Exhibit 99.1

Media	Investors
Ancel Martinez	Jim Rowe
415-222-3858	415-396-8216

Friday, July 15, 2016

WELLS FARGO REPORTS $5.6 BILLION IN QUARTERLY NET INCOME;

Diluted EPS of $1.01; Revenue Up 4 Percent from Prior Year

▪ Continued strong financial results:

◦ Net income of $5.6 billion, compared with $5.7 billion in second quarter 2015

◦ Diluted earnings per share (EPS) of $1.01, compared with $1.03

◦ Revenue of $22.2 billion, up 4 percent

◦ Pre-tax pre-provision profit¹of $9.3 billion, up 5 percent

◦ Return on assets of 1.20 percent and return on equity of 11.70 percent

▪ Strong growth in loans and deposits:

◦ Total average loans of $950.8 billion, up $80.3 billion, or 9 percent, from second quarter 2015

◦ Total average deposits of $1.2 trillion, up $51.4 billion, or 4 percent

▪ Solid overall credit quality:

◦ Net charge-offs of $924 million, up $274 million from second quarter 2015 on higher losses in the oil and gas portfolio

▪ Net charge-offs were 0.39 percent of average loans (annualized), up from 0.30 percent

◦ Nonaccrual loans down $480 million, or 4 percent

◦ Reserve build² of $150 million, primarily driven by loan growth, compared with a $350 million reserve release² in second quarter 2015

▪ Maintained strong capital levels while continuing to return capital to shareholders:

◦ Common Equity Tier 1 ratio (fully phased-in) of 10.6 percent³

◦ Total stockholders' equity exceeded $200 billion for the first time

◦ Period-end common shares outstanding down 27.4 million from first quarter 2016

◦ Increased quarterly common stock dividend to $0.38 per share under the Company's 2015 Comprehensive Capital Analysis and Review (CCAR) submission

▪ Received a non-objection to the Company's 2016 CCAR submission from the Federal Reserve

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 Reserve build represents the amount by which the provision for credit losses exceeds net charge-offs, while reserve release represents the amount by which net charge-offs exceed the provision for credit losses.

³ See table on page 36 for more information on Common Equity Tier 1. Common Equity Tier 1 (fully phased-in) is a preliminary estimate and is calculated assuming the full phase-in of the Basel III capital rules.

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Selected Financial Information

				Quarter ended
	Jun 30, 2016			Mar 31, 2016	Jun 30, 2015
Earnings
Diluted earnings per common share	$	1.01		0.99	1.03
Wells Fargo net income (in billions)	5.56			5.46	5.72
Return on assets (ROA)	1.20		%	1.21	1.33
Return on equity (ROE)	11.70			11.75	12.71
Return on average tangible common equity (ROTCE)(a)	14.15			14.15	15.32
Asset Quality
Net charge-offs (annualized) as a % of average total loans	0.39		%	0.38	0.30
Allowance for credit losses as a % of total loans	1.33			1.34	1.42
Allowance for credit losses as a % of annualized net charge-offs	343			355	484
Other
Revenue (in billions)	$	22.2		22.2	21.3
Efficiency ratio	58.1		%	58.7	58.5
Average loans (in billions)	$	950.8		927.2	870.4
Average deposits (in billions)	1,236.7			1,219.4	1,185.3
Net interest margin	2.86		%	2.90	2.97

(a) Tangible common equity is a non-GAAP financial measure and represents total equity less preferred equity, noncontrolling interests, and goodwill and certain identifiable intangible assets (including goodwill and intangible assets associated with certain of our nonmarketable equity investments but excluding mortgage servicing rights), net of applicable deferred taxes. The methodology of determining tangible common equity may differ among companies. Management believes that return on average tangible common equity, which utilizes tangible common equity, is a useful financial measure because it enables investors and others to assess the Company's use of equity. For additional information, including a corresponding reconciliation to GAAP financial measures, see the "Tangible Common Equity" tables on page 35.

SAN FRANCISCO – Wells Fargo & Company (NYSE:WFC) reported net income of $5.6 billion, or $1.01 per diluted common share, for second quarter 2016, compared with $5.7 billion, or $1.03 per share, for second quarter 2015, and $5.5 billion, or $0.99 per share, for first quarter 2016.

Chairman and CEO John Stumpf said, “Wells Fargo's second quarter results demonstrated our ability to generate consistent performance during periods of economic, capital markets and interest rate uncertainty. Compared with a year ago, we had solid growth in loans, deposits and customers, which are our fundamental drivers of long-term value. We also improved our efficiency ratio while continuing to reinvest in the franchise. We returned more capital to our shareholders in the quarter and were pleased to have received a non-objection to our 2016 Capital Plan from the Federal Reserve. We remain well positioned to continue to meet the financial needs of our customers.”

Chief Financial Officer John Shrewsberry added, “Second quarter results benefited from our diversified business model, as demonstrated by higher linked-quarter net interest income, growth in many of our fee-based businesses and positive operating leverage. Earning assets increased in the second quarter, driven by growth in both loans and investment securities. Investment securities were up $18.5 billion in the second quarter, reflecting gross purchases of approximately $38 billion compared with $5 billion in first quarter. Second quarter purchases were made at interest rate levels above those available late in the quarter, after the 'Brexit' vote. We continue to have capacity for additional deployment of liquidity, but will remain disciplined in our investment approach. Capital remained strong with a net payout ratio⁴ of 62 percent in the quarter, as we returned $3.2 billion to shareholders through common stock dividends and net share repurchases."

⁴ 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.

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Net Interest Income

Net interest income in second quarter 2016 increased $66 million from first quarter 2016 to $11.7 billion, primarily driven by loan growth, including the full quarter benefit of the assets acquired from GE Capital that closed late in the first quarter. The benefit to net interest income from loan growth was partially offset by reduced income in the investment securities portfolio reflecting accelerated prepayments, primarily on our mortgage-backed securities (MBS), increased interest expense from higher debt balances, and lower interest income from trading assets.

Net interest margin was 2.86 percent, down 4 basis points from first quarter 2016. The decline was primarily driven by the impact of growth in long-term debt, growth in deposits and reduced income on investment securities. The impact of all other balance sheet growth, mix changes and repricing was beneficial to the net interest margin.

Noninterest Income

Noninterest income in the second quarter was $10.4 billion, down from $10.5 billion in first quarter 2016. Second quarter noninterest income reflected higher net gains on debt securities, trust and investment fees, net gains from trading activities, lease income, card fees and service charges on deposit accounts. These increases were partially offset by a linked-quarter reduction in other income, driven by a decline in hedge ineffectiveness income from $379 million in first quarter 2016 to $56 million in second quarter. Other income also included a $290 million gain on the sale of our health benefit services business in second quarter 2016, while first quarter results included a $381 million gain from the sale of our crop insurance business. Insurance revenue declined $141 million linked quarter, due to the sale of our crop insurance business.

Trust and investment fees were $3.5 billion, up $162 million from the prior quarter, primarily due to higher investment banking fees, as well as higher retail brokerage asset-based fees and transaction activity, and trust and investment management fees.

Mortgage banking noninterest income was $1.4 billion, down $184 million from first quarter 2016, as a $306 million increase in origination gains was more than offset by a decline in servicing revenue due in part to lower mortgage servicing rights (MSR) hedging results. Residential mortgage loan originations were $63 billion in the second quarter, up $19 billion linked quarter. The production margin on residential held-for-sale mortgage loan originations⁵ was 1.66 percent, compared with 1.68 percent in first quarter.

Noninterest Expense

Noninterest expense declined $162 million from the prior quarter, primarily due to lower employee benefits, which were seasonally elevated in first quarter 2016, as well as lower operating losses. Insurance expense also declined as a result of the first quarter 2016 sale of our crop insurance business. The decline in noninterest expense was partially offset by higher outside professional services, primarily for project-related expenses, and higher operating lease depreciation expense as a result of the GE Capital transactions. The efficiency ratio was 58.1 percent in second quarter 2016, compared with 58.7 percent in the prior quarter. The Company continues to expect to operate at the higher end of its targeted efficiency ratio range of 55 to 59 percent for full year 2016.

⁵ Production margin represents net gains on residential mortgage loan origination/sales activities divided by total residential held-for-sale mortgage originations. See the Selected Five Quarter Residential Mortgage Production Data table on page 41 for more information.

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Loans

Total loans were $957.2 billion at June 30, 2016, up $9.9 billion, or 1 percent, from March 31, 2016, driven by growth in commercial loans, including commercial and industrial and real estate mortgage loans, as well as growth in consumer loans, including real estate 1-4 family first mortgage loans, credit card and automobile. Total average loans were $950.8 billion in the second quarter, up $23.5 billion from the prior quarter, and included the full quarter impact of the March 1, 2016 acquisition of GE Capital's Commercial Distribution Finance and Vendor Finance businesses, as well as a portion of its Corporate Finance business.

Period-End Loan Balances

(in millions)	Jun 30, 2016		Mar 31, 2016	Dec 31, 2015	Sep 30, 2015	Jun 30, 2015
Commercial	$	494,538	488,205	456,583	447,338	438,022
Consumer	462,619		459,053	459,976	455,895	450,437
Total loans	$	957,157	947,258	916,559	903,233	888,459
Change from prior quarter	$	9,899	30,699	13,326	14,774	27,228

Investment Securities

Investment securities were $353.4 billion at June 30, 2016, up $18.5 billion from first quarter, as approximately $38 billion of purchases, predominantly federal agency MBS for our held-to-maturity portfolio, were partially offset by run-off, including accelerated prepayments of investment securities, and sales.

Net unrealized available-for-sale securities gains of $4.5 billion at June 30, 2016, increased from $3.5 billion at March 31, 2016, primarily due to a decline in interest rates, which was partially offset by widening credit spreads.

Deposits

Total average deposits for second quarter 2016 were $1.2 trillion, up 1 percent from the prior quarter, driven by a $13.4 billion increase in consumer and small business. The average deposit cost for second quarter 2016 was 11 basis points, up 3 basis points from a year ago and up 1 basis point from the prior quarter.

Capital

Capital levels remained strong in the second quarter, with Common Equity Tier 1 (fully phased-in) (CET1) of 10.6 percent³, compared with 10.6 percent in the prior quarter. In second quarter 2016, the Company repurchased 44.8 million shares of its common stock, reducing period-end common shares outstanding by 27.4 million shares. The Company paid a quarterly common stock dividend of $0.38 per share, up from $0.375 per share a year ago. The Company received a non-objection to its 2016 Capital Plan from the Federal Reserve.

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Credit Quality

“Overall credit results were solid in the second quarter as our quarterly loss rate remained low, at 0.39 percent (annualized)," said Chief Risk Officer Mike Loughlin. "The loan portfolio continued to perform well, led by further improvement in consumer real estate. Oil and gas portfolio performance during the quarter was generally consistent with our expectations. Results in the oil and gas portfolio remained under pressure with higher credit losses and nonaccrual loans, while our allowance coverage ratio for the portfolio remained stable at 9.2 percent at quarter-end. The allowance for credit losses in the second quarter reflected a reserve build² of $150 million, primarily attributable to loan growth in the commercial, automobile and credit card portfolios. Future allowance levels will be based on a variety of factors, including loan growth, portfolio performance and general economic conditions.”

Net Loan Charge-offs

The quarterly loss rate of 0.39 percent (annualized) reflected commercial losses of 0.29 percent and consumer losses of 0.49 percent. Credit losses were $924 million in second quarter 2016, compared with $886 million in first quarter 2016, on $59 million higher oil and gas portfolio losses. Consumer losses decreased $82 million, driven by a $46 million decline in consumer real estate losses and a $37 million decline in automobile losses reflecting seasonality.

Net Loan Charge-Offs

	Quarter ended
	June 30, 2016					March 31, 2016					December 31, 2015
($ 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	$	368		0.46	%	$	273		0.36	%	$	215		0.29	%
Real estate mortgage	(20		)	(0.06	)	(29		)	(0.10	)	(19		)	(0.06	)
Real estate construction	(3		)	(0.06	)	(8		)	(0.13	)	(10		)	(0.18	)
Lease financing	12			0.27		1			0.01		1			0.01
Total commercial	357			0.29		237			0.20		187			0.16
Consumer:
Real estate 1-4 family first mortgage	14			0.02		48			0.07		50			0.07
Real estate 1-4 family junior lien mortgage	62			0.49		74			0.57		70			0.52
Credit card	270			3.25		262			3.16		243			2.93
Automobile	90			0.59		127			0.85		135			0.90
Other revolving credit and installment	131			1.32		138			1.42		146			1.49
Total consumer	567			0.49		649			0.57		644			0.56
Total	$	924		0.39	%	$	886		0.38	%	$	831		0.36	%

(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.

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Nonperforming Assets

Nonperforming assets decreased $433 million from first quarter 2016 to $13.1 billion. Nonaccrual loans decreased $271 million from first quarter to $12.0 billion as an $809 million decrease in consumer nonaccruals was partially offset by a $651 million increase in oil and gas nonaccruals. Foreclosed assets of $1.1 billion were down $162 million from first quarter 2016.

Nonperforming Assets (Nonaccrual Loans and Foreclosed Assets)

	June 30, 2016					March 31, 2016				December 31, 2015
($ 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	$	3,464		1.07	%	$	2,911	0.91	%	$	1,363		0.45	%
Real estate mortgage	872			0.68		896		0.72		969			0.79
Real estate construction	59			0.25		63		0.27		66			0.30
Lease financing	112			0.59		99		0.52		26			0.21
Total commercial	4,507			0.91		3,969		0.81		2,424			0.53
Consumer:
Real estate 1-4 family first mortgage	5,970			2.15		6,683		2.43		7,293			2.66
Real estate 1-4 family junior lien mortgage	1,330			2.67		1,421		2.77		1,495			2.82
Automobile	111			0.18		114		0.19		121			0.20
Other revolving credit and installment	45			0.11		47		0.12		49			0.13
Total consumer	7,456			1.61		8,265		1.80		8,958			1.95
Total nonaccrual loans	11,963			1.25		12,234		1.29		11,382			1.24
Foreclosed assets:
Government insured/guaranteed	321					386				446
Non-government insured/guaranteed	796					893				979
Total foreclosed assets	1,117					1,279				1,425
Total nonperforming assets	$	13,080		1.37	%	$	13,513	1.43	%	$	12,807		1.40	%
Change from prior quarter:
Total nonaccrual loans	$	(271	)			$	852			$	(155	)
Total nonperforming assets	(433		)			706				(497		)

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 $788 million at June 30, 2016, down from $803 million at March 31, 2016. 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 mortgage loans and the U.S. Department of Education for student loans under the Federal Family Education Loan Program were $11.6 billion at June 30, 2016, down from $12.3 billion at March 31, 2016.

