Free Writing Prospectus

Wholesale Banking 3

Wholesale Banking overview

Provide relationship focused, locally delivered set of

products targeting customers with annual revenues

greater than $10 million

32,150 team members

726 domestic and 53 international offices

1Q10 average assets: $361.4 billion

1Q10 average core deposits: $160.9 billion

1Q10 average loans: $232.2 billion

FY 2009 revenue: $20.3 billion

FY 2009 net income: $3.9 billion

Wholesale Banking 4

Highly diversified set of businesses

Commercial Banking

Beverage Finance

Food and Agribusiness

Technology Banking

Environmental Services

Government and Institutional Banking

Corporate Banking

Financial Institutions

Utilities

Energy

Gaming

Restaurants

Commercial Real Estate

Real Estate Banking

Middle Market Real Estate

Hospitality Finance

Investment Banking & Capital Markets

Equity

High Yield

High Grade

Loan Syndications

M&A Advisory

Eastdil

Secured

Specialized Lending, Servicing, & Trust

Commercial Mortgage Origination and Servicing

Corporate Trust Services

Community Lending and Investment

Equipment Finance

Multi-Family Capital

Securities & Investment Group

Financial Products

Fixed Income Sales & Trading

Equities Sales & Trading

Asset Backed Finance

Research and Economics

Principal Investments

Asset Management Group

Wells Fargo Advantage

/Evergreen Investments

Wells

Capital

Management

Galliard

Capital

Management

European Credit Management

Insurance

Commercial Property & Casualty/ Employee Benefits

Brokerage

Personal & Small Business Brokerage

Crop Insurance

International

Foreign Exchange

International Treasury Management

International Banking and Trade Solutions

Global Financial Institutions

Global Trade Services

Global Payment Services

Wells Fargo Capital Finance

Corporate Finance Group

Commercial & Retail Finance Group

Trade Capital

Treasury Services

Collections

Disbursement

Information Management

Wholesale Banking 5

Wholesale Banking loan portfolio distribution

Product Group ($ Millions)

Ending

Outstandings

1Q10

Commercial Real Estate

$ 61,200

Middle Market Commercial

44,172

Securities Investment Group

26,375

Asset-Based Lending

23,886

Large Corporate

23,559

Equipment Finance

18,053

International, GFITS & Correspondent

11,775

Other

4,228

Government & Institutional Banking

3,601

Total Wholesale (excluding PCI)

$216,849

Purchased Credit-Impaired (PCI) –

net

carrying value

11,208

Total Wholesale and PCI

$228,057

Wholesale Banking 6

Strong market share and impressive

product penetration

Relationship

#1 Lead relationship market share for middle-

market companies

#1 Asset-based lender with 31% market share

#1 Lender to U.S. agriculture among

commercial banks

#1 Commercial real estate lending and

brokerage by number of transactions and dollar

volumes

#1 Commercial mortgage servicer in the U.S.

#1 Originator to the agencies in multi-family

loans

#1 for Non-Investment Grade Loan

Syndications and Equity Capital Market

Transactions for Energy

#1 U.S. bank owned factor

#2 Worldwide in market share for primary

correspondent bank relationships

Product

#1 Real estate investment banking

#1 Bank-owned insurance brokerage

#1 Trustee for Commercial Mortgage Backed

Securities, direct GNMA issuance, Single Family

Housing debts

#2 Treasury management

#2 Bank-sponsored mutual fund family among

U.S. banks

#2 Bank-owned leasing company by both asset

size and volume

#2 Trustee for ABS and MBS securities

#3 Transfer agent by number of shareowners

#3 Trustee for municipal debt

Wholesale Banking 7

Our business model –

relationship focused

Customer acquisition

Focus on new relationships that fit the model

Cross-sell

Average 6.47

products

per

Wholesale

Banking

customer

(1)

Cross sell drives retention and profitability

Retain

Increased knowledge of customers lowers risk

(1) Average products per customer as of February 2010 based on 4Q09 relationship count population. Legacy Wells Fargo only.

Wholesale Banking 8

Our consistent business model = consistent

growth in Wholesale net income after taxes

($ billions)

As reported in most recent annual reports.

1998-2008 legacy Wells Fargo only. Wachovia included beginning 2009.

CAGR should not be construed as a run rate.

1998-2007 year CAGR = 13%

$0.8

$1.0

$1.1

$1.4

$1.7

$2.2

$2.3

$1.4

$3.9

$1.2

1998

1999

2000

2001

2002

2003

2004

2005

2006

2007

2008

2009

1Q10

Wholesale Banking 9

Consistent Wholesale revenue growth

Balanced spread and fee revenue mix

43%

46%

48%

49%

51%

49%

55%

45%

39%

41%

42%

55%

49%

47%

53%

51%

45%

61%

59%

58%

57%

54%

52%

1998-2007 year CAGR = 12%

As reported in most recent annual reports.

1998-2008 legacy Wells Fargo only. Wachovia included beginning 2009.

CAGR should not be construed as a run rate.

Non-Interest Income

Net Interest Income

$2.4

($ billions)

$2.6

$3.7

$4.3

$4.6

$4.9

$5.6

$6.1

$7.8

$8.5

$8.2

$20.3

$5.3

Wholesale Banking 10

2001

2002

2003

2004

2005

2006

2007

2008

2009

Industry

2001-2008 CAGR

(1)

= 6%

WFC

2001-2008 CAGR

(1)

= 11%

Domestic commercial loan growth consistently

outperforming the industry

Wachovia loan portfolio included as of 4Q08. Orange line is legacy Wells Fargo, green line is Wells Fargo plus Wachovia, and blue line is industry data.

WFC data includes all domestic commercial loans, excluding commercial real estate loans, through 4Q09.

Industry data from FDIC, commercial and industrial loans through 4Q09.

(1) CAGR is based on 2001 through 3Q08.

Wholesale Banking 12

Wells Fargo + Wachovia = a great combination

Commercial Banking:

Complementary

geographic

and

company

focuses

with

combined

share in lead relationships

Corporate Banking:

Combined

are

working

with

70%

Fortune

500

companies

International:

Wachovia’s

international

platform

including

trade

and

payments

can

leveraged

benefit

our

U.S.

customer

base

Treasury Management:

Ability

take

the

best

two

leading

Treasury Management

platforms

Investment Banking & Capital Markets:

Wachovia’s

product

and

origination

strengths

benefit all

legacy

Wells

Fargo

customers,

and

the

Wells

Fargo

customer

and

distribution

model

benefits

Wachovia’s

Investment

Banking

business

Government Banking:

Strong

Wachovia

model

and

relationships

extendable

Wells

Fargo

focused

states,

and

the

Wells

Fargo

cross

sell

model

Wachovia

government

customers

Asset

Based

Lending:

Combines

two

lending

leaders

creating

large

and

diversified

portfolio

with 31% market share

Wholesale Banking 13

Wachovia brings additional international depth

Long history of international correspondent banking

business

53 international offices

#2 worldwide in market share for primary

correspondent bank relationships

(1)

#4 in letters of credit processing in U.S.

(2)

(1)

Source: FImetrix: Bank-to-Bank Services - 2009 Global Perspective.

(2)

Source: FDIC call reports.

Wholesale Banking 15

Wholesale credit trends

Net Charge-Offs

($ millions)

1Q09

2Q09

3Q09

4Q09

FY 09

1Q10

1Q09

2Q09

3Q09

4Q09

FY 09

1Q10

Net Charge-Offs

(1)

As a % of O/S

(2)

Legacy Wells Fargo CRE

242

112

211

664

229

1.16

2.81

1.29

2.44

1.94

2.73

Legacy Wells Fargo Commercial

160

217

288

191

856

225

0.73

1.01

1.40

0.96

1.08

1.20

Total Legacy Wells Fargo

259

459

399

403

1,521

454

0.85

1.53

1.37

1.41

1.34

1.67

Wachovia CRE

243

325

655

335

0.03

0.75

2.24

3.17

1.61

3.62

Wachovia Commercial

102

238

0.02

0.16

0.49

0.30

0.17

Total Wachovia

117

345

424

893

367

0.02

0.36

1.09

1.39

0.74

1.29

Total Wholesale

266

576

745

827

2,413

821

0.41

0.92

1.22

1.40

1.03

1.48

Note: As a result of PCI loan accounting applied to Wachovia portfolios at December 31, 2008, certain credit-related metrics may not be directly comparable

with other reported periods because PCI loans were written down to fair value and virtually all of Wachovia’s nonaccrual loans were eliminated in purchase

accounting. Wholesale's net charge-offs ($ and ratios) in part reflect reduced risk in the Wachovia portfolio due to PCI accounting performed for highest risk

Wachovia loans.

(1) Based on line of business view.

(2) Annualized based on period end balances.

Wholesale Banking 16

Wholesale credit trends

Nonperforming Assets

Note: As a result of PCI loan accounting applied to Wachovia portfolios at December 31, 2008, certain credit-related metrics, including the dollars and growth rate

in nonperforming loans, may not be directly comparable with other reported periods because PCI loans were written down to fair value and virtually all of

Wachovia’s nonaccrual loans were eliminated in purchase accounting.

(1) Based on line of business view.

(2) Annualized based on period end balances.

($ millions)

1Q09

2Q09

3Q09

4Q09

1Q10

1Q09

2Q09

3Q09

4Q09

1Q10

Nonperforming Assets

(1)

As a % of O/S

(2)

Legacy Wells Fargo CRE

1,315

1,986

2,241

2,656

2,620

3.80

5.75

6.53

7.75

7.71

Legacy Wells Fargo Commercial

1,405

1,842

2,158

2,194

2,104

1.59

2.14

2.64

2.78

2.77

Total Legacy Wells Fargo

2,720

3,828

4,399

4,850

4,724

2.21

3.18

3.79

4.28

4.30

Wachovia CRE

936

1,280

1,819

2,360

2,941

2.03

2.90

4.22

5.80

7.83

Wachovia Commercial

189

444

1,494

1,266

1,165

0.20

0.51

1.81

1.58

1.49

Total Wachovia

1,125

1,724

3,313

3,626

4,107

0.81

1.31

2.63

3.01

3.55

Total Wholesale

3,845

5,552

7,712

8,476

8,830

1.47

2.20

3.19

3.62

3.91

Wholesale Banking 18

PCI loan trends and economic outcomes

($ millions)

Based on quarter end balances.

Change in Net Carrying Value

4Q08

1Q09

2Q09

3Q09

4Q09

1Q10

Total unpaid principal balance

$25,348

$23,795

$21,790

$20,119

$17,588

$15,399

PCI non-accretable difference

$9,953

$8,741

$7,591

$6,544

$5,145

$4,191

Net carrying value

$15,395

$15,054

$14,199

$13,575

$12,443

$11,208

Charge-offs in excess of

non-accretable difference

$91

$204

$167

$183

PCI recoveries in NOF and NII

$12

$45

$124

$214

$255

Wholesale Banking 19

Wachovia impaired CRE loan portfolio

Geography, 12/31/08

($ billions)

(1) Other U.S. includes AZ, MA, AL, IL, TN, Other (including Non-RE Secured and Unsecured).

2,019

1,481

942

827

795

629

556

379

304

249

2,607

2,294

1,209

878

397

493

339

266

351

828

2,777

210

125

160

1,000

2,000

3,000

4,000

5,000

6,000

Florida

California

North Carolina

Georgia

Virginia

New York

Texas

South Carolina

Pennsylvania

New Jersey

Other US

International

Carrying Balance

Marks

(1)

Wholesale Banking 20

(1) Other includes Land Improved/Unimproved IP, Unsecured, Industrial, Self Storage, Health Care, Mobile Home Park, Other RE.

