8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of

The Securities Exchange Act of 1934

Date of report (Date of earliest event reported): October 11, 2013

WELLS FARGO & COMPANY

(Exact Name of Registrant as Specified in Charter)

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

420 Montgomery Street, San Francisco, California 94163

(Address of Principal Executive Offices) (Zip Code)

1-866-249-3302

(Registrant’s telephone number, including area code)

Not applicable

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

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

[  ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

[  ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

[  ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

[  ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Item 2.02 Results of Operations and Financial Condition.

On October 11, 2013, Wells Fargo & Company (the “Company”) issued a press release regarding its results of operations and financial condition for the quarter and nine months ended September 30, 2013 (the “Press Release”), and posted on its website its 3Q13 Quarterly Supplement (the “Quarterly Supplement”), which contains certain additional historical and forward-looking information relating to the Company. The Press Release is included as Exhibit 99.1 to this report and is incorporated by reference into this Item 2.02. The information included in Exhibit 99.1 is considered to be “filed” for purposes of Section 18 under the Securities Exchange Act of 1934. The Quarterly Supplement is included as Exhibit 99.2 to this report and is incorporated by reference into this Item 2.02. Exhibit 99.2 shall not be considered “filed” for purposes of Section 18 under the Securities Exchange Act of 1934 and shall not be deemed to be incorporated by reference into the filings of the Company under the Securities Act of 1933.

On October 11, 2013, the Company intends to host a live conference call that will also be available by webcast to discuss the Press Release, the Quarterly Supplement, and other matters relating to the Company.

Item 9.01  Financial Statements and Exhibits.

(d)  Exhibits

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

SIGNATURES

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

Dated: October 11, 2013	WELLS FARGO & COMPANY
	By:	/s/ RICHARD D. LEVY
		Richard D. Levy
		Executive Vice President and Controller
		(Principal Accounting Officer)

EX-99.1

Exhibit 99.1

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

Friday, October 11, 2013

WELLS FARGO REPORTS RECORD QUARTERLY NET INCOME

Q3 Net Income of $5.6 Billion; EPS of $0.99, Up 13 Percent from Prior Year

• Continued strong financial results:

o Record Wells Fargo net income of $5.6 billion, up 13 percent from third quarter 2012

o Record diluted earnings per share of $0.99, up 13 percent

o Revenue of $20.5 billion, compared with $21.2 billion

o Noninterest expense of $12.1 billion, down $10 million

o Return on average assets (ROA) of 1.53 percent, up 8 basis points

o Return on equity (ROE) of 14.07 percent, up 69 basis points

• Strong loan and deposit growth:

o Total average loans of $804.8 billion, up $28.0 billion from third quarter 2012

o Quarter-end loans of $812.3 billion, up $29.7 billion

¡ Quarter-end core loans¹ of $728.2 billion, up $44.2 billion

¡ Added $5.2 billion from U.K. and U.S. commercial real estate (CRE) acquisitions

o Total average core deposits of $940.3 billion, up $44.9 billion

¡ Quarter-end core deposits of $947.8 billion, up $46.7 billion

• Continued improvement in credit quality:

o Net charge-offs of $975 million, down $1.4 billion from third quarter 2012

¡ Net charge-off rate of 0.48 percent (annualized), compared with 1.21 percent

o Nonperforming assets of $20.7 billion, down $4.6 billion

o $900 million reserve release² due to continued strong credit performance and improved housing market

• Strengthened capital levels:

o Tier 1 common equity³ under Basel I increased $14.5 billion from third quarter 2012 to $120.3 billion, with Tier 1 common equity ratio of 10.64 percent under Basel I at September 30, 2013

o Estimated Tier 1 common equity ratio of 9.54 percent under Basel III capital rules⁴

¹ See table on page 5 for more information on core and non-strategic/liquidating loan portfolios.

² Reserve release represents the amount by which net charge-offs exceed the provision for credit losses.

³ See tables on page 38 for more information on Tier 1 common equity.

⁴ Estimated based on management’s interpretation of final rules adopted July 2, 2013, by the Federal Reserve Board establishing a new comprehensive capital framework for U.S. banking organizations that would implement the Basel III capital framework and certain provisions of the Dodd-Frank Act.

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o Period end common stock share count declined 28.4 million from second quarter 2013 reflecting 50.9 million of purchases in the quarter

o Purchased an additional estimated 9.8 million shares through a forward repurchase transaction expected to settle in fourth quarter 2013

Selected Financial Information

				Quarter ended
	Sept. 30,			June 30,		Sept. 30,
	2013			2013		2012
Earnings
Diluted earnings per common share	$	0.99			0.98		0.88
Wells Fargo net income (in billions)		5.58			5.52		4.94
Return on assets (ROA)		1.53	%		1.55		1.45
Return on equity (ROE)		14.07			14.02		13.38
Asset Quality
Net charge-offs (annualized) as a % of avg. total loans		0.48			0.58		1.21
Allowance for credit losses as a % of total loans		1.93			2.07		2.27
Allowance for credit losses as a % of annualized net charge-offs		405			360		190
Other
Revenue (in billions)	$	20.5			21.4		21.2
Efficiency ratio		59.1	%		57.3		57.1
Average loans (in billions)	$	804.8			800.2		776.7
Average core deposits (in billions)		940.3			936.1		895.4
Net interest margin		3.38	%		3.46		3.66

SAN FRANCISCO – Wells Fargo & Company (NYSE:WFC) reported record net income of $5.6 billion, or $0.99 per diluted common share, for third quarter 2013, up from $4.9 billion, or $0.88 per share, for third quarter 2012, and up from $5.5 billion, or $0.98 per share, for second quarter 2013. For the first nine months of 2013, net income was a record $16.3 billion, or $2.89 per share, compared with $13.8 billion, or $2.45 per share, for the same period in 2012.

“Wells Fargo continued to demonstrate strong and consistent financial performance in the third quarter,” said Chairman and CEO John Stumpf. “As our economy continues to transition to higher interest rates, our diversified business model and strong risk discipline contributed to record earnings per share along with continued strength in return on assets, return on equity and capital. The improvement in the housing market has been beneficial to our customers and significantly contributed to our broad-based credit improvement in the quarter. We also deepened relationships, resulting in increases in cross-sell across the Company. As we look forward, we remain well positioned to meet the needs of our customers and to perform for our shareholders.”

Chief Financial Officer Tim Sloan said, “This was a solid quarter for Wells Fargo. As expected, mortgage banking revenue was lower in the quarter as the recent increases in interest rates reduced refinance volume, but this impact was partially offset by improved credit and lower expenses. Year-over-year, we had strong loan growth, double-digit increases in noninterest income across many of our businesses and continued to build capital and return more to shareholders through dividends and share buybacks.”

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Revenue

Revenue was $20.5 billion, compared with $21.4 billion in second quarter 2013. With net interest income stable, revenue declined primarily from lower mortgage banking revenue and trust and investment fees, partially offset by higher market sensitive revenue⁵ and other income. Businesses generating year-over-year double-digit revenue growth included credit card, personal credit management, retail sales finance and retirement services.

Net Interest Income

Net interest income remained strong in third quarter 2013 at $10.7 billion, essentially unchanged from second quarter 2013. Net interest income benefitted from available-for-sale (AFS) securities portfolio purchases, which consisted largely of agency mortgage-backed securities (MBS), lower funding costs, organic growth in commercial and consumer loans, commercial real estate loan acquisitions, and one additional business day in the quarter. These benefits were offset by lower interest income from mortgages held for sale and reduced income from variable sources, such as purchased credit-impaired (PCI) loan resolutions and periodic dividends.

The Company’s net interest margin declined 8 basis points from the prior quarter to 3.38 percent. Deposit and long-term debt growth and a decline in mortgages held for sale caused cash and short term investments to increase despite growth in other earning asset categories including loans and AFS securities. Although deposit growth has little impact on net interest income, it is dilutive to net interest margin and customer driven deposit growth accounted for 3 basis points of compression. Liquidity-related issuances in the quarter, both term deposits and long-term debt, diluted the margin by approximately 3 basis points. Separately, the net impact of balance sheet repricing and growth also diluted the net interest margin by 1 basis point, while lower income from variable sources, including PCI loan resolutions and periodic dividends, led to another 1 basis point of compression.

Noninterest Income

Noninterest income was $9.7 billion, compared with $10.6 billion in second quarter 2013, driven primarily by lower mortgage refinance volume and reduced gain on sale margins. Trust and investment fees declined in the quarter due to reduced investment banking revenue and seasonally lower retail brokerage commissions. These declines were partially offset by increases in debt and equity gains, mortgage banking servicing income and trading revenue.

⁵ Consists of net gains from trading activities, net gains (losses) on debt securities available for sale and net gains from equity investments.

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Mortgage banking noninterest income was $1.6 billion, down from $2.8 billion in second quarter 2013. During the third quarter, residential mortgage originations were $80 billion, down from $112 billion in second quarter 2013. The Company provided $28 million for mortgage loan repurchase losses, compared with $65 million in second quarter 2013 (included in net gains from mortgage loan origination/sales activities). As previously announced, the Company reached an agreement with the Federal Home Loan Mortgage Corporation (Freddie Mac) on September 27, 2013, that resolved substantially all repurchase liabilities related to loans sold to Freddie Mac prior to January 1, 2009. The agreement was covered through mortgage loan repurchase accruals established in prior periods. Net mortgage servicing rights (MSRs) results were $26 million, compared with $68 million in second quarter 2013.

The Company had net unrealized securities gains of $5.8 billion at September 30, 2013, up from $5.1 billion at June 30, 2013.

Noninterest Expense

Noninterest expense declined $153 million from the prior quarter to $12.1 billion, as higher mortgage-related severance expense and deferred compensation costs (offset in revenue) were more than offset by lower incentive compensation (including mortgage-related), reduced litigation accruals and seasonally lower crop insurance commissions. The efficiency ratio was 59.1 percent in third quarter 2013, compared with 57.3 percent in second quarter 2013. The Company expects to operate within its targeted efficiency ratio range of 55 to 59 percent in fourth quarter 2013.

Income Taxes

The Company’s effective tax rate was 31.9 percent and 33.4 percent for third quarter 2013 and 2012, respectively. The lower effective tax rate in third quarter 2013 reflected a net reduction in the reserve for uncertain tax positions primarily due to settlements with tax authorities regarding certain cross border transactions.

Loans

Total loans were $812.3 billion at September 30, 2013, up $10.4 billion from June 30, 2013. Third quarter loan growth included $5.2 billion of CRE portfolio acquisitions consisting of $4.0 billion of U.K. CRE loans classified within foreign loans and $1.2 billion within commercial real estate mortgage. Growth in the commercial and industrial, real estate 1-4 family first mortgage, credit card, and auto portfolios more than offset the reduction in the non-strategic/liquidating portfolios. Total average loans were $804.8 billion, up $4.5 billion from the prior quarter. The asset-backed finance, corporate banking, credit card, equipment finance, government and institutional banking, mortgage portfolios, personal credit management, retail brokerage, and retail sales finance portfolios all experienced year-over-year double-digit growth.

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	September 30, 2013							June 30, 2013
(in millions)	Core		Liquidating (1)			Total		Core		Liquidating (1)			Total
Commercial	$	369,703		2,342			372,045		360,940		2,532			363,472
Consumer		358,484		81,796			440,280		353,470		85,032			438,502
Total loans	$	728,187		84,138			812,325		714,410		87,564			801,974
Change from prior quarter:	$	13,777		(3,426	)		10,351		5,335		(3,327	)		2,008

(1) See table on page 35 for additional information on non-strategic/liquidating loan portfolios. Management believes that the above information provides useful disclosure regarding the Company’s ongoing loan portfolios.

Deposits

Total average deposits were $1.0 trillion, up 8 percent from a year ago and up 6 percent (annualized) from second quarter 2013. Average core deposits were $940.3 billion, up 5 percent from a year ago and up 2 percent (annualized) from second quarter 2013. Average core checking and savings deposits were $892.9 billion, up 7 percent from a year ago and up 4 percent (annualized) from second quarter 2013. Average mortgage escrow deposits decreased to $34.7 billion, compared with $40.0 billion a year ago and $39.6 billion in second quarter 2013. Average core checking and savings deposits were 95 percent of average core deposits. The average deposit cost for third quarter 2013 improved to 12 basis points, compared with 14 basis points in the prior quarter and 18 basis points a year ago. Average core deposits were 117 percent of average loans, unchanged from second quarter 2013.

Capital

Capital remained strong in the third quarter, with Tier 1 common equity of $120.3 billion under Basel I, or 10.64 percent of risk-weighted assets, compared with 9.92 percent in third quarter 2012 and 10.71 percent in second quarter 2013. Under Basel III capital rules, the Tier 1 common equity ratio was an estimated 9.54 percent.⁶ In third quarter 2013, the Company purchased 50.9 million shares of its common stock and an additional estimated 9.8 million shares through a forward repurchase transaction expected to settle in fourth quarter 2013. The Company also paid a quarterly common stock dividend of $0.30 per share, up from $0.22 a year ago.

	Sept. 30,			June 30,		Sept. 30,
(as a percent of total risk-weighted assets)	2013			2013		2012
Ratios under Basel I (1):
Tier 1 common equity (2)		10.64	%		10.71		9.92
Tier 1 capital		12.15			12.12		11.50
Tier 1 leverage		9.76			9.63		9.40

(1) September 30, 2013, ratios are preliminary.

(2) See table on page 38 for more information on Tier 1 common equity.