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Allowance for Credit Losses

The allowance for credit losses, including the allowance for unfunded commitments, totaled $12.7 billion at June 30, 2016, compared with $12.7 billion at March 31, 2016. The allowance coverage for total loans was 1.33 percent, compared with 1.34 percent in first quarter 2016. The allowance covered 3.4 times annualized second quarter net charge-offs, compared with 3.6 times in the prior quarter. The allowance coverage for nonaccrual loans was 107 percent at June 30, 2016, compared with 104 percent at March 31, 2016. “We believe the allowance was appropriate for losses inherent in the loan portfolio at June 30, 2016,” said Loughlin.

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)	Jun 30, 2016		Mar 31, 2016	Jun 30, 2015
Community Banking	$	3,179	3,296	3,215
Wholesale Banking	2,073		1,921	2,191
Wealth and Investment Management	584		512	586

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)	Jun 30, 2016		Mar 31, 2016	Jun 30, 2015
Total revenue	$	12,204	12,614	11,967
Provision for credit losses	689		720	397
Noninterest expense	6,648		6,836	6,719
Segment net income	3,179		3,296	3,215
(in billions)
Average loans	485.7		484.3	472.3
Average assets	967.6		947.4	910.0
Average deposits	703.7		683.0	654.8

Community Banking reported net income of $3.2 billion, down $117 million, or 4 percent, from first quarter 2016. Revenue of $12.2 billion decreased $410 million, or 3 percent, from first quarter 2016 due to lower other income (hedge ineffectiveness), mortgage banking revenue, and net interest income, partially offset by higher gains from sale of debt securities. Noninterest expense decreased $188 million, or 3 percent, compared with first quarter 2016, due to lower operating losses and other expense, partially offset by higher project-related expense. The provision for credit losses decreased $31 million from the prior quarter.

Net income was down $36 million, or 1 percent, from second quarter 2015. Revenue increased $237 million, or 2 percent, compared with a year ago due to higher gains on sale of debt securities, other income (hedge ineffectiveness), net interest income and card fees, partially offset by lower mortgage banking revenue, gains on

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equity investments, and trust and investment fees. Noninterest expense decreased $71 million, or 1 percent, from a year ago driven by lower operating losses and foreclosed assets expense, partially offset by higher personnel costs. The provision for credit losses increased $292 million from a year ago primarily due to a reserve build compared with a reserve release in second quarter 2015.

Regional Banking

• Retail Banking

◦ Primary consumer checking customers⁶ up 4.7 percent year-over-year⁷

◦ Debit card purchase volume⁸ of $76.4 billion in second quarter, up 8 percent year-over-year

◦ Retail Banking household cross-sell ratio of 6.27 products per household, compared with 6.32 year-over-year^7, 9

• Small Business Banking

◦ Launched new online FastFlex^SM Small Business Loan offering a fast decision and funding as soon as the next business day

◦ Wells Fargo was the nation’s #1 SBA 7(a) small business lender in dollars and units for the first three quarters of the 2016 federal fiscal year¹⁰

• Digital Banking

◦ 27.4 million digital (online and mobile) active customers, including 18 million mobile active users^7, 11

Consumer Lending Group

• Home Lending

◦ Originations of $63 billion, up from $44 billion in prior quarter

◦ Applications of $95 billion, up from $77 billion in prior quarter

◦ Application pipeline of $47 billion at quarter end, up from $39 billion at March 31, 2016

◦ Launched yourFirst Mortgage^SM to help more first-time homebuyers and low- to moderate-income families achieve sustainable homeownership

• Consumer Credit

◦ Credit card purchase volume of $19.4 billion in second quarter, up 10 percent year-over-year

◦ Credit card penetration in retail banking households rose to 45.6 percent, up from 44.6 percent in prior year^7, 12

◦ Auto originations of $8.3 billion in second quarter, up 8 percent from prior quarter and up 2 percent from prior year

⁶ Customers who actively use their checking account with transactions such as debit card purchases, online bill payments, and direct deposit.

⁷ Data as of May 2016, comparisons with May 2015.

⁸ Combined consumer and business debit card purchase volume dollars.

⁹ Effective second quarter 2016, Retail Banking households reflect only those households that maintain a retail checking account, which we believe provides the foundation for long-term retail banking relationships. Additionally, we updated the products included to capture business products in addition to retail products that have the potential for revenue generation and long-term viability. Products and services that generally do not meet these criteria - such as ATM cards, online banking, bill pay and direct deposit - are not included. Prior period metrics have been revised to conform with the updated methodology.

¹⁰ U.S. SBA data, partial fiscal year as of June 2016 (federal fiscal full-year 2016 is October 2015-September 2016).

¹¹ Primarily includes retail banking, consumer lending, small business and business banking customers.

¹² Effective second quarter 2016, Retail Banking households reflect only those households that maintain a retail checking account, which we believe provides the foundation for long-term retail banking relationships. Prior period metrics have been revised to conform with the updated methodology.

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Wholesale Bankingprovides financial solutions to businesses across the United States and globally with annual sales generally in excess of $5 million. Products and businesses include Business Banking, 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 and Asset Backed Finance.

Selected Financial Information

	Quarter ended
(in millions)	Jun 30, 2016		Mar 31, 2016	Jun 30, 2015
Total revenue	$	7,284	6,958	6,610
Provision (reversal of provision) for credit losses	385		363	(84	)
Noninterest expense	4,036		3,968	3,504
Segment net income	2,073		1,921	2,191
(in billions)
Average loans	451.4		429.8	386.2
Average assets	772.6		748.6	713.7
Average deposits	425.8		428.0	432.4

Wholesale Banking reported net income of $2.1 billion, up $152 million, or 8 percent, from first quarter 2016. Revenue of $7.3 billion increased $326 million, or 5 percent, from prior quarter due to the full quarter impact of the March 1, 2016 GE Capital acquisition, broad-based loan growth, strong customer accommodation trading results and increased investment banking fees as well as the gain on sale of our health benefit services business, partially offset by lower insurance fees due to the sale of our crop insurance business in the first quarter. Noninterest expense increased $68 million, or 2 percent, from the prior quarter driven by the full quarter impact of the GE Capital acquisition, as well as higher project-related spending, partially offset by seasonally lower personnel expenses and lower insurance commissions due to the sale of our crop insurance business. The provision for credit losses increased $22 million from the prior quarter.

Net income was down $118 million, or 5 percent, from second quarter 2015. Revenue increased $674 million, or 10 percent, from second quarter 2015, on strong loan growth, including the GE Capital acquisitions, the gain on sale of our health benefit services business, higher customer accommodation trading, increased investment banking fees and higher treasury management fees, partially offset by lower insurance fees due to the sale of our crop insurance business, lower commercial real estate brokerage fees and lower gains on equity investments. Noninterest expense increased $532 million, or 15 percent, from a year ago primarily due to the GE Capital acquisitions and higher personnel expenses related to growth initiatives, compliance, and regulatory requirements. The provision for credit losses increased $469 million from a year ago primarily due to higher oil and gas net charge-offs. The second quarter 2015 results included an $89 million reserve release.

• Average loans increased 17 percent from second quarter 2015, on broad-based growth, including asset-backed finance, commercial real estate, corporate banking, equipment finance and structured real estate as well as the GE Capital acquisitions

• Treasury management revenue up 5 percent from second quarter 2015

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• The Commercial Electronic Office^® (CEO) mobile channel piloted biometric authentication to customers in second quarter, using eyeprint image capture technology

Wealth and Investment Management(WIM) provides a full range of personalized wealth management, investment and retirement products and services to clients across U.S. based businesses including Wells Fargo Advisors, The Private Bank, Abbot Downing, Wells Fargo Institutional Retirement and Trust, and Wells Fargo Asset Management. We deliver financial planning, private banking, credit, investment management and fiduciary services to high-net worth and ultra-high-net worth individuals and families. We also serve customers’ brokerage needs, supply retirement and trust services to institutional clients and provide investment management capabilities delivered to global institutional clients through separate accounts and the Wells Fargo Funds.

Selected Financial Information

	Quarter ended
(in millions)	Jun 30, 2016		Mar 31, 2016		Jun 30, 2015
Total revenue	$	3,919	3,854		3,976
Provision (reversal of provision) for credit losses	2		(14	)	(10	)
Noninterest expense	2,976		3,042		3,038
Segment net income	584		512		586
(in billions)
Average loans	66.7		64.1		59.3
Average assets	205.3		208.1		189.1
Average deposits	182.5		184.5		168.2

Wealth and Investment Management reported net income of $584 million, up $72 million, or 14 percent, from first quarter 2016. Revenue of $3.9 billion increased $65 million, or 2 percent, from the prior quarter, primarily due to higher asset-based fees and brokerage transaction revenue. Noninterest expense decreased $66 million, or 2 percent, from the prior quarter, primarily driven by lower personnel expenses from seasonally higher first quarter expense, partially offset by higher broker commissions. The provision for credit losses was up $16 million from first quarter 2016 due to higher net charge-offs.

Net income was relatively flat compared with second quarter 2015. Revenue decreased $57 million, or 1 percent, from a year ago primarily driven by lower asset-based fees and brokerage transaction revenue, partially offset by higher net interest income as average loans increased $7.4 billion, or 12 percent, to $66.7 billion. Noninterest expense decreased $62 million, or 2 percent, from a year ago, primarily due to lower operating losses. The provision for credit losses increased $12 million from a year ago primarily due to higher net charge-offs.

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Retail Brokerage

• Client assets of $1.5 trillion, up 2 percent from prior year

• Advisory assets of $444 billion, up 2 percent from prior year, primarily driven by positive net flows

• Strong loan growth, with average balances up 20 percent from prior year largely due to continued growth in non-conforming mortgage loans and security-based lending

Wealth Management

• Client assets of $224 billion, stable from prior year

• Average loan balances up 9 percent over prior year primarily driven by continued growth in non-conforming mortgage loans, commercial loans and security-based lending

Retirement

• IRA assets of $367 billion, up 1 percent from prior year

• Institutional Retirement plan assets of $337 billion, down 3 percent from prior year

Asset Management

• Total assets under management of $484 billion, down 1 percent from prior year primarily due to equity fund outflows, partially offset by favorable fixed income net inflows and higher market valuations

Conference Call

The Company will host a live conference call on Friday, July 15, at 7 a.m. PT (10 a.m. ET). 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 https://www.wellsfargo.com/about/investor-relations/quarterly-earnings/ and at https://engage.vevent.com/rt/wells_fargo_ao~071516.

A replay of the conference call will be available beginning at 10 a.m. PT (1 p.m. ET) on Friday, July 15 through Friday, July 29. Please dial 855-859-2056 (U.S. and Canada) or 404-537-3406 (International) and enter Conference ID #96514871. The replay will also be available online at https://www.wellsfargo.com/about/investor-relations/quarterly-earnings/ and at https://engage.vevent.com/rt/wells_fargo_ao~071516.

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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 or targets 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, 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;

• 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;

• significant turbulence or a 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

- 13 -

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, 2015.

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, 2015, 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.

- 14 -

About Wells Fargo

Wells Fargo & Company (NYSE: WFC) is a diversified, community-based financial services company with $1.9 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 8,600 locations, 13,000 ATMs, the internet (wellsfargo.com) and mobile banking, and has offices in 36 countries and territories to support customers who conduct business in the global economy. With approximately 268,000 team members, Wells Fargo serves one in three households in the United States. Wells Fargo & Company was ranked No. 27 on Fortune’s 2016 rankings of America’s largest corporations. Wells Fargo’s vision is to satisfy our customers’ financial needs and help them succeed financially.