($ billions)

Wachovia impaired CRE loan portfolio

Property Type, 12/31/08

2,044

1,826

1,439

1,351

1,177

479

944

559

499

482

2,281

889

844

810

653

522

977

448

226

260

263

2,138

1,000

2,000

3,000

4,000

5,000

Multi-family

Office

Land Improved-Resi

Retail

Single Family

Lodging

Condo

Mixed Use

Land Unimproved-Resi

Land Improved-IP

Other

(1)

Carrying Balance

Marks

Wholesale Banking 22

Wholesale Commercial Real Estate

Legacy Wells Fargo CRE Divisions

$33,979

Other Legacy Wells Fargo CRE

$10,921

Wachovia Non-PCI CRE

$21,304

Wachovia PCI CRE

$10,031

Legacy Wells Fargo and Wachovia

Owner-Occupied

$8,794

Total Wholesale CRE Loans

$85,029

Total Loans Outstanding

(1)

($ millions)

(1) Period end balances as of 1Q10. Includes $8 billion in C&I loans managed by commercial real estate business including unsecured loans to real estate

developers not secured by real estate and loans to REITs, as well as foreign and consumer loans.

Wholesale Banking 23

Commercial real estate value trends

(1)

Source: MIT Center for Real Estate, Real Capital Analytics, Wells Fargo Securities, LLC. Note: National Aggregate as of February 2010; individual properties

quarterly through 4Q09.

(2)

Source: Real Capital Analytics.

Moody’s Commercial Property Price Index (CPPI)

(1)

0.9

1.0

1.1

1.2

1.3

1.4

1.5

1.6

1.7

1.8

1.9

2.0

4Q00

4Q01

4Q02

4Q03

4Q04

4Q05

4Q06

4Q07

4Q08

4Q09

Apartment Index

Industrial Index

Office Index

Retail Index

National Aggregate (monthly)

Apartment

Industrial

Office -

CBD

Office -

Sub

Retail

10%

11%

2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

Cap Rates by Property Type

(2)

Wholesale Banking 28

Our business model –

relationship focused

Customer acquisition

Focus on new relationships that fit the model

Cross-sell

Average

6.47

products

per

Wholesale

Banking

customer

(1)

Cross-sell drives retention and profitability

Retain

Increased knowledge of customers lowers risk

(1) Average products per customer as of February 2010 based on 4Q09 relationship count population. Legacy Wells Fargo only.

Wholesale Banking 29

Growing and satisfied customer base

Rankings for Commercial Banking

#1 in market share (based on overall lead relationships)

#1 in overall customer satisfaction

#1 for overall satisfaction with relationship manager

#1 reputation as a leader of credit services among customers

#1 in satisfaction with

functionality and range of online services

Source: Greenwich Associates Commercial Banking 2009 survey.

Wholesale Banking 31

Our model fosters long-term relationships

Consistently

Low

Attrition

(1)

40% of

customers

have been

at Wells

Fargo for at

least 10

years

(2)

(1)

Data for legacy Wells Fargo Wholesale Group.

(2)

Data as of February 2010 based on 4Q09 relationship count population. Legacy Wells Fargo Commercial Banking

and U.S. Corporate Banking only.

Wholesale Banking 32

Cross-sell of products has increased over time

4.84

5.48

5.85

6.09

6.33

6.48

6.47

2003

2004

2005

2006

2007

2008

2009

Number of products per Wholesale relationship

Note: Legacy Wells Fargo only. Data as of Q4 of each year. Relationship count includes 52 products. Single product types

are counted only once per relationship.

Wholesale Banking 33

Product usage ramps up over the relationship

Vintage analysis for products per relationship

Corporate and Commercial Banking

Years with Wells Fargo

Note: Population is based on 4Q09 relationship count. Only relationships with first activity beginning January 2005 are presented in this chart.

Legacy Wells Fargo only.

Wholesale Banking 34

Long relationships have higher cross-sell

and revenue

Data as of February 2010 based on 4Q09 relationship count population. Legacy Wells Fargo only.

More Cross-Sell = More Revenue

# of products

Tenure (Years)

Longer Tenure = More Cross-Sell

$210

$250

$510

$890

$1,910

$5,590

$1,000

$2,000

$3,000

$4,000

$5,000

$6,000

1-5

6-10

11-15

16-20

21-25

25+

5.2

6.9

8.1

9.3

1-3

4-6

7-9

10+

Wholesale Banking 35

Cross-sell multiplier effect

Financial Products

Foreign Exchange

Trust and Investments

Int’l Banking & Trade

Shareowner Services

Insurance

# of cross-sell product families

(000s)

Revenue for any single partner increases by cross selling other products

Data as of February 2010 based on 4Q09 relationship count population. Legacy Wells Fargo only. Trust and Investments includes: Corporate Trust,

Trust, Institutional Brokerage, Corporate Finance, Funds Management, and Wells Cap. Financial Products (formerly Financial Risk Management) help

our customers mitigate risk associated with interest rate movements.

$400

$800

$1,200

$400

$800

$1,200

$400

$800

$1,200

$400

$800

$1,200

$400

$800

$1,200

$400

$800

$1,200

Wholesale Banking 37

Overview of investment banking

Opportunity

Enhancement of cross-sell potential

Expansion of basic capital markets capabilities such as high grade

and high yield debt, equity, M&A advisory and sales & trading

De-risked the portfolio by discontinuing or de-emphasizing

certain Wachovia activities and putting in place conservative

risk parameters

Exited warehousing of risks in structured markets (e.g. ABS/CRE

CDO, TRS, Negative Basis Book)

Exited Correlation Trading

Significantly reduced CDS exposure and market making capabilities

Exited Distressed Debt Trading

Exited Equity Proprietary Trading

Reorganized risk discipline through independent credit process

and risk officers in Corporate Banking, Commercial Banking and

Real Estate businesses

Wholesale Banking 38

Investment banking is broad in scope

Common Stock

Convertible Bonds

Share Buybacks

Sellside M&A

Buyside M&A

General Strategic Advisory

Equities

High Grade Bonds

High Yield Bonds

Money Markets

Advisory

Fixed Income

Strategic Advisory

Fixed & Variable Rate Debt

Private Placements

Interest Rate Derivatives

Currency Derivatives

Commodities

Tax Exempt

Hedging / Risk

Management

Solutions

Spin Offs

Equity Carve-Outs

Fairness Opinions

Equity Derivatives

Equity Private Placements

Preferred Stock

Loan Syndications

Commercial/Consumer

Assets

Municipal Derivatives

Large Corporate F/X

Limited Public Offerings

Municipal Derivatives

Wholesale Banking 39

Investment banking has a customer-centric

business model

Our customer-driven model is focused on delivering capital markets

solutions to long-standing customers

Strong capabilities in debt and equity capital markets, loan syndications, risk

management solutions (interest rate, equities and commodities), and other key product

segments

Broad distribution capabilities focused on providing market making and new issue support

for customer activities as well as distribution for firm originated product

Serves more than 4,900 corporate and 21,000 investing clients

Our capabilities are strategically aligned to leverage the unique

competitive advantages of the new Wells Fargo in today’s market

environment

Deep corporate and middle market relationships created through the combination of Wells

Fargo and Wachovia

Broader lending platform and stronger balance sheet

Comprehensive offering of traditional fixed income and equity products

Strong partnering

opportunities

meet

our

customers’

financial

needs

through cross-sell

Wholesale Banking 40

Year 1

Year 3

Year 5

Total Revenue

Primarily provided capital finance, with small

amounts of FX, credit and treasury management,

along with several other products

Capital finance

revenues

remained

years’

levels

revenue grew by 300% over year 1

Credit

revenue increased 50% over year 1

Sweep

revenues grew from less than 1% of total

revenues in year 1 to over 10%

Treasury

Management

continued

provide

about

10% of total revenues

Investment

banking

began

provide

small

amount of revenue

Capital

finance

and

revenue

dropped

zero

Credit

revenue

grew

720%

over

year

Sweep

revenue

was

almost

larger

than

year

Treasury

Management

revenue

grew

20%

over

year

but

dropped

percent

overall

revenue

Investment

Banking

revenues

increased

11x

over year 3

WellsCap revenues went from 0% of total revenues

in year 3 to almost 15%

$1,600,000

$2,600,000

(65% increase over

Year 1)

$5,800,000

(125% increase

over Year 3)

Corporate customer example

Key Products

Wholesale Banking 41

Year 1

Year 3

Year 5

$1,200,000

$1,800,000

(44% increase over

Year 1)

$2,200,000

(25% increase over

Year 3)

Middle market customer example

Primarily provided non-interest bearing deposits,

credit and treasury management, with small

amounts of FX, fixed income sales and financial

products, along with several other products

Non-interest bearing deposit revenues dropped

to zero

Credit

revenue almost doubled over year 1

Treasury Management grew 25% over year 1

Sweep

revenue was nonexistent in year 1 but

began to represent over 20% of total revenue in

year 3

Financial products grew from 1% of total

revenues in year 1 to 12%

Credit

revenue declined almost 25% from year 3

Treasury Management revenue grew almost 25%

over year 3

Sweep

revenue grew 40% over year 3

Financial products revenue dropped to zero

Investment

banking

began to represent almost

20% of total revenue

FX revenue grew from 1% of total revenue in year 3

to 8%

Key Products

Total Revenue

Wholesale Banking 48

Excellent Client Satisfaction

Top combination of client satisfaction and lead

relationships

= other financial institution surveyed

Wells Fargo / Wachovia

Wells

Fargo/Wachovia

Footprint

$25-500

Million

10%

25%

30%

35%

40%

Lead

Relationship

Market

Penetration

Customer penetration is defined as lead relationships

Question: Using a 5-point scale, from “1” poor to “5” excellent, how do you rate your overall satisfaction with the bank?

Note: Evaluations are based on a 5-point scale, 5 excellent to 1 poor. An Excellent rating is a 5 on a 5 point scale. Cross-hairs are set at the

top 10 mean for market penetration (Y-axis) and excellent client satisfaction (X-axis).

Source: 2009 Greenwich Associates Market Tracking Program (Wells Fargo/Wachovia - $25-500 Million).

Wholesale Banking 49

Combined organization has largest lead

relationship market share

Lead Relationships

as % of Total Market

Lead Relationships

as % of Total Market

Market share (defined as

overall lead relationship

penetration)

Overall lending relationship

breadth

New lead relationships

established in 2009

Number of “Excellent”

willingness to lend citations

from borrowers

Number of “Excellent”

overall

satisfaction ratings

Number of visited prospects

that “would add”

Wells Fargo

Middle market customers

recognize Wells Fargo as #1 in:

Middle market customers

recognize Wells Fargo as #1 in:

Bank D

Bank C

Bank B

Bank A

Wells Fargo

/ Wachovia

Question: Which bank or non-bank do you consider to be your company’s single most important or lead provider for banking services?

Source: 2009

Greenwich

Associates

Market

Tracking

Program

(Wells

Fargo/Wachovia

$25-500

Million).

Wholesale Banking 50

Opportunities to leverage Wells Fargo cross-sell

model

Comparison of Wells Fargo vs. Wachovia customer penetration by product

(Wells Fargo penetration indexed to 100)

Data as of December 2009. Includes Commercial Banking only.