⁶ Estimated based on management’s interpretation of final rules adopted July 2, 2013, by the Federal Reserve Board establishing a new comprehensive capital framework for U.S. banking organizations that would implement the Basel III capital framework and certain provisions of the Dodd-Frank Act.

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Credit Quality

“Credit performance continued to be very strong in the third quarter. Loss levels improved from the second quarter and were at historically low levels,” said Chief Risk Officer Mike Loughlin. “Credit losses were $975 million in third quarter 2013, compared with $2.4 billion in third quarter 2012, representing a 59 percent year-over-year improvement. The quarterly loss rate fell to 0.48 percent with commercial losses of only 2 basis points and consumer losses of 0.86 percent. The consumer loss levels continued to benefit from the improvement in the residential real estate market, with home prices and market fundamentals improving faster and in more markets than forecasted. Nonperforming assets declined by $360 million, or 7 percent (annualized) from last quarter. We released $900 million from the allowance for credit losses in the third quarter, reflecting improvement in home prices and credit performance. Given these favorable conditions, we continue to expect future reserve releases absent a significant deterioration in the economic environment.”

Net Loan Charge-offs

Net loan charge-offs improved to $975 million in third quarter 2013, or 48 basis points of average loans, compared with $1.2 billion in second quarter 2013, or 58 basis points of average loans.

Net Loan Charge-Offs

	Quarter ended
	Sept. 30, 2013					June 30, 2013					Mar. 31, 2013
($ in millions)	Net   loan   charge-   offs		As a   % of   average   loans (1)			Net    loan   charge-   offs		As a   % of   average   loans (1)			Net loan   charge-   offs		As a   % of   average   loans (1)
Commercial:
Commercial and industrial	$	58		0.12	%	$	77		0.17	%	$	93		0.20	%
Real estate mortgage		(20)		(0.08)			(5)		(0.02)			29		0.11
Real estate construction		(17)		(0.41)			(45)		(1.10)			(34)		(0.83)
Lease financing		-		-			18		0.57			(1)		(0.02)
Foreign		(2)		(0.02)			(1)		(0.01)			3		0.03
Total commercial		19		0.02			44		0.05			90		0.10
Consumer:
Real estate 1-4 family first mortgage		242		0.38			328		0.52			429		0.69
Real estate 1-4 family junior lien mortgage		275		1.58			359		2.02			449		2.46
Credit card		207		3.28			234		3.90			235		3.96
Automobile		78		0.63			42		0.35			76		0.66
Other revolving credit and installment		154		1.46			145		1.38			140		1.37
Total consumer		956		0.86			1,108		1.01			1,329		1.23
Total	$	975		0.48	%	$	1,152		0.58	%	$	1,419		0.72	%

(1) Quarterly net charge-offs as a percentage of average loans are annualized. See explanation on page 32 of the accounting for purchased credit-impaired (PCI) loans and the impact on selected financial ratios.

Nonperforming Assets

Nonperforming assets decreased by $360 million in the quarter to $20.7 billion, from $21.1 billion in second quarter 2013. Nonaccrual loans decreased to $16.9 billion from $17.9 billion in second quarter 2013. Foreclosed assets were $3.8 billion, up from $3.1 billion in second quarter 2013, reflecting an increase in foreclosed assets insured by the Federal Housing Administration (FHA) or guaranteed by the Veterans Administration (VA). This increase was primarily driven by enhancements to loan modification programs, slowing foreclosures in prior quarters.

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Nonperforming Assets (Nonaccrual Loans and Foreclosed Assets)

	Sept. 30, 2013					June 30, 2013					Mar. 31, 2013
($ in millions)	Total   balances		As a   % of   total   loans			Total   balances		As a   % of   total   loans			Total   balances		As a   % of   total   loans
Commercial:
Commercial and industrial	$	809		0.42	%	$	1,022		0.54	%	$	1,193		0.64	%
Real estate mortgage		2,496		2.36			2,708		2.59			3,098		2.92
Real estate construction		517		3.15			665		4.04			870		5.23
Lease financing		17		0.15			20		0.17			25		0.20
Foreign		47		0.10			40		0.10			56		0.14
Total commercial		3,886		1.04			4,455		1.23			5,242		1.45
Consumer:
Real estate 1-4 family first mortgage		10,450		4.10			10,705		4.23			11,320		4.49
Real estate 1-4 family junior lien mortgage		2,333		3.45			2,522		3.60			2,712		3.74
Automobile		188		0.38			200		0.41			220		0.47
Other revolving credit and installment		36		0.08			33		0.08			32		0.08
Total consumer		13,007		2.95			13,460		3.07			14,284		3.26
Total nonaccrual loans		16,893		2.08			17,915		2.23			19,526		2.44
Foreclosed assets:
Government insured/guaranteed		1,781					1,026					969
Non-government insured/guaranteed		2,021					2,114					2,381
Total foreclosed assets		3,802					3,140					3,350
Total nonperforming assets	$	20,695		2.55	%	$	21,055		2.63	%	$	22,876		2.86	%
Change from prior quarter:
Total nonaccrual loans	$	(1,022)				$	(1,611)				$	(960)
Total nonperforming assets		(360)					(1,821)					(1,633)

Loans 90 Days or More Past Due and Still Accruing

Loans 90 days or more past due and still accruing (excluding government insured/guaranteed) totaled $1.1 billion at September 30, 2013, compared with $1.2 billion at June 30, 2013. Loans 90 days or more past due and still accruing with repayments insured by the Federal Housing Administration (FHA) or predominantly guaranteed by the Department of Veterans Affairs (VA) for mortgages and the U.S. Department of Education for student loans under the Federal Family Education Loan Program were $21.1 billion at September 30, 2013, up slightly from $21.0 billion at June 30, 2013.

Allowance for Credit Losses

The allowance for credit losses, including the allowance for unfunded commitments, totaled $15.6 billion at September 30, 2013, down from $16.6 billion at June 30, 2013. The allowance coverage to total loans was 1.93 percent, compared with 2.07 percent in second quarter 2013. The allowance covered 4.0 times annualized third quarter net charge-offs, compared with 3.6 times in the prior quarter. The allowance coverage to nonaccrual loans was 93 percent at both September 30, 2013 and June 30, 2013. “We believe the allowance was appropriate for losses inherent in the loan portfolio at September 30, 2013,” said Loughlin.

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Business Segment Performance

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

					Quarter ended
	Sept. 30,		June 30,		Sept. 30,
(in millions)	2013		2013		2012
Community Banking	$	3,341		3,245		2,740
Wholesale Banking		1,973		2,004		1,993
Wealth, Brokerage and Retirement		450		434		338

More financial information about the business segments is on pages 39 and 40.

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

Selected Financial Information

					Quarter ended
	Sept. 30,		June 30,		Sept. 30,
(in millions)	2013		2013		2012
Total revenue	$	12,244		12,942		13,110
Provision for credit losses		240		763		1,627
Noninterest expense		7,060		7,213		7,402
Segment net income		3,341		3,245		2,740
(in billions)
Average loans		497.7		498.2		485.3
Average assets		836.6		820.9		765.1
Average core deposits		618.2		623.0		594.5

Community Banking reported net income of $3.3 billion, up $96 million, or 3 percent, from second quarter 2013. Revenue of $12.2 billion decreased $698 million, or 5 percent, from the prior quarter primarily due to lower mortgage banking revenue, partially offset by higher gains on equity investments and higher deferred compensation plan investment gains (offset in employee benefits expense). Noninterest expense decreased $153 million, or 2 percent, from the prior quarter largely due to lower operating losses and mortgage volume-related expenses, partially offset by higher deferred compensation expense (offset in revenue). The provision for credit losses decreased $523 million from the prior quarter as net charge-offs declined $201 million and portfolio credit performance improved, particularly in residential real estate.

Net income was up $601 million, or 22 percent, from third quarter 2012. Revenue decreased $866 million, or 7 percent, from a year ago due to lower mortgage banking revenue, partially offset by higher net interest income, growth in deposit service charges, higher trust and investment fees, higher debit, credit and merchant card volumes, and higher gains on equity investments. Noninterest expense declined $342 million, or 5 percent, from a year ago largely driven by the elimination of costs related to the OCC’s Independent Foreclosure Review programs, lower operating losses, and lower FDIC deposit insurance assessments. The provision for credit losses decreased $1.4 billion from a year ago as net-charge offs declined $1.3 billion and portfolio credit performance improved, particularly in residential real estate portfolios.

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Regional Banking

• Retail banking

o Retail Bank household cross-sell ratio of 6.15 products per household, up from 6.04 year-over-year⁷

o Primary consumer checking customers⁸ up a net 3.9 percent year-over-year⁷

o Customers rated their experience with Wells Fargo stores at an all-time high based on third quarter survey results

• Small Business/Business Banking

o Primary business checking customers⁸ up a net 3.6 percent year-over-year⁷

o $14.2 billion in new loan commitments to small business customers (primarily with annual revenues less than $20 million) in the first three quarters of 2013, up 24 percent from the prior year

o For the 11th consecutive year, America’s #1 small business lender (in both loans under $100,000 and under $1,000,000) and #1 lender to small businesses in low- and moderate-income areas (2012 CRA data, released August 2013)

o For the third consecutive year, Wells Fargo has approved more than $1 billion in SBA 7(a) loan dollars for small businesses

• Online and Mobile Banking

o 22.9 million active online customers, up 7 percent year-over-year⁷

o 11.5 million active mobile customers, up 29 percent year-over-year⁷

o “Best Consumer Internet Bank” in the U.S. for the 4th consecutive year (Global Finance Magazine, July 2013)

Consumer Lending Group

• Home Lending

o Originations of $80 billion, compared with $112 billion in prior quarter

o Applications of $87 billion, compared with $146 billion in prior quarter

o Application pipeline of $35 billion at quarter end, compared with $63 billion at June 30, 2013

o Residential mortgage servicing portfolio of $1.8 trillion; ratio of MSRs to related loans serviced for others was 82 basis points, compared with 81 basis points in prior quarter

o Average note rate on the servicing portfolio was 4.54 percent, compared with 4.59 percent in prior quarter

• Consumer Credit

o Credit card penetration in retail banking households rose to 36.0 percent⁷, up from 32.1 percent in prior year

o Auto originations of $6.9 billion, down 3 percent from prior quarter and up 9 percent from prior year

⁷ Data as of August 2013, comparisons with August 2012.

⁸ Customers who actively use their checking account with transactions such as debit card purchases, online bill payments, and direct deposit.

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

Selected Financial Information

							Quarter ended
	Sept. 30,			June 30,			Sept. 30,
(in millions)	2013			2013			2012
Total revenue	$	5,871			6,135			5,949
Reversal of provision for credit losses		(144	)		(118	)		(57)
Noninterest expense		3,084			3,183			2,908
Segment net income		1,973			2,004			1,993
(in billions)
Average loans		290.4			286.9			277.1
Average assets		500.7			499.9			490.7
Average core deposits		235.3			230.5			225.4

Wholesale Banking reported net income of $2.0 billion, down $31 million, or 2 percent, from second quarter 2013. Revenue of $5.9 billion decreased $264 million, or 4 percent, from prior quarter on lower sales and trading and investment banking results as well as seasonally lower crop insurance fees. Noninterest expense decreased $99 million, or 3 percent, from prior quarter primarily from lower variable personnel expense and seasonal crop insurance commissions.

Net income was down $20 million, or 1 percent, from third quarter 2012. Revenue decreased $78 million, or 1 percent, from a year ago as business growth and strong loan and deposit growth was more than offset by lower sales and trading, PCI resolution income and other income. Noninterest expense increased $176 million, or 6 percent, from a year ago due to higher personnel expenses and support costs. The provision for credit losses decreased $87 million from a year ago due to a $117 million reduction in credit losses. The third quarter 2013 provision included an $80 million reserve release, compared with $110 million a year ago.

• Five percent average loan growth in third quarter 2013 compared with third quarter 2012. The growth came from nearly all portfolios, including asset-backed finance, capital finance, commercial banking, commercial real estate, corporate banking, equipment finance and government and institutional banking

• Added $5.2 billion of loans from U.S. and U.K. CRE acquisitions

- 11 -

• Investment Banking year-to-date 2013 revenue from commercial and corporate customers increased 33 percent from year-to-date 2012 due to attractive capital markets conditions and continued momentum in cross selling

• Cross-sell of 7.0 products per relationship up from 6.9 in prior quarter

• Third quarter 2013 treasury management revenue up 10 percent from third quarter 2012

• Third quarter assets under management up $21 billion from prior quarter to $475 billion, reflecting net client inflows and increased market valuation

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

Selected Financial Information

	Quarter ended
	Sept. 30,			June 30,		Sept. 30,
(in millions)	2013			2013		2012
Total revenue	$	3,307			3,261		3,033
Provision (reversal of provision) for credit losses		(38	)		19		30
Noninterest expense		2,619			2,542		2,457
Segment net income		450			434		338
(in billions)
Average loans		46.7			45.4		42.5
Average assets		180.8			177.1		163.8
Average core deposits		150.6			146.4		136.7

Wealth, Brokerage and Retirement reported net income of $450 million, up $16 million, or 4 percent, from second quarter 2013. Revenue of $3.3 billion increased $46 million, or 1 percent, from the prior quarter. Excluding higher gains on deferred compensation plan investments (offset in compensation expense), revenue was in line with prior quarter as increased net interest income was mostly offset by lower brokerage transaction revenue. Noninterest expense increased $77 million, or 3 percent, from prior quarter. Apart from higher deferred compensation expense (offset in trading income), noninterest expense increased $17 million, or 1 percent, due to higher non-personnel expenses, partially offset by a decrease in broker commissions. The provision for credit losses decreased $57 million from second quarter 2013. The provision in third and second quarter 2013 included a $38 million and $5 million reserve release, respectively.