# # #

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Wells Fargo & Company and Subsidiaries

QUARTERLY FINANCIAL DATA

TABLE OF CONTENTS

	Pages
Summary Information
Summary Financial Data	16
Income
Consolidated Statement of Income	18
Consolidated Statement of Comprehensive Income	20
Condensed Consolidated Statement of Changes in Total Equity	20
Average Balances, Yields and Rates Paid (Taxable-Equivalent Basis)	21
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
Changes in Allowance for Credit Losses	34
Equity
Tangible Common Equity	35
Common Equity Tier 1 Under Basel III	36
Operating Segments
Operating Segment Results	37
Other
Mortgage Servicing and other related data	39

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Wells Fargo & Company and Subsidiaries

SUMMARY FINANCIAL DATA

	Quarter ended					% Change Jun 30, 2016 from				Six months ended
($ in millions, except per share amounts)	Jun 30, 2016			Mar 31, 2016	Jun 30, 2015	Mar 31, 2016		Jun 30, 2015		Jun 30, 2016		Jun 30, 2015	% Change
For the Period
Wells Fargo net income	$	5,558		5,462	5,719	2	%	(3	)	$	11,020	11,523	(4	)%
Wells Fargo net income applicable to common stock	5,173			5,085	5,363	2		(4	)	10,258		10,824	(5	)
Diluted earnings per common share	1.01			0.99	1.03	2		(2	)	2.00		2.07	(3	)
Profitability ratios (annualized):
Wells Fargo net income to average assets (ROA)	1.20		%	1.21	1.33	(1	)	(10	)	1.20		1.35	(11	)
Wells Fargo net income applicable to common stock to average Wells Fargo common stockholders’ equity (ROE)	11.70			11.75	12.71	—		(8	)	11.72		12.94	(9	)
Return on average tangible common equity (ROTCE)(1)	14.15			14.15	15.32	—		(8	)	14.15		15.61	(9	)
Efficiency ratio (2)	58.1			58.7	58.5	(1	)	(1	)	58.4		58.6	—
Total revenue	$	22,162		22,195	21,318	—		4		$	44,357	42,596	4
Pre-tax pre-provision profit (PTPP) (3)	9,296			9,167	8,849	1		5		18,463		17,620	5
Dividends declared per common share	0.380			0.375	0.375	1		1		0.755		0.725	4
Average common shares outstanding	5,066.9			5,075.7	5,151.9	—		(2	)	5,071.3		5,156.1	(2	)
Diluted average common shares outstanding	5,118.1			5,139.4	5,220.5	—		(2	)	5,129.8		5,233.2	(2	)
Average loans	$	950,751		927,220	870,446	3		9		$	938,986	866,873	8
Average assets	1,862,084			1,819,875	1,729,278	2		8		1,840,980		1,718,597	7
Average total deposits	1,236,658			1,219,430	1,185,304	1		4		1,228,044		1,180,077	4
Average consumer and small business banking deposits (4)	726,359			714,837	674,889	2		8		720,598		670,418	7
Net interest margin	2.86		%	2.90	2.97	(1	)	(4	)	2.88		2.96	(3	)
At Period End
Investment securities	$	353,426		334,899	340,769	6		4		$	353,426	340,769	4
Loans	957,157			947,258	888,459	1		8		957,157		888,459	8
Allowance for loan losses	11,664			11,621	11,754	—		(1	)	11,664		11,754	(1	)
Goodwill	26,963			27,003	25,705	—		5		26,963		25,705	5
Assets	1,889,235			1,849,182	1,720,617	2		10		1,889,235		1,720,617	10
Deposits	1,245,473			1,241,490	1,185,828	—		5		1,245,473		1,185,828	5
Common stockholders' equity	178,633			175,534	169,596	2		5		178,633		169,596	5
Wells Fargo stockholders’ equity	201,745			197,496	189,558	2		6		201,745		189,558	6
Total equity	202,661			198,504	190,676	2		6		202,661		190,676	6
Tangible common equity (1)	148,110			144,679	140,520	2		5		148,110		140,520	5
Common shares outstanding	5,048.5			5,075.9	5,145.2	(1	)	(2	)	5,048.5		5,145.2	(2	)
Book value per common share (5)	$	35.38		34.58	32.96	2		7		$	35.38	32.96	7
Tangible book value per common share (1)(5)	29.34			28.50	27.31	3		7		29.34		27.31	7
Common stock price:
High	51.41			53.27	58.26	(3	)	(12	)	53.27		58.26	(9	)
Low	44.50			44.50	53.56	—		(17	)	44.50		50.42	(12	)
Period end	47.33			48.36	56.24	(2	)	(16	)	47.33		56.24	(16	)
Team members (active, full-time equivalent)	267,900			268,600	265,800	—		1		267,900		265,800	1

(1) Tangible common equity is a non-GAAP financial measure and represents total equity less preferred equity, noncontrolling interests, and goodwill and certain identifiable intangible assets (including goodwill and intangible assets associated with certain of our nonmarketable equity investments but excluding mortgage servicing rights), net of applicable deferred taxes. The methodology of determining tangible common equity may differ among companies. Management believes that return on average tangible common equity and tangible book value per common share, which utilize tangible common equity, are useful financial measures because they enable investors and others to assess the Company's use of equity. For additional information, including a corresponding reconciliation to GAAP financial measures, see the "Tangible Common Equity" tables on page 35.

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

(3) 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.

(4) Consumer and small business banking deposits are total deposits excluding mortgage escrow and wholesale deposits.

(5) Book value per common share is common stockholders' equity divided by common shares outstanding. Tangible book value per common share is tangible common equity divided by common shares outstanding.

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Wells Fargo & Company and Subsidiaries

FIVE QUARTER SUMMARY FINANCIAL DATA

	Quarter ended
($ in millions, except per share amounts)	Jun 30, 2016			Mar 31, 2016	Dec 31, 2015	Sep 30, 2015	Jun 30, 2015
For the Quarter
Wells Fargo net income	$	5,558		5,462	5,575	5,796	5,719
Wells Fargo net income applicable to common stock	5,173			5,085	5,203	5,443	5,363
Diluted earnings per common share	1.01			0.99	1.00	1.05	1.03
Profitability ratios (annualized):
Wells Fargo net income to average assets (ROA)	1.20		%	1.21	1.24	1.32	1.33
Wells Fargo net income applicable to common stock to average Wells Fargo common stockholders’ equity (ROE)	11.70			11.75	11.93	12.62	12.71
Return on average tangible common equity (ROTCE)(1)	14.15			14.15	14.30	15.19	15.32
Efficiency ratio (2)	58.1			58.7	58.4	56.7	58.5
Total revenue	$	22,162		22,195	21,586	21,875	21,318
Pre-tax pre-provision profit (PTPP) (3)	9,296			9,167	8,987	9,476	8,849
Dividends declared per common share	0.380			0.375	0.375	0.375	0.375
Average common shares outstanding	5,066.9			5,075.7	5,108.5	5,125.8	5,151.9
Diluted average common shares outstanding	5,118.1			5,139.4	5,177.9	5,193.8	5,220.5
Average loans	$	950,751		927,220	912,280	895,095	870,446
Average assets	1,862,084			1,819,875	1,787,287	1,746,402	1,729,278
Average total deposits	1,236,658			1,219,430	1,216,809	1,198,874	1,185,304
Average consumer and small business banking deposits (4)	726,359			714,837	696,484	683,245	674,889
Net interest margin	2.86		%	2.90	2.92	2.96	2.97
At Quarter End
Investment securities	$	353,426		334,899	347,555	345,074	340,769
Loans	957,157			947,258	916,559	903,233	888,459
Allowance for loan losses	11,664			11,621	11,545	11,659	11,754
Goodwill	26,963			27,003	25,529	25,684	25,705
Assets	1,889,235			1,849,182	1,787,632	1,751,265	1,720,617
Deposits	1,245,473			1,241,490	1,223,312	1,202,179	1,185,828
Common stockholders' equity	178,633			175,534	172,036	172,089	169,596
Wells Fargo stockholders’ equity	201,745			197,496	192,998	193,051	189,558
Total equity	202,661			198,504	193,891	194,043	190,676
Tangible common equity (1)	148,110			144,679	143,337	143,352	140,520
Common shares outstanding	5,048.5			5,075.9	5,092.1	5,108.5	5,145.2
Book value per common share (5)	$	35.38		34.58	33.78	33.69	32.96
Tangible book value per common share (1)(5)	29.34			28.50	28.15	28.06	27.31
Common stock price:
High	51.41			53.27	56.34	58.77	58.26
Low	44.50			44.50	49.51	47.75	53.56
Period end	47.33			48.36	54.36	51.35	56.24
Team members (active, full-time equivalent)	267,900			268,600	264,700	265,200	265,800

(1) Tangible common equity is a non-GAAP financial measure and represents total equity less preferred equity, noncontrolling interests, and goodwill and certain identifiable intangible assets (including goodwill and intangible assets associated with certain of our nonmarketable equity investments but excluding mortgage servicing rights), net of applicable deferred taxes. The methodology of determining tangible common equity may differ among companies. Management believes that return on average tangible common equity and tangible book value per common share, which utilize tangible common equity, are useful financial measures because they enable investors and others to assess the Company's use of equity. For additional information, including a corresponding reconciliation to GAAP financial measures, see the "Tangible Common Equity" tables on page 35.

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

(3) 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.

(4) Consumer and small business banking deposits are total deposits excluding mortgage escrow and wholesale deposits.

(5) Book value per common share is common stockholders' equity divided by common shares outstanding. Tangible book value per common share is tangible common equity divided by common shares outstanding.

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Wells Fargo & Company and Subsidiaries

CONSOLIDATED STATEMENT OF INCOME

	Quarter ended June 30,				%		Six months ended June 30,			%
(in millions, except per share amounts)	2016		2015		Change		2016		2015	Change
Interest income
Trading assets	$	572	483		18	%	$	1,168	928	26	%
Investment securities	2,176		2,181		—		4,438		4,325	3
Mortgages held for sale	181		209		(13	)	342		386	(11	)
Loans held for sale	3		5		(40	)	5		10	(50	)
Loans	9,822		9,098		8		19,399		18,036	8
Other interest income	392		250		57		766		504	52
Total interest income	13,146		12,226		8		26,118		24,189	8
Interest expense
Deposits	332		232		43		639		490	30
Short-term borrowings	77		21		267		144		39	269
Long-term debt	921		620		49		1,763		1,224	44
Other interest expense	83		83		—		172		180	(4	)
Total interest expense	1,413		956		48		2,718		1,933	41
Net interest income	11,733		11,270		4		23,400		22,256	5
Provision for credit losses	1,074		300		258		2,160		908	138
Net interest income after provision for credit losses	10,659		10,970		(3	)	21,240		21,348	(1	)
Noninterest income
Service charges on deposit accounts	1,336		1,289		4		2,645		2,504	6
Trust and investment fees	3,547		3,710		(4	)	6,932		7,387	(6	)
Card fees	997		930		7		1,938		1,801	8
Other fees	906		1,107		(18	)	1,839		2,185	(16	)
Mortgage banking	1,414		1,705		(17	)	3,012		3,252	(7	)
Insurance	286		461		(38	)	713		891	(20	)
Net gains from trading activities	328		133		147		528		541	(2	)
Net gains on debt securities	447		181		147		691		459	51
Net gains from equity investments	189		517		(63	)	433		887	(51	)
Lease income	497		155		221		870		287	203
Other	482		(140	)	NM		1,356		146	829
Total noninterest income	10,429		10,048		4		20,957		20,340	3
Noninterest expense
Salaries	4,099		3,936		4		8,135		7,787	4
Commission and incentive compensation	2,604		2,606		—		5,249		5,291	(1	)
Employee benefits	1,244		1,106		12		2,770		2,583	7
Equipment	493		470		5		1,021		964	6
Net occupancy	716		710		1		1,427		1,433	—
Core deposit and other intangibles	299		312		(4	)	592		624	(5	)
FDIC and other deposit assessments	255		222		15		505		470	7
Other	3,156		3,107		2		6,195		5,824	6
Total noninterest expense	12,866		12,469		3		25,894		24,976	4
Income before income tax expense	8,222		8,549		(4	)	16,303		16,712	(2	)
Income tax expense	2,649		2,763		(4	)	5,216		5,042	3
Net income before noncontrolling interests	5,573		5,786		(4	)	11,087		11,670	(5	)
Less: Net income from noncontrolling interests	15		67		(78	)	67		147	(54	)
Wells Fargo net income	$	5,558	5,719		(3	)	$	11,020	11,523	(4	)
Less: Preferred stock dividends and other	385		356		8		762		699	9
Wells Fargo net income applicable to common stock	$	5,173	5,363		(4	)	$	10,258	10,824	(5	)
Per share information
Earnings per common share	$	1.02	1.04		(2	)	$	2.02	2.10	(4	)
Diluted earnings per common share	1.01		1.03		(2	)	2.00		2.07	(3	)
Dividends declared per common share	0.380		0.375		1		0.755		0.725	4
Average common shares outstanding	5,066.9		5,151.9		(2	)	5,071.3		5,156.1	(2	)
Diluted average common shares outstanding	5,118.1		5,220.5		(2	)	5,129.8		5,233.2	(2	)

NM – Not meaningful

- 19 -

Wells Fargo & Company and Subsidiaries

FIVE QUARTER CONSOLIDATED STATEMENT OF INCOME

	Quarter ended
(in millions, except per share amounts)	Jun 30, 2016		Mar 31, 2016	Dec 31, 2015	Sep 30, 2015		Jun 30, 2015
Interest income
Trading assets	$	572	596	558	485		483
Investment securities	2,176		2,262	2,323	2,289		2,181
Mortgages held for sale	181		161	176	223		209
Loans held for sale	3		2	5	4		5
Loans	9,822		9,577	9,323	9,216		9,098
Other interest income	392		374	258	228		250
Total interest income	13,146		12,972	12,643	12,445		12,226
Interest expense
Deposits	332		307	241	232		232
Short-term borrowings	77		67	13	12		21
Long-term debt	921		842	713	655		620
Other interest expense	83		89	88	89		83
Total interest expense	1,413		1,305	1,055	988		956
Net interest income	11,733		11,667	11,588	11,457		11,270
Provision for credit losses	1,074		1,086	831	703		300
Net interest income after provision for credit losses	10,659		10,581	10,757	10,754		10,970
Noninterest income
Service charges on deposit accounts	1,336		1,309	1,329	1,335		1,289
Trust and investment fees	3,547		3,385	3,511	3,570		3,710
Card fees	997		941	966	953		930
Other fees	906		933	1,040	1,099		1,107
Mortgage banking	1,414		1,598	1,660	1,589		1,705
Insurance	286		427	427	376		461
Net gains (losses) from trading activities	328		200	99	(26	)	133
Net gains on debt securities	447		244	346	147		181
Net gains from equity investments	189		244	423	920		517
Lease income	497		373	145	189		155
Other	482		874	52	266		(140	)
Total noninterest income	10,429		10,528	9,998	10,418		10,048
Noninterest expense
Salaries	4,099		4,036	4,061	4,035		3,936
Commission and incentive compensation	2,604		2,645	2,457	2,604		2,606
Employee benefits	1,244		1,526	1,042	821		1,106
Equipment	493		528	640	459		470
Net occupancy	716		711	725	728		710
Core deposit and other intangibles	299		293	311	311		312
FDIC and other deposit assessments	255		250	258	245		222
Other	3,156		3,039	3,105	3,196		3,107
Total noninterest expense	12,866		13,028	12,599	12,399		12,469
Income before income tax expense	8,222		8,081	8,156	8,773		8,549
Income tax expense	2,649		2,567	2,533	2,790		2,763
Net income before noncontrolling interests	5,573		5,514	5,623	5,983		5,786
Less: Net income from noncontrolling interests	15		52	48	187		67
Wells Fargo net income	$	5,558	5,462	5,575	5,796		5,719
Less: Preferred stock dividends and other	385		377	372	353		356
Wells Fargo net income applicable to common stock	$	5,173	5,085	5,203	5,443		5,363
Per share information
Earnings per common share	$	1.02	1.00	1.02	1.06		1.04
Diluted earnings per common share	1.01		0.99	1.00	1.05		1.03
Dividends declared per common share	0.380		0.375	0.375	0.375		0.375
Average common shares outstanding	5,066.9		5,075.7	5,108.5	5,125.8		5,151.9
Diluted average common shares outstanding	5,118.1		5,139.4	5,177.9	5,193.8		5,220.5