Wells Fargo cross-sell model strength

1.5x

3.5x

5.0x

1.7x

5.7x

2.2x

Financial

Products

Investments

International TM

ABL

Collections

Wells Fargo

Wachovia

Wholesale Banking 51

Opportunity to expand Wachovia’s

Government & Institutional Banking business

Only bank to combine Government & Institutional commercial and

investment banking in a single division

Government

Institutional

Commercial

Banking

ranks

public

funds

deposits

(1)

and is a top 5 credit provider to U.S. government agencies

and

institutions

(2)

and

Investment

Banking

top

underwriter

(2)

Expect

market

opportunity

legacy

Wells

Fargo

similar

to Wachovia

GIB Loans

GIB Deposits

Wells Fargo

Wachovia

13x

Note: Wholesale Bank Only. GIB loans and deposits are 2009 full year averages.

(1)Source: PriceWaterhouseCoopers.

(2)Source: Securities Data Corporation.

Wholesale Banking 52

Tremendous opportunity for growth

Wells Fargo and Wachovia had consistent

relationship models

Excellent retention of people and customers

Opportunity to continue to grow business with

existing customers by extending cross-sell model to

Wachovia customers and Government Banking &

Investment Banking to legacy Wells Fargo customers

Opportunity to grow new customers through the

strength of the combined organization

Wholesale Banking 54

Asset Management overview

Provides investment management services across institutional,

separate account and mutual fund products

Distributed internally and externally

Historic AUM growth of $277 billion (19% CAGR) since 2004

through organic growth and acquisitions

Wachovia brings international and select domestic equity

capabilities to Wells Fargo’s historic strength in all fixed income

and U.S. equity products

Opportunity to accelerate growth through sales to financial

advisors and international markets

Wholesale Banking 55

Largest

U.S.-based

Asset

Manager

$470B AUM

Wells

Fargo

Advantage

/Evergreen

Funds

–

$245B in mutual funds

Wells

Capital

Management

–

$135B

third party and other institutional clients

Galliard

Capital

Management

–

$52B

AUM

—2nd largest stable value manager

European

Credit

Management

–

$18B

AUM

—London-based fixed income manager

Primary business segments:

Wholesale Banking 56

Equities

$99B

Fixed Income

$177B

Money Market

$194B

Mutual Funds

$245B

WFAF

$176B

EVG

$69B

Asset Class

Funds / Institutional Accounts

Separate

Accounts/Other

$225B

WellsCap

(1)

$135B

Galliard

$52B

ECM

$18B

Other

$20B

Assets Under Management: $470B

$470B

AUM

(1) WellsCap

asset

breakdown: $135B = $111B Third Party Institutional + $24B

Wells Fargo affiliated assets.

As of December 31, 2009.

Wholesale Banking 57

Industry Rank: U.S.-based

(Total AUM)

II300

Rank

Firm Name

BlackRock (includes Barclays Global Investors)

State Street Global Advisors

Fidelity Investments

JP Morgan Asset Management

Capital Group Cos.

Vanguard Group

Bank of New York Mellon Corp

Allianz Global Investors of America

Goldman Sachs Group

Legg Mason

AXA Group

Northern Trust Global Investments

Wells Fargo (Asset Management Group)

Prudential Financial

Wellington Management Company

Source: Institutional Investor, estimated 2009 rankings. II300 based upon 12/31/08 AUM data, modified to reflect M&A

(BlackRock acquired BGI, BoA sale of Columbia Management).

Wholesale Banking 58

Mutual fund rankings among top U.S. asset

managers

II300

Rank

Firm Name

Overall

Long-term

Money Market

BlackRock (includes Barclays Global Investors)

State Street Global Advisors

Fidelity Investments

JP Morgan Asset Management

Capital Group Cos.

Vanguard Group

Bank of New York Mellon Corp

Allianz Global Investors of America

Goldman Sachs Group

Legg Mason

AXA Group

Northern Trust Global Investments

Wells Fargo (Asset Management Group)

Prudential Financial

Wellington Management Company

Source: MF Overall, MF Long-term, and MF Money Market rankings are from Strategic Insights data as of 12/31/09.

Wholesale Banking 60

Money Funds $165B

Internal Wells Fargo (Top 3 Partners)

Fixed Income Sales

18%

Corporate Trust

15%

Wholesale Banking

15%

Other partners combined

42%

Total Internal

90%

External

Platform / Portal

10%

Long-Term $80B

Internal Wells Fargo (Top 3 Partners)

Wealth Brokerage Services

12%

Instit. Retirement & Trust

11%

Wells Fargo Advisors

Other partners combined

24%

Total Internal

55%

External channels:

Indep./Regional Broker Dealers16%

National Broker Dealers

Institutional

direct

10%

Other

channels

Total

External

Total Mutual

Fund

Balances

$245B

$165B

Money Funds

$80B

Long Term

Mutual Fund Distribution Partners

As of December 31, 2009.

Sources of Mutual Fund Balances

45%

11%

Wholesale Banking 61

Number of 4 and 5 Morningstar rated funds

4 and 5 Star Funds

WFAF -

47% of Total

Industry Average -

33% of Total

Franklin Templeton Investments

Wells Fargo Advantage

BlackRock

JPMorgan

PIMCO/Allianz

Dreyfus

American Funds

Fidelity Investments

Columbia

Federated

WFAF’s 39 4 and 5 star funds broadly distributed across 18 equity, 16 fixed income and 5 balanced funds.

Wholesale Banking 63

Growth of Asset Management Group assets

$40

$80

$120

$160

$200

$240

$280

$38,352

$38,717

$39,082

$39,447

$39,813

$40,178

WF Advantage Funds

Institutional Separate Accounts

AUM Growth in Billions

Acquired

Strong Financial

Corporation

$34B AUM

Acquired

Evergreen

Investments

$182 AUM

$225

2004

2005

2006

2007

2008

2009

$245

5 Year CAGRs

(2004-2009)

Total:

19%

Without acquisitions:

S&P:

-2%

Wholesale Banking 64

Asset Management Summary

largest U.S.-based asset manager

Provides investment management services across

institutional, separate account and mutual fund

products

Distributed internally and externally

Wachovia brings international and equity capabilities

to Wells Fargo’s historic strength in fixed income and

domestic equities

Opportunity for continued growth through financial

advisors and international customers

Wholesale Banking 66

Key treasury management metrics

Full suite of collection, disbursement, investment and

information products and services

2,600 team members across sales, implementation, service,

risk, and product

51,000 active companies and 325,000 active users on the

Commercial

Electronic

Office

–

Average of 38 monthly logins per company

–

Active users have grown 20% CAGR (2006-2009)

(1)

Approximately $11 trillion in online money movement in 2009

(2)

(1) Includes legacy Wells Fargo customers only.

(2) Includes Commercial Electronic Office and Wachovia Global Connect.

Wholesale Banking 67

Customer satisfaction

Best Bank for Payments and Collections in North America

(Global Finance 2010 survey)

Best Corporate/Institutional Internet Banks for

“Best Web Site Design”

(Global Finance, ’05, ’06, ’07, ’08)

Middle market

Large corporate

Internet services

A+

Wholesale lockbox

Wires/ACH

A+

Information reporting

A+

Remote deposit

A+

Source:

Phoenix-Hecht

Treasury

Management

Monitor

Quality

Index,

January

2010.

Wholesale Banking 69

Why we win –

notable differentiators

A single nationwide platform coupled with the most

comprehensive internet solution in the industry

The largest and most convenient physical network

of offices, stores, vaults, and lockboxes

Ability to consistently deliver complex services in

a simple, coordinated manner

Focus where it matters to customers —

quality of

service, ease of use, value-added advice and

innovation

Wholesale Banking 71

Commercial Electronic Office

portal

Single sign-on to more

than 60 products and

services

Common look and feel

across most services

Thin client

39 wave releases

Trillions of dollars a

year move through

the portal with

minimal issues

20% CAGR in users

User logins

left scale

Active

users

right scale

Active users and logins

Note: Legacy Wells Fargo only.

Wholesale Banking 74

The opportunity ahead…

Revenue growth

Cross-sell existing customers into both existing and emerging

solutions (e.g. international treasury management)

Win business away from rivals by delivering superior products,

advice, and customer experience

Operating leverage

Take out recurring expenses by retiring duplicate infrastructure

Leverage economies of scale from paper-to-electronic migration

Wholesale Banking 79

CEO Mobile

service

First bank to deliver

commercial banking mobile

services

Functionality includes:

–

Wire transfer approvals and

initiations

–

Image positive pay decisioning

–

One-time passcode

via SMS

rather than RSA token (pilot)

10% of CEO customers have

used

the

CEO

Mobile

service

Delivered mobile iPhone

app

in October 2009

Wholesale Banking 81

Going forward

Our people, commitment to the customer, and

ability to innovate are unmatched in the industry

Developing new products, processes and solutions

delivers a better customer experience and improved

capabilities

Innovation helps retain and grow existing customers

and attract new customers

Leadership position in Treasury Management helps

attract and retain employees

Wholesale Banking 85

David A. Hoyt

Senior Executive Vice President

Wholesale Banking

David

(Dave)

Hoyt

senior

executive

vice

president

for

Wells

Fargo

Company

and

head

the

Wholesale

Banking

Group.

oversees

the

Asset

Management,

Capital

Markets,

Commercial

Banking,

Commercial

Real

Estate,

Corporate Banking, Insurance, International, Investment Banking,

and

Treasury Management groups, and Wells Fargo Capital Finance.

Based in San Francisco, the 28-year company veteran formerly managed the

Capital Markets Group, the workout related groups for the Wholesale Bank, and

was

involved

various

functions

relating

the

overall

credit

quality

the

bank’s portfolio. Dave also was senior credit officer for the Real Estate Group,

manager of the bank’s credit training function, and manager of the East Bay

office of the Real Estate Group.

Dave

board

member

the

Shanghai

Commercial

Bank

Ltd.,

the

California

Academy of Sciences, and San Francisco Symphony. Dave graduated from the

University of California, Berkeley, where he earned his bachelor’s degree in

business administration.

Wholesale Banking 86

Timothy J. Sloan

Executive Vice President, Group Head

Commercial Banking, Real Estate and Specialized Financial Services

Timothy (Tim) J. Sloan is an executive vice president and group head of the Wells Fargo

Commercial Banking, Commercial Real Estate, and Specialized Financial Services groups,

which provide credit and non-credit products and advisory services to more than 40,000

customers nationwide. Specialized Financial Services includes Corporate Banking,

Investment Banking, Eastdil Secured, Sales & Trading, Research, Equipment Finance,

Securities & Investment Group, Corporate Trust Services, Shareowner Services, Commercial

Mortgage Originations and Servicing, and Community Lending and Investment. His groups

include more than 25 distinct businesses with more than $250 billion in assets, operating

out of more than 440 offices in 40 states and in Asia, Canada, and London.

With more than 25 years of experience in corporate, commercial, and real estate banking,

Sloan assumed his current role in 2006. He previously held leadership positions in

Specialized Financial Services, the Real Estate Merchant Banking

division in the Capital

Markets group, and the Real Estate Managed Assets Group, where he started as a senior

credit officer in 1991. Prior to Wells Fargo, he was with Continental Illinois Bank in Chicago.

He holds a B.A. in economics and history and an M.B.A. in finance and accounting, both

from the University of Michigan in Ann Arbor. Mr. Sloan serves on the board of the

Huntington Library, is a board member of the Jardin de la Infancia Charter school, and an

associate trustee of the San Marino Schools Foundation. He also serves on of the University

of Michigan Ross School of Business Corporate Advisory Board.

Wholesale Banking 87

Carlos Evans

Executive Vice President

Group Head

Eastern Division Commercial Banking

Carlos Evans heads the Eastern division of Wells Fargo Commercial Banking.

Commercial Banking provides loan, treasury management and deposit products

for middle-market businesses with annual sales between $10 million and $750

million. He is also responsible for the Government & Institutional Banking (GIB)

group, which provides specialized relationship banking to state and local

governments, not-for-profit healthcare organizations, institutions of higher

education, and tax-exempt institutions.

