) (26.9 ) (26.3 ) (26.1 ) (25.6 ) (25.6 ) Investment in certain subsidiaries and other (0.8 ) (0.4 ) — (0.1 ) — Common Equity Tier 1 (1)(4) (A) 139.2 137.1 135.9 134.8 132.7 Preferred stock 20.0 18.0 18.0 17.2 15.2 Qualifying hybrid securities and noncontrolling interests — — — — — Other (0.4 ) (0.4 ) (0.5 ) (0.3 ) (0.3 ) Total Tier 1 capital 158.8 154.7 153.4 151.7 147.6 Long-term debt and other instruments qualifying as Tier 2 24.4 25.0 23.7 24.0 21.7 Qualifying allowance for credit losses 13.0 13.2 13.5 13.8 14.1 Other — — (0.1 ) — 0.2 Total Tier 2 capital 37.4 38.2 37.1 37.8 36.0 Total qualifying capital (B) $ 196.2 192.9 190.5 189.5 183.6 Risk-Weighted Assets (RWAs) (5)(6): Credit risk $ 1,234.6 1,192.9 1,171.8 1,145.7 1,120.3 Market risk 47.6 49.6 51.1 46.8 48.1 Total RWAs (C) $ 1,282.2 1,242.5 1,222.9 1,192.5 1,168.4 Capital Ratios (6): Common Equity Tier 1 to total RWAs (A)/(C) 10.86 % 11.04 11.11 11.31 11.36 Total capital to total RWAs (B)/(C) 15.30 15.53 15.58 15.89 15.71 (1) Basel III revises the definition of capital, increases minimum capital ratios, and introduces a minimum Common Equity Tier 1 (CET1) ratio. These changes are being fully phased in effective January 1, 2014, through the end of 2021. The capital ratios were determined using the Basel III definition of capital and the Basel III Standardized Approach RWAs as of March 31, 2015 and the general risk-based capital rules (General Approach) RWAs for 2014. (2) Under transition provisions to Basel III, cumulative other comprehensive income (previously deducted under Basel I) is included in CET1 over a specified phase-in period. In addition, certain intangible assets includable in CET1 are phased out over a specified period. (3) Goodwill and other intangible assets are net of any associated deferred tax liabilities. (4) CET1 (formerly Tier 1 common equity under Basel I) is a non-GAAP financial measure that is used by investors, analysts and bank regulatory agencies to assess the capital position of financial services companies. Management reviews CET1 along with other measures of capital as part of its financial analyses and has included this non-GAAP financial information, and the corresponding reconciliation to total equity, because of current interest in such information on the part of market participants. (5) Under the regulatory guidelines for risk-based capital, on-balance sheet assets and credit equivalent amounts of derivatives and off-balance sheet items are assigned to one of several broad risk categories according to the obligor, or, if relevant, the guarantor or the nature of any collateral. The aggregate dollar amount in each risk category is then multiplied by the risk weight associated with that category. The resulting weighted values from each of the risk categories are aggregated for determining total RWAs. The risk weights and categories were changed, and some were added, by Basel III for the Standardized Approach and will generally result in higher RWAs than result from the General Approach risk weights and categories. (6) The Company’s March 31, 2015, RWAs and capital ratios are preliminary.

Wells Fargo 1Q15 Supplement 28 Common Equity Tier 1 under Basel III (Advanced Approach, fully phased-in) Wells Fargo & Company and Subsidiaries COMMON EQUITY TIER 1 UNDER BASEL III (ADVANCED APPROACH, FULLY PHASED-IN) (1)(2) (in billions) Mar 31, 2015 Common Equity Tier 1 (transition amount) under Basel III $ 139.2 Adjustments from transition amount to fully phased-in under Basel III (3): Cumulative other comprehensive income 1.9 Other (2.0 ) Total adjustments (0.1 ) Common Equity Tier 1 (fully phased-in) under Basel III (C) $ 139.1 Total RWAs anticipated under Basel III (4)(5) (D) $ 1,320.3 Common Equity Tier 1 to total RWAs anticipated under Basel III (Advanced Approach, fully phased-in) (5) (C)/(D) 10.53 % (1) CET1 is a non-GAAP financial measure that is used by investors, analysts and bank regulatory agencies to assess the capital position of financial services companies. Management reviews CET1 along with other measures of capital as part of its financial analyses and has included this non-GAAP financial information, and the corresponding reconciliation to total equity, because of current interest in such information on the part of market participants. (2) The Basel III CET1 and RWAs are estimated based on the Basel III capital rules adopted July 2, 2013, by the FRB. The rules establish a new comprehensive capital framework for U.S. banking organizations that implement the Basel III capital framework and certain provisions of the Dodd-Frank Act. The rules are being phased in effective January 1, 2014 through the end of 2021. (3) Assumes cumulative other comprehensive income is fully phased in and certain other intangible assets are fully phased out under Basel III capital rules. (4) The final Basel III capital rules provide for two capital frameworks: the Standardized Approach intended to replace Basel I, and the Advanced Approach applicable to certain institutions. Under the final rules, we will be subject to the lower of our CET1 ratio calculated under the Standardized Approach and under the Advanced Approach in the assessment of our capital adequacy. While the amount of RWAs determined under the Standardized and Advanced Approaches has been converging, management’s estimate of RWAs as of March 31, 2015, is based on the Advanced Approach, which is currently estimated to be higher than RWAs under the Standardized Approach, resulting in a lower CET1 compared with the Standardized Approach. Basel III capital rules adopted by the Federal Reserve Board incorporate different classification of assets, with risk weights based on Wells Fargo’s internal models, along with adjustments to address a combination of credit/counterparty, operational and market risks, and other Basel III elements. (5) The Company’s March 31, 2015, RWAs and capital ratio are preliminary.