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Wells Fargo & Company and Subsidiaries

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

	Quarter ended June 30,					%	Six months ended June 30,					%
(in millions)	2016			2015		Change	2016			2015		Change
Wells Fargo net income	$	5,558		5,719		(3)%	$	11,020		11,523		(4)%
Other comprehensive income (loss), before tax:
Investment securities:
Net unrealized gains (losses) arising during the period	1,571			(1,969	)	NM	2,366			(1,576	)	NM
Reclassification of net gains to net income	(504		)	(218	)	131	(808		)	(518	)	56
Derivatives and hedging activities:
Net unrealized gains (losses) arising during the period	1,057			(488	)	NM	3,056			464		559
Reclassification of net gains on cash flow hedges to net income	(265		)	(268	)	(1)	(521		)	(502	)	4
Defined benefit plans adjustments:
Net actuarial losses arising during the period	(19		)	—		NM	(27		)	(11	)	145
Amortization of net actuarial loss, settlements and other to net income	39			30		30	76			73		4
Foreign currency translation adjustments:
Net unrealized gains (losses) arising during the period	(6		)	10		NM	37			(45	)	NM
Other comprehensive income (loss), before tax	1,873			(2,903	)	NM	4,179			(2,115	)	NM
Income tax (expense) benefit related to other comprehensive income	(714		)	1,040		NM	(1,571		)	812		NM
Other comprehensive income (loss), net of tax	1,159			(1,863	)	NM	2,608			(1,303	)	NM
Less: Other comprehensive income (loss) from noncontrolling interests	(15		)	(154	)	(90)	(43		)	147		NM
Wells Fargo other comprehensive income (loss), net of tax	1,174			(1,709	)	NM	2,651			(1,450	)	NM
Wells Fargo comprehensive income	6,732			4,010		68	13,671			10,073		36
Comprehensive income (loss) from noncontrolling interests	—			(87	)	(100)	24			294		(92)
Total comprehensive income	$	6,732		3,923		72	$	13,695		10,367		32

NM – Not meaningful

FIVE QUARTER CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN TOTAL EQUITY

	Quarter ended
(in millions)	Jun 30, 2016			Mar 31, 2016		Dec 31, 2015		Sep 30, 2015		Jun 30, 2015
Balance, beginning of period	$	198,504		193,891		194,043		190,676		189,964
Cumulative effect from change in consolidation accounting (1)	—			121		—		—		—
Wells Fargo net income	5,558			5,462		5,575		5,796		5,719
Wells Fargo other comprehensive income (loss), net of tax	1,174			1,477		(2,092	)	321		(1,709	)
Noncontrolling interests	(92		)	(5	)	(100	)	(123	)	(51	)
Common stock issued	397			1,079		310		505		502
Common stock repurchased (2)	(2,214		)	(2,029	)	(1,974	)	(2,137	)	(1,994	)
Preferred stock released by ESOP	371			313		210		225		349
Common stock warrants repurchased/exercised	—			—		—		(17	)	(24	)
Preferred stock issued	1,126			975		—		975		—
Common stock dividends	(1,930		)	(1,904	)	(1,917	)	(1,926	)	(1,932	)
Preferred stock dividends	(386		)	(378	)	(371	)	(356	)	(355	)
Tax benefit from stock incentive compensation	23			149		22		22		55
Stock incentive compensation expense	139			369		204		98		166
Net change in deferred compensation and related plans	(9		)	(1,016	)	(19	)	(16	)	(14	)
Balance, end of period	$	202,661		198,504		193,891		194,043		190,676

(1) Effective January 1, 2016, we adopted changes in consolidation accounting pursuant to Accounting Standards Update 2015-02 (Amendments to the Consolidation Analysis). Accordingly, we recorded a $121 million net increase to beginning noncontrolling interests as a cumulative-effect adjustment.

(2) For the quarters ended December 31 and June 30, 2015, includes $500 million and $750 million related to private forward repurchase transactions that settled in subsequent quarters for 9.2 million and 13.6 million shares of common stock, respectively.

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Wells Fargo & Company and Subsidiaries

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

	Quarter ended June 30,
	2016							2015
(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	$	293,783		0.49	%	$	359	267,101		0.28	%	$	186
Trading assets	81,380			2.86		582		67,615		2.91		492
Investment securities (3):
Available-for-sale securities:
Securities of U.S. Treasury and federal agencies	31,525			1.56		123		31,748		1.58		125
Securities of U.S. states and political subdivisions	52,201			4.24		553		47,075		4.13		486
Mortgage-backed securities:
Federal agencies	92,010			2.53		583		97,958		2.65		650
Residential and commercial	19,571			5.44		266		22,677		5.84		331
Total mortgage-backed securities	111,581			3.04		849		120,635		3.25		981
Other debt and equity securities	53,301			3.48		461		48,816		3.51		427
Total available-for-sale securities	248,608			3.20		1,986		248,274		3.25		2,019
Held-to-maturity securities:
Securities of U.S. Treasury and federal agencies	44,671			2.19		243		44,492		2.19		243
Securities of U.S. states and political subdivisions	2,155			5.41		29		2,090		5.17		27
Federal agency mortgage-backed securities	35,057			1.90		166		21,044		2.00		105
Other debt securities	4,077			1.92		20		6,270		1.70		26
Total held-to-maturity securities	85,960			2.14		458		73,896		2.18		401
Total investment securities	334,568			2.93		2,444		322,170		3.01		2,420
Mortgages held for sale (4)	20,140			3.60		181		23,456		3.57		209
Loans held for sale (4)	239			4.83		3		666		3.51		5
Loans:
Commercial:
Commercial and industrial - U.S.	270,862			3.45		2,328		231,551		3.36		1,939
Commercial and industrial - Non U.S.	51,201			2.35		300		45,123		1.93		217
Real estate mortgage	126,126			3.41		1,069		113,089		3.48		982
Real estate construction	23,115			3.49		200		20,771		4.12		214
Lease financing	18,930			5.12		242		12,364		5.16		160
Total commercial	490,234			3.39		4,139		422,898		3.33		3,512
Consumer:
Real estate 1-4 family first mortgage	275,854			4.01		2,765		266,023		4.12		2,740
Real estate 1-4 family junior lien mortgage	50,609			4.37		551		57,066		4.23		603
Credit card	33,368			11.52		956		30,373		11.69		885
Automobile	61,149			5.66		860		56,974		5.88		836
Other revolving credit and installment	39,537			5.91		581		37,112		5.88		544
Total consumer	460,517			4.98		5,713		447,548		5.02		5,608
Total loans (4)	950,751			4.16		9,852		870,446		4.20		9,120
Other	6,014			2.30		35		4,859		5.14		64
Total earning assets	$	1,686,875		3.20	%	$	13,456	1,556,313		3.22	%	$	12,496
Funding sources
Deposits:
Interest-bearing checking	$	39,772		0.13	%	$	13	38,551		0.05	%	$	5
Market rate and other savings	658,944			0.07		110		619,837		0.06		87
Savings certificates	26,246			0.35		23		32,454		0.63		52
Other time deposits	61,170			0.85		129		52,238		0.42		55
Deposits in foreign offices	97,525			0.23		57		104,334		0.13		33
Total interest-bearing deposits	883,657			0.15		332		847,414		0.11		232
Short-term borrowings	111,848			0.28		78		84,499		0.09		21
Long-term debt	236,156			1.56		921		185,093		1.34		620
Other liabilities	16,336			2.06		83		16,405		2.03		83
Total interest-bearing liabilities	1,247,997			0.45		1,414		1,133,411		0.34		956
Portion of noninterest-bearing funding sources	438,878							422,902
Total funding sources	$	1,686,875		0.34		1,414		1,556,313		0.25		956
Net interest margin and net interest income on a taxable-equivalent basis (5)				2.86	%	$	12,042			2.97	%	$	11,540
Noninterest-earning assets
Cash and due from banks	$	18,818						17,462
Goodwill	27,037							25,705
Other	129,354							129,798
Total noninterest-earning assets	$	175,209						172,965
Noninterest-bearing funding sources
Deposits	$	353,001						337,890
Other liabilities	60,083							67,595
Total equity	201,003							190,382
Noninterest-bearing funding sources used to fund earning assets	(438,878		)					(422,902	)
Net noninterest-bearing funding sources	$	175,209						172,965
Total assets	$	1,862,084						1,729,278

(1) Our average prime rate was 3.50% and 3.25% for the quarters ended June 30, 2016 and 2015, respectively. The average three-month London Interbank Offered Rate (LIBOR) was 0.64% and 0.28% for the same quarters, respectively.

(2) Yields/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 $309 million and $270 million for the quarters ended June 30, 2016 and 2015, respectively, predominantly related to tax-exempt income on certain loans and securities. The federal statutory tax rate was 35% for the periods presented.

- 22 -

Wells Fargo & Company and Subsidiaries

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

	Six months ended June 30,
	2016							2015
(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	$	289,240		0.49	%	$	703	271,392		0.28	%	$	376
Trading assets	80,922			2.94		1,187		65,309		2.89		945
Investment securities (3):
Available-for-sale securities:
Securities of U.S. Treasury and federal agencies	33,000			1.58		259		28,971		1.56		225
Securities of U.S. states and political subdivisions	51,357			4.24		1,088		46,017		4.16		958
Mortgage-backed securities:
Federal agencies	94,216			2.67		1,258		100,064		2.71		1,356
Residential and commercial	20,199			5.32		537		23,304		5.77		673
Total mortgage-backed securities	114,415			3.14		1,795		123,368		3.29		2,029
Other debt and equity securities	53,430			3.34		890		47,938		3.47		827
Total available-for-sale securities	252,202			3.20		4,032		246,294		3.28		4,039
Held-to-maturity securities:
Securities of U.S. Treasury and federal agencies	44,667			2.19		487		43,685		2.20		477
Securities of U.S. states and political subdivisions	2,155			5.41		58		2,019		5.16		52
Federal agency mortgage-backed securities	31,586			2.16		341		16,208		1.95		158
Other debt securities	4,338			1.92		42		6,530		1.71		55
Total held-to-maturity securities	82,746			2.25		928		68,442		2.18		742
Total investment securities	334,948			2.97		4,960		314,736		3.04		4,781
Mortgages held for sale (4)	19,005			3.60		342		21,530		3.59		386
Loans held for sale (4)	260			3.97		5		683		3.08		10
Loans:
Commercial:
Commercial and industrial - U.S.	264,295			3.42		4,505		229,627		3.32		3,783
Commercial and industrial - Non U.S.	50,354			2.23		558		45,093		1.90		426
Real estate mortgage	124,432			3.41		2,109		112,298		3.52		1,963
Real estate construction	22,859			3.55		403		20,135		3.83		383
Lease financing	16,989			4.95		420		12,341		5.06		312
Total commercial	478,929			3.35		7,995		419,494		3.30		6,867
Consumer:
Real estate 1-4 family first mortgage	275,288			4.03		5,547		265,923		4.12		5,481
Real estate 1-4 family junior lien mortgage	51,423			4.38		1,122		57,968		4.25		1,224
Credit card	33,367			11.56		1,919		30,376		11.74		1,768
Automobile	60,631			5.66		1,708		56,492		5.91		1,657
Other revolving credit and installment	39,348			5.95		1,165		36,620		5.94		1,079
Total consumer	460,057			5.00		11,461		447,379		5.03		11,209
Total loans (4)	938,986			4.16		19,456		866,873		4.19		18,076
Other	5,910			2.18		65		4,795		5.27		127
Total earning assets	$	1,669,271		3.21	%	$	26,718	1,545,318		3.21	%	$	24,701
Funding sources
Deposits:
Interest-bearing checking	$	39,242		0.12	%	$	24	38,851		0.05	%	$	10
Market rate and other savings	655,247			0.07		217		616,643		0.06		184
Savings certificates	27,063			0.40		54		33,525		0.69		116
Other time deposits	59,688			0.80		236		54,381		0.41		111
Deposits in foreign offices	97,604			0.22		108		104,932		0.13		69
Total interest-bearing deposits	878,844			0.15		639		848,332		0.12		490
Short-term borrowings	109,853			0.27		145		78,141		0.10		39
Long-term debt	226,519			1.56		1,763		184,432		1.33		1,224
Other liabilities	16,414			2.10		172		16,648		2.17		180
Total interest-bearing liabilities	1,231,630			0.44		2,719		1,127,553		0.34		1,933
Portion of noninterest-bearing funding sources	437,641			—		—		417,765		—		—
Total funding sources	$	1,669,271		0.33		2,719		1,545,318		0.25		1,933
Net interest margin and net interest income on a taxable-equivalent basis (5)				2.88	%	$	23,999			2.96	%	$	22,768
Noninterest-earning assets
Cash and due from banks	$	18,407						17,262
Goodwill	26,553							25,705
Other	126,749							130,312
Total noninterest-earning assets	$	171,709						173,279
Noninterest-bearing funding sources
Deposits	$	349,200						331,745
Other liabilities	61,355							69,779
Total equity	198,795							189,520
Noninterest-bearing funding sources used to fund earning assets	(437,641		)					(417,765	)
Net noninterest-bearing funding sources	$	171,709						173,279
Total assets	$	1,840,980						1,718,597

(1) Our average prime rate was 3.50% and 3.25% for the first half of 2016 and 2015, respectively. The average three-month London Interbank Offered Rate (LIBOR) was 0.63% and 0.27% for the same periods, respectively.