Mr. Evans has more than 35 years of financial services experience, holding

leadership

positions

Bank

America

before

joining

Wachovia,

then

First

Union, in 2000 as the Wholesale Banking Executive for the Commercial

segment. He was named Wholesale Banking Executive and an executive vice

president for the Wachovia General Banking Group in 2006.

Mr. Evans received his B.A. in economics from Newberry College in Newberry,

S.C. He also graduated from the Commercial Lending School in Norman, Okla.,

and the Colgate Darden Commercial Lending School at the University of

Virginia. Carlos is the chairman of the boards of the Winthrop University Real

Estate Foundation and the Winthrop University Foundation. He serves as

president and chair-elect of the Spoleto Festival USA. He is on the board of the

Medical University of South Carolina’s Foundation.

Wholesale Banking 88

Michael J. Niedermeyer

Executive Vice President

Asset Management Group

Mike Niedermeyer

is an executive vice president responsible for the Wells Fargo

Asset Management Group based in San Francisco. The group includes Wells

Capital Management, Galliard Capital Management, Evergreen Investments,

European

Credit

Management,

MetWest

Capital

Management,

Evergreen

International Advisors, Wachovia Global Security Lending, and Wells Fargo

Advantage

Funds.

The

Asset

Management

Group

manages

excess

$470

billion in assets and includes more than 1,830 team members (as of April, 2010).

His previous responsibilities at Wells Fargo included business head and chief fixed

income

investment

officer

Wells

Capital

Management.

joined

the

Wells

Fargo Bank Investment Group in 1987. Before that, he was a portfolio manager

at U.S. National Bank of Oregon.

Mr. Niedermeyer

received his B.A. in business administration from Carroll College

in Helena, Mont., and his M.B.A. in finance from the University of Oregon. He is a

Chartered Financial Analyst.

Wholesale Banking 89

Steve Ellis

Executive Vice President

Head of Wholesale Services

Steve Ellis is executive vice president and group head of the Wells Fargo

Wholesale Services Group, which includes Enterprise Payment Strategies,

Health Benefit Services, Technology Services, and Treasury Management

Products and Services. He is responsible for Wholesale Banking operations

and support areas including commercial loan services, customer analytics,

marketing

and

communications,

public

relations,

risk

management,

and

all

activities integrating Wachovia business lines with Wells Fargo Wholesale

Banking.

A 22-year company veteran, Steve’s previous responsibilities included

starting up and running the Wholesale Internet Solutions group, which

launched

Wells

Fargo’s

award-winning

Commercial

Electronic

Office®

(CEO®)

Internet

portal

2000.

Prior

starting

Wholesale

Internet

Solutions,

Steve held senior finance and operations roles in Wells Fargo Commercial

Banking, Real Estate Group, and Wholesale Banking.

Mr. Ellis has a B.S. in economics from Pennsylvania State University and an

M.B.A.

from

the

University

Oregon.

the

vice

chairperson

the

board

of directors for NACHA, The Electronic Payments Association. He also serves

on the Wells Fargo Environmental Affairs Council.

Wealth, Brokerage and Retirement 3

WBR mission statement

Build enduring client relationships on a foundation of

sound, thoughtful and objective advice

Develop individualized financial plans

to help meet

clients’

financial objectives

Help our clients build, manage, preserve and

transition their financial resources and wealth

Provide our clients financial peace of mind

Wealth, Brokerage and Retirement 4

WBR overview

Wealth Management

Provides affluent and high net worth clients with a complete range of wealth management

solutions

including

financial

planning,

private

banking,

credit,

investment

management

and

trust.

Family

Wealth

delivers

complete

and

distinct

experience

focused

the

wealth

needs of ultra affluent families

Brokerage

Financial

advisors

primarily

serve

affluent

and

high

net

worth

clients’

advisory,

brokerage

and financial needs, through multiple channels, as part of one of the largest full-service

brokerage firms in the U.S.

Retirement

Provides retirement services for individual investors and is a national leader in 401(k) and

pension record keeping

Wealth, Brokerage and Retirement

provides a full range of financial

advisory, lending, fiduciary, and investment management services

to clients using a planning approach tailored to meet each client’s

needs.

Wealth, Brokerage and Retirement 5

275,000 households

Affluent Client Partnership

High Net Worth & Ultra High Net

Worth Relationships

Strategic Focus:

–

Client peace of mind

–

Deep client relationships

–

Objective, thoughtful advice

–

Complete wealth solutions

–

One Wells Fargo

2,300 Client Professionals

Brands

The Private Bank

Wells Fargo Family Wealth

3.5MM retirement plan

participants/pensioners from

more than 7,600 business,

union, and government plans

3.7MM retail retirement

households

Strategic Focus:

–

Become pre-eminent

retirement provider for

businesses and individuals

Nearly 300 Sales Directors and

Relationship Mgrs

Brands

Wells Fargo Institutional

Retirement and Trust

Wystar

Global

Wells Fargo Consulting (BPS&M)

Union Hamilton

4.5MM households

High Net Worth, Affluent and

Mass clients

Strategic Focus:

–

Grow loyal client

relationships by delivering

peace of mind through

holistic financial advice

21,000 Registered Reps

–

15,100 FAs

Brands

Wells

Fargo

Advisors

Wells

Fargo

Advisors

Financial

Network

WellsTrade

Wells Fargo Investments

H.D. Vest, First Clearing

WBR

(1) As of March 31, 2010.

(2) Trailing twelve months (TTM) through March 31, 2010.

Wealth Management

Wealth,

Brokerage

and

Retirement

(1)

$11.2B revenue

(2)

$43B loans

$125B deposits

$1.25T client assets

15,100 Financial Advisors

Retirement

Brokerage

Wealth, Brokerage and Retirement 6

WBR market positioning

Brokerage

(1)

3rd

Largest

U.S.

Retail

Brokerage

firm

with

$1.1T

client

assets

and

15,100

Financial Advisors

Wealth

Management

3rd Largest Wealth Management firm based on $375B

(

)

in U.S. Private Client

Assets

2nd

Largest

U.S.-Based

Multifamily

Office

(3)

with

$24B

Assets

Under

Advisement

and

average

relationship

size

over

$75MM

(1)

Retirement

6th

Largest

Defined

Contribution

Provider

based

assets

$91B

(4)

7th Largest Defined Contribution Provider based on 3.0 million

Defined

Contribution Participants

(4)

Largest

seller

annuities

(5)

4th Largest IRA provider

(6)

WBR

Deposits

7th

Largest

Retail

Deposit

base

the

U.S.

(1)

Attractive, stable funding source for the company with weighted average cost of

0.21%

(1)

Source: Company data and peer analysis.

(2)

Source: Barron’s 2009 Survey; Based on Assets Under Management in

accounts > $5MM, (as of June 30, 2009). Includes Brokerage Client Assets

and Wealth Assets Under Management.

(3)

Sources: Cerulli, FundFire, Family Wealth Alliance Multifamily Office

Study 2009; Company figures reflect year end 2009.

(4)

Source: P&I Top DC Recordkeepers, July 2009.

(5)

Largest 3rd Party Distributor - Life Insurance Marketing and Research

Association - 3Q09.

(6)

Cerulli Associates 2Q09 (based on assets).

Wealth, Brokerage and Retirement 8

$176

$282

1Q09

1Q10

WBR financial performance

27%

15.7%

1Q10

ROE

Pre-tax Margin

Performance Measures

(2)

($ millions)

Net Income After Tax

TTM Revenue

(1)

by Line of Business

Private

Banking &

Trust

$2.0

18%

Retirement

$0.7

Retail Brokerage

$8.5

76%

Revenue

($ billions)

Noninterest Expense

($ billions)

$2.5

$2.9

1Q09

1Q10

$2.2

$2.4

1Q09

1Q10

(1)

Trailing twelve months as of 3/31/2010.

(2)

ROE –

Return on Equity defined as net income after tax divided by equity (calculated for WBR with 7% equity).

Pre-tax margin defined as pre-tax income/total revenue.

($ billions)

Wealth, Brokerage and Retirement 9

WBR 14%

WBR revenue and earnings contribution

Share of WFC

revenues and earnings

Earnings

Revenues

89%

86%

WBR 11%

WBR revenues by category

or by subsegment contribution

Net Interest

Income

23%

Other

Commissions

22%

Trust & Investment Fees

48%

Trust, Investment Fees, & Commissions

70%

Data: 1st quarter 2010.

Wealth, Brokerage and Retirement 10

WBR key metrics

YoY

1Q09

1Q10

Growth

Total WBR

Total Client Assets ($T)

1.0

1.3

21%

Avg

Loans ($B)

-6%

Avg

Deposits ($B)

103

124

21%

Brokerage

Series 7 brokers

16,115

15,119

-6%

Managed acct assets ($B)

141

208

48%

Client Assets ($T)

0.9

1.1

22%

Wealth Management

Assets Under Management ($B)

106

121

14%

Retirement

IRA Assets ($B)

194

248

28%

Institutional Retirement Plan Assets ($B)

172

232

35%

Wealth, Brokerage and Retirement 13

Affluent

High Net

Worth

Mass

Market

Ultra

High Net

Worth

Relationship

Management

Banking

Investment

Management

Trust

Brokerage

Insurance

Client

Management

Directors

Private

Bankers

and

Wealth

Advisors

Financial

Advisors

Private

Bankers

Trust

Officers

Investment

Managers

Financial

Advisors

Licensed

Bankers

Platform

Bankers

Regional

Bank

Private

Bankers

Services

Family

Wealth

Brokerage

Wealth

WBR client service model

Insurance

Specialists

Planning

Specialists/

Professionals

Wealth, Brokerage and Retirement 14

Brokerage multi-channel model positions us to serve

diverse client segments “when, where and how”

they want

to be served

Wells Fargo

Advisors

Multi-

Channel

Delivery

Model

Segment

Potential

Target

Segments

Mass

Affluent

High Net Worth

Direct Financial

Solutions

(DFS)

Investable Assets: $13.0T

Liabilities: $2.9T

Investable Assets:

$7.2T

Liabilities: $ 0.1T

Investable Assets:

$3.8T

Liabilities: $7.9T

WellsTrade

Wealth Brokerage Services (WBS)

Private Client Group (PCG)

Independent Brokerage Group (IBG)

FiNet

Advisors, HD Vest, First Clearing Correspondents

Data as of June 2008; source: Booz & Company analysis; Federal Reserve data.

Wealth, Brokerage and Retirement 15

Private Client Group (PCG)

Business

Model

One of the largest full service retail brokerage firms in U.S. by assets, FA count

and sales revenue

Full Wealth management platform with access to investments, deposits, credit,

trust, insurance, planning tools and retirement offerings

Structure

The product of several mergers and acquisitions over the years including

EVEREN, Prudential Securities and A.G. Edwards

Organized into 10 geographic regions with approximately 11,100 FAs in 930 U.S.

stores

Unique

Channel

Dynamics

Financial advisor is responsible for client acquisition and managing the

relationship

Growth also driven by actively recruiting experienced FAs and trainees

Significant cross-sell opportunity with banking products

2009 Revenue

2009 YE Client

Assets

2009 YE Deposits

2009 YE FAs

$5.6 Billion

$656 Billion

$53 Billion

11,100

Key Statistical Data

Wealth, Brokerage and Retirement 16

Wealth Brokerage Services (WBS)

Business

Model

Positioned within Wealth Management and operates in partnership with

Community Bank to provide a broad range of products for clients

Provides a full wealth management platform with access to investments,

deposits, credit, trust, insurance, planning tools and retirement offerings

Structure

Sales force of 2,800 Financial Advisors teaming with 6,200 Licensed Bankers/

Regional Bankers/Private Bankers to provide investment services to clients

through 6,629 Wells Fargo banking stores

Many Financial Advisors aligned in Wealth hubs where they team with Private

Bankers, Trust Officers and Investment Managers to provide service to HNW

clients

Unique

Channel

Dynamics

One

the

most

established,

best

penetrated

bank

investment

businesses

U.S.