Net income was up $112 million, or 33 percent, from third quarter 2012. Revenue increased $274 million, or 9 percent, from a year ago driven by strong growth in asset-based fees and higher net interest income, partly offset by decreased brokerage transaction revenue. Noninterest expense increased $162 million, or 7 percent, from a year ago largely due to higher personnel expenses, including an increase in broker commissions. The provision for credit losses decreased $68 million from a year ago; the provision in third quarter 2012 included a $10 million reserve release.

- 12 -

Retail Brokerage

• Client assets of $1.3 trillion, up 8 percent from prior year

• Managed account assets increased $53 billion, or 18 percent, from prior year driven by strong market performance and net flows

• Strong deposit growth, with average balances up 14 percent from prior year

Wealth Management

• Client assets of $209 billion, up 5 percent from prior year

Retirement

• IRA assets of $326 billion, up 10 percent from prior year

• Institutional Retirement plan assets of $288 billion, up 11 percent from prior year

WBR cross-sell ratio of 10.41 products per household, up from 10.27 a year ago

Conference Call

The Company will host a live conference call on Friday, October 11, at 7 a.m. PDT (10 a.m. EDT). To access the call, please dial 866-872-5161 (U.S. and Canada) or 706-643-1962 (International). No password is required. The call is also available online at wellsfargo.com/invest_relations/earnings and http://us.meeting-stream.com/wellsfargocompany_101113.

A replay of the conference call will be available beginning at approximately noon PDT (3 p.m. EDT) on October 11 through Friday, October 18. Please dial 855-859-2056 (U.S. and Canada) or 404-537-3406 (International) and enter Conference ID #12658199. The replay will also be available online at wellsfargo.com/invest_relations/earnings.

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Forward-Looking Statements

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

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

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

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

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

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

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

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

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

- 14 -

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

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

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

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

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

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

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

• the other risk factors and uncertainties described under “Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2012.

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

For more information about factors that could cause actual results to differ materially from our expectations, refer to our reports filed with the Securities and Exchange Commission, including the discussion under “Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2012, as filed with the Securities and Exchange Commission and available on its website at www.sec.gov.

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

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About Wells Fargo

Wells Fargo & Company (NYSE: WFC) is a nationwide, diversified, community-based financial services company with $1.5 trillion in assets. Founded in 1852 and headquartered in San Francisco, Wells Fargo provides banking, insurance, investments, mortgage, and consumer and commercial finance through more than 9,000 stores, 12,000 ATMs, and the Internet (wellsfargo.com), and has offices in more than 35 countries to support the bank’s customers who conduct business in the global economy. With more than 270,000 team members, Wells Fargo serves one in three households in the United States. Wells Fargo & Company was ranked No. 25 on Fortune’s 2013 rankings of America’s largest corporations. Wells Fargo’s vision is to satisfy all our customers’ financial needs and help them succeed financially.

# # #

Wells Fargo & Company and Subsidiaries

QUARTERLY FINANCIAL DATA

TABLE OF CONTENTS

	Pages
Summary Information
Summary Financial Data		17-18
Income
Consolidated Statement of Income		19
Consolidated Statement of Comprehensive Income		20
Condensed Consolidated Statement of Changes in Total Equity		20
Five Quarter Consolidated Statement of Income		21
Average Balances, Yields and Rates Paid (Taxable-Equivalent Basis)		22-23
Five Quarter Average Balances, Yields and Rates Paid (Taxable-Equivalent Basis)		24
Noninterest Income and Noninterest Expense		25
Balance Sheet
Consolidated Balance Sheet		27-28
Securities Available for Sale		29
Loans
Loans		29
Nonperforming Assets		30
Loans 90 Days or More Past Due and Still Accruing		31
Purchased Credit-Impaired Loans		32-34
Pick-A-Pay Portfolio		35
Non-Strategic and Liquidating Loan Portfolios		35
Changes in Allowance for Credit Losses		36-37
Equity
Tier 1 Common Equity		38
Operating Segments
Operating Segment Results		39-40
Other
Mortgage Servicing and other related data		41-43

17

Wells Fargo & Company and Subsidiaries

SUMMARY FINANCIAL DATA

	Quarter ended							% Change Sept. 30, 2013 from					Nine months ended
($ in millions, except per share amounts)	Sept. 30, 2013			June 30, 2013		Sept. 30, 2012		June 30, 2013			Sept. 30, 2012		Sept. 30, 2013		Sept. 30, 2012		% Change
For the Period
Wells Fargo net income	$	5,578			5,519		4,937		1	%		13	$	16,268		13,807		18	%
Wells Fargo net income applicable to common stock		5,317			5,272		4,717		1			13		15,520		13,142		18
Diluted earnings per common share		0.99			0.98		0.88		1			13		2.89		2.45		18
Profitability ratios (annualized):
Wells Fargo net income to average assets (ROA)		1.53	%		1.55		1.45		(1)			6		1.52		1.39		9
Wells Fargo net income applicable to common stock to average Wells Fargo common stockholders’ equity (ROE)		14.07			14.02		13.38		-			5		13.92		12.81		9
Efficiency ratio (1)		59.1			57.3		57.1		3			4		58.2		58.5		(1)
Total revenue	$	20,478			21,378		21,213		(4)			(3)	$	63,115		64,138		(2)
Pre-tax pre-provision profit (PTPP) (2)		8,376			9,123		9,101		(8)			(8)		26,358		26,636		(1)
Dividends declared per common share		0.30			0.30		0.22		-			36		0.85		0.66		29
Average common shares outstanding		5,295.3			5,304.7		5,288.1		-			-		5,293.0		5,292.7		-
Diluted average common shares outstanding		5,381.7			5,384.6		5,355.6		-			-		5,374.7		5,355.7		-
Average loans	$	804,779			800,241		776,734		1			4	$	801,056		771,200		4
Average assets		1,449,610			1,429,005		1,354,340		1			7		1,427,812		1,326,384		8
Average core deposits (3)		940,279			936,090		895,374		-			5		934,131		882,224		6
Average retail core deposits (4)		670,335			666,043		630,053		1			6		666,393		623,671		7
Net interest margin		3.38	%		3.46		3.66		(2)			(8)		3.44		3.82		(10)
At Period End
Securities available for sale	$	259,399			249,439		229,350		4			13	$	259,399		229,350		13
Loans		812,325			801,974		782,630		1			4		812,325		782,630		4
Allowance for loan losses		15,159			16,144		17,385		(6)			(13)		15,159		17,385		(13)
Goodwill		25,637			25,637		25,637		-			-		25,637		25,637		-
Assets		1,488,055			1,440,563		1,374,715		3			8		1,488,055		1,374,715		8
Core deposits (3)		947,805			941,158		901,075		1			5		947,805		901,075		5
Wells Fargo stockholders’ equity		167,165			162,421		154,679		3			8		167,165		154,679		8
Total equity		168,813			163,777		156,059		3			8		168,813		156,059		8
Capital ratios:
Total equity to assets		11.34	%		11.37		11.35		-			-		11.34		11.35		-
Risk-based capital (5):
Tier 1 capital		12.15			12.12		11.50		-			6		12.15		11.50		6
Total capital		15.14			15.03		14.51		1			4		15.14		14.51		4
Tier 1 leverage (5)		9.76			9.63		9.40		1			4		9.76		9.40		4
Tier 1 common equity (5)(6)		10.64			10.71		9.92		(1)			7		10.64		9.92		7
Common shares outstanding		5,273.7			5,302.2		5,289.6		(1)			-		5,273.7		5,289.6		-
Book value per common share	$	28.98			28.26		27.10		3			7	$	28.98		27.10		7
Common stock price:
High		44.79			41.74		36.60		7			22		44.79		36.60		22
Low		40.79			36.19		32.62		13			25		34.43		27.94		23
Period end		41.32			41.27		34.53		-			20		41.32		34.53		20
Team members (active, full-time equivalent)		270,600			274,300		267,000		(1)			1		270,600		267,000		1

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

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

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

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

(5) The September 30, 2013, ratios are preliminary.

(6) See the “Five Quarter Tier 1 Common Equity Under Basel I” table for additional information.

18

Wells Fargo & Company and Subsidiaries

FIVE QUARTER SUMMARY FINANCIAL DATA

	Quarter ended
($ in millions, except per share amounts)	Sept. 30, 2013			June 30, 2013		Mar. 31, 2013		Dec. 31, 2012		Sept. 30, 2012
For the Quarter
Wells Fargo net income	$	5,578			5,519		5,171		5,090		4,937
Wells Fargo net income applicable to common stock		5,317			5,272		4,931		4,857		4,717
Diluted earnings per common share		0.99			0.98		0.92		0.91		0.88
Profitability ratios (annualized):
Wells Fargo net income to average assets (ROA)		1.53	%		1.55		1.49		1.46		1.45
Wells Fargo net income applicable to common stock to average Wells Fargo common stockholders’ equity (ROE)		14.07			14.02		13.59		13.35		13.38
Efficiency ratio (1)		59.1			57.3		58.3		58.8		57.1
Total revenue	$	20,478			21,378		21,259		21,948		21,213
Pre-tax pre-provision profit (PTPP) (2)		8,376			9,123		8,859		9,052		9,101
Dividends declared per common share		0.30			0.30		0.25		0.22		0.22
Average common shares outstanding		5,295.3			5,304.7		5,279.0		5,272.4		5,288.1
Diluted average common shares outstanding		5,381.7			5,384.6		5,353.5		5,338.7		5,355.6
Average loans	$	804,779			800,241		798,074		787,210		776,734
Average assets		1,449,610			1,429,005		1,404,334		1,387,056		1,354,340
Average core deposits (3)		940,279			936,090		925,866		928,824		895,374
Average retail core deposits (4)		670,335			666,043		662,913		646,145		630,053
Net interest margin		3.38	%		3.46		3.48		3.56		3.66
At Quarter End
Securities available for sale	$	259,399			249,439		248,160		235,199		229,350
Loans		812,325			801,974		799,966		799,574		782,630
Allowance for loan losses		15,159			16,144		16,711		17,060		17,385
Goodwill		25,637			25,637		25,637		25,637		25,637
Assets		1,488,055			1,440,563		1,436,634		1,422,968		1,374,715
Core deposits (3)		947,805			941,158		939,934		945,749		901,075
Wells Fargo stockholders’ equity		167,165			162,421		162,086		157,554		154,679
Total equity		168,813			163,777		163,395		158,911		156,059
Capital ratios:
Total equity to assets		11.34	%		11.37		11.37		11.17		11.35
Risk-based capital (5):
Tier 1 capital		12.15			12.12		11.80		11.75		11.50
Total capital		15.14			15.03		14.76		14.63		14.51
Tier 1 leverage (5)		9.76			9.63		9.53		9.47		9.40
Tier 1 common equity (5)(6)		10.64			10.71		10.39		10.12		9.92
Common shares outstanding		5,273.7			5,302.2		5,288.8		5,266.3		5,289.6
Book value per common share	$	28.98			28.26		28.27		27.64		27.10
Common stock price:
High		44.79			41.74		38.20		36.34		36.60
Low		40.79			36.19		34.43		31.25		32.62
Period end		41.32			41.27		36.99		34.18		34.53
Team members (active, full-time equivalent)		270,600			274,300		274,300		269,200		267,000

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

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

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

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

(5) The September 30, 2013, ratios are preliminary.

(6) See the “Five Quarter Tier 1 Common Equity under Basel I” table for additional information.