(2) Yields/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 $599 million and $512 million for the first half of 2016 and 2015, respectively, predominantly 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)(2)

	Quarter ended
	Jun 30, 2016					Mar 31, 2016					Dec 31, 2015					Sep 30, 2015					Jun 30, 2015
($ 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	$	293.8		0.49	%	$	284.7		0.49	%	$	274.6		0.28	%	$	250.1		0.26	%	$	267.1		0.28	%
Trading assets	81.4			2.86		80.5			3.01		68.8			3.33		67.2			2.93		67.6			2.91
Investment securities (3):
Available-for-sale securities:
Securities of U.S. Treasury and federal agencies	31.5			1.56		34.4			1.59		34.6			1.58		35.7			1.59		31.7			1.58
Securities of U.S. states and political subdivisions	52.2			4.24		50.5			4.24		49.3			4.37		48.2			4.22		47.1			4.13
Mortgage-backed securities:
Federal agencies	92.0			2.53		96.5			2.80		102.3			2.79		98.4			2.70		98.0			2.65
Residential and commercial	19.6			5.44		20.8			5.20		21.5			5.51		21.9			5.84		22.7			5.84
Total mortgage-backed securities	111.6			3.04		117.3			3.23		123.8			3.26		120.3			3.27		120.7			3.25
Other debt and equity securities	53.3			3.48		53.6			3.21		52.7			3.35		50.4			3.40		48.8			3.51
Total available-for-sale securities	248.6			3.20		255.8			3.20		260.4			3.27		254.6			3.24		248.3			3.25
Held-to-maturity securities:
Securities of U.S. Treasury and federal agencies	44.6			2.19		44.7			2.20		44.7			2.18		44.6			2.18		44.5			2.19
Securities of U.S. states and political subdivisions	2.2			5.41		2.1			5.41		2.1			6.07		2.2			5.17		2.1			5.17
Federal agency mortgage-backed securities	35.1			1.90		28.1			2.49		28.2			2.42		27.1			2.38		21.0			2.00
Other debt securities	4.1			1.92		4.6			1.92		4.9			1.77		5.4			1.75		6.3			1.70
Total held-to-maturity securities	86.0			2.14		79.5			2.37		79.9			2.35		79.3			2.30		73.9			2.18
Total investment securities	334.6			2.93		335.3			3.01		340.3			3.05		333.9			3.02		322.2			3.01
Mortgages held for sale	20.1			3.60		17.9			3.59		19.2			3.66		24.2			3.69		23.5			3.57
Loans held for sale	0.2			4.83		0.3			3.23		0.4			4.96		0.6			2.57		0.7			3.51
Loans:
Commercial:
Commercial and industrial - U.S.	270.9			3.45		257.7			3.39		250.5			3.25		241.4			3.30		231.5			3.36
Commercial and industrial - Non U.S.	51.2			2.35		49.5			2.10		48.0			1.97		45.9			1.83		45.1			1.93
Real estate mortgage	126.1			3.41		122.7			3.41		121.8			3.30		121.0			3.31		113.1			3.48
Real estate construction	23.1			3.49		22.6			3.61		22.0			3.27		21.6			3.39		20.8			4.12
Lease financing	19.0			5.12		15.1			4.74		12.2			4.48		12.3			4.18		12.4			5.16
Total commercial	490.3			3.39		467.6			3.31		454.5			3.16		442.2			3.18		422.9			3.33
Consumer:
Real estate 1-4 family first mortgage	275.9			4.01		274.7			4.05		272.9			4.04		269.4			4.10		266.0			4.12
Real estate 1-4 family junior lien mortgage	50.6			4.37		52.2			4.39		53.8			4.28		55.3			4.22		57.0			4.23
Credit card	33.4			11.52		33.4			11.61		32.8			11.61		31.7			11.73		30.4			11.69
Automobile	61.1			5.66		60.1			5.67		59.5			5.74		58.5			5.80		57.0			5.88
Other revolving credit and installment	39.5			5.91		39.2			5.99		38.8			5.83		38.0			5.84		37.1			5.88
Total consumer	460.5			4.98		459.6			5.02		457.8			4.99		452.9			5.01		447.5			5.02
Total loans	950.8			4.16		927.2			4.16		912.3			4.08		895.1			4.11		870.4			4.20
Other	6.0			2.30		5.8			2.06		5.1			4.82		5.0			5.11		4.8			5.14
Total earning assets	$	1,686.9		3.20	%	$	1,651.7		3.22	%	$	1,620.7		3.18	%	$	1,576.1		3.21	%	$	1,556.3		3.22	%
Funding sources
Deposits:
Interest-bearing checking	$	39.8		0.13	%	$	38.7		0.12	%	$	39.1		0.05	%	$	37.8		0.05	%	$	38.6		0.05	%
Market rate and other savings	659.0			0.07		651.5			0.07		640.5			0.06		628.1			0.06		619.8			0.06
Savings certificates	26.2			0.35		27.9			0.45		29.6			0.54		30.9			0.58		32.5			0.63
Other time deposits	61.2			0.85		58.2			0.74		49.8			0.52		48.7			0.46		52.2			0.42
Deposits in foreign offices	97.5			0.23		97.7			0.21		107.1			0.14		111.5			0.13		104.3			0.13
Total interest-bearing deposits	883.7			0.15		874.0			0.14		866.1			0.11		857.0			0.11		847.4			0.11
Short-term borrowings	111.8			0.28		107.9			0.25		102.9			0.05		90.4			0.06		84.5			0.09
Long-term debt	236.2			1.56		216.9			1.56		190.9			1.49		180.6			1.45		185.1			1.34
Other liabilities	16.3			2.06		16.5			2.14		16.5			2.14		16.4			2.13		16.4			2.03
Total interest-bearing liabilities	1,248.0			0.45		1,215.3			0.43		1,176.4			0.36		1,144.4			0.34		1,133.4			0.34
Portion of noninterest-bearing funding sources	438.9			—		436.4			—		444.3			—		431.7			—		422.9			—
Total funding sources	$	1,686.9		0.34		$	1,651.7		0.32		$	1,620.7		0.26		$	1,576.1		0.25		$	1,556.3		0.25
Net interest margin on a taxable-equivalent basis				2.86	%				2.90	%				2.92	%				2.96	%				2.97	%
Noninterest-earning assets
Cash and due from banks	$	18.8				18.0					17.8					17.0					17.5
Goodwill	27.0					26.1					25.6					25.7					25.7
Other	129.4					124.1					123.2					127.6					129.8
Total noninterest-earnings assets	$	175.2				168.2					166.6					170.3					173.0
Noninterest-bearing funding sources
Deposits	$	353.0				345.4					350.7					341.9					337.9
Other liabilities	60.1					62.6					65.2					67.9					67.6
Total equity	201.0					196.6					195.0					192.2					190.4
Noninterest-bearing funding sources used to fund earning assets	(438.9		)			(436.4		)			(444.3		)			(431.7		)			(422.9		)
Net noninterest-bearing funding sources	$	175.2				168.2					166.6					170.3					173.0
Total assets	$	1,862.1				1,819.9					1,787.3					1,746.4					1,729.3

(1) Our average prime rate was 3.50% for the quarters ended June 30 and March 31, 2016, 3.29% for the quarter ended December 31, 2015, and 3.25% for the quarters ended September 30 and June 30,2015. The average three-month London Interbank Offered Rate (LIBOR) was 0.64%, 0.62%, 0.41%, 0.31% and 0.28% for the same quarters, respectively.

(2) Yields/rates 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.

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Wells Fargo & Company and Subsidiaries

NONINTEREST INCOME

	Quarter ended June 30,				%		Six months ended June 30,				%
(in millions)	2016		2015		Change		2016		2015		Change
Service charges on deposit accounts	$	1,336	1,289		4	%	$	2,645	2,504		6	%
Trust and investment fees:
Brokerage advisory, commissions and other fees	2,291		2,399		(5	)	4,530		4,779		(5	)
Trust and investment management	835		861		(3	)	1,650		1,713		(4	)
Investment banking	421		450		(6	)	752		895		(16	)
Total trust and investment fees	3,547		3,710		(4	)	6,932		7,387		(6	)
Card fees	997		930		7		1,938		1,801		8
Other fees:
Charges and fees on loans	317		304		4		630		613		3
Cash network fees	138		132		5		269		257		5
Commercial real estate brokerage commissions	86		141		(39	)	203		270		(25	)
Letters of credit fees	83		90		(8	)	161		178		(10	)
Wire transfer and other remittance fees	101		93		9		193		180		7
All other fees (1)(2)(3)	181		347		(48	)	383		687		(44	)
Total other fees	906		1,107		(18	)	1,839		2,185		(16	)
Mortgage banking:
Servicing income, net	360		514		(30	)	1,210		1,037		17
Net gains on mortgage loan origination/sales activities	1,054		1,191		(12	)	1,802		2,215		(19	)
Total mortgage banking	1,414		1,705		(17	)	3,012		3,252		(7	)
Insurance	286		461		(38	)	713		891		(20	)
Net gains (losses) from trading activities	328		133		147		528		541		(2	)
Net gains on debt securities	447		181		147		691		459		51
Net gains from equity investments	189		517		(63	)	433		887		(51	)
Lease income	497		155		221		870		287		203
Life insurance investment income	149		145		3		303		290		4
All other (3)	333		(285	)	NM		1,053		(144	)	NM
Total	$	10,429	10,048		4		$	20,957	20,340		3

NM – Not meaningful

(1) Wire transfer and other remittance fees, reflected in all other fees prior to 2016, have been separately disclosed.

(2) All other fees have been revised to include merchant processing fees for all periods presented.

(3) Effective fourth quarter 2015, the Company's proportionate share of its merchant services joint venture earnings is included in All other income.

NONINTEREST EXPENSE

	Quarter ended June 30,			%		Six months ended June 30,			%
(in millions)	2016		2015	Change		2016		2015	Change
Salaries	$	4,099	3,936	4	%	$	8,135	7,787	4	%
Commission and incentive compensation	2,604		2,606	—		5,249		5,291	(1	)
Employee benefits	1,244		1,106	12		2,770		2,583	7
Equipment	493		470	5		1,021		964	6
Net occupancy	716		710	1		1,427		1,433	—
Core deposit and other intangibles	299		312	(4	)	592		624	(5	)
FDIC and other deposit assessments	255		222	15		505		470	7
Outside professional services	769		627	23		1,352		1,175	15
Operating losses	334		521	(36	)	788		816	(3	)
Outside data processing	225		269	(16	)	433		522	(17	)
Contract services	283		238	19		565		463	22
Postage, stationery and supplies	153		180	(15	)	316		351	(10	)
Travel and entertainment	193		172	12		365		330	11
Advertising and promotion	166		169	(2	)	300		287	5
Insurance	22		156	(86	)	133		296	(55	)
Telecommunications	94		113	(17	)	186		224	(17	)
Foreclosed assets	66		117	(44	)	144		252	(43	)
Operating leases	352		64	450		587		126	366
All other	499		481	4		1,026		982	4
Total	$	12,866	12,469	3		$	25,894	24,976	4

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Wells Fargo & Company and Subsidiaries

FIVE QUARTER NONINTEREST INCOME

	Quarter ended
(in millions)	Jun 30, 2016		Mar 31, 2016	Dec 31, 2015		Sep 30, 2015		Jun 30, 2015
Service charges on deposit accounts	$	1,336	1,309	1,329		1,335		1,289
Trust and investment fees:
Brokerage advisory, commissions and other fees	2,291		2,239	2,288		2,368		2,399
Trust and investment management	835		815	838		843		861
Investment banking	421		331	385		359		450
Total trust and investment fees	3,547		3,385	3,511		3,570		3,710
Card fees	997		941	966		953		930
Other fees:
Charges and fees on loans	317		313	308		307		304
Cash network fees	138		131	129		136		132
Commercial real estate brokerage commissions	86		117	224		124		141
Letters of credit fees	83		78	86		89		90
Wire transfer and other remittance fees	101		92	95		95		93
All other fees (1)(2)(3)	181		202	198		348		347
Total other fees	906		933	1,040		1,099		1,107
Mortgage banking:
Servicing income, net	360		850	730		674		514
Net gains on mortgage loan origination/sales activities	1,054		748	930		915		1,191
Total mortgage banking	1,414		1,598	1,660		1,589		1,705
Insurance	286		427	427		376		461
Net gains (losses) from trading activities	328		200	99		(26	)	133
Net gains on debt securities	447		244	346		147		181
Net gains from equity investments	189		244	423		920		517
Lease income	497		373	145		189		155
Life insurance investment income	149		154	139		150		145
All other (3)	333		720	(87	)	116		(285	)
Total	$	10,429	10,528	9,998		10,418		10,048

(1) Wire transfer and other remittance fees, reflected in all other fees prior to 2016, have been separately disclosed.

(2) All other fees have been revised to include merchant processing fees for all periods presented.

(3) Effective fourth quarter 2015, the Company's proportionate share of its merchant services joint venture earnings is included in All other income.