Partnership referrals from Community Bank and from Wealth Management teams

create competitive advantages in growth and recruiting

WBS FAs

are source of referrals for loan, deposit, investment management and

trust and planning business for Wealth Management and Community Bank

2009 Revenue

2009 YE Client

Assets

2009 YE Deposits

2009 YE FAs

$1.5 Billion

$213 Billion

$12 Billion

2,800

Key Statistical Data

Wealth, Brokerage and Retirement 17

Independent Brokerage Group (IBG)

Business

Model

IBG complements

Wells

Fargo

Advisors’

multi-channel

client

acquisition

approach

by capitalizing on fast-growing market segments

Full wealth management platform with access to investments, deposits, credit,

trust, insurance, planning tools and retirement offerings

Structure

Includes independent practices: WFA Financial Network (FiNET) and H.D. Vest;

independent broker dealer: First Clearing

Maximizes efficiency by leveraging a common platform, a single set of solutions

deployed for independents, correspondents and other full-service channels

Unique

Channel

Dynamics

Provides channel choice for advisors and their clients

Current industry dynamics fueling growth in the independent space

Opportunity to further grow cross-sell through a large network of affiliated

independent practices and correspondents

2009 Revenue

2009 YE Client

Assets

2009 YE Deposits

2009 YE FAs

$0.9 Billion

$173 Billion

$8 Billion

970

Key Statistical Data

Wealth, Brokerage and Retirement 18

Direct Financial Solutions (DFS)

Business

Model

The Client Solutions Team (CST) proactively advises mass market segment

WellsTrade

provides Self Directed Brokerage to clients and prospects

Structure

Provides remote client solutions and services for the Wealth, Brokerage and

Investment businesses

Partners with Financial Advisors to provide anytime/anywhere client access

Unique

Channel

Dynamics

Integration

“Financial

Advisors

One

Click

Away”

enables

clients

obtain

personal financial advice while accessing WFA online

Dedicated Retirement resource specialists provide clients one-stop access to

retirement solutions from both Bank and Brokerage

2009 Revenue

2009 YE Client

Assets

2009 YE Deposits

2009 YE FAs

$0.1 Billion

$25 Billion

$3 Billion

330

Key Statistical Data

Wealth, Brokerage and Retirement 19

Affluent

Family Wealth

The Private Bank

(TPB)

Measure of

Success

How it

works…

Family Office

Wealth Team

Financial Advisor

Client delivery

model

Client

Community

Bank

Wealth

Brokerage

Services

Client

WBS

Client

The Private

Bank

Family

Wealth

IMT

Partnership with FA driving

Investment Solutions

Executed by integrated

team of professionals

Holistic Family Office

Management

40%

50%

30%

Benefits

% Affluent Investment

Penetration Rate

# of “Qualified”

TPB

Clients

# of Families

Goal

Growing clients organically 6% per year

Growing

Balances

Increasing

Cross-sell

Improving

Retention

Three proven Wealth Management integrated

client delivery models

Wealth, Brokerage and Retirement 20

The Private Bank

Business

Model

Team-based relationship model

Relationships led by robust comprehensive planning capabilities

Client solutions

tailored

HNW

clients’

unique

needs

Structure

Wealth Management regional hubs aligned with Wells Fargo regions

2,200

client-facing

professionals

including

Wealth

Advisors,

Planning

Strategists,

Private Bankers, Investment Managers, Trust & Fiduciary Specialists, and

Insurance Advisors

WBS Financial Advisors also are aligned with Wealth teams

Unique

Channel

Dynamics

Team-based culture that spans all disciplines has been built through leadership,

recruiting, training, sales processes and systems

Deep relationships and shared goals across Wells Fargo lines

Minimum relationship size $1MM

2009 Revenue

2009 YE Client

Assets

2009 YE Deposits

2009 YE Client-

Facing Professionals

$1.9 Billion

$132 Billion

$48 Billion

2,200

Key Statistical Data

Wealth, Brokerage and Retirement 21

Family Wealth

Business

Model

Multi-Family Office delivery channel

Leverages core capabilities of the Private Bank with enhanced planning,

investing, and fiduciary solutions

Client to Team ratio 10:1; high-touch model with global resources

Structure

Nationwide coverage through regional teams in Boston, Philadelphia, Charlotte,

Winston-Salem, Palm Beach, Minneapolis, Los Angeles and San Francisco

Unique

Channel

Dynamics

Enables UHNW families to responsibly steward their wealth

One

Wells

Fargo:

Family

Wealth

partners

with

Wholesale

Asset

Management

and

other internal partners to deliver institutional-like solutions for clients

Minimum relationship size $50MM; typical relationship size >$100MM

2009 Revenue

2009 YE Client

Assets

2009 YE Deposits

2009 YE Client-

Facing Professionals

$107 Million

$24 Billion

$1.8 Billion

Key Statistical Data

Wealth, Brokerage and Retirement 23

WBR planning services

Mass

Affluent

High

Net

Worth

Retirement

College

Basic Estate Goals

Asset Allocation/

Risk Profiling

Net Worth Statement

Family Dynamics

Wealth Transfer

Strategies

Charitable Giving

Complex Investing

Retirement

Planning Needs

Delivery Model

~200+ Dedicated

credentialed planning

professionals providing

customized

fee

based

services

to clients and

advisors through both our

Wealth and WFA channels

FA managed delivery of

Envision

plans serve

goal based planning as

the basis for continuous

dialogue between FAs

and clients

Self directed online

capabilities

Anticipated

Outcomes

Client and

Advisor loyalty

Improved firm

financial

performance

Increased

customer

satisfaction

We invest over $50MM annually across our channels to deliver the

appropriate planning solutions to our clients

Wealth, Brokerage and Retirement 24

Our planning and objective advice is enabled by

Envision

and is at the heart of our client promise…

Envision

is an intuitive, technology enabled

tool to provide planned advice…

Monitor Progress

“Stress Test”

Goals

Recommendation

“In Balance”

Targeted Confidence

Implement Allocation

Complete View of Client

Define Most Important

Life Goals

Prioritize Ideal &

Acceptable Outcomes

Wells Fargo Advisors

primary investment planning tool

Wealth, Brokerage and Retirement 25

“Legacy Wachovia ranks highest among its

peers in having a formal retirement plan for

High Net Worth clients”

Source: Phoenix Marketing International, The U.S. High Net Worth

Market, 12/2008.

120 K

348 K

2006

2009

52%

23%

Adoption rates growing rapidly

Envision adoption has accelerated

over past 12 months; projected to

be ~70% by year end

Adopters bring us more assets

Key HHs

with Envision

plan

generated >2X more net new

money than those without plan

(from 2009 to early 2010)

Adopters stay with us longer

Key HHs

with Envision

plan ~4

times less likely to attrite than key

households without Envision

plan

Key Households with Investment Plan

% Represents Key HHs

Adoption Rate

Our FAs

have embraced Envision

and made

us an industry leader in planning for affluent

clients

Wealth, Brokerage and Retirement 28

$24T in U.S. investable assets

$3T in liabilities in target segments

We operate

in a large

marketplace…

Assets represent a

revenue pool of

approximately $180B

Over 70 million individuals nearing

retirement

$4T in expected money movement over

5 years

Significant opportunities

to capitalize on “Money-

in-Motion”

and cross-sell

services with affluent

Wells Bank clients

Growth in need for “Total Financial

Management”

(i.e., Assets and

Liabilities)

…and

demanding

holistic advice

…with a high

growth

trajectory…

Winners are firms with

the depth and breadth to

offer the client a unified

experience

Big getting bigger

Proliferation of small players

…that’s

consolidating…

Top 3 firms dominate

full-service space

WBR market opportunity

Wealth, Brokerage and Retirement 29

Wealth Management market opportunity

U.S. Investable Assets

Mass

Affluent

Ultra High Net Worth Households

10,000 Households control >4% of U.S. Wealth

(1)

Multi-Family Office providers manage 30% of assets

and are fastest growing wealth service (10% CAGR)

(2)

Wells Fargo Family Wealth helps manage complex

assets across generations and legal entities

High Net Worth Households

675,000 Households control >25% of U.S. Wealth

(1)

Most assets in this segment are managed by

wirehouse

brokers (>1/2) and private bank & trust

providers (~1/3)

(2)

The Private Bank delivers a complete set of

capabilities to clients including comprehensive

planning, private banking, investment management,

trust and access to brokerage

High Net Worth clients seek advice and solutions to build, manage,

preserve and transition their wealth

UHNW

HNW

(1) 2007 Federal Reserve Survey of Consumer Finances; estimates based on 2009 Federal Reserve Flow of Funds.

(2) Cerulli

Quantitative

Update:

HNW

and

UHNW

Markets

2009.

10%

CAGR based on a 5 year period ending 2013.

$13.0T

$3.8T

$1.0T

$6.2T

$7.2T

Wealth, Brokerage and Retirement 30

Retirement opportunity $18.5T: represents

70% of total financial asset holdings

Retirement Assets

2009, US $ Trillions

71%

29%

100% = $26T

(1)

Retirement

assets

$18.5

$7.5

$11

Tax

Advantaged

Total

Retirement

asset pool

Taxable

Defined Contribution

IRA

Private Defined Benefit

Deposits, CD, etc

Stocks, Bonds,

Mutual Funds, etc

Other (including

annuities)

Other

assets

2.0

4.5

1.5

4.0

2.0

4.5

(1) Total financial assets held for households is $26T, which includes $2T in private defined benefit assets.

Source: 2007 Survey of Consumer Finance; Cerulli, Cerulli Quantitative Update Retirement Markets, 2009;

Wells Fargo estimates.

Wealth, Brokerage and Retirement 31

A comfortable retirement is top of mind for our

clients and they need our help

A comfortable retirement is

important to our clients

69% of affluent investors rated

“Assure a comfortable standard of

living

during

retirement”

extremely

important –

higher than any other

financial goal

Clients need support and education

Clients anticipate a 9.3% withdrawal

rate annually (yet the conventional

advice is for 4-5%)

Retirement is important and

complex

Dedicated Retirement division

Identify “Worker through Retirement”

opportunities

Develop retirement abilities with channels

Leverage institutional capabilities

Industry leading cross-sell focus

Customer centric not product centric

Culture

Systems

Multichannel approach

Internal -

WFA, Wealth Brokerage and

Retail Bank

Direct

Institutional

Wells Fargo is in a strong position

to help

Source: TNS, Affluent Market Research Program, September 2009; Wells Fargo, Retirement Fitness Survey, 2009.

Wealth, Brokerage and Retirement 34

Affluent

Family Wealth

The Private Bank

(TPB)

Measure of

Success

How it

works…

Family Office

Wealth Team

Financial Advisor

Client delivery

model

Client

Community

Bank

Wealth

Brokerage

Services

Client

The Private

Bank

Family

Wealth

IMT

Partnership with FA driving

Investment Solutions

Executed by integrated

team of professionals

Holistic Family Office

Management

40%

50%

30%

Benefits

% Affluent Investment

Penetration Rate

# of “Qualified”

TPB

Clients

# of Families

Goal

Growing clients organically 6% per year

Growing

Balances

Increasing

Cross-sell

Improving

Retention

Wealth Management

Three proven integrated client delivery models

WBS

Wealth, Brokerage and Retirement 36

Total Enterprise

Households

40MM

Retail

21 MM HH

6.02 legacy Wells Fargo

cross-sell

4.85 Wachovia cross-sell

5.5 MM HH

Non-Bank

2.7 MM HH

Retail Bank

Overlap

2.8 MM HH

WBR

(1)

9.44 Cross-sell

Non-Retail

19 MM HH

Deepening relationships -

13% of retail bank households overlap with WBR

Significant opportunity to further penetrate retail households with brokerage and

retirement products

WBR cross-sell opportunity

(1) WBR households are total combined households excluding Institutional Retirement participants.