19

Wells Fargo & Company and Subsidiaries

CONSOLIDATED STATEMENT OF INCOME

	Quarter ended Sept. 30,					%			Nine months ended Sept. 30,					%
(in millions, except per share amounts)	2013			2012		Change			2013			2012		Change
Interest income
Trading assets	$	331			299		11	%	$	998			1,019		(2)	%
Securities available for sale		2,038			1,966		4			5,997			6,201		(3)
Mortgages held for sale		320			476		(33)			1,069			1,412		(24)
Loans held for sale		3			17		(82)			10			38		(74)
Loans		8,901			9,016		(1)			26,664			27,455		(3)
Other interest income		183			151		21			515			409		26
Total interest income		11,776			11,925		(1)			35,253			36,534		(4)
Interest expense
Deposits		318			428		(26)			1,040			1,328		(22)
Short-term borrowings		9			19		(53)			46			55		(16)
Long-term debt		621			756		(18)			1,950			2,375		(18)
Other interest expense		80			60		33			220			189		16
Total interest expense		1,028			1,263		(19)			3,256			3,947		(18)
Net interest income		10,748			10,662		1			31,997			32,587		(2)
Provision for credit losses		75			1,591		(95)			1,946			5,386		(64)
Net interest income after provision for credit losses		10,673			9,071		18			30,051			27,201		10
Noninterest income
Service charges on deposit accounts		1,278			1,210		6			3,740			3,433		9
Trust and investment fees		3,276			2,954		11			9,972			8,691		15
Card fees		813			744		9			2,364			2,102		12
Other fees		1,098			1,097		-			3,221			3,326		(3)
Mortgage banking		1,608			2,807		(43)			7,204			8,570		(16)
Insurance		413			414		-			1,361			1,455		(6)
Net gains from trading activities		397			529		(25)			1,298			1,432		(9)
Net gains (losses) on debt securities available for sale		(6	)		3		NM			(15	)		(65)		(77)
Net gains from equity investments		502			164		206			818			770		6
Lease income		160			218		(27)			515			397		30
Other		191			411		(54)			640			1,440		(56)
Total noninterest income		9,730			10,551		(8)			31,118			31,551		(1)
Noninterest expense
Salaries		3,910			3,648		7			11,341			10,954		4
Commission and incentive compensation		2,401			2,368		1			7,604			7,139		7
Employee benefits		1,172			1,063		10			3,873			3,720		4
Equipment		471			510		(8)			1,417			1,526		(7)
Net occupancy		728			727		-			2,163			2,129		2
Core deposit and other intangibles		375			419		(11)			1,129			1,256		(10)
FDIC and other deposit assessments		214			359		(40)			765			1,049		(27)
Other		2,831			3,018		(6)			8,465			9,729		(13)
Total noninterest expense		12,102			12,112		-			36,757			37,502		(2)
Income before income tax expense		8,301			7,510		11			24,412			21,250		15
Income tax expense		2,618			2,480		6			7,901			7,179		10
Net income before noncontrolling interests		5,683			5,030		13			16,511			14,071		17
Less: Net income from noncontrolling interests		105			93		13			243			264		(8)
Wells Fargo net income	$	5,578			4,937		13		$	16,268			13,807		18
Less: Preferred stock dividends and other		261			220		19			748			665		12
Wells Fargo net income applicable to common stock	$	5,317			4,717		13		$	15,520			13,142		18
Per share information
Earnings per common share	$	1.00			0.89		12		$	2.93			2.48		18
Diluted earnings per common share		0.99			0.88		13			2.89			2.45		18
Dividends declared per common share		0.30			0.22		36			0.85			0.66		29
Average common shares outstanding		5,295.3			5,288.1		-			5,293.0			5,292.7		-
Diluted average common shares outstanding		5,381.7			5,355.6		-			5,374.7			5,355.7		-

NM - Not meaningful

20

Wells Fargo & Company and Subsidiaries

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

	Quarter ended Sept. 30,				%			Nine months ended Sept. 30,				%
(in millions)	2013		2012		Change			2013		2012		Change
Wells Fargo net income	$	5,578		4,937		13	%	$	16,268		13,807		18	%
Other comprehensive income (loss), before tax:
Securities available for sale:
Net unrealized gains (losses) arising during the period		842		2,892		(71)			(5,922)		5,597		NM
Reclassification of net gains to net income		(114)		(41)		178			(197)		(290)		(32)
Derivatives and hedging activities:
Net unrealized gains (losses) arising during the period		(7)		24		NM			(10)		63		NM
Reclassification of net gains on cash flow hedges to net income		(69)		(89)		(22)			(225)		(295)		(24)
Defined benefit plans adjustments:
Net actuarial gains (losses) arising during the period		297		(1)		NM			1,075		(18)		NM
Amortization of net actuarial loss, settlements and other costs to net income		59		35		69			221		111		99
Foreign currency translation adjustments:
Net unrealized gains (losses) arising during the period		12		45		(73)			(27)		(1)		NM
Reclassification of net (gains) losses to net income		3		-		NM			(12)		(10)		20
Other comprehensive income (loss), before tax		1,023		2,865		(64)			(5,097)		5,157		NM
Income tax (expense) benefit related to other comprehensive income		(265)		(1,057)		(75)			2,002		(1,923)		NM
Other comprehensive income (loss), net of tax		758		1,808		(58)			(3,095)		3,234		NM
Less: Other comprehensive income from noncontrolling interests		266		2		NM			266		6		NM
Wells Fargo other comprehensive income (loss), net of tax		492		1,806		(73)			(3,361)		3,228		NM
Wells Fargo comprehensive income		6,070		6,743		(10)			12,907		17,035		(24)
Comprehensive income from noncontrolling interests		371		95		291			509		270		89
Total comprehensive income	$	6,441		6,838		(6)			$     13,416		17,305		(22)

NM - Not meaningful

CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN TOTAL EQUITY

	Nine months ended Sept. 30,
(in millions)	2013		2012
Balance, beginning of period	$	158,911		141,687
Cumulative effect of fair value election for certain residential mortgage servicing rights		-		2
Balance, beginning of period - adjusted		158,911		141,689
Wells Fargo net income		16,268		13,807
Wells Fargo other comprehensive income (loss), net of tax		(3,361)		3,228
Common stock issued		2,380		2,000
Common stock repurchased (1)		(3,978)		(2,597)
Preferred stock released by ESOP		884		838
Preferred stock issued		2,317		742
Common stock dividends		(4,504)		(3,500)
Preferred stock dividends and other		(748)		(665)
Noncontrolling interests and other, net		644		517
Balance, end of period	$	168,813		156,059

(1) For the nine months ended September 30, 2013, includes $400 million related to a private forward repurchase transaction entered into in third quarter 2013 that is expected to settle in fourth quarter 2013 for an estimated 9.8 million shares of common stock.

21

Wells Fargo & Company and Subsidiaries

FIVE QUARTER CONSOLIDATED STATEMENT OF INCOME

	Quarter ended
	Sept. 30,		June 30,		Mar. 31,		Dec. 31,		Sept. 30,
(in millions, except per share amounts)	2013		2013		2013		2012		2012
Interest income
Trading assets	$	331		340		327		339		299
Securities available for sale		2,038		2,034		1,925		1,897		1,966
Mortgages held for sale		320		378		371		413		476
Loans held for sale		3		4		3		3		17
Loans		8,901		8,902		8,861		9,027		9,016
Other interest income		183		169		163		178		151
Total interest income		11,776		11,827		11,650		11,857		11,925
Interest expense
Deposits		318		353		369		399		428
Short-term borrowings		9		17		20		24		19
Long-term debt		621		632		697		735		756
Other interest expense		80		75		65		56		60
Total interest expense		1,028		1,077		1,151		1,214		1,263
Net interest income		10,748		10,750		10,499		10,643		10,662
Provision for credit losses		75		652		1,219		1,831		1,591
Net interest income after provision for credit losses		10,673		10,098		9,280		8,812		9,071
Noninterest income
Service charges on deposit accounts		1,278		1,248		1,214		1,250		1,210
Trust and investment fees		3,276		3,494		3,202		3,199		2,954
Card fees		813		813		738		736		744
Other fees		1,098		1,089		1,034		1,193		1,097
Mortgage banking		1,608		2,802		2,794		3,068		2,807
Insurance		413		485		463		395		414
Net gains from trading activities		397		331		570		275		529
Net gains (losses) on debt securities available for sale		(6)		(54)		45		(63)		3
Net gains from equity investments		502		203		113		715		164
Lease income		160		225		130		170		218
Other		191		(8)		457		367		411
Total noninterest income		9,730		10,628		10,760		11,305		10,551
Noninterest expense
Salaries		3,910		3,768		3,663		3,735		3,648
Commission and incentive compensation		2,401		2,626		2,577		2,365		2,368
Employee benefits		1,172		1,118		1,583		891		1,063
Equipment		471		418		528		542		510
Net occupancy		728		716		719		728		727
Core deposit and other intangibles		375		377		377		418		419
FDIC and other deposit assessments		214		259		292		307		359
Other		2,831		2,973		2,661		3,910		3,018
Total noninterest expense		12,102		12,255		12,400		12,896		12,112
Income before income tax expense		8,301		8,471		7,640		7,221		7,510
Income tax expense		2,618		2,863		2,420		1,924		2,480
Net income before noncontrolling interests		5,683		5,608		5,220		5,297		5,030
Less: Net income from noncontrolling interests		105		89		49		207		93
Wells Fargo net income	$	5,578		5,519		5,171		5,090		4,937
Less: Preferred stock dividends and other		261		247		240		233		220
Wells Fargo net income applicable to common stock	$	5,317		5,272		4,931		4,857		4,717
Per share information
Earnings per common share	$	1.00		1.00		0.93		0.92		0.89
Diluted earnings per common share		0.99		0.98		0.92		0.91		0.88
Dividends declared per common share		0.30		0.30		0.25		0.22		0.22
Average common shares outstanding		5,295.3		5,304.7		5,279.0		5,272.4		5,288.1
Diluted average common shares outstanding		5,381.7		5,384.6		5,353.5		5,338.7		5,355.6

22

Wells Fargo & Company and Subsidiaries

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

	Quarter ended September 30,
							2013								2012
(in millions)	Average balance			Yields/ rates			Interest income/ expense		Average balance			Yields/ rates			Interest income/ expense
Earning assets
Federal funds sold, securities purchased under resale agreements and other short-term investments	$	155,888			0.31	%	$	121		91,561			0.44	%	$	101
Trading assets		44,809			3.02			339		39,441			3.08			304
Securities available for sale (3):
Securities of U.S. Treasury and federal agencies		6,633			1.69			28		1,390			1.05			4
Securities of U.S. states and political subdivisions		40,754			4.35			444		35,925			4.36			392
Mortgage-backed securities:
Federal agencies		112,997			2.83			800		94,324			2.88			679
Residential and commercial		30,216			6.56			496		33,124			6.67			553
Total mortgage-backed securities		143,213			3.62			1,296		127,448			3.87			1,232
Other debt and equity securities		55,404			3.27			455		47,647			4.07			486
Total securities available for sale		246,004			3.61			2,223		212,410			3.98			2,114
Mortgages held for sale (4)		33,227			3.86			320		52,128			3.65			476
Loans held for sale (4)		197			7.25			3		932			7.38			17
Loans:
Commercial:
Commercial and industrial		188,410			3.58			1,697		177,500			3.84			1,711
Real estate mortgage		104,637			4.12			1,086		105,148			4.05			1,070
Real estate construction		16,188			4.43			181		17,687			5.21			232
Lease financing		11,700			5.29			155		12,608			6.60			208
Foreign		44,843			2.09			236		39,663			2.46			245
Total commercial		365,778			3.64			3,355		352,606			3.91			3,466
Consumer:
Real estate 1-4 family first mortgage		254,082			4.20			2,670		234,020			4.51			2,638
Real estate 1-4 family junior lien mortgage		68,785			4.30			743		79,718			4.26			854
Credit card		24,989			12.45			784		23,040			12.64			732
Automobile		49,134			6.85			848		45,658			7.44			854
Other revolving credit and installment		42,011			4.83			512		41,692			4.58			480
Total consumer		439,001			5.04			5,557		424,128			5.23			5,558
Total loans (4)		804,779			4.41			8,912		776,734			4.63			9,024
Other		4,279			5.62			61		4,386			4.62			50
Total earning assets	$	1,289,183			3.70	%	$	11,979		1,177,592			4.09	%	$	12,086
Funding sources
Deposits:
Interest-bearing checking	$	34,499			0.06	%	$	5		28,815			0.06	%	$	4
Market rate and other savings		553,062			0.08			107		506,138			0.12			152
Savings certificates		47,339			1.08			129		58,206			1.29			188
Other time deposits		30,423			0.62			47		14,373			1.49			54
Deposits in foreign offices		81,087			0.15			30		71,791			0.16			30
Total interest-bearing deposits		746,410			0.17			318		679,323			0.25			428
Short-term borrowings		53,403			0.08			11		51,857			0.17			22
Long-term debt		133,397			1.86			621		127,486			2.37			756
Other liabilities		12,128			2.64			80		9,945			2.40			60
Total interest-bearing liabilities		945,338			0.43			1,030		868,611			0.58			1,266
Portion of noninterest-bearing funding sources		343,845			-			-		308,981			-			-
Total funding sources	$	1,289,183			0.32			1,030		1,177,592			0.43			1,266
Net interest margin and net interest income on a taxable-equivalent basis (5)					3.38	%	$	10,949					3.66	%	$	10,820
Noninterest-earning assets
Cash and due from banks	$	16,350								15,682
Goodwill		25,637								25,566
Other		118,440								135,500
Total noninterest-earning assets	$	160,427								176,748
Noninterest-bearing funding sources
Deposits	$	279,156								267,184
Other liabilities		59,969								66,116
Total equity		165,147								152,429
Noninterest-bearing funding sources used to fund earning assets		(343,845	)							(308,981	)
Net noninterest-bearing funding sources	$	160,427								176,748
Total assets	$	1,449,610								1,354,340

(1) Our average prime rate was 3.25% for the quarters ended September 30, 2013 and 2012. The average three-month London Interbank Offered Rate (LIBOR) was 0.26% and 0.43% for the same quarters, respectively.

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

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

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

(5) Includes taxable-equivalent adjustments of $202 million and $158 million for the quarters ended September 30, 2013 and 2012, respectively, primarily related to tax-exempt income on certain loans and securities. The federal statutory tax rate was 35% for the periods presented.