Wells Fargo 1Q15 Supplement 29 Forward-looking statements and additional information Forward-looking statements: This document contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. In addition, we may make forward-looking statements in our other documents filed or furnished with the SEC, and our management may make forward- looking statements orally to analysts, investors, representatives of the media and others. Forward-looking statements can be identified by words such as “anticipates,” “intends,” “plans,” “seeks,” “believes,” “estimates,” “expects,” “target,” “projects,” “outlook,” “forecast,” “will,” “may,” “could,” “should,” “can” and similar references to future periods. In particular, forward-looking statements include, but are not limited to, statements we make about: (i) the future operating or financial performance of the Company, including our outlook for future growth; (ii) our noninterest expense and efficiency ratio; (iii) future credit quality and performance, including our expectations regarding future loan losses and allowance levels; (iv) the appropriateness of the allowance for credit losses; (v) our expectations regarding net interest income and net interest margin; (vi) loan growth or the reduction or mitigation of risk in our loan portfolios; (vii) future capital levels and our estimated Common Equity Tier 1 ratio under Basel III capital standards; (viii) the performance of our mortgage business and any related exposures; (ix) the expected outcome and impact of legal, regulatory and legislative developments, as well as our expectations regarding compliance therewith; (x) future common stock dividends, common share repurchases and other uses of capital; (xi) our targeted range for return on assets and return on equity; (xii) the outcome of contingencies, such as legal proceedings; and (xiii) the Company’s plans, objectives and strategies. Forward-looking statements are not based on historical facts but instead represent our current expectations and assumptions regarding our business, the economy and other future conditions. Investors are urged to not unduly rely on forward- looking statements as actual results could differ materially from expectations. Forward-looking statements speak only as of the date made, and we do not undertake to update them to reflect changes or events that occur after that date. For more information about factors that could cause actual results to differ materially from expectations, refer to the “Forward-Looking Statements” discussion in Wells Fargo’s press release announcing our first quarter 2015 results and in our most recent Quarterly Report on Form 10-Q, as well as to Wells Fargo’s other reports filed with the Securities and Exchange Commission, including the discussion under “Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2014. Purchased credit-impaired loan portfolio: Loans that were acquired from Wachovia that were considered credit impaired were written down at acquisition date in purchase accounting to an amount estimated to be collectible and the related allowance for loan losses was not carried over to Wells Fargo’s allowance. In addition, such purchased credit-impaired loans are not classified as nonaccrual or nonperforming, and are not included in loans that were contractually 90+ days past due and still accruing. Any losses on such loans are charged against the nonaccretable difference established in purchase accounting and are not reported as charge-offs (until such difference is fully utilized). As a result of accounting for purchased loans with evidence of credit deterioration, certain ratios of the combined company are not comparable to a portfolio that does not include purchased credit-impaired loans. In certain cases, the purchased credit-impaired loans may affect portfolio credit ratios and trends. Management believes that the presentation of information adjusted to exclude the purchased credit-impaired loans provides useful disclosure regarding the credit quality of the non-impaired loan portfolio. Accordingly, certain of the loan balances and credit ratios in this document have been adjusted to exclude the purchased credit-impaired loans. References in this document to impaired loans mean the purchased credit-impaired loans. Please see page 31 of the press release announcing our 1Q15 results for additional information regarding the purchased credit-impaired loans.