Cross-sell represents the number of products owned by WF household. Data as of January 2010.

Wealth, Brokerage and Retirement 37

Retail

21 MM HH

1.2 MM HH

Non-Bank

.3 MM HH

Retail Bank Overlap

.9 MM HH

WBS

Non-Retail

19 MM HH

1.5 MM HH

Non-Bank

.4 MM HH

Wealth

(2)

3.7 MM HH

Non-Bank

1.7 MM HH

Retirement

(2)

Retail Bank Overlap

1.1 MM HH

3.3 MM HH

Non-Bank

2.2 MM HH

Brokerage

(2)

Retail Bank

Overlap

1.1 MM HH

Retail Bank Overlap

2.0 MM HH

Retail Bank overlap by WBR line of business

Total Enterprise

Households

40 MM

(1)

WBR households are total combined households excluding Institutional Retirement participants.

(2)

Wealth includes WBS; Brokerage includes PCG, IBG and DFS channels; Retirement excludes Institutional Retirement participants. The populations are not

mutually exclusive.

Cross-Sell represents the number of products owned by WF household. Data as of January 2010.

Wealth, Brokerage and Retirement 38

Brokerage

(1)

households with a banking

relationship

1.1MM Households

Average Cross-sell 11.01

33% of Brokerage households have a retail bank relationship

Significant opportunity to cross-sell between Brokerage and Community Banking

Securities

71%

Time

Deposits

19%

Deposits/

Cash

Checking

Annuities

Top Products

54% of Retirement households have a retail bank relationship

Average cross-sell of 10.31 driven by securities, time deposits and money market/savings

(1) Excludes Institutional Retirement participants.

Cross-Sell represents the number of products owned by WF household. Data as of Jan 2010.

Loans and Lines 1%

Checking 1%

Annuities 2%

Deposits/Cash 4%

Time Deposits

37%

Securities 55%

Wealth, Brokerage and Retirement 49

Retirement

(1)

client –What products

do they hold

Example of Retirement

Client

$1.2mm in balances with

Wells Fargo

Retirement clients have a deep bank relationship

12 month Cash Deposit

Personal Trust

IRA Brokerage Account

Home Equity Line

Debit Card

Visa Platinum

Personal Non Interest Checking

Prime Equity Line

Personal Interest Checking –

Crown Premium

(1) Excludes Institutional Retirement participants.

Cross-Sell represents the number of products owned by WF household. Data as of Jan 2010.

Wealth, Brokerage and Retirement 51

David M. Carroll

Senior Executive Vice President

Group Head

Wealth, Brokerage and Retirement Services

David Carroll is responsible for Wells Fargo’s wealth management business,

including private banking and trust and estate services; brokerage services,

including retail brokerage; and retirement services, including its institutional

recordkeeping business.

A 30-year financial services veteran, he joined Wachovia Bank & Trust

Company in 1979 and then First Union Bank (renamed Wachovia after 2001

merger) in 1981. Since 2005, he served as senior executive vice president

and head of Wachovia’s Capital Management Group, which included retail

brokerage (Wachovia Securities), asset management (Evergreen

Investments), and Retirement and Investment Products. Previously, he was

head of corporate services and merger integration, chief of eCommerce and

technology, and head of First Union’s General Banking Group region’s in

Florida and Georgia.

Mr. Carroll serves on the Board of the Mint Museum of Art in Charlotte and

on the Board of Visitors of the Kenan-Flager Business School at the University

of North Carolina at Chapel Hill. A North Carolina native, he earned his

bachelor’s degree in business administration from University of North

Carolina-Chapel Hill.

Wealth, Brokerage and Retirement 52

Jay Welker

Executive Vice President

President of Wealth Management

Jay Welker is executive vice president and president of Wells Fargo Wealth

Management. In this role, Mr. Welker leads approximately 11,000 team

members who provide investment management, private banking, trust,

estate, credit, insurance, brokerage and integrated wealth management

services to high net worth and affluent individuals.

Mr. Welker joined Wells Fargo in 1988 to oversee regional commercial

banking offices in California and, in 1995, became a Private Client Services

regional manager in California. In 1997, Mr. Welker joined U.S. Trust

Company to open and manage its San Francisco office and became division

president responsible for offices in Northern California and Orange County in

2002. He returned to Wells Fargo in 2003 as head of Wells Fargo Wealth

Management.

Mr. Welker earned his bachelor’s degree in economics from the University of

California, San Diego and completed University of Washington’s Pacific Coast

Banking School. Mr. Welker is chairman of Wells Fargo Investments, LLC and

Wells Fargo Alternative Asset Management. He is a member of the Board of

Directors of the Exploratorium in San Francisco and Pepperdine University’s

Seaver College Board of Visitors.

Wealth, Brokerage and Retirement 53

Danny Ludeman

Executive Vice President

President

of Wells Fargo Advisors, LLC

Danny Ludeman

is executive vice president and head of Wells Fargo Advisors, LLC.

In this role, Mr. Ludeman

provides leadership for one of the nation’s largest full-

service retail brokerage organizations.

Prior to joining Wells Fargo, Mr. Ludeman

served as president and chief executive

of Wachovia Securities since 1999. Previously, Mr. Ludeman

held leadership

positions

Wheat

First

Securities,

which

was

acquired

First

Union (renamed

Wachovia after 2001 merger), and where he began his career as a financial

advisor. He has been in the financial services industry for 30 years.

Mr. Ludeman

completed his undergraduate studies at Virginia Tech and Virginia

Commonwealth University where he earned his bachelor’s degree in economics.

earned his MBA from the College of William and Mary. He is a board member and

former chairman of the Securities Industry and Financial Markets

Association and

serves on the boards of the College of William and Mary School of Business

Administration, the University of Richmond, the United Way of

Greater

St.

Louis,

the

St.

Louis

Zoo,

the

RCGA

Board

Economic

Development,

John Burroughs School, and Civic Progress in St. Louis.

Asset-Liability Management 2

Interest rate risk

Key points

We are not in the business of predicting interest rates

Our customers determine the duration of our loans and deposits; we limit the net

exposure

to earnings/equity

LOBs “own”

their balance sheets; risk mitigated at the enterprise level

Earnings at risk analysis for short/intermediate term risk assessment; net duration of

equity for longer-term risk assessment

Multiple rate paths, multiple balance sheets, multiple credit loss forecasts considered

Integrated with quarterly capital stress testing

Interest Rates

Core Bank (Illustrative)

Consolidated Company

(Illustrative)

Mortgage Business

(Illustrative)

Asset-Liability Management 4

Liquidity

Parent company should be source of

strength for bank subsidiaries

Rollover risk needs to be managed

carefully

Funding diversification (long-term debt)

Stable deposit base is critical

% of Consolidated Assets in Bank

Subsidiaries

WFC

JPM

BOA

Citi

Deposits / Total Liabilities (Q4 Ending)

WFC

73%

JPM

50%

BOA

50%

Citi

49%

% of Long Term Debt Maturing

in the Next 5 Years

WFC

36%

JPM

54%

BOA

46%

Citi

41%

20%

80%

37%

63%

Source: FDIC, Milken Institute.

Wells Fargo

Large Peer Average

Non-US Dollar denominated

US Dollar denominated

Source: Bloomberg.

Asset-Liability Management 5

Investment portfolio

% of Portfolio

Fixed Income Investments:

Agency MBS/Treasuries

45%

Non-agency MBS

12%

Munis

Commercial MBS

Auto and ABS

Corporate debt

Collateralized debt securities

Foreign corporations/ABS

Equity Investments:

Fed/FHLB stock

Marketable equities

Private equity

Community reinvestment

All other

Highly liquid, well diversified

Focus on long-term yield in

sectors we know something about

from our core businesses

Negligible exposures in higher-

risk sectors

Corporate Credit & Risk 2

How Wells Fargo manages risk

Executive management and the board of directors set boundaries on

risk appetite

Control groups: over 16,500 team members focus on controls and risk

management, about 70% of these team members are in the lines of business

First line –

Line

of Business

Business owners understand and own the risks in their business and have primary

accountability for managing the risks

Business owners have invested heavily in people, training and systems to

manage risk

Second line -

Corporate Credit & Risk

Provides independent monitoring, oversight and, if necessary, challenge and escalation

of risk issues

Monitors compliance with applicable laws and regulations

Provides

enterprise

wide

view

risk,

assists

management

and

the

board

identifying

and

monitoring

risks

that

may

affect

multiple

lines

business,

and

has

the

credit

approval

authority and delegation accountability for the company

Third line –

Internal Audit

Independent testing

Corporate Credit & Risk 3

Why we believe this works

Strong risk culture

take

risks

that

are

line

with

our

customers’

interests

The firm has an embedded culture of accountability

Heavy emphasis on expert judgment

We incur risks we understand and avoid risks we don’t

Superior risk management is considered a competitive advantage that

benefits shareholders

Engaged organization for monitoring and managing risk

Top-down: from board oversight to operating committee and other enterprise

risk committees

Bottom-up: line business managers, embedded risk managers

Execution capability

Excellence in execution allows us to anticipate, escalate and react

Scalable

Retains the traditional Wells Fargo risk approach

Investment in risk & control

Corporate Credit & Risk 4

Corporate Credit & Risk is the

strong second line

Oversight

Establish policy frameworks for credit & operational risk

Provide approvals per policy

‘Challenge’

exposure levels for all risk types to risk appetite

Monitoring/

Reporting

Provide risk transparency through monitoring, aggregation, reporting

of credit and operating risks, and the allowance process

Risk

Operations

Independent operational support to achieve quality & consistency

–

Regulatory compliance operations for the enterprise

–

Independent valuation services for commercial and residential assets

Testing

Independent testing of credit practices within the lines of business

Testing of compliance and operational risks within the lines of

business in addition to independent testing by Audit

Corporate Credit & Risk 5

10 things you should know about

our credit process

Significant investment in up-front due diligence and ongoing monitoring by

two units independent from line: Know Your Customer and Financial Crimes

Investigations Units

use

expert

judgment

models

not

drive

our

credit

granting

We do not use rating agency or third party input in granting credit

Loans

are

not

made

committee:

individuals

sign

each

wholesale

loan

and

are held accountable

Our credit people are highly regarded and considered leaders in the company

Our senior business managers have spent time in credit or workout positions

We are cash flow lenders

We don’t offer loans unless they have a clear benefit to the customer

(legacy Wells Fargo never offered negative amortization mortgages)

Heavy emphasis on monitoring to detect credit issues early

10. We are not hesitant about exiting businesses that don’t meet our credit or

return hurdles: legacy Wells Fargo Indirect Auto, legacy Wells Fargo

liquidating home equity

Corporate Credit & Risk 6

Portfolio

Economy

Why we believe quarterly credit losses

have peaked

(1)

The economy has improved

The housing market has stabilized in a number of markets as

evidenced by less severity

Unemployment may have hit an inflection point in October 2009

Early stage loan delinquencies are stabilizing in a number of

consumer portfolios

Criticized assets growth is stabilizing in the commercial and

commercial real estate portfolios

NPL

growth

rate

(2)

believed

have

peaked

2Q09;

rate

increase

slowed since then, from 50% quarterly increase in 2Q09 to 11% in

1Q10. Loss expectations for nonaccrual loans are driven by delinquency

rates, default probabilities and severities, which are significantly

mitigated

CRE Portfolio composition is diversified by property type

and distribution

Wachovia assets are well understood; purchased credit-impaired

(PCI) loans in the aggregate have continued to perform better than

original expectations

(1)

Based on current economic conditions and forecasts.