23

Wells Fargo & Company and Subsidiaries

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

	Nine months ended September 30,
							2013								2012
(in millions)	Average balance			Yields/ rates			Interest income/ expense		Average balance			Yields/ rates			Interest income/ expense
Earning assets
Federal funds sold, securities purchased under resale agreements and other short-term investments	$	137,926			0.33	%	$	342		73,011			0.47	%	$	257
Trading assets		44,530			3.05			1,020		41,931			3.29			1,035
Securities available for sale (3):
Securities of U.S. Treasury and federal agencies		6,797			1.66			85		3,041			1.12			25
Securities of U.S. states and political subdivisions		39,213			4.38			1,288		34,366			4.42			1,139
Mortgage-backed securities:
Federal agencies		103,522			2.79			2,164		93,555			3.24			2,277
Residential and commercial		31,217			6.51			1,524		33,839			6.82			1,731
Total mortgage-backed securities		134,739			3.65			3,688		127,394			4.19			4,008
Other debt and equity securities		54,893			3.56			1,463		48,983			4.09			1,501
Total securities available for sale		235,642			3.69			6,524		213,784			4.16			6,673
Mortgages held for sale (4)		39,950			3.57			1,069		49,531			3.80			1,412
Loans held for sale (4)		172			7.88			10		838			6.07			38
Loans:
Commercial:
Commercial and industrial		186,366			3.67			5,113		172,039			4.07			5,245
Real estate mortgage		105,367			3.96			3,121		105,548			4.24			3,350
Real estate construction		16,401			4.76			584		18,118			4.98			676
Lease financing		12,151			6.26			571		12,875			7.47			721
Foreign		42,357			2.16			683		39,915			2.52			753
Total commercial		362,642			3.71			10,072		348,495			4.12			10,745
Consumer:
Real estate 1-4 family first mortgage		252,904			4.24			8,044		231,256			4.60			7,984
Real estate 1-4 family junior lien mortgage		71,390			4.29			2,292		82,161			4.28			2,631
Credit card		24,373			12.54			2,285		22,414			12.75			2,140
Automobile		47,890			7.03			2,516		44,660			7.60			2,542
Other revolving credit and installment		41,857			4.76			1,489		42,214			4.55			1,438
Total consumer		438,414			5.06			16,626		422,705			5.28			16,735
Total loans (4)		801,056			4.45			26,698		771,200			4.76			27,480
Other		4,229			5.45			172		4,492			4.53			153
Total earning assets	$	1,263,505			3.79	%	$	35,835		1,154,787			4.28	%	$	37,048
Funding sources
Deposits:
Interest-bearing checking	$	35,704			0.06	%	$	16		30,465			0.06	%	$	14
Market rate and other savings		544,208			0.08			341		500,850			0.12			457
Savings certificates		51,681			1.18			457		60,404			1.33			601
Other time deposits		24,177			0.81			146		13,280			1.74			173
Deposits in foreign offices		73,715			0.15			80		67,424			0.16			83
Total interest-bearing deposits		729,485			0.19			1,040		672,423			0.26			1,328
Short-term borrowings		55,535			0.13			55		50,650			0.17			65
Long-term debt		128,691			2.02			1,950		127,561			2.48			2,375
Other liabilities		12,352			2.37			220		10,052			2.50			189
Total interest-bearing liabilities		926,063			0.47			3,265		860,686			0.61			3,957
Portion of noninterest-bearing funding sources		337,442			-			-		294,101			-			-
Total funding sources	$	1,263,505			0.35			3,265		1,154,787			0.46			3,957
Net interest margin and net interest income on a taxable-equivalent basis (5)					3.44	%	$	32,570					3.82	%	$	33,091
Noninterest-earning assets
Cash and due from banks	$	16,364								16,283
Goodwill		25,637								25,343
Other		122,306								129,971
Total noninterest-earning assets	$	164,307								171,597
Noninterest-bearing funding sources
Deposits	$	277,820								256,120
Other liabilities		60,764								60,606
Total equity		163,165								148,972
Noninterest-bearing funding sources used to fund earning assets		(337,442	)							(294,101	)
Net noninterest-bearing funding sources	$	164,307								171,597
Total assets	$	1,427,812								1,326,384

(1) Our average prime rate was 3.25% for the nine months ended September 30, 2013 and 2012. The average three-month London Interbank Offered Rate (LIBOR) was 0.28% and 0.47% for the same periods, respectively.

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

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

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

(5) Includes taxable-equivalent adjustments of $574 million and $504 million for the nine months ended September 30, 2013 and 2012, respectively, primarily related to tax-exempt income on certain loans and securities. The federal statutory tax rate was 35% for the periods presented.

24

Wells Fargo & Company and Subsidiaries

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

	Quarter ended
	Sept. 30, 2013								June 30, 2013								Mar. 31, 2013								Dec. 31, 2012								Sept. 30, 2012
($ in billions)	Average balance			Yields/ rates					Average balance			Yields/ rates					Average balance			Yields/ rates					Average balance			Yields/ rates					Average balance			Yields/ rates
Earning assets
Federal funds sold, securities purchased under resale agreements and other short-term investments	$	155.9			0.31		%	$		136.5			0.33		%	$		121.0			0.36		%	$		117.1			0.41		%	$		91.6			0.44	%
Trading assets		44.8			3.02					46.6			2.98					42.1			3.17					42.0			3.28					39.5			3.08
Securities available for sale (2):
Securities of U.S. Treasury and federal agencies		6.6			1.69					6.7			1.73					7.1			1.56					5.3			1.64					1.4			1.05
Securities of U.S. states and political subdivisions		40.8			4.35					39.3			4.42					37.6			4.38					36.4			4.64					35.9			4.36
Mortgage-backed securities:
Federal agencies		113.0			2.83					102.0			2.79					95.4			2.74					90.9			2.71					94.3			2.88
Residential and commercial		30.2			6.56					31.3			6.50					32.1			6.46					32.7			6.53					33.1			6.67
Total mortgage-backed securities		143.2			3.62					133.3			3.66					127.5			3.68					123.6			3.72					127.4			3.87
Other debt and equity securities		55.4			3.27					55.5			3.84					53.7			3.58					50.0			3.91					47.7			4.07
Total securities available for sale		246.0			3.61					234.8			3.77					225.9			3.70					215.3			3.87					212.4			3.98
Mortgages held for sale		33.2			3.86					43.4			3.48					43.3			3.42					47.2			3.50					52.1			3.65
Loans held for sale		0.2			7.25					0.2			7.85					0.1			8.83					0.1			9.03					0.9			7.38
Loans:
Commercial:
Commercial and industrial		188.4			3.58					186.1			3.69					184.5			3.73					179.5			3.85					177.5			3.84
Real estate mortgage		104.6			4.12					105.3			3.92					106.2			3.84					105.1			4.02					105.1			4.05
Real estate construction		16.2			4.43					16.4			5.02					16.6			4.84					17.5			4.97					17.7			5.21
Lease financing		11.7			5.29					12.3			6.66					12.4			6.78					12.4			6.43					12.6			6.60
Foreign		44.9			2.09					42.3			2.23					39.9			2.16					39.7			2.32					39.7			2.46
Total commercial		365.8			3.64					362.4			3.75					359.6			3.74					354.2			3.87					352.6			3.91
Consumer:
Real estate 1-4 family first mortgage		254.1			4.20					252.6			4.23					252.0			4.29					244.6			4.39					234.0			4.51
Real estate 1-4 family junior lien mortgage		68.8			4.30					71.4			4.29					74.1			4.28					76.9			4.28					79.7			4.26
Credit card		25.0			12.45					24.0			12.55					24.1			12.62					23.9			12.43					23.0			12.64
Automobile		49.1			6.85					47.9			7.05					46.6			7.20					46.0			7.34					45.7			7.44
Other revolving credit and installment		42.0			4.83					41.9			4.74					41.7			4.70					41.6			4.63					41.7			4.58
Total consumer		439.0			5.04					437.8			5.05					438.5			5.10					433.0			5.15					424.1			5.23
Total loans		804.8			4.41					800.2			4.46					798.1			4.49					787.2			4.58					776.7			4.63
Other		4.3			5.62					4.2			5.55					4.3			5.19					4.3			5.21					4.4			4.62
Total earning assets	$	1,289.2			3.70	%		$		1,265.9			3.80	%		$		1,234.8			3.86	%		$		1,213.2			3.96	%		$		1,177.6			4.09	%
Funding sources
Deposits:
Interest-bearing checking	$	34.5			0.06	%		$		40.4			0.06	%		$		32.2			0.06	%		$		30.9			0.06	%		$		28.8			0.06	%
Market rate and other savings		553.1			0.08					541.8			0.08					537.5			0.09					518.6			0.10					506.1			0.12
Savings certificates		47.3			1.08					52.6			1.23					55.2			1.22					56.7			1.27					58.2			1.29
Other time deposits		30.4			0.62					26.0			0.76					15.9			1.25					13.6			1.51					14.4			1.49
Deposits in foreign offices		81.1			0.15					68.9			0.15					71.1			0.14					69.4			0.15					71.8			0.16
Total interest-bearing deposits		746.4			0.17					729.7			0.19					711.9			0.21					689.2			0.23					679.3			0.25
Short-term borrowings		53.4			0.08					57.8			0.14					55.4			0.17					52.8			0.21					51.9			0.17
Long-term debt		133.4			1.86					125.5			2.02					127.1			2.20					127.5			2.30					127.5			2.37
Other liabilities		12.1			2.64					13.3			2.25					11.6			2.24					10.0			2.27					9.9			2.40
Total interest-bearing liabilities		945.3			0.43					926.3			0.47					906.0			0.51					879.5			0.55					868.6			0.58
Portion of noninterest-bearing funding sources		343.9			-					339.6			-					328.8			-					333.7			-					309.0			-
Total funding sources	$	1,289.2			0.32			$		1,265.9			0.34			$		1,234.8			0.38			$		1,213.2			0.40			$		1,177.6			0.43
Net interest margin on a taxable-equivalent basis					3.38	%							3.46	%							3.48	%							3.56	%							3.66	%
Noninterest-earning assets
Cash and due from banks	$	16.4								16.2								16.5								16.4								15.7
Goodwill		25.6								25.6								25.6								25.6								25.5
Other		118.4								121.3								127.4								131.9								135.5
Total noninterest-earnings assets	$	160.4								163.1								169.5								173.9								176.7
Noninterest-bearing funding sources
Deposits	$	279.2								280.0								274.2								286.9								267.2
Other liabilities		60.0								58.0								63.7								63.1								66.1
Total equity		165.1								164.7								160.4								157.6								152.4
Noninterest-bearing funding sources used to fund earning assets		(343.9	)							(339.6	)							(328.8	)							(333.7	)							(309.0	)
Net noninterest-bearing funding sources	$	160.4								163.1								169.5								173.9								176.7
Total assets	$	1,449.6								1,429.0								1,404.3								1,387.1								1,354.3

(1) Our average prime rate was 3.25% for quarters ended September 30, June 30 and March 31, 2013, and December 31 and September 30, 2012. The average three-month London Interbank Offered Rate (LIBOR) was 0.26%, 0.28%, 0.29%, 0.32% and 0.43% for the same quarters, respectively.

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

25

Wells Fargo & Company and Subsidiaries

NONINTEREST INCOME

	Quarter ended Sept. 30,				%			Nine months ended Sept. 30,				%
(in millions)	2013		2012		Change			2013		2012		Change
Service charges on deposit accounts	$	1,278		1,210		6	%	$	3,740		3,433		9 %
Trust and investment fees:
Brokerage advisory, commissions and other fees (1)		2,068		1,887		10			6,245		5,562		12
Trust and investment management (1)		811		769		5			2,439		2,283		7
Investment banking		397		298		33			1,288		846		52
Total trust and investment fees		3,276		2,954		11			9,972		8,691		15
Card fees		813		744		9			2,364		2,102		12
Other fees:
Charges and fees on loans		390		426		(8)			1,161		1,298		(11)
Merchant processing fees		169		150		13			497		432		15
Cash network fees		129		120		8			371		358		4
Commercial real estate brokerage commissions		91		56		63			209		188		11
Letters of credit fees		100		114		(12)			311		334		(7)
All other fees		219		231		(5)			672		716		(6)
Total other fees		1,098		1,097		-			3,221		3,326		(3)
Mortgage banking:
Servicing income, net		504		197		156			1,211		1,128		7
Net gains on mortgage loan origination/sales activities		1,104		2,610		(58)			5,993		7,442		(19)
Total mortgage banking		1,608		2,807		(43)			7,204		8,570		(16)
Insurance		413		414		-			1,361		1,455		(6)
Net gains from trading activities		397		529		(25)			1,298		1,432		(9)
Net gains (losses) on debt securities available for sale		(6)		3		NM			(15)		(65)		(77)
Net gains from equity investments		502		164		206			818		770		6
Lease income		160		218		(27)			515		397		30
Life insurance investment income		154		159		(3)			441		481		(8)
All other		37		252		(85)			199		959		(79)
Total	$	9,730		10,551		(8	)	$	31,118		31,551		(1	)

NM - Not meaningful

(1) Prior year periods have been revised to reflect all fund distribution fees as brokerage related income.