FIVE QUARTER NONINTEREST EXPENSE

	Quarter ended
(in millions)	Jun 30, 2016		Mar 31, 2016	Dec 31, 2015	Sep 30, 2015	Jun 30, 2015
Salaries	$	4,099	4,036	4,061	4,035	3,936
Commission and incentive compensation	2,604		2,645	2,457	2,604	2,606
Employee benefits	1,244		1,526	1,042	821	1,106
Equipment	493		528	640	459	470
Net occupancy	716		711	725	728	710
Core deposit and other intangibles	299		293	311	311	312
FDIC and other deposit assessments	255		250	258	245	222
Outside professional services	769		583	827	663	627
Operating losses	334		454	532	523	521
Outside data processing	225		208	205	258	269
Contract services	283		282	266	249	238
Postage, stationery and supplies	153		163	177	174	180
Travel and entertainment	193		172	196	166	172
Advertising and promotion	166		134	184	135	169
Insurance	22		111	57	95	156
Telecommunications	94		92	106	109	113
Foreclosed assets	66		78	20	109	117
Operating leases	352		235	73	79	64
All other	499		527	462	636	481
Total	$	12,866	13,028	12,599	12,399	12,469

- 26 -

Wells Fargo & Company and Subsidiaries

CONSOLIDATED BALANCE SHEET

(in millions, except shares)	Jun 30, 2016			Dec 31, 2015		% Change
Assets
Cash and due from banks	$	20,407		19,111		7	%
Federal funds sold, securities purchased under resale agreements and other short-term investments	295,521			270,130		9
Trading assets	80,093			77,202		4
Investment securities:
Available-for-sale, at fair value	253,006			267,358		(5	)
Held-to-maturity, at cost	100,420			80,197		25
Mortgages held for sale	23,930			19,603		22
Loans held for sale	220			279		(21	)
Loans	957,157			916,559		4
Allowance for loan losses	(11,664		)	(11,545	)	1
Net loans	945,493			905,014		4
Mortgage servicing rights:
Measured at fair value	10,396			12,415		(16	)
Amortized	1,353			1,308		3
Premises and equipment, net	8,289			8,704		(5	)
Goodwill	26,963			25,529		6
Other assets	123,144			100,782		22
Total assets	$	1,889,235		1,787,632		6
Liabilities
Noninterest-bearing deposits	$	361,934		351,579		3
Interest-bearing deposits	883,539			871,733		1
Total deposits	1,245,473			1,223,312		2
Short-term borrowings	120,258			97,528		23
Accrued expenses and other liabilities	76,916			73,365		5
Long-term debt	243,927			199,536		22
Total liabilities	1,686,574			1,593,741		6
Equity
Wells Fargo stockholders’ equity:
Preferred stock	24,830			22,214		12
Common stock – $1-2/3 par value, authorized 9,000,000,000 shares; issued 5,481,811,474 shares	9,136			9,136		—
Additional paid-in capital	60,691			60,714		—
Retained earnings	127,076			120,866		5
Cumulative other comprehensive income	2,948			297		893
Treasury stock – 433,317,519 shares and 389,682,664 shares	(21,068		)	(18,867	)	12
Unearned ESOP shares	(1,868		)	(1,362	)	37
Total Wells Fargo stockholders’ equity	201,745			192,998		5
Noncontrolling interests	916			893		3
Total equity	202,661			193,891		5
Total liabilities and equity	$	1,889,235		1,787,632		6

- 27 -

Wells Fargo & Company and Subsidiaries

FIVE QUARTER CONSOLIDATED BALANCE SHEET

(in millions)	Jun 30, 2016			Mar 31, 2016		Dec 31, 2015		Sep 30, 2015		Jun 30, 2015
Assets
Cash and due from banks	$	20,407		19,084		19,111		17,395		19,687
Federal funds sold, securities purchased under resale agreements and other short-term investments	295,521			300,547		270,130		254,811		232,247
Trading assets	80,093			73,158		77,202		73,894		80,236
Investment securities:
Available-for-sale, at fair value	253,006			255,551		267,358		266,406		260,667
Held-to-maturity, at cost	100,420			79,348		80,197		78,668		80,102
Mortgages held for sale	23,930			18,041		19,603		21,840		25,447
Loans held for sale	220			280		279		430		621
Loans	957,157			947,258		916,559		903,233		888,459
Allowance for loan losses	(11,664		)	(11,621	)	(11,545	)	(11,659	)	(11,754	)
Net loans	945,493			935,637		905,014		891,574		876,705
Mortgage servicing rights:
Measured at fair value	10,396			11,333		12,415		11,778		12,661
Amortized	1,353			1,359		1,308		1,277		1,262
Premises and equipment, net	8,289			8,349		8,704		8,800		8,692
Goodwill	26,963			27,003		25,529		25,684		25,705
Other assets	123,144			119,492		100,782		98,708		96,585
Total assets	$	1,889,235		1,849,182		1,787,632		1,751,265		1,720,617
Liabilities
Noninterest-bearing deposits	$	361,934		348,888		351,579		339,761		343,582
Interest-bearing deposits	883,539			892,602		871,733		862,418		842,246
Total deposits	1,245,473			1,241,490		1,223,312		1,202,179		1,185,828
Short-term borrowings	120,258			107,703		97,528		88,069		82,963
Accrued expenses and other liabilities	76,916			73,597		73,365		81,700		81,399
Long-term debt	243,927			227,888		199,536		185,274		179,751
Total liabilities	1,686,574			1,650,678		1,593,741		1,557,222		1,529,941
Equity
Wells Fargo stockholders’ equity:
Preferred stock	24,830			24,051		22,214		22,424		21,649
Common stock	9,136			9,136		9,136		9,136		9,136
Additional paid-in capital	60,691			60,602		60,714		60,998		60,154
Retained earnings	127,076			123,891		120,866		117,593		114,093
Cumulative other comprehensive income	2,948			1,774		297		2,389		2,068
Treasury stock	(21,068		)	(19,687	)	(18,867	)	(17,899	)	(15,707	)
Unearned ESOP shares	(1,868		)	(2,271	)	(1,362	)	(1,590	)	(1,835	)
Total Wells Fargo stockholders’ equity	201,745			197,496		192,998		193,051		189,558
Noncontrolling interests	916			1,008		893		992		1,118
Total equity	202,661			198,504		193,891		194,043		190,676
Total liabilities and equity	$	1,889,235		1,849,182		1,787,632		1,751,265		1,720,617

- 28 -

Wells Fargo & Company and Subsidiaries

FIVE QUARTER INVESTMENT SECURITIES

(in millions)	Jun 30, 2016		Mar 31, 2016	Dec 31, 2015	Sep 30, 2015	Jun 30, 2015
Available-for-sale securities:
Securities of U.S. Treasury and federal agencies	$	27,939	33,813	36,250	35,423	35,944
Securities of U.S. states and political subdivisions	54,024		51,574	49,990	49,423	48,298
Mortgage-backed securities:
Federal agencies	95,868		95,463	104,546	105,023	100,078
Residential and commercial	19,938		21,246	22,646	22,836	23,770
Total mortgage-backed securities	115,806		116,709	127,192	127,859	123,848
Other debt securities	53,935		51,956	52,289	51,760	50,090
Total available-for-sale debt securities	251,704		254,052	265,721	264,465	258,180
Marketable equity securities	1,302		1,499	1,637	1,941	2,487
Total available-for-sale securities	253,006		255,551	267,358	266,406	260,667
Held-to-maturity securities:
Securities of U.S. Treasury and federal agencies	44,675		44,667	44,660	44,653	44,645
Securities of U.S. states and political subdivisions	2,181		2,183	2,185	2,187	2,174
Federal agency mortgage-backed securities	49,594		28,016	28,604	26,828	27,577
Other debt securities	3,970		4,482	4,748	5,000	5,706
Total held-to-maturity debt securities	100,420		79,348	80,197	78,668	80,102
Total investment securities	$	353,426	334,899	347,555	345,074	340,769

FIVE QUARTER LOANS

(in millions)	Jun 30, 2016		Mar 31, 2016	Dec 31, 2015	Sep 30, 2015	Jun 30, 2015
Commercial:
Commercial and industrial	$	323,858	321,547	299,892	292,234	284,817
Real estate mortgage	128,320		124,711	122,160	121,252	119,695
Real estate construction	23,387		22,944	22,164	21,710	21,309
Lease financing	18,973		19,003	12,367	12,142	12,201
Total commercial	494,538		488,205	456,583	447,338	438,022
Consumer:
Real estate 1-4 family first mortgage	277,162		274,734	273,869	271,311	267,868
Real estate 1-4 family junior lien mortgage	49,772		51,324	53,004	54,592	56,164
Credit card	34,137		33,139	34,039	32,286	31,135
Automobile	61,939		60,658	59,966	59,164	57,801
Other revolving credit and installment	39,609		39,198	39,098	38,542	37,469
Total consumer	462,619		459,053	459,976	455,895	450,437
Total loans (1)	$	957,157	947,258	916,559	903,233	888,459

(1) Includes $19.3 billion, $20.3 billion, $20.0 billion, $20.7 billion, and $21.6 billion of purchased credit-impaired (PCI) loans at June 30, and March 31, 2016, and December 31, September 30, and June 30, 2015, 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)	Jun 30, 2016		Mar 31, 2016	Dec 31, 2015	Sep 30, 2015	Jun 30, 2015
Commercial foreign loans:
Commercial and industrial	$	50,515	51,884	49,049	46,380	44,838
Real estate mortgage	8,467		8,367	8,350	8,662	9,125
Real estate construction	246		311	444	396	389
Lease financing	987		983	274	279	301
Total commercial foreign loans	$	60,215	61,545	58,117	55,717	54,653

- 29 -

Wells Fargo & Company and Subsidiaries

FIVE QUARTER NONPERFORMING ASSETS (NONACCRUAL LOANS AND FORECLOSED ASSETS)

(in millions)	Jun 30, 2016			Mar 31, 2016	Dec 31, 2015	Sep 30, 2015	Jun 30, 2015
Nonaccrual loans:
Commercial:
Commercial and industrial	$	3,464		2,911	1,363	1,031	1,079
Real estate mortgage	872			896	969	1,125	1,250
Real estate construction	59			63	66	151	165
Lease financing	112			99	26	29	28
Total commercial	4,507			3,969	2,424	2,336	2,522
Consumer:
Real estate 1-4 family first mortgage	5,970			6,683	7,293	7,425	8,045
Real estate 1-4 family junior lien mortgage	1,330			1,421	1,495	1,612	1,710
Automobile	111			114	121	123	126
Other revolving credit and installment	45			47	49	41	40
Total consumer	7,456			8,265	8,958	9,201	9,921
Total nonaccrual loans (1)(2)(3)	$	11,963		12,234	11,382	11,537	12,443
As a percentage of total loans	1.25		%	1.29	1.24	1.28	1.40
Foreclosed assets:
Government insured/guaranteed	$	321		386	446	502	588
Non-government insured/guaranteed	796			893	979	1,265	1,370
Total foreclosed assets	1,117			1,279	1,425	1,767	1,958
Total nonperforming assets	$	13,080		13,513	12,807	13,304	14,401
As a percentage of total loans	1.37		%	1.43	1.40	1.47	1.62

(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)	Jun 30, 2016		Mar 31, 2016	Dec 31, 2015	Sep 30, 2015	Jun 30, 2015
Total (excluding PCI)(1):	$	12,385	13,060	14,380	14,405	15,161
Less: FHA insured/guaranteed by the VA (2)(3)	11,577		12,233	13,373	13,500	14,359
Less: Student loans guaranteed under the FFELP (4)	20		24	26	33	46
Total, not government insured/guaranteed	$	788	803	981	872	756
By segment and class, not government insured/guaranteed:
Commercial:
Commercial and industrial	$	36	24	97	53	17
Real estate mortgage	22		8	13	24	10
Real estate construction	—		2	4	—	—
Total commercial	58		34	114	77	27
Consumer:
Real estate 1-4 family first mortgage (3)	169		167	224	216	220
Real estate 1-4 family junior lien mortgage (3)	52		55	65	61	65
Credit card	348		389	397	353	304
Automobile	64		55	79	66	51
Other revolving credit and installment	97		103	102	99	89
Total consumer	730		769	867	795	729
Total, not government insured/guaranteed	$	788	803	981	872	756

(1) PCI loans totaled $2.4 billion, $2.7 billion, $2.9 billion, $3.2 billion and $3.4 billion, at June 30 and March 31, 2016, and December 31, September 30 and June 30,2015, 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.

- 31 -

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, 2015	$	16,301
Addition of accretable yield due to acquisitions	69
Accretion into interest income (1)	(668		)
Accretion into noninterest income due to sales (2)	(9		)
Reclassification from nonaccretable difference for loans with improving credit-related cash flows (3)	58
Changes in expected cash flows that do not affect nonaccretable difference (4)	(24		)
Balance, June 30, 2016	$	15,727
Balance, March 31, 2016	$	15,978
Addition of accretable yield due to acquisitions	70
Accretion into interest income (1)	(329		)
Accretion into noninterest income due to sales (2)	—
Reclassification from nonaccretable difference for loans with improving credit-related cash flows (3)	24
Changes in expected cash flows that do not affect nonaccretable difference (4)	(16		)
Balance, June 30, 2016	$	15,727

(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 June 30, 2016, our carrying value for PCI loans totaled $19.3 billion and the remainder of nonaccretable difference established in purchase accounting totaled $2.2 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.

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Wells Fargo & Company and Subsidiaries

PICK-A-PAY PORTFOLIO (1)

	June 30, 2016
	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	$	15,462	67	%	$	12,246	53	%	$	8,858	49	%
Florida	1,757		78		1,327		57		1,849		62
New Jersey	726		81		546		59		1,223		68
New York	506		75		430		58		606		65
Texas	190		52		169		46		723		41
Other states	3,590		77		2,843		60		5,146		63
Total Pick-a-Pay loans	$	22,231	70		$	17,561	54		$	18,405	56

(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 2016.

(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.