(2)

Nonaccrual loans exclude PCI loans acquired from Wachovia since these loans were written down in purchase accounting as of December 31, 2008, to an amount

expected to be collectable. This elimination of nonaccruals affected the quarterly growth rates in 2009, both dollars and percentage change.

Corporate Credit & Risk 7

Action

Strategy

Why we believe quarterly credit losses

have peaked

(1)

(cont’d)

Focus on relationship lending

Predominantly a real estate secured lender

Capability in capital markets and leveraged lending to enhance

customer relationships

Well controlled and high quality international exposure

Credit

card

portfolio

loans

and

issuance

existing

customers

Legacy Wells Fargo did not originate negative amortization mortgage products

Strong risk processes

Underwriting is done loan by loan, verified, and liquidity requirements

are enforced

Active credit surveillance

Risk

Asset

Review

anticipates

conducting

approximately

200

exams

2010

Quick and effective response due to active surveillance

Tightening credit policies and loan structures from 1Q08 has been effective as

shown by recent vintages’

improved performance

Reduced existing credit limits in the home equity and credit card portfolios

Created home equity liquidating portfolio and non-strategic loan portfolios

are in run-off

Added to collections and workout talent

Addressed builders early in the cycle as California was a leading indicator

of problems

(1)

Based on current economic conditions and forecasts.

Corporate Credit & Risk 8

Risks

We take a disciplined approach to risk management: we don’t

take risks we don’t understand, and we operate with a

balanced, sound, tested control system

Credit outlook is sensitive to future economic conditions;

negatively affected by:

Spike in interest rates

Spike in cap rates

Higher unemployment/under-employment

Lower housing prices

Government mandated modification programs

Corporate Credit & Risk 9

A retrospective of the latest

credit crisis

Things we have historically done well

Relationships with our customers

Maintenance of a strong risk culture

Risk management execution capability

Effective governance, efficient processes, combined with a culture of

accountability to promote excellence in execution: getting it done, getting

it done right, getting it done fast

The

results:

demonstrable

quality

risk

management,

“de-risking”

portfolios,

anticipating issues, swift response to change

‘Learnings’

have

incorporated

Cycles and bubbles happen: we have enhanced risk governance around concentrations

through stress testing, aggregation, the allowance process, and reporting

Non-traditional lending and market-driven underwriting need to be severely scrutinized:

enhanced new products and conflicts processes

Risk

should

shared

through

the

life

cycle:

originators

should

have

skin

the

game;

risks should be transparent; strategic decisions reviewed in context of risk appetite

Corporate Credit & Risk 11

1Q10 Loan portfolio

$781 billion

(1)

loan portfolio

Other Revolving Credit

and Installment

Consumer RE 1-4

Family First

Consumer RE

1-4 Family

Junior Lien

Credit Card

Commercial

Real Estate

Mortgage

Commercial Leasing

Foreign

CRE Construction

(1)

Period-end balance sheet as of 3/31/2010. Includes $25.3 billion in loans from certain variable interest entities (VIE).

$456 billion consumer

loan portfolio

87% secured

75% secured by real estate

70% secured by a first lien

$297 billion commercial

loan portfolio

85% secured

Corporate Credit & Risk 12

Source: Federal Housing Finance Agency, National Association of Realtors, S&P Corp. and Wells Fargo Securities, LLC.

Residential home prices are beginning

to stabilize

-24%

-20%

-16%

-12%

-8%

-4%

12%

16%

20%

24%

1997

1999

2001

2003

2005

2007

2009

Home Prices

Year-over-Year Percentage Change

Median Sale Price, 3-M Mov Avg: Mar @ -0.7%

FHFA Purchase Only Index: Feb @ -3.4%

S&P Case-Shiller Composite-10: Feb @ 1.4%

Corporate Credit & Risk 13

Case-Shiller

linked quarter change in home prices

in WFC’s

top 10 residential real estate MSAs

(1)

$317.5

billion

residential

real

estate

portfolio

December

31,

2009.

(2)

Top 10 MSAs

make

up 34% of our residential real estate exposure.

Home

prices

have

stabilized

all

our

Top

MSAs

(2)

-15%

-10%

-5%

10%

Los Angeles,

Oakland, CA

Santa Ana, CA

New York-

White Plains,

NY-NJ

San Francisco, San Diego, CA

Washington,

San Jose, CA

Riverside, CA

Phoenix, AZ

Case-Shiller % Change During Quarter

1Q09

2Q09

3Q09

4Q09

Corporate Credit & Risk 14

Average change in property value

(1)

for WFC’s

top 10 residential real estate MSAs

(1) Average property value based on September 2009, December 2009 and March 2010 valuation updates, including AVMs, of existing loans.

(2) Top 10 MSAs

make up 34% of our residential real estate exposure.

(3) Average

change

based

82%

accounts

total

residential

real

estate

portfolio

with

available

values

all

three

time

periods.

Quarterly portfolio refresh shows linked quarter property values

have

stabilized

our

Top

MSAs

(2)

-6%

-4%

-2%

10%

12%

14%

Los Angeles,

Oakland, CA

Santa Ana,

New York-

White Plains, Francisco, CA

NY-NJ

San

San Diego,

Washington, San Jose, CA Riverside, CA

Phoenix, AZ

Average Change in Property Value for Residential RE Portfolio

(3)

% Change during 4Q09

% Change during 1Q10

Corporate Credit & Risk 16

Early stage delinquencies continued to show

stabilization

Although 150+ DPD continued to increase

as a result of foreclosure moratoriums and

modification programs, the loans have

been written down to net realizable value

or evaluated through the allowance for

loan losses

Roll rates from current to 30+ DPD

continued to improve in 1Q10

Pick-a-Pay non-impaired and PCI portfolios continued

to perform better than original expectations

Corporate Credit & Risk 17

Commercial criticized commitment

(1)

growth is stabilizing

23.1%

12.8%

15.6%

5.1%

-5.7%

-10%

-5%

10%

15%

20%

25%

1Q09

2Q09

3Q09

4Q09

1Q10

Linked Quarter Change in Criticized Commitments

(1) Based on internal and proprietary customer gradings of perceived risk of commercial and commercial real estate loan commitments excluding securities and

foreclosed assets. Criticized commitments defined as credits that range from possessing potential weaknesses that deserve management’s close attention

and if left uncorrected may result in deterioration of the borrower’s ability to repay or in Wells Fargo’s credit position at some future date, to weaknesses in

credits that make collection or liquidation of the debt in full, on the basis of currently existing facts and conditions, highly questionable and improbable.

Corporate Credit & Risk 18

($ millions, linked quarter change)

Quarterly NPL growth rate

(1)

reflects slowing trend

NPL growth rate

(1)

believed to have peaked in 2Q09

(2)

and the rate of

increase has continued to slow since then

Commercial and Commercial

Real Estate

Consumer

$500

$1,000

$1,500

$2,000

$2,500

$3,000

$3,500

4Q08

1Q09

2Q09

3Q09

4Q09

1Q10

10%

20%

30%

40%

50%

60%

70%

80%

$500

$1,000

$1,500

$2,000

$2,500

$3,000

$3,500

4Q08

1Q09

2Q09

3Q09

4Q09

1Q10

10%

20%

30%

40%

50%

60%

70%

80%

NPL $ change

NPL % change

Other NPL $ change

NPL $ from FAS 167 consolidation

Total NPL % change

(1)

As a result of PCI loan accounting applied to Wachovia portfolios at December 31, 2008, certain credit-related metrics, including the growth rate in

nonperforming loans and charge-offs, may not be directly comparable with other reported periods because PCI loans were written down to fair value and

virtually all of Wachovia’s nonaccrual loans were eliminated in purchase accounting.

(2)

Based on current economic conditions and forecasts.

Corporate Credit & Risk 19

Commercial real estate (CRE) loan portfolio

Diversified by property type, geography and distribution channel

Office

Industrial,

Warehouse

Other RE

Apartment

Retail

(Ex Shopping Ctr)

Land

(Ex 1-4 Family)

Shopping Ctr

1-4 Family Structure

Hotel/Motel

1-4 Family Land

Institutional

Agriculture

Retail

$132 billion in loan outstandings

34% of the portfolio is owner-occupied

Property type diversification

Geographic diversification

Other

Corporate Credit & Risk 20

$200

$400

$600

$800

1Q09

2Q09

3Q09

4Q09

1Q10

10%

20%

30%

40%

($ millions, linked quarter change)

Quarterly change in net charge-offs

Commercial and Commercial

Real Estate

Consumer

-$400

-$200

$200

$400

$600

1Q09

2Q09

3Q09

4Q09

1Q10

-40%

-20%

20%

40%

60%

NCOs $ change

NCOs % change

Other NCOs $ change

FAS 167/collateral-dependent

modified loans NCOs $ change

NCOs % change

Aggregate quarterly credit loss growth rate

(1)

reflects slowing trend

(1)

See footnote (1) on page 18.

(2)

1Q09 change from 4Q08 quarterly results, which included only legacy Wells Fargo.

(2)

Corporate Credit & Risk 21

Quarterly credit losses believed to have peaked

in 4Q09

(1)

WFC

Quarterly Net Losses

($ millions)

1Q09

2Q09

3Q09

4Q09

1Q10

Commercial

and

Commercial

697

1,143

1,464

1,700

1,344

Consumer

(2)

2,516

3,197

3,587

3,667

3,950

Foreign

Total

3,258

4,386

5,111

5,413

5,330

1,000

2,000

3,000

4,000

1Q09

2Q09

3Q09

4Q09

1Q10

Commercial and Commercial Real Estate

Consumer

WFC

Quarterly Annualized Net Loss Rates

1Q09

2Q09

3Q09

4Q09

1Q10

Commercial

and

Commercial

0.80%

1.35%

1.78%

2.15%

1.79%

Consumer

(2)

2.16

2.77

3.13

3.24

3.45

Foreign

0.56

0.61

0.79

0.62

0.52

Total

1.54

2.11

2.50 2.71

2.71

0.00%

1.00%

2.00%

3.00%

4.00%

1Q09

2Q09

3Q09

4Q09

1Q10

Commercial and Commercial Real Estate

Consumer

(1)

Based on current economic conditions and forecasts.

(2)

Consumer net charge-offs of $3,950 million in 1Q10 includes $145 million in losses on collateral-dependent modified loans and

$123 million in losses from the FAS 167 consolidation of loans.

(2)

Corporate Credit & Risk 23

Michael Loughlin

Chief Credit & Risk Officer

Michael J. Loughlin, Executive Vice President and Chief Credit and Risk

Officer, assumed his role in 2006. Previously, he was responsible for

credit approval, policy and reporting for Wholesale Banking. A banking

professional with thirty years of experience, he joined the company in

1986 after Wells Fargo acquired Crocker Bank.

Before being head of credit for Wells Fargo Wholesale Banking, he was

responsible for the private banking business of Private Client Services,

headed systems and operations for the Wholesale Banking unit, and held

other positions within Commercial and Corporate Banking including head

of U.S. Corporate Banking and Regional Vice President in the Santa

Clara Valley Regional Commercial Banking Office.