NONINTEREST EXPENSE

	Quarter ended Sept. 30,				%			Nine months ended Sept. 30,				%
(in millions)	2013		2012		Change			2013		2012		Change
Salaries	$	3,910		3,648		7	%	$	11,341		10,954		4	%
Commission and incentive compensation		2,401		2,368		1			7,604		7,139		7
Employee benefits		1,172		1,063		10			3,873		3,720		4
Equipment		471		510		(8)			1,417		1,526		(7)
Net occupancy		728		727		-			2,163		2,129		2
Core deposit and other intangibles		375		419		(11)			1,129		1,256		(10)
FDIC and other deposit assessments		214		359		(40)			765		1,049		(27)
Outside professional services		623		733		(15)			1,765		1,985		(11)
Operating losses		195		281		(31)			640		1,282		(50)
Foreclosed assets		161		247		(35)			502		840		(40)
Contract services		241		237		2			674		776		(13)
Outside data processing		251		234		7			719		683		5
Travel and entertainment		209		208		-			651		628		4
Postage, stationery and supplies		184		196		(6)			567		607		(7)
Advertising and promotion		157		170		(8)			445		436		2
Telecommunications		116		127		(9)			364		378		(4)
Insurance		98		51		92			378		391		(3)
Operating leases		56		27		107			153		82		87
All other		540		507		7			1,607		1,641		(2)
Total	$	12,102		12,112		-		$	36,757		37,502		(2)

26

Wells Fargo & Company and Subsidiaries

FIVE QUARTER NONINTEREST INCOME

	Quarter ended
(in millions)	Sept. 30, 2013		June 30, 2013		Mar. 31, 2013		Dec. 31, 2012		Sept. 30, 2012
Service charges on deposit accounts	$	1,278		1,248		1,214		1,250		1,210
Trust and investment fees:
Brokerage advisory, commissions and other fees (1)		2,068		2,127		2,050		1,962		1,887
Trust and investment management (1)		811		829		799		797		769
Investment banking		397		538		353		440		298
Total trust and investment fees		3,276		3,494		3,202		3,199		2,954
Card fees		813		813		738		736		744
Other fees:
Charges and fees on loans		390		387		384		448		426
Merchant processing fees		169		174		154		151		150
Cash network fees		129		125		117		112		120
Commercial real estate brokerage commissions		91		73		45		119		56
Letters of credit fees		100		102		109		107		114
All other fees		219		228		225		256		231
Total other fees		1,098		1,089		1,034		1,193		1,097
Mortgage banking:
Servicing income, net		504		393		314		250		197
Net gains on mortgage loan origination/sales activities		1,104		2,409		2,480		2,818		2,610
Total mortgage banking		1,608		2,802		2,794		3,068		2,807
Insurance		413		485		463		395		414
Net gains from trading activities		397		331		570		275		529
Net gains (losses) on debt securities available for sale		(6)		(54)		45		(63)		3
Net gains from equity investments		502		203		113		715		164
Lease income		160		225		130		170		218
Life insurance investment income		154		142		145		276		159
All other		37		(150)		312		91		252
Total	$	9,730		10,628		10,760		11,305		10,551

(1) Prior year periods have been revised to reflect all fund distribution fees as brokerage related income.

FIVE QUARTER NONINTEREST EXPENSE

	Quarter ended
(in millions)	Sept. 30, 2013		June 30, 2013		Mar. 31, 2013		Dec. 31, 2012		Sept. 30, 2012
Salaries	$	3,910		3,768		3,663		3,735		3,648
Commission and incentive compensation		2,401		2,626		2,577		2,365		2,368
Employee benefits		1,172		1,118		1,583		891		1,063
Equipment		471		418		528		542		510
Net occupancy		728		716		719		728		727
Core deposit and other intangibles		375		377		377		418		419
FDIC and other deposit assessments		214		259		292		307		359
Outside professional services		623		607		535		744		733
Operating losses		195		288		157		953		281
Foreclosed assets		161		146		195		221		247
Contract services		241		226		207		235		237
Outside data processing		251		235		233		227		234
Travel and entertainment		209		229		213		211		208
Postage, stationery and supplies		184		184		199		192		196
Advertising and promotion		157		183		105		142		170
Telecommunications		116		125		123		122		127
Insurance		98		143		137		62		51
Operating leases		56		49		48		27		27
All other		540		558		509		774		507
Total	$	12,102		12,255		12,400		12,896		12,112

27

Wells Fargo & Company and Subsidiaries

CONSOLIDATED BALANCE SHEET

(in millions, except shares)	Sept. 30, 2013		Dec. 31, 2012		% Change
Assets
Cash and due from banks	$	18,928		21,860		(13)	%
Federal funds sold, securities purchased under resale agreements and other short-term investments		182,036		137,313		33
Trading assets		60,203		57,482		5
Securities available for sale		259,399		235,199		10
Mortgages held for sale (includes $23,209 and $42,305 carried at fair value)		25,395		47,149		(46)
Loans held for sale (includes $2 and $6 carried at fair value)		204		110		85
Loans (includes $6,051 and $6,206 carried at fair value)		812,325		799,574		2
Allowance for loan losses		(15,159)		(17,060)		(11)
Net loans		797,166		782,514		2
Mortgage servicing rights:
Measured at fair value		14,501		11,538		26
Amortized		1,204		1,160		4
Premises and equipment, net		9,120		9,428		(3)
Goodwill		25,637		25,637		-
Other assets (includes $911 and $0 carried at fair value)		94,262		93,578		1
Total assets	$	1,488,055		1,422,968		5
Liabilities
Noninterest-bearing deposits	$	279,911		288,207		(3)
Interest-bearing deposits		761,960		714,628		7
Total deposits		1,041,871		1,002,835		4
Short-term borrowings		53,851		57,175		(6)
Accrued expenses and other liabilities		72,308		76,668		(6)
Long-term debt (includes $0 and $1 carried at fair value)		151,212		127,379		19
Total liabilities		1,319,242		1,264,057		4
Equity
Wells Fargo stockholders’ equity:
Preferred stock		15,549		12,883		21
Common stock – $1-2/3 par value, authorized 9,000,000,000 shares; issued 5,481,811,474 shares and 5,481,811,474 shares		9,136		9,136		-
Additional paid-in capital		60,188		59,802		1
Retained earnings		88,625		77,679		14
Cumulative other comprehensive income		2,289		5,650		(59)
Treasury stock – 208,075,732 shares and 215,497,298 shares		(7,290)		(6,610)		10
Unearned ESOP shares		(1,332)		(986)		35
Total Wells Fargo stockholders’ equity		167,165		157,554		6
Noncontrolling interests		1,648		1,357		21
Total equity		168,813		158,911		6
Total liabilities and equity	$	1,488,055		1,422,968		5

28

Wells Fargo & Company and Subsidiaries

FIVE QUARTER CONSOLIDATED BALANCE SHEET

(in millions)	Sept. 30, 2013		June 30, 2013		Mar. 31, 2013		Dec. 31, 2012		Sept. 30, 2012
Assets
Cash and due from banks	$	18,928		17,939		16,217		21,860		16,986
Federal funds sold, securities purchased under resale agreements and other short-term investments		182,036		148,665		143,804		137,313		100,442
Trading assets		60,203		58,619		62,274		57,482		60,592
Securities available for sale		259,399		249,439		248,160		235,199		229,350
Mortgages held for sale		25,395		38,785		46,702		47,149		50,337
Loans held for sale		204		190		194		110		298
Loans		812,325		801,974		799,966		799,574		782,630
Allowance for loan losses		(15,159)		(16,144)		(16,711)		(17,060)		(17,385)
Net loans		797,166		785,830		783,255		782,514		765,245
Mortgage servicing rights:
Measured at fair value		14,501		14,185		12,061		11,538		10,956
Amortized		1,204		1,176		1,181		1,160		1,144
Premises and equipment, net		9,120		9,190		9,263		9,428		9,165
Goodwill		25,637		25,637		25,637		25,637		25,637
Other assets		94,262		90,908		87,886		93,578		104,563
Total assets	$	1,488,055		1,440,563		1,436,634		1,422,968		1,374,715
Liabilities
Noninterest-bearing deposits	$	279,911		277,648		278,909		288,207		268,991
Interest-bearing deposits		761,960		743,937		731,824		714,628		683,248
Total deposits		1,041,871		1,021,585		1,010,733		1,002,835		952,239
Short-term borrowings		53,851		56,983		60,693		57,175		51,957
Accrued expenses and other liabilities		72,308		74,843		75,622		76,668		83,659
Long-term debt		151,212		123,375		126,191		127,379		130,801
Total liabilities		1,319,242		1,276,786		1,273,239		1,264,057		1,218,656
Equity
Wells Fargo stockholders’ equity:
Preferred stock		15,549		13,988		14,412		12,883		12,283
Common stock		9,136		9,136		9,136		9,136		9,105
Additional paid-in capital		60,188		59,945		60,136		59,802		59,089
Retained earnings		88,625		84,923		81,264		77,679		73,994
Cumulative other comprehensive income		2,289		1,797		5,145		5,650		6,435
Treasury stock		(7,290)		(5,858)		(6,036)		(6,610)		(5,186)
Unearned ESOP shares		(1,332)		(1,510)		(1,971)		(986)		(1,041)
Total Wells Fargo stockholders’ equity		167,165		162,421		162,086		157,554		154,679
Noncontrolling interests		1,648		1,356		1,309		1,357		1,380
Total equity		168,813		163,777		163,395		158,911		156,059
Total liabilities and equity	$	1,488,055		1,440,563		1,436,634		1,422,968		1,374,715

29

Wells Fargo & Company and Subsidiaries

FIVE QUARTER SECURITIES AVAILABLE FOR SALE

(in millions)	Sept. 30, 2013		June 30, 2013		Mar. 31, 2013		Dec. 31, 2012		Sept. 30, 2012
Securities of U.S. Treasury and federal agencies	$	6,406		6,383		6,884		7,146		1,869
Securities of U.S. states and political subdivisions		42,293		40,890		40,456		38,676		37,925
Mortgage-backed securities:
Federal agencies		118,963		110,561		105,472		97,285		102,713
Residential and commercial		32,329		33,423		35,179		35,899		36,098
Total mortgage-backed securities		151,292		143,984		140,651		133,184		138,811
Other debt securities		55,828		55,425		57,390		53,408		47,993
Total debt securities available for sale		255,819		246,682		245,381		232,414		226,598
Marketable equity securities		3,580		2,757		2,779		2,785		2,752
Total securities available for sale	$	259,399		249,439		248,160		235,199		229,350

FIVE QUARTER LOANS

(in millions)	Sept. 30, 2013		June 30, 2013		Mar. 31, 2013		Dec. 31, 2012		Sept. 30, 2012
Commercial:
Commercial and industrial	$	191,738		188,758		185,623		187,759		178,191
Real estate mortgage		105,540		104,673		106,119		106,340		104,611
Real estate construction		16,413		16,442		16,650		16,904		17,710
Lease financing		11,688		11,766		12,402		12,424		12,279
Foreign (1)		46,666		41,833		40,920		37,771		39,741
Total commercial		372,045		363,472		361,714		361,198		352,532
Consumer:
Real estate 1-4 family first mortgage		254,924		252,841		252,307		249,900		240,554
Real estate 1-4 family junior lien mortgage		67,675		70,059		72,543		75,465		78,091
Credit card		25,448		24,815		24,120		24,640		23,692
Automobile		49,693		48,648		47,259		45,998		46,044
Other revolving credit and installment		42,540		42,139		42,023		42,373		41,717
Total consumer		440,280		438,502		438,252		438,376		430,098
Total loans (2)	$	812,325		801,974		799,966		799,574		782,630

(1) Substantially all of our foreign loan portfolio is commercial loans. Loans are classified as foreign if the borrower’s primary address is outside of the United States.

(2) Includes $27.8 billion, $28.8 billion, $29.7 billion, $31.0 billion and $32.5 billion of purchased credit-impaired (PCI) loans at September 30, June 30 and March 31, 2013, and December 31 and September 30, 2012, respectively. See the PCI loans table for detail of PCI loans.

30

Wells Fargo & Company and Subsidiaries

FIVE QUARTER NONPERFORMING ASSETS (NONACCRUAL LOANS AND FORECLOSED ASSETS)

(in millions)	Sept. 30, 2013			June 30, 2013		Mar. 31, 2013		Dec. 31, 2012		Sept. 30, 2012
Nonaccrual loans:
Commercial:
Commercial and industrial	$	809			1,022		1,193		1,422		1,404
Real estate mortgage		2,496			2,708		3,098		3,322		3,599
Real estate construction		517			665		870		1,003		1,253
Lease financing		17			20		25		27		49
Foreign		47			40		56		50		66
Total commercial		3,886			4,455		5,242		5,824		6,371
Consumer:
Real estate 1-4 family first mortgage		10,450			10,705		11,320		11,455		11,195
Real estate 1-4 family junior lien mortgage		2,333			2,522		2,712		2,922		3,140
Automobile		188			200		220		245		295
Other revolving credit and installment		36			33		32		40		43
Total consumer		13,007			13,460		14,284		14,662		14,673
Total nonaccrual loans (1)(2)(3)		16,893			17,915		19,526		20,486		21,044
As a percentage of total loans		2.08	%		2.23		2.44		2.56		2.69
Foreclosed assets:
Government insured/guaranteed (4)	$	1,781			1,026		969		1,509		1,479
Non-government insured/guaranteed		2,021			2,114		2,381		2,514		2,730
Total foreclosed assets		3,802			3,140		3,350		4,023		4,209
Total nonperforming assets	$	20,695			21,055		22,876		24,509		25,253
As a percentage of total loans		2.55	%		2.63		2.86		3.07		3.23

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

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

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

(4) Consistent with regulatory reporting requirements, foreclosed real estate securing government insured/guaranteed loans is classified as nonperforming. Both principal and interest for government insured/guaranteed loans secured by the foreclosed real estate are collectible because the loans are predominantly insured by the FHA or guaranteed by the VA. Increase in balance at September 30, 2013, reflects the impact of enhancements to loan modification programs, slowing foreclosures in prior quarters.