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Wells Fargo & Company and Subsidiaries

CHANGES IN ALLOWANCE FOR CREDIT LOSSES

	Quarter ended June 30,					Six months ended June 30,
(in millions)	2016			2015		2016		2015
Balance, beginning of period	$	12,668		13,013		12,512		13,169
Provision for credit losses	1,074			300		2,160		908
Interest income on certain impaired loans (1)	(51		)	(50	)	(99	)	(102	)
Loan charge-offs:
Commercial:
Commercial and industrial	(437		)	(154	)	(786	)	(287	)
Real estate mortgage	(3		)	(16	)	(6	)	(39	)
Real estate construction	(1		)	(1	)	(1	)	(2	)
Lease financing	(17		)	(3	)	(21	)	(6	)
Total commercial	(458		)	(174	)	(814	)	(334	)
Consumer:
Real estate 1-4 family first mortgage	(123		)	(119	)	(260	)	(249	)
Real estate 1-4 family junior lien mortgage	(133		)	(163	)	(266	)	(342	)
Credit card	(320		)	(284	)	(634	)	(562	)
Automobile	(176		)	(150	)	(387	)	(345	)
Other revolving credit and installment	(163		)	(151	)	(338	)	(305	)
Total consumer	(915		)	(867	)	(1,885	)	(1,803	)
Total loan charge-offs	(1,373		)	(1,041	)	(2,699	)	(2,137	)
Loan recoveries:
Commercial:
Commercial and industrial	69			73		145		142
Real estate mortgage	23			31		55		65
Real estate construction	4			7		12		17
Lease financing	5			1		8		4
Total commercial	101			112		220		228
Consumer:
Real estate 1-4 family first mortgage	109			52		198		99
Real estate 1-4 family junior lien mortgage	71			69		130		125
Credit card	50			41		102		80
Automobile	86			82		170		176
Other revolving credit and installment	32			35		69		71
Total consumer	348			279		669		551
Total loan recoveries	449			391		889		779
Net loan charge-offs	(924		)	(650	)	(1,810	)	(1,358	)
Other	(18		)	1		(14	)	(3	)
Balance, end of period	$	12,749		12,614		12,749		12,614
Components:
Allowance for loan losses	$	11,664		11,754		11,664		11,754
Allowance for unfunded credit commitments	1,085			860		1,085		860
Allowance for credit losses	$	12,749		12,614		12,749		12,614
Net loan charge-offs (annualized) as a percentage of average total loans	0.39		%	0.30		0.39		0.32
Allowance for loan losses as a percentage of total loans	1.22			1.32		1.22		1.32
Allowance for credit losses as a percentage of total loans	1.33			1.42		1.33		1.42

(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.

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Wells Fargo & Company and Subsidiaries

FIVE QUARTER CHANGES IN ALLOWANCE FOR CREDIT LOSSES

	Quarter ended
(in millions)	Jun 30, 2016			Mar 31, 2016		Dec 31, 2015		Sep 30, 2015		Jun 30, 2015
Balance, beginning of quarter	$	12,668		12,512		12,562		12,614		13,013
Provision for credit losses	1,074			1,086		831		703		300
Interest income on certain impaired loans (1)	(51		)	(48	)	(48	)	(48	)	(50	)
Loan charge-offs:
Commercial:
Commercial and industrial	(437		)	(349	)	(275	)	(172	)	(154	)
Real estate mortgage	(3		)	(3	)	(11	)	(9	)	(16	)
Real estate construction	(1		)	—		(2	)	—		(1	)
Lease financing	(17		)	(4	)	(3	)	(5	)	(3	)
Total commercial	(458		)	(356	)	(291	)	(186	)	(174	)
Consumer:
Real estate 1-4 family first mortgage	(123		)	(137	)	(113	)	(145	)	(119	)
Real estate 1-4 family junior lien mortgage	(133		)	(133	)	(134	)	(159	)	(163	)
Credit card	(320		)	(314	)	(295	)	(259	)	(284	)
Automobile	(176		)	(211	)	(211	)	(186	)	(150	)
Other revolving credit and installment	(163		)	(175	)	(178	)	(160	)	(151	)
Total consumer	(915		)	(970	)	(931	)	(909	)	(867	)
Total loan charge-offs	(1,373		)	(1,326	)	(1,222	)	(1,095	)	(1,041	)
Loan recoveries:
Commercial:
Commercial and industrial	69			76		60		50		73
Real estate mortgage	23			32		30		32		31
Real estate construction	4			8		12		8		7
Lease financing	5			3		2		2		1
Total commercial	101			119		104		92		112
Consumer:
Real estate 1-4 family first mortgage	109			89		63		83		52
Real estate 1-4 family junior lien mortgage	71			59		64		70		69
Credit card	50			52		52		43		41
Automobile	86			84		76		73		82
Other revolving credit and installment	32			37		32		31		35
Total consumer	348			321		287		300		279
Total loan recoveries	449			440		391		392		391
Net loan charge-offs	(924		)	(886	)	(831	)	(703	)	(650	)
Other	(18		)	4		(2	)	(4	)	1
Balance, end of quarter	$	12,749		12,668		12,512		12,562		12,614
Components:
Allowance for loan losses	$	11,664		11,621		11,545		11,659		11,754
Allowance for unfunded credit commitments	1,085			1,047		967		903		860
Allowance for credit losses	$	12,749		12,668		12,512		12,562		12,614
Net loan charge-offs (annualized) as a percentage of average total loans	0.39		%	0.38		0.36		0.31		0.30
Allowance for loan losses as a percentage of:
Total loans	1.22			1.23		1.26		1.29		1.32
Nonaccrual loans	98			95		101		101		94
Nonaccrual loans and other nonperforming assets	89			86		90		88		82
Allowance for credit losses as a percentage of:
Total loans	1.33			1.34		1.37		1.39		1.42
Nonaccrual loans	107			104		110		109		101
Nonaccrual loans and other nonperforming assets	97			94		98		94		88

(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.

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Wells Fargo & Company and Subsidiaries

TANGIBLE COMMON EQUITY (1)

(in millions, except ratios)		Jun 30, 2016			Mar 31, 2016		Dec 31, 2015		Sep 30, 2015		Jun 30, 2015
Tangible book value per common share (1):
Total equity		$	202,661		198,504		193,891		194,043		190,676
Adjustments:
Preferred stock		(24,830		)	(24,051	)	(22,214	)	(22,424	)	(21,649	)
Additional paid-in capital on ESOP preferred stock		(150		)	(182	)	(110	)	(128	)	(148	)
Unearned ESOP shares		1,868			2,271		1,362		1,590		1,835
Noncontrolling interests		(916		)	(1,008	)	(893	)	(992	)	(1,118	)
Total common stockholders' equity	(A)	178,633			175,534		172,036		172,089		169,596
Adjustments:
Goodwill		(26,963		)	(27,003	)	(25,529	)	(25,684	)	(25,705	)
Certain identifiable intangible assets (other than MSRs)		(3,356		)	(3,814	)	(3,167	)	(3,479	)	(3,807	)
Other assets (2)		(2,110		)	(2,023	)	(2,074	)	(1,742	)	(1,829	)
Applicable deferred taxes		1,906			1,985		2,071		2,168		2,265
Tangible common equity	(B)	$	148,110		144,679		143,337		143,352		140,520
Common shares outstanding	(C)	5,048.5			5,075.9		5,092.1		5,108.5		5,145.2
Book value per common share	(A)/(C)	$	35.38		34.58		33.78		33.69		32.96
Tangible book value per common share	(B)/(C)	29.34			28.50		28.15		28.06		27.31

		Quarter ended											Six months ended
(in millions, except ratios)		Jun 30, 2016			Mar 31, 2016		Dec 31, 2015		Sep 30, 2015		Jun 30, 2015		Jun 30, 2016		Jun 30, 2015
Return on average tangible common equity (1):
Net income applicable to common stock	(A)	$	5,173		5,085		5,203		5,443		5,363		10,258		10,824
Average total equity		201,003			196,586		195,025		192,203		190,382		198,795		189,520
Adjustments:
Preferred stock		(24,091		)	(23,963	)	(22,407	)	(21,807	)	(21,847	)	(24,027	)	(21,316	)
Additional paid-in capital on ESOP preferred stock		(168		)	(201	)	(127	)	(147	)	(166	)	(184	)	(140	)
Unearned ESOP shares		2,094			2,509		1,572		1,818		2,051		2,302		1,737
Noncontrolling interests		(984		)	(904	)	(979	)	(1,012	)	(1,154	)	(944	)	(1,101	)
Average common stockholders’ equity	(B)	177,854			174,027		173,084		171,055		169,266		175,942		168,700
Adjustments:
Goodwill		(27,037		)	(26,069	)	(25,580	)	(25,703	)	(25,705	)	(26,553	)	(25,705	)
Certain identifiable intangible assets (other than MSRs)		(3,600		)	(3,407	)	(3,317	)	(3,636	)	(3,957	)	(3,503	)	(4,115	)
Other assets (2)		(2,096		)	(2,065	)	(1,987	)	(1,757	)	(1,509	)	(2,081	)	(1,433	)
Applicable deferred taxes		1,934			2,014		2,103		2,200		2,297		1,974		2,345
Average tangible common equity	(C)	$	147,055		144,500		144,303		142,159		140,392		145,779		139,792
ROE	(A)/(B)	11.70		%	11.75		11.93		12.62		12.71		11.72		12.94
ROTCE	(A)/(C)	14.15			14.15		14.30		15.19		15.32		14.15		15.61

(1) Tangible common equity is a non-GAAP financial measure and represents total equity less preferred equity, noncontrolling interests, and goodwill and certain identifiable intangible assets (including goodwill and intangible assets associated with certain of our nonmarketable equity investments but excluding mortgage servicing rights), net of applicable deferred taxes. The methodology of determining tangible common equity may differ among companies. Management believes that return on average tangible common equity and tangible book value per common share, which utilize tangible common equity, are useful financial measures because they enable investors and others to assess the Company's use of equity.

(2) Represents other intangibles on nonmarketable equity investments which are included in other assets.

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Wells Fargo & Company and Subsidiaries

COMMON EQUITY TIER 1 UNDER BASEL III (FULLY PHASED-IN) (1) 

		Estimated
(in billions)		Jun 30, 2016			Mar 31, 2016		Dec 31, 2015		Sep 30, 2015		Jun 30, 2015
Total equity		$	202.7		198.5		193.9		194.0		190.7
Adjustments:
Preferred stock		(24.8		)	(24.1	)	(22.2	)	(22.4	)	(21.6	)
Additional paid-in capital on ESOP preferred stock		(0.2		)	(0.2	)	(0.1	)	(0.1	)	(0.1	)
Unearned ESOP shares		1.9			2.3		1.3		1.5		1.7
Noncontrolling interests		(1.0		)	(1.0	)	(0.9	)	(0.9	)	(1.1	)
Total common stockholders' equity		178.6			175.5		172.0		172.1		169.6
Adjustments:
Goodwill and other intangible assets		(32.4		)	(32.9	)	(30.8	)	(30.9	)	(31.4	)
Applicable deferred taxes (2)		1.9			2.0		2.1		2.2		2.3
Investment in certain subsidiaries and other		(2.5		)	(1.9	)	(0.9	)	(1.6	)	(0.6	)
Common Equity Tier 1 (Fully Phased-In) under Basel III	(A)	145.6			142.7		142.4		141.8		139.9
Total risk-weighted assets (RWAs) anticipated under Basel III (3)(4)	(B)	$	1,379.2		1,345.1		1,321.7		1,331.8		1,325.6
Common Equity Tier 1 to total RWAs anticipated under Basel III (Fully Phased-In) (4)	(A)/(B)	10.6		%	10.6		10.8		10.6		10.6

(1) Basel III capital rules, adopted by the Federal Reserve Board on July 2, 2013, revised the definition of capital, increased minimum capital ratios, and introduced a minimum Common Equity Tier 1 (CET1) ratio. These rules established a new comprehensive capital framework for U.S. banking organizations that implements the Basel III capital framework and certain provisions of the Dodd-Frank Act. The rules are being phased in through the end of 2021. Fully phased-in capital amounts, ratios and RWAs are calculated assuming the full phase-in of the Basel III capital rules. Fully phased-in regulatory capital amounts, ratios and RWAs are considered non-GAAP financial measures that are used by management, bank regulatory agencies, investors and analysts to assess and monitor the Company’s capital position.

(2) Applicable deferred taxes relate to goodwill and other intangible assets.

(3) The final Basel III capital rules provide for two capital frameworks: the Standardized Approach, which replaced Basel I, and the Advanced Approach applicable to certain institutions. Under the final rules, we are 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. Because the final determination of our CET1 ratio and which approach will produce the lower CET1 ratio as of June 30, 2016, is subject to detailed analysis of considerable data, our CET1 ratio at that date has been estimated using the Basel III definition of capital under the Basel III Standardized Approach RWAs. The capital ratio for March 31, 2016, and December 31, September 30 and June 30, 2015, was calculated under the Basel III Standardized Approach RWAs.

(4) The Company’s June 30, 2016, RWAs and capital ratio are preliminary estimates.