Mr. Loughlin received his bachelor’s degree from the University of

California at Berkeley in 1978.

Wells Fargo Home Mortgage 1

Our market risk exposures come from three sources

Risk Source

Risk Driver

Risk Mitigation Strategy

Accounting Convention

Rate locked application

pipeline

Fallout Risk -

application to funding

Directional exposure to

interest rate changes

(long position)

Sell mortgage forwards

–

fallout adjusted

production

Options –

variability of

pull-through

(net short position)

Locked pipeline &

hedges –

fair value

mark through earnings

Wells Fargo Home Mortgage

Market risk management

Wells Fargo Home Mortgage 2

Our market risk exposures come from three sources

MHFS = Mortgages Held for Sale.

Risk Source

Risk Driver

Risk Mitigation Strategy

Accounting Convention

Rate locked application

pipeline

Fallout Risk -

application

to funding

Directional exposure to

interest rate changes

(long position)

Sell mortgage forwards –

fallout adjusted production

Options –

variability of

pull-through

(net short position)

Locked pipeline & hedges

–

fair value mark through

earnings

Mortgages Held for Sale

(warehouse/MHFS)

Directional exposure to

interest rate changes

(long position)

Sell mortgage forwards

–

production

(short position)

MHFS & hedges –

fair

value mark through

earnings

Wells Fargo Home Mortgage

Market risk management

Wells Fargo Home Mortgage 3

Our market risk exposures come from three sources

MSR = Mortgage Servicing Rights.

Risk Source

Risk Driver

Risk Mitigation Strategy

Accounting Convention

Rate locked application

pipeline

Fallout Risk -

application

to funding

Directional exposure to

interest rate changes

(long position)

Sell mortgage forwards –

fallout adjusted production

Options –

variability of

pull-through

(net short position)

Locked pipeline & hedges

–

fair value mark through

earnings

Mortgages Held for Sale

(warehouse/MHFS)

Directional exposure to

interest rate changes

(long position)

Sell mortgage forwards –

production

(short position)

MHFS & hedges –

fair

value mark through

earnings

Mortgage Servicing

Rights (MSR)

Embedded prepayment

option

Directional exposure to

interest rate changes

(short position)

Buy mortgage forwards

& interest rate swaps –

Protect MSR return and

asset value

Options –

convexity of

position

(long position)

MSR & hedges –

fair

value mark through

earnings

Wells Fargo Home Mortgage

Market risk management

Wells Fargo Home Mortgage 4

MSR asset represents present value of estimated contractual

cash flows, net of expenses, of loans serviced for others

MSR asset at WFHM:

Balance sheet value at 3/31/2010 = $15.7 billion

Capitalized value = 110 bps (excludes commercial servicing portfolio)

Accounted for as a level 3 asset, marked at fair value based on

combination of modeled cash flows and market reference prices

Prepayment estimates are key factor in value and hedging interest

rate exposure of MSR

Hedged using free-standing derivatives accounted for at fair value

Hedge effectiveness or ineffectiveness is an immediate earnings event

Hedges are a combination of highly liquid mortgage forwards,

swaps, futures, options

WFHM = Wells Fargo Home Mortgage.

Wells Fargo Home Mortgage

MSR risk management

Wells Fargo Home Mortgage 5

Wells Fargo Home Mortgage

MSR risk management approach

Risk management of the MSR is a core capability for Wells

Fargo Home Mortgage

Enables us to operate at scale

We hedge the MSR risk within our mortgage business unit,

which is unique among our peers

Provides the best connection between business experience, information

and insights, and MSR asset performance expectations

Provides the best connection to consider the “natural business hedge”

from originations into the hedging strategy

Maximizes the natural cross hedge opportunity between the

pipeline/warehouse and MSR positions

Performance of mortgage business and hedging strategy

reviewed weekly with CEO/CFO

Wells Fargo Home Mortgage 6

Wells Fargo Home Mortgage

MSR

risk

management

approach

–

asset value

The value of the MSR asset changes predictably in tandem with changes in interest rates to

reflect the changing expectations of consumer prepayment activity: values decline as rates

decline and increase as rates increase

Since prepayment speed is the most significant MSR valuation assumption, we have invested

heavily in developing proprietary loan level prepayment models

WFHM prepayment models are based upon the behavior patterns of 22 million loans over

10 years

All

models

are

subject

error,

however

for

WFHM,

the

financial

risk

arising

from

faster

prepayment speeds than modeled can be mitigated by the additional earnings from higher

mortgage originations when prepayments are faster than modeled

MSR

Value

Profile

Illustrative

D100

D75

D50

D25

Q2 Start

Rate

U25

U50

U75

U100

Declining Rates

Increasing Rates

Lower Interest Rates = Lower MSR Value

Higher Interest Rates = Higher MSR Value

Rate at

Beginning of

Quarter

Wells Fargo Home Mortgage 7

110

113

100

120

140

160

110

113

100

120

140

160

Our March 31, 2010 MSR value (excluding commercial) of 110 bps is

comparable to or lower than peers

MSR value represents the discounted value of servicing income, net of costs,

including those operating costs associated with various loss mitigation efforts

expected to be incurred over the next few years

144

100

120

140

160

Wells Fargo Home Mortgage

Comparative MSR asset values

Sources: Company Press Releases and Quarterly Reports on Form 10-Q.

Wells Fargo Home Mortgage

(excluding Commercial)

Bank of America

JP Morgan Chase

3/31/2009

12/31/2009

3/31/2010

3/31/2009

12/31/2009

3/31/2010

3/31/2009

12/31/2009

3/31/2010

Wells Fargo Home Mortgage 8

Wells Fargo Home Mortgage

MSR

risk

management

approach

hedge

MSR hedge objectives

Offset MSR asset value changes

Mitigate interest rate risks of the mortgage business overall across a reasonable range of interest rates

and various time frames

Hedge instruments –

primarily MBS forwards and interest rate swaps; by its nature, the

hedge is a “long position”

in interest rates that offsets the “short position”

of the MSR asset

(and considers the “long position”

embedded in the pipeline and warehouse)

Hedge result –

the

hedge

produces

total

return

composed

quarterly

mark

and

carry

Hedge

Value

Profile

Illustrative

D100

D75

D50

D25

Q2 Start

Rate

U25

U50

U75

U100

Servicing Hedge Position

Servicing

Hedge

Position

with

Carry

(for

one

quarter)

Declining Rates

Increasing Rates

Lower Interest Rates =

Higher Hedge Value

Higher Interest Rates =

Lower Hedge Value

Includes Hedge

Carry Income

Rate at

Beginning of

Quarter

Wells Fargo Home Mortgage 9

Wells Fargo Home Mortgage

Factors affecting hedge result

Value of the MSR asset at any point in time (determines required

maximum hedge)

Size of the hedge (we do not over hedge but can be under hedged)

Composition of hedge

Projected carry income (higher projected carry reduces hedge requirement)

Market factors (yield curve, MBS coupons, basis, volumes, etc.)

MSR

Value

Profile

Illustrative

Hedge

Value

Profile

Illustrative

D100

D75

D50

D25

Q2 Start

Rate

U25

U50

U75

U100

Declining Rates

Increasing Rates

Lower Interest Rates = Lower MSR Value

Higher Interest Rates = Higher MSR Value

Rate at

Beginning of

Quarter

D100

D75

D50

D25

Q2 Start

Rate

U25

U50

U75

U100

Servicing Hedge Position

Servicing Hedge Position with Carry

(for one quarter)

Declining Rates

Increasing Rates

Lower Interest Rates =

Higher Hedge Value

Higher Interest Rates =

Lower Hedge Value

Includes Hedge

Carry Income

Rate at

Beginning of

Quarter

Wells Fargo Home Mortgage 10

Wells Fargo Home Mortgage

MSR hedging results

2009 and 1Q10 have been unusual times in the MBS markets,

including an historically steep yield curve and slower than

expected consumer prepayment activity

These conditions have allowed us to generate above average

returns on our investment in MSR assets

We manage risk –

we do not speculate

Our hedge has been effective during this period

While MSR hedging process can produce some earnings

variability, it does not create capital exposure

Wells Fargo Home Mortgage 11

Wells Fargo Home Mortgage

Conclusions

Our MSR risk management activity is designed to protect

our investment and desired economic return on the MSR

asset across a reasonable range of interest rates

We believe that having market risk management

responsibility reside within the mortgage business unit

is an advantage

Active governance and oversight is provided by Wells Fargo

senior management

Reputation Risk Management 3

What we say & do

Vision & values

People

Practices

Products

What is said about us

Main Street

Wall Street

Washington

Team members

Reputation

risk

can

come

from

any

where

within

outside

the

company

Reputation risk is heavily influenced by other categories of risk,

(Credit, Market, Operational/compliance, Legal, etc.)

Our primary lever to manage reputation risk is ensuring our people, practices

and products align closely with our vision & values

Reputation risk can and should be monitored, measured and managed as

robustly as all other risk types

Stakeholder

experiences

Telling our

story

“Who we are”

“Our reputation”

How we think about reputation risk

Reputation Risk Management 4

A multi-layered approach, culturally embedded

Board Committees

–

Explicitly discuss relevant reputation risks in conjunction

with focus areas (credit, finance, etc)

Enterprise

Risk

Management

Committee

(ERMC)

–

Senior

managers

discuss

all categories of risk including reputation (10x/year)

Enterprise

Stakeholder

Committee

(ESC)

–

Ensures

strategic

coordination

across all lines of business regarding reputation (monthly)

Tactical

Response

Team

–

Tactical

problem-solving

and

decision-making

near term reputation risks (weekly)

Coordination

across

reputation-focused

functions

–

Clear

and

shared

reputation-related agendas and coordination among Corporate Social

Responsibility, Corporate Communications, Government Affairs, Investor

Relations, Human Resources and Legal

Proactive initiatives

–

e.g. ‘Making a Difference’, Leading the Way Home,

Executive Advocacy, local market stakeholder committees (e.g. Minnesota

Leadership Council), NGO (e.g. Urban League) and media outreach,

etc.

What we are doing to manage our

reputation risk

Reputation Risk Management 5

Our business promotes economic growth and

community well being

Serve more households than any

U.S. bank

1 in 3 U.S. households now banks

with us

Employ 278,000 team members

$932 Billion in credit supplied over

past 18 months

523,336 Mortgages modified

#2 Most generous corporate

foundations

(1)

#1 Green bank

(2)

We have an important

responsibility

We take our responsibility

seriously

(1)

BusinessWeek

(1/10).

(2)

Newsweek

(9/09).

Reputation Risk Management 7

Pat Callahan

EVP, Office of Transition, HR, Communications and

Social Responsibility

Executive vice president Pat Callahan is responsible for providing oversight

and strategic direction for the merger of Wells Fargo & Company and

Wachovia Corporation. The Office of Transition, overseeing the most

extensive merger in the company’s history, coordinates merger-related

activities among all businesses for both companies, gathers and assesses

information, tracks progress, shares best practices, and will help create the

new Wells Fargo. Callahan also oversees Corporate Human Resources,

Corporate Communications, Enterprise Expense Management and the Social

Responsibility Group. A 32-year veteran of the company, Callahan was head

of Compliance and Enterprise Risk Management, providing regulatory

compliance oversight for the company. Before that, she was head of Human

Resources since the Norwest-Wells Fargo merger in 1998. Before the

merger, she was head of Wholesale Banking Systems, Finance and

Operations, and head of Human Resources from 1993 to 1997.

She graduated from Massachusetts Institute of Technology where she

earned her bachelors’

degree in mechanical engineering and her masters’

degree in management/finance. Callahan serves on the Board of Directors

of The Marine Mammal Center.