31

Wells Fargo & Company and Subsidiaries

LOANS 90 DAYS OR MORE PAST DUE AND STILL ACCRUING

(in millions)	Sept. 30, 2013		June 30, 2013		Mar. 31, 2013		Dec. 31, 2012		Sept. 30, 2012
Loans 90 days or more past due and still accruing:
Total (excluding PCI)(1):	$	22,181		22,197		23,082		23,245		22,894
Less: FHA insured/VA guaranteed (2)(4)		20,214		20,112		20,745		20,745		20,320
Less: Student loans guaranteed under the FFELP (3)		917		931		977		1,065		1,082
Total, not government insured/guaranteed	$	1,050		1,154		1,360		1,435		1,492
By segment and class, not government insured/guaranteed:
Commercial:
Commercial and industrial	$	125		37		47		47		49
Real estate mortgage		40		175		164		228		206
Real estate construction		1		4		47		27		41
Foreign		1		-		7		1		2
Total commercial		167		216		265		303		298
Consumer:
Real estate 1-4 family first mortgage (4)		383		476		563		564		627
Real estate 1-4 family junior lien mortgage (4)		89		92		112		133		151
Credit card		285		263		306		310		288
Automobile		48		32		33		40		43
Other revolving credit and installment		78		75		81		85		85
Total consumer		883		938		1,095		1,132		1,194
Total, not government insured/guaranteed	$	1,050		1,154		1,360		1,435		1,492

(1) The carrying value of purchased credit-impaired (PCI) loans contractually 90 days or more past due was $4.9 billion, $5.4 billion, $5.8 billion, $6.0 billion and $6.2 billion, at September 30, June 30 and March 31, 2013, and December 31 and September 30, 2012, respectively. These amounts are excluded from the above table as PCI loan accretable yield interest recognition is independent from the underlying contractual loan delinquency status.

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

(3) Represents loans whose repayments are predominantly guaranteed by agencies on behalf of the U.S. Department of Education under the Federal Family Education Loan Program (FFELP).

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

32

Wells Fargo & Company and Subsidiaries

PURCHASED CREDIT-IMPAIRED (PCI) LOANS

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

Under the accounting guidance for PCI loans, the excess of cash flows expected to be collected over the estimated fair value is referred to as the accretable yield and is recognized in interest income over the remaining life of the loan, or pool of loans, in situations where there is a reasonable expectation about the timing and amount of cash flows expected to be collected. Accordingly, such loans are not classified as nonaccrual and they are considered to be accruing because their interest income relates to the accretable yield recognized under accounting for PCI loans and not to contractual interest payments. The difference between the contractually required payments and the cash flows expected to be collected at acquisition, considering the impact of prepayments, is referred to as the nonaccretable difference.

Subsequent to acquisition, we regularly evaluate our estimates of cash flows expected to be collected. These evaluations, performed quarterly, require the continued usage of key assumptions and estimates, similar to the initial estimate of fair value. If we have probable decreases in the expected cash flows (other than due to decreases in interest rate indices and changes in prepayment assumptions), we charge the provision for credit losses, resulting in an increase to the allowance for loan losses. If we have probable and significant increases in the expected cash flows subsequent to establishing an additional allowance, we first reverse any previously established allowance and then increase interest income over the remaining life of the loan, or pool of loans.

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

	Sept. 30,		December 31,
(in millions)	2013		2012		2008
Commercial:
Commercial and industrial	$	210		259		4,580
Real estate mortgage		1,419		1,970		5,803
Real estate construction		605		877		6,462
Foreign		743		871		1,859
Total commercial		2,977		3,977		18,704
Consumer:
Real estate 1-4 family first mortgage		24,730		26,839		39,214
Real estate 1-4 family junior lien mortgage		127		152		728
Automobile		-		-		151
Total consumer		24,857		26,991		40,093
Total PCI loans (carrying value)	$	27,834		30,968		58,797

33

Wells Fargo & Company and Subsidiaries

CHANGES IN NONACCRETABLE DIFFERENCE FOR PCI LOANS

The difference between the contractually required payments and the cash flows expected to be collected at acquisition, considering the impact of prepayments, is referred to as the nonaccretable difference. A nonaccretable difference is established in purchase accounting for PCI loans to absorb losses expected at that time on those loans. Amounts absorbed by the nonaccretable difference do not affect the income statement or the allowance for credit losses. Substantially all our commercial and industrial, CRE and foreign PCI loans are accounted for as individual loans. Conversely, Pick-a-Pay and other consumer PCI loans have been aggregated into several pools based on common risk characteristics. Each pool is accounted for as a single asset with a single composite interest rate and an aggregate expectation of cash flows. Resolutions of loans may include sales to third parties, receipt of payments in settlement with the borrower, or foreclosure of the collateral. Our policy is to remove an individual loan from a pool based on comparing the amount received from its resolution with its contractual amount. Any difference between these amounts is absorbed by the nonaccretable difference. This removal method assumes that the amount received from resolution approximates pool performance expectations. The accretable yield percentage is unaffected by the resolution and any changes in the effective yield for the remaining loans in the pool are addressed by our quarterly cash flow evaluation process for each pool. For loans that are resolved by payment in full, there is no release of the nonaccretable difference for the pool because there is no difference between the amount received at resolution and the contractual amount of the loan. Modified PCI loans are not removed from a pool even if those loans would otherwise be deemed troubled debt restructurings (TDRs). Modified PCI loans that are accounted for individually are considered TDRs, and removed from PCI accounting, if there has been a concession granted in excess of the original nonaccretable difference. The following table provides an analysis of changes in the nonaccretable difference.

(in millions)	Commercial		Pick-a-Pay		Other consumer		Total
Balance, December 31, 2008	$	10,410		26,485		4,069		40,964
Addition of nonaccretable difference due to acquisitions		195		-		-		195
Release of nonaccretable difference due to:
Loans resolved by settlement with borrower (1)		(1,426)		-		-		(1,426)
Loans resolved by sales to third parties (2)		(303)		-		(85)		(388)
Reclassification to accretable yield for loans with improving credit-related cash flows (3)		(1,531)		(3,031)		(792)		(5,354)
Use of nonaccretable difference due to:
Losses from loan resolutions and write-downs (4)		(6,923)		(17,222)		(2,882)		(27,027)
Balance, December 31, 2012		422		6,232		310		6,964
Addition of nonaccretable difference due to acquisitions		7		-		-		7
Release of nonaccretable difference due to:
Loans resolved by settlement with borrower (1)		(62)		-		-		(62)
Loans resolved by sales to third parties (2)		(5)		-		-		(5)
Reclassification to accretable yield for loans with improving credit-related cash flows (3)		(50)		(866)		-		(916)
Use of nonaccretable difference due to:
Losses from loan resolutions and write-downs (4)		(12)		(641)		(67)		(720)
Balance, September 30, 2013	$	300		4,725		243		5,268
Balance, June 30, 2013	$	311		4,880		250		5,441
Addition of nonaccretable difference due to acquisitions		7		-		-		7
Release of nonaccretable difference due to:
Loans resolved by settlement with borrower (1)		(15)		-		-		(15)
Loans resolved by sales to third parties (2)		-		-		-		-
Reclassification to accretable yield for loans with improving credit-related cash flows (3)		(9)		-		-		(9)
Use of nonaccretable difference due to:
Losses from loan resolutions and write-downs (4)		6		(155)		(7)		(156)
Balance, September 30, 2013	$	300		4,725		243		5,268

(1) Release of the nonaccretable difference for settlement with borrower, on individually accounted PCI loans, increases interest income in the period of settlement. Pick-a-Pay and Other consumer PCI loans do not reflect nonaccretable difference releases for settlements with borrowers due to pool accounting for those loans, which assumes that the amount received approximates the pool performance expectations.

(2) Release of the nonaccretable difference as a result of sales to third parties increases noninterest income in the period of the sale.

(3) Reclassification of nonaccretable difference to accretable yield for loans with increased cash flow estimates will result in increased interest income as a prospective yield adjustment over the remaining life of the loan or pool of loans.

(4) Write-downs to net realizable value of PCI loans are absorbed by the nonaccretable difference when severe delinquency (normally 180 days) or other indications of severe borrower financial stress exist that indicate there will be a loss of contractually due amounts upon final resolution of the loan. Also includes foreign exchange adjustments related to underlying principal for which the nonaccretable difference was established.

34

Wells Fargo & Company and Subsidiaries

CHANGES IN ACCRETABLE YIELD RELATED TO PCI LOANS

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

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

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

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

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

(in millions)
Balance, December 31, 2008	$	10,447
Addition of accretable yield due to acquisitions		131
Accretion into interest income (1)		(9,351)
Accretion into noninterest income due to sales (2)		(242)
Reclassification from nonaccretable difference for loans with improving credit-related cash flows		5,354
Changes in expected cash flows that do not affect nonaccretable difference (3)		12,209
Balance, December 31, 2012		18,548
Addition of accretable yield due to acquisitions		1
Accretion into interest income (1)		(1,386)
Accretion into noninterest income due to sales (2)		(151)
Reclassification from nonaccretable difference for loans with improving credit-related cash flows		916
Changes in expected cash flows that do not affect nonaccretable difference (3)		1,588
Balance, September 30, 2013	$	19,516
Balance, June 30, 2013	$	20,021
Addition of accretable yield due to acquisitions		1
Accretion into interest income (1)		(481)
Accretion into noninterest income due to sales (2)		-
Reclassification from nonaccretable difference for loans with improving credit-related cash flows		9
Changes in expected cash flows that do not affect nonaccretable difference (3)		(34)
Balance, September 30, 2013	$	19,516

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

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

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

CHANGES IN ALLOWANCE FOR PCI LOAN LOSSES

When it is estimated that the expected cash flows have decreased subsequent to acquisition for a PCI loan or pool of loans, an allowance is established and a provision for additional loss is recorded as a charge to income. The following table summarizes the changes in allowance for PCI loan losses.

(in millions)	Commercial		Pick-a-Pay		Other consumer		Total
Balance, December 31, 2008	$	-		-		-		-
Provision for losses due to credit deterioration		1,693		-		123		1,816
Charge-offs		(1,605)		-		(94)		(1,699)
Balance, December 31, 2012		88		-		29		117
Reversal of provision for losses		(65)		-		(15)		(80)
Charge-offs		(6)		-		(9)		(15)
Balance, September 30, 2013	$	17		-		5		22
Balance, June 30, 2013	$	49		-		22		71
Reversal of provision for losses		(31)		-		(16)		(47)
Charge-offs		(1)		-		(1)		(2)
Balance, September 30, 2013	$	17		-		5		22

35

Wells Fargo & Company and Subsidiaries

PICK-A-PAY PORTFOLIO (1)

	September 30, 2013
	PCI loans										All other loans
(in millions)	Adjusted unpaid principal balance (2)		Current LTV ratio (3)			Carrying value (4)		Ratio of carrying value to current value (5)			Carrying value (4)		Ratio of carrying value to current value (5)
California	$	20,128		98	%	$	16,202		78	%	$	13,811		71	%
Florida		2,493		104			1,973		76			2,897		85
New Jersey		1,084		89			1,148		87			1,858		77
New York		633		87			661		84			832		76
Texas		276		74			261		69			1,131		60
Other states		4,831		94			4,206		79			7,825		78
Total Pick-a-Pay loans	$	29,445				$	24,451				$	28,354

(1) The individual states shown in this table represent the top five states based on the total net carrying value of the Pick-a-Pay loans at the beginning of 2013.

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

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

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

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

NON-STRATEGIC AND LIQUIDATING LOAN PORTFOLIOS

(in millions)	Sept. 30, 2013		June 30, 2013		Mar. 31, 2013		Dec. 31, 2012		Sept. 30, 2012
Commercial:
Legacy Wachovia commercial and industrial, commercial real estate and foreign PCI loans (1)	$	2,342		2,532		2,770		3,170		3,836
Total commercial		2,342		2,532		2,770		3,170		3,836
Consumer:
Pick-a-Pay mortgage (1)		52,805		54,755		56,608		58,274		60,080
Liquidating home equity		3,911		4,173		4,421		4,647		4,951
Legacy Wells Fargo Financial indirect auto		299		428		593		830		1,104
Legacy Wells Fargo Financial debt consolidation		13,281		13,707		14,115		14,519		15,002
Education Finance-government guaranteed		11,094		11,534		11,922		12,465		12,951
Legacy Wachovia other PCI loans (1)		406		435		462		657		732
Total consumer		81,796		85,032		88,121		91,392		94,820
Total non-strategic and liquidating loan portfolios	$	84,138		87,564		90,891		94,562		98,656

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

36

Wells Fargo & Company and Subsidiaries

CHANGES IN ALLOWANCE FOR CREDIT LOSSES

	Quarter ended Sept. 30,					Nine months ended Sept. 30,
(in millions)	2013			2012		2013		2012
Balance, beginning of period	$	16,618			18,646		17,477		19,668
Provision for credit losses		75			1,591		1,946		5,386
Interest income on certain impaired loans (1)		(63)			(76)		(209)		(245)
Loan charge-offs:
Commercial:
Commercial and industrial		(151)			(285)		(516)		(1,004)
Real estate mortgage		(44)			(100)		(153)		(296)
Real estate construction		(6)			(41)		(18)		(181)
Lease financing		(3)			(5)		(30)		(18)
Foreign		(4)			(35)		(23)		(81)
Total commercial		(208)			(466)		(740)		(1,580)
Consumer:
Real estate 1-4 family first mortgage		(303)			(719)		(1,170)		(2,319)
Real estate 1-4 family junior lien mortgage		(345)			(1,095)		(1,287)		(2,672)
Credit card		(239)			(255)		(771)		(842)
Automobile		(153)			(152)		(443)		(462)
Other revolving credit and installment		(191)			(184)		(558)		(565)
Total consumer		(1,231)			(2,405)		(4,229)		(6,860)
Total loan charge-offs		(1,439)			(2,871)		(4,969)		(8,440)
Loan recoveries:
Commercial:
Commercial and industrial		93			154		288		368
Real estate mortgage		64			46		149		115
Real estate construction		23			40		114		96
Lease financing		3			4		13		15
Foreign		6			5		23		26
Total commercial		189			249		587		620
Consumer:
Real estate 1-4 family first mortgage		61			46		171		112
Real estate 1-4 family junior lien mortgage		70			59		204		184
Credit card		32			43		95		148
Automobile		75			77		247		285
Other revolving credit and installment		37			39		119		138
Total consumer		275			264		836		867
Total loan recoveries		464			513		1,423		1,487
Net loan charge-offs (2)		(975)			(2,358)		(3,546)		(6,953)
Allowances related to business combinations/other		(8)			—		(21)		(53)
Balance, end of period	$	15,647			17,803		15,647		17,803
Components:
Allowance for loan losses	$	15,159			17,385		15,159		17,385
Allowance for unfunded credit commitments		488			418		488		418
Allowance for credit losses (3)	$	15,647			17,803		15,647		17,803
Net loan charge-offs (annualized) as a percentage of average total loans (2)		0.48	%		1.21		0.59		1.20
Allowance for loan losses as a percentage of total loans (3)		1.87			2.22		1.87		2.22
Allowance for credit losses as a percentage of total loans (3)		1.93			2.27		1.93		2.27

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

(2) For PCI loans, charge-offs are only recorded to the extent that losses exceed the purchase accounting estimates.