- 37 -

Wells Fargo & Company and Subsidiaries

OPERATING SEGMENT RESULTS (1)

(income/expense in millions, average balances in billions)	Community Banking			Wholesale Banking				Wealth and Investment Management				Other (2)				Consolidated Company
	2016		2015	2016		2015		2016		2015		2016		2015		2016	2015
Quarter ended June 30,
Net interest income (3)	$	7,379	7,277	3,919		3,591		932		832		(497	)	(430	)	11,733	11,270
Provision (reversal of provision) for credit losses	689		397	385		(84	)	2		(10	)	(2	)	(3	)	1,074	300
Noninterest income	4,825		4,690	3,365		3,019		2,987		3,144		(748	)	(805	)	10,429	10,048
Noninterest expense	6,648		6,719	4,036		3,504		2,976		3,038		(794	)	(792	)	12,866	12,469
Income (loss) before income tax expense (benefit)	4,867		4,851	2,863		3,190		941		948		(449	)	(440	)	8,222	8,549
Income tax expense (benefit)	1,667		1,620	795		951		358		359		(171	)	(167	)	2,649	2,763
Net income (loss) before noncontrolling interests	3,200		3,231	2,068		2,239		583		589		(278	)	(273	)	5,573	5,786
Less: Net income (loss) from noncontrolling interests	21		16	(5	)	48		(1	)	3		—		—		15	67
Net income (loss)	$	3,179	3,215	2,073		2,191		584		586		(278	)	(273	)	5,558	5,719
Average loans	$	485.7	472.3	451.4		386.2		66.7		59.3		(53.0	)	(47.4	)	950.8	870.4
Average assets	967.6		910.0	772.6		713.7		205.3		189.1		(83.4	)	(83.5	)	1,862.1	1,729.3
Average deposits	703.7		654.8	425.8		432.4		182.5		168.2		(75.3	)	(70.1	)	1,236.7	1,185.3
Six months ended June 30,
Net interest income (3)	$	14,847	14,424	7,667		7,028		1,875		1,658		(989	)	(854	)	23,400	22,256
Provision (reversal of provision) for credit losses	1,409		1,055	748		(135	)	(12	)	(13	)	15		1		2,160	908
Noninterest income	9,971		9,654	6,575		5,991		5,898		6,294		(1,487	)	(1,599	)	20,957	20,340
Noninterest expense	13,484		13,310	8,004		7,122		6,018		6,160		(1,612	)	(1,616	)	25,894	24,976
Income (loss) before income tax expense (benefit)	9,925		9,713	5,490		6,032		1,767		1,805		(879	)	(838	)	16,303	16,712
Income tax expense (benefit)	3,364		2,910	1,514		1,768		672		683		(334	)	(319	)	5,216	5,042
Net income (loss) before noncontrolling interests	6,561		6,803	3,976		4,264		1,095		1,122		(545	)	(519	)	11,087	11,670
Less: Net income (loss) from noncontrolling interests	86		41	(18	)	99		(1	)	7		—		—		67	147
Net income (loss)	$	6,475	6,762	3,994		4,165		1,096		1,115		(545	)	(519	)	11,020	11,523
Average loans	$	485.0	472.3	440.6		383.1		65.4		58.1		(52.0	)	(46.6	)	939.0	866.9
Average assets	957.5		909.8	760.6		702.2		206.7		190.3		(83.8	)	(83.7	)	1,841.0	1,718.6
Average deposits	693.3		649.1	426.9		432.1		183.5		169.2		(75.7	)	(70.3	)	1,228.0	1,180.1

(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 the elimination of certain items that are included in more than one business segment, substantially all of which represents products and services for Wealth and Investment Management customers served through Community Banking distribution channels.

(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)	Jun 30, 2016			Mar 31, 2016		Dec 31, 2015		Sep 30, 2015		Jun 30, 2015
COMMUNITY BANKING
Net interest income (2)	$	7,379		7,468		7,409		7,409		7,277
Provision for credit losses	689			720		704		668		397
Noninterest income	4,825			5,146		4,921		5,524		4,690
Noninterest expense	6,648			6,836		6,893		6,778		6,719
Income before income tax expense	4,867			5,058		4,733		5,487		4,851
Income tax expense	1,667			1,697		1,507		1,785		1,620
Net income before noncontrolling interests	3,200			3,361		3,226		3,702		3,231
Less: Net income from noncontrolling interests	21			65		57		142		16
Segment net income	$	3,179		3,296		3,169		3,560		3,215
Average loans	$	485.7		484.3		482.2		477.0		472.3
Average assets	967.6			947.4		921.4		898.9		910.0
Average deposits	703.7			683.0		663.7		655.6		654.8
WHOLESALE BANKING
Net interest income (2)	$	3,919		3,748		3,711		3,611		3,591
Provision (reversal of provision) for credit losses	385			363		126		36		(84	)
Noninterest income	3,365			3,210		2,848		2,715		3,019
Noninterest expense	4,036			3,968		3,491		3,503		3,504
Income before income tax expense	2,863			2,627		2,942		2,787		3,190
Income tax expense	795			719		841		815		951
Net income before noncontrolling interests	2,068			1,908		2,101		1,972		2,239
Less: Net income (loss) from noncontrolling interests	(5		)	(13	)	(3	)	47		48
Segment net income	$	2,073		1,921		2,104		1,925		2,191
Average loans	$	451.4		429.8		417.0		405.6		386.2
Average assets	772.6			748.6		755.4		739.1		713.7
Average deposits	425.8			428.0		449.3		442.0		432.4
WEALTH AND INVESTMENT MANAGEMENT
Net interest income (2)	$	932		943		933		887		832
Provision (reversal of provision) for credit losses	2			(14	)	(6	)	(6	)	(10	)
Noninterest income	2,987			2,911		3,014		2,991		3,144
Noninterest expense	2,976			3,042		2,998		2,909		3,038
Income before income tax expense	941			826		955		975		948
Income tax expense	358			314		366		371		359
Net income before noncontrolling interests	583			512		589		604		589
Less: Net income (loss) from noncontrolling interests	(1		)	—		(6	)	(2	)	3
Segment net income	$	584		512		595		606		586
Average loans	$	66.7		64.1		63.0		61.1		59.3
Average assets	205.3			208.1		197.9		192.6		189.1
Average deposits	182.5			184.5		177.9		172.6		168.2
OTHER (3)
Net interest income (2)	$	(497	)	(492	)	(465	)	(450	)	(430	)
Provision (reversal of provision) for credit losses	(2		)	17		7		5		(3	)
Noninterest income	(748		)	(739	)	(785	)	(812	)	(805	)
Noninterest expense	(794		)	(818	)	(783	)	(791	)	(792	)
Loss before income tax benefit	(449		)	(430	)	(474	)	(476	)	(440	)
Income tax benefit	(171		)	(163	)	(181	)	(181	)	(167	)
Net loss before noncontrolling interests	(278		)	(267	)	(293	)	(295	)	(273	)
Less: Net income from noncontrolling interests	—			—		—		—		—
Other net loss	$	(278	)	(267	)	(293	)	(295	)	(273	)
Average loans	$	(53.0	)	(51.0	)	(49.9	)	(48.6	)	(47.4	)
Average assets	(83.4		)	(84.2	)	(87.4	)	(84.2	)	(83.5	)
Average deposits	(75.3		)	(76.1	)	(74.1	)	(71.3	)	(70.1	)
CONSOLIDATED COMPANY
Net interest income (2)	$	11,733		11,667		11,588		11,457		11,270
Provision for credit losses	1,074			1,086		831		703		300
Noninterest income	10,429			10,528		9,998		10,418		10,048
Noninterest expense	12,866			13,028		12,599		12,399		12,469
Income before income tax expense	8,222			8,081		8,156		8,773		8,549
Income tax expense	2,649			2,567		2,533		2,790		2,763
Net income before noncontrolling interests	5,573			5,514		5,623		5,983		5,786
Less: Net income from noncontrolling interests	15			52		48		187		67
Wells Fargo net income	$	5,558		5,462		5,575		5,796		5,719
Average loans	$	950.8		927.2		912.3		895.1		870.4
Average assets	1,862.1			1,819.9		1,787.3		1,746.4		1,729.3
Average deposits	1,236.7			1,219.4		1,216.8		1,198.9		1,185.3

(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 the elimination of certain items that are included in more than one business segment, substantially all of which represents products and services for Wealth and Investment Management customers served through Community Banking distribution channels.

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Wells Fargo & Company and Subsidiaries

FIVE QUARTER CONSOLIDATED MORTGAGE SERVICING

	Quarter ended
(in millions)	Jun 30, 2016			Mar 31, 2016		Dec 31, 2015		Sep 30, 2015		Jun 30, 2015
MSRs measured using the fair value method:
Fair value, beginning of quarter	$	11,333		12,415		11,778		12,661		11,739
Servicing from securitizations or asset transfers (1)	477			366		372		448		428
Sales and other (2)	(22		)	—		(9	)	6		(5	)
Net additions	455			366		363		454		423
Changes in fair value:
Due to changes in valuation model inputs or assumptions:
Mortgage interest rates (3)	(779		)	(1,084	)	560		(858	)	1,117
Servicing and foreclosure costs (4)	(4		)	27		(37	)	(18	)	(10	)
Prepayment estimates and other (5)	(41		)	100		244		43		(54	)
Net changes in valuation model inputs or assumptions	(824		)	(957	)	767		(833	)	1,053
Other changes in fair value (6)	(568		)	(491	)	(493	)	(504	)	(554	)
Total changes in fair value	(1,392		)	(1,448	)	274		(1,337	)	499
Fair value, end of quarter	$	10,396		11,333		12,415		11,778		12,661

(1) Includes impacts associated with exercising our right to repurchase delinquent loans from GNMA loan securitization pools.

(2) Includes sales and transfers of MSRs, which can result in an increase of total reported MSRs if the sales or transfers are related to nonperforming loan portfolios.

(3) 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)

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

(5) 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.

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

	Quarter ended
(in millions)	Jun 30, 2016			Mar 31, 2016		Dec 31, 2015		Sep 30, 2015		Jun 30, 2015
Amortized MSRs:
Balance, beginning of quarter	$	1,359		1,308		1,277		1,262		1,252
Purchases	24			21		48		45		29
Servicing from securitizations or asset transfers	38			97		49		35		46
Amortization	(68		)	(67	)	(66	)	(65	)	(65	)
Balance, end of quarter	$	1,353		1,359		1,308		1,277		1,262
Fair value of amortized MSRs:
Beginning of quarter	$	1,725		1,680		1,643		1,692		1,522
End of quarter	1,620			1,725		1,680		1,643		1,692

- 40 -

Wells Fargo & Company and Subsidiaries

FIVE QUARTER CONSOLIDATED MORTGAGE SERVICING (CONTINUED)

		Quarter ended
(in millions)		Jun 30, 2016			Mar 31, 2016		Dec 31, 2015		Sep 30, 2015		Jun 30, 2015
Servicing income, net:
Servicing fees (1)		$	842		910		872		990		1,026
Changes in fair value of MSRs carried at fair value:
Due to changes in valuation model inputs or assumptions (2)	(A)	(824		)	(957	)	767		(833	)	1,053
Other changes in fair value (3)		(568		)	(491	)	(493	)	(504	)	(554	)
Total changes in fair value of MSRs carried at fair value		(1,392		)	(1,448	)	274		(1,337	)	499
Amortization		(68		)	(67	)	(66	)	(65	)	(65	)
Net derivative gains (losses) from economic hedges (4)	(B)	978			1,455		(350	)	1,086		(946	)
Total servicing income, net		$	360		850		730		674		514
Market-related valuation changes to MSRs, net of hedge results (2)(4)	(A)+(B)	$	154		498		417		253		107

(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 economic hedges used to hedge the risk of changes in fair value of MSRs.

(in billions)	Jun 30, 2016			Mar 31, 2016	Dec 31, 2015	Sep 30, 2015	Jun 30, 2015
Managed servicing portfolio (1):
Residential mortgage servicing:
Serviced for others	$	1,250		1,280	1,300	1,323	1,344
Owned loans serviced	349			342	345	346	347
Subserviced for others	4			4	4	4	5
Total residential servicing	1,603			1,626	1,649	1,673	1,696
Commercial mortgage servicing:
Serviced for others	478			485	478	470	465
Owned loans serviced	128			125	122	121	120
Subserviced for others	8			8	7	7	7
Total commercial servicing	614			618	607	598	592
Total managed servicing portfolio	$	2,217		2,244	2,256	2,271	2,288
Total serviced for others	$	1,728		1,765	1,778	1,793	1,809
Ratio of MSRs to related loans serviced for others	0.68		%	0.72	0.77	0.73	0.77
Weighted-average note rate (mortgage loans serviced for others)	4.32			4.34	4.37	4.39	4.41

(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.

- 41 -

Wells Fargo & Company and Subsidiaries

SELECTED FIVE QUARTER RESIDENTIAL MORTGAGE PRODUCTION DATA

		Quarter ended
		Jun 30, 2016			Mar 31, 2016	Dec 31, 2015	Sep 30, 2015	Jun 30, 2015
Net gains on mortgage loan origination/sales activities (in millions):
Residential	(A)	$	744		532	600	736	814
Commercial		72			71	108	55	108
Residential pipeline and unsold/repurchased loan management (1)		238			145	222	124	269
Total		$	1,054		748	930	915	1,191
Application data (in billions):
Wells Fargo first mortgage quarterly applications		$	95		77	64	73	81
Refinances as a percentage of applications		46		%	52	48	44	45
Wells Fargo first mortgage unclosed pipeline, at quarter end		$	47		39	29	34	38
Residential real estate originations:
Purchases as a percentage of originations		60		%	55	59	66	54
Refinances as a percentage of originations		40			45	41	34	46
Total		100		%	100	100	100	100
Wells Fargo first mortgage loans (in billions):
Retail		$	34		24	27	32	36
Correspondent		28			19	19	22	25
Other (2)		1			1	1	1	1
Total quarter-to-date		$	63		44	47	55	62
Held-for-sale	(B)	$	46		31	33	39	46
Held-for-investment		17			13	14	16	16
Total quarter-to-date		$	63		44	47	55	62
Total year-to-date		$	107		44	213	166	111
Production margin on residential held-for-sale mortgage originations	(A)/(B)	1.66		%	1.68	1.83	1.88	1.75

(1) Primarily includes the results of GNMA loss mitigation activities, interest rate management activities and changes in estimate to the liability for mortgage loan repurchase losses.

(2) Consists of home equity loans and lines.

CHANGES IN MORTGAGE REPURCHASE LIABILITY

								Quarter ended
(in millions)	Jun 30, 2016			Mar 31, 2016		Dec 31, 2015		Sep 30, 2015		Jun 30, 2015
Balance, beginning of period	$	355		378		538		557		586
Provision for repurchase losses:
Loan sales	8			7		9		11		13
Change in estimate (1)	(89		)	(19	)	(128	)	(17	)	(31	)
Net reductions	(81		)	(12	)	(119	)	(6	)	(18	)
Losses	(19		)	(11	)	(41	)	(13	)	(11	)
Balance, end of period	$	255		355		378		538		557

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