(3) The allowance for credit losses includes $22 million and $160 million at September 30, 2013 and 2012, respectively, related to PCI loans acquired from Wachovia. Loans acquired from Wachovia are included in total loans net of related purchase accounting net write-downs.

37

Wells Fargo & Company and Subsidiaries

FIVE QUARTER CHANGES IN ALLOWANCE FOR CREDIT LOSSES

	Quarter ended
(in millions)	Sept. 30, 2013			June 30, 2013		Mar. 31, 2013		Dec. 31, 2012		Sept. 30, 2012
Balance, beginning of quarter	$	16,618			17,193		17,477		17,803		18,646
Provision for credit losses		75			652		1,219		1,831		1,591
Interest income on certain impaired loans (1)		(63)			(73)		(73)		(70)		(76)
Loan charge-offs:
Commercial:
Commercial and industrial		(151)			(184)		(181)		(302)		(285)
Real estate mortgage		(44)			(49)		(60)		(86)		(100)
Real estate construction		(6)			(7)		(5)		(10)		(41)
Lease financing		(3)			(24)		(3)		(6)		(5)
Foreign		(4)			(8)		(11)		(30)		(35)
Total commercial		(208)			(272)		(260)		(434)		(466)
Consumer:
Real estate 1-4 family first mortgage		(303)			(392)		(475)		(694)		(719)
Real estate 1-4 family junior lien mortgage		(345)			(428)		(514)		(765)		(1,095)
Credit card		(239)			(266)		(266)		(259)		(255)
Automobile		(153)			(126)		(164)		(189)		(152)
Other revolving credit and installment		(191)			(185)		(182)		(192)		(184)
Total consumer (2)		(1,231)			(1,397)		(1,601)		(2,099)		(2,405)
Total loan charge-offs		(1,439)			(1,669)		(1,861)		(2,533)		(2,871)
Loan recoveries:
Commercial:
Commercial and industrial		93			107		88		93		154
Real estate mortgage		64			54		31		48		46
Real estate construction		23			52		39		28		40
Lease financing		3			6		4		4		4
Foreign		6			9		8		6		5
Total commercial		189			228		170		179		249
Consumer:
Real estate 1-4 family first mortgage		61			64		46		45		46
Real estate 1-4 family junior lien mortgage		70			69		65		75		59
Credit card		32			32		31		37		43
Automobile		75			84		88		77		77
Other revolving credit and installment		37			40		42		39		39
Total consumer		275			289		272		273		264
Total loan recoveries		464			517		442		452		513
Net loan charge-offs		(975)			(1,152)		(1,419)		(2,081)		(2,358)
Allowances related to business combinations/other		(8)			(2)		(11)		(6)		-
Balance, end of quarter	$	15,647			16,618		17,193		17,477		17,803
Components:
Allowance for loan losses	$	15,159			16,144		16,711		17,060		17,385
Allowance for unfunded credit commitments		488			474		482		417		418
Allowance for credit losses	$	15,647			16,618		17,193		17,477		17,803
Net loan charge-offs (annualized) as a percentage of average total loans		0.48	%		0.58		0.72		1.05		1.21
Allowance for loan losses as a percentage of:
Total loans		1.87			2.01		2.09		2.13		2.22
Nonaccrual loans		90			90		86		83		83
Nonaccrual loans and other nonperforming assets		73			77		73		70		69
Allowance for credit losses as a percentage of:
Total loans		1.93			2.07		2.15		2.19		2.27
Nonaccrual loans		93			93		88		85		85
Nonaccrual loans and other nonperforming assets		76			79		75		71		70

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

(2) Includes $321 million and $567 million for the quarters ended December 31 and September 30, 2012, respectively, resulting from the implementation of OCC guidance issued in third quarter 2012, which requires consumer loans discharged in bankruptcy to be placed on nonaccrual status and written down to net realizable collateral value, regardless of their delinquency status.

38

Wells Fargo & Company and Subsidiaries

FIVE QUARTER TIER 1 COMMON EQUITY UNDER BASEL I (1)

(in billions)		Sept. 30, 2013			June 30, 2013		Mar. 31, 2013		Dec. 31, 2012		Sept. 30, 2012
Total equity		$	168.8			163.8		163.4		158.9		156.1
Noncontrolling interests			(1.6)			(1.4)		(1.3)		(1.3)		(1.4)
Total Wells Fargo stockholders’ equity		$	167.2			162.4		162.1		157.6		154.7
Adjustments:
Preferred equity			(14.3)			(12.6)		(12.6)		(12.0)		(11.3)
Goodwill and intangible assets (other than MSRs)			(31.8)			(32.2)		(32.5)		(32.9)		(33.4)
Applicable deferred taxes			2.9			3.0		3.1		3.2		3.3
Deferred tax asset limitation			-			-		-		-		-
MSRs over specified limitations			(0.9)			(0.8)		(0.8)		(0.7)		(0.7)
Cumulative other comprehensive income			(2.2)			(1.8)		(5.1)		(5.6)		(6.4)
Other			(0.6)			(0.5)		(0.6)		(0.6)		(0.4)
Tier 1 common equity	(A)	$	120.3			117.5		113.6		109.0		105.8
Total risk-weighted assets (2)	(B)	$	1,131.0			1,097.4		1,094.3		1,077.1		1,067.1
Tier 1 common equity to total risk-weighted assets (2)	(A)/(B)		10.64	%		10.71		10.39		10.12		9.92

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

(2) Under the regulatory guidelines for risk-based capital, on-balance sheet assets and credit equivalent amounts of derivatives and off-balance sheet items are assigned to one of several broad risk categories according to the obligor, or, if relevant, the guarantor or the nature of any collateral. The aggregate dollar amount in each risk category is then multiplied by the risk weight associated with that category. The resulting weighted values from each of the risk categories are aggregated for determining total risk-weighted assets. The Company’s September 30, 2013, risk-weighted assets (RWA) and resulting Tier 1 common equity to total RWA are preliminary and reflect total estimated on-balance sheet and total estimated derivative and off-balance sheet RWA of $908.7 billion and $222.3 billion, respectively.

TIER 1 COMMON EQUITY UNDER BASEL III (ESTIMATED) (1) (2)

(in billions)		Sept. 30, 2013
Tier 1 common equity under Basel I		$	120.3
Adjustments from Basel I to Basel III (3) (5):
Cumulative other comprehensive income related to AFS securities and defined benefit pension plans			2.2
Other			1.2
Total adjustments from Basel I to Basel III			3.4
Threshold deductions, as defined under Basel III (4) (5)			-
Tier 1 common equity anticipated under Basel III	(C)	$	123.7
Total risk-weighted assets anticipated under Basel III (6)	(D)	$	1,297.4
Tier 1 common equity to total risk-weighted assets anticipated under Basel III	(C)/(D)		9.54	%

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

(2) The Basel III Tier 1 common equity and risk-weighted assets are estimated based on management’s interpretation of the Basel III capital rules adopted July 2, 2013, by the Federal Reserve Board. The rules establish a new comprehensive capital framework for U.S. banking organizations that implement the Basel III capital framework and certain provisions of the Dodd-Frank Act.

(3) Adjustments from Basel I to Basel III represent reconciling adjustments, primarily certain components of cumulative other comprehensive income deducted for Basel I purposes, to derive Tier 1 common equity under Basel III.

(4) Threshold deductions, as defined under Basel III, include individual and aggregate limitations, as a percentage of Tier 1 common equity, with respect to MSRs (net of related deferred tax liability, which approximates the MSR book value times the applicable statutory tax rates), deferred tax assets and investments in unconsolidated financial companies.

(5) Volatility in interest rates can have a significant impact on the valuation of cumulative other comprehensive income and MSRs and therefore, may impact adjustments from Basel I to Basel III, and MSRs subject to threshold deductions, as defined under Basel III, in future reporting periods.

(6) The final Basel III capital rules provide for two capital frameworks: the “standardized” approach intended to replace Basel I, and the “advanced” approach applicable to certain institutions as originally defined under Basel II. Under the final rules, we will be subject to the lower of our Tier 1 common equity ratio calculated under the standardized approach and under the advanced approach in the assessment of our capital adequacy. Accordingly, the estimate of RWA reflects management’s interpretation of RWA determined under the advanced approach because management expects RWA to be higher using the advanced approach compared with the standardized approach. Basel III capital rules adopted by the Federal Reserve Board incorporate different classification of assets, with certain risk weights based on a borrower’s credit rating or Wells Fargo’s own models, along with adjustments to address a combination of credit/counterparty, operational and market risks, and other Basel III elements.

39

Wells Fargo & Company and Subsidiaries

OPERATING SEGMENT RESULTS (1)

(income/expense in millions, average balances in billions)	Community Banking				Wholesale Banking				Wealth, Brokerage and Retirement				Other (2)				Consolidated Company
	2013		2012		2013		2012		2013		2012		2013		2012		2013		2012
Quarter ended Sept. 30,
Net interest income (3)	$	7,244		7,247		3,059		3,028		749		680		(304)		(293)		10,748		10,662
Provision (reversal of provision) for credit losses		240		1,627		(144)		(57)		(38)		30		17		(9)		75		1,591
Noninterest income		5,000		5,863		2,812		2,921		2,558		2,353		(640)		(586)		9,730		10,551
Noninterest expense		7,060		7,402		3,084		2,908		2,619		2,457		(661)		(655)		12,102		12,112
Income (loss) before income tax expense (benefit)		4,944		4,081		2,931		3,098		726		546		(300)		(215)		8,301		7,510
Income tax expense (benefit)		1,505		1,250		952		1,103		275		208		(114)		(81)		2,618		2,480
Net income (loss) before noncontrolling interests		3,439		2,831		1,979		1,995		451		338		(186)		(134)		5,683		5,030
Less: Net income from noncontrolling interests		98		91		6		2		1		-		-		-		105		93
Net income (loss) (4)	$	3,341		2,740		1,973		1,993		450		338		(186)		(134)		5,578		4,937
Average loans	$	497.7		485.3		290.4		277.1		46.7		42.5		(30.0)		(28.2)		804.8		776.7
Average assets		836.6		765.1		500.7		490.7		180.8		163.8		(68.5)		(65.3)		1,449.6		1,354.3
Average core deposits		618.2		594.5		235.3		225.4		150.6		136.7		(63.8)		(61.2)		940.3		895.4
Nine months ended Sept. 30,
Net interest income (3)	$	21,614		21,879		9,165		9,556		2,118		2,079		(900)		(927)		31,997		32,587
Provision (reversal of provision) for credit losses		2,265		5,078		(320)		226		(5)		110		6		(28)		1,946		5,386
Noninterest income		16,471		17,744		8,927		8,543		7,647		6,987		(1,927)		(1,723)		31,118		31,551
Noninterest expense		21,650		22,807		9,358		9,075		7,800		7,380		(2,051)		(1,760)		36,757		37,502
Income (loss) before income tax expense (benefit)		14,170		11,738		9,054		8,798		1,970		1,576		(782)		(862)		24,412		21,250
Income tax expense (benefit)		4,426		3,856		3,024		3,051		748		599		(297)		(327)		7,901		7,179
Net income (loss) before noncontrolling interests		9,744		7,882		6,030		5,747		1,222		977		(485)		(535)		16,511		14,071
Less: Net income from noncontrolling interests		234		259		8		5		1		-		-		-		243		264
Net income (loss) (4)	$	9,510		7,623		6,022		5,742		1,221		977		(485)		(535)		16,268		13,807
Average loans	$	498.3		485.1		287.3		272.0		45.3		42.5		(29.8)		(28.4)		801.1		771.2
Average assets		819.2		750.1		498.9		479.0		179.4		162.2		(69.7)		(64.9)		1,427.8		1,326.4
Average core deposits		620.1		585.3		230.0		222.4		148.8		135.5		(64.8)		(61.0)		934.1		882.2

(1) The management accounting process measures the performance of the operating segments based on our management structure and is not necessarily comparable with other similar information for other financial services companies. We define our operating segments by product type and customer segment. In first quarter 2012, we modified internal funds transfer rates and the allocation of funding.

(2) Includes Wachovia integration expenses, through completion in first quarter 2012, and the elimination of items that are included in both Community Banking and Wealth, Brokerage and Retirement, largely representing services and products for wealth management customers provided in Community Banking stores.

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

(4) Represents segment net income (loss) for Community Banking; Wholesale Banking; and Wealth, Brokerage and Retirement segments and Wells Fargo net income for the consolidated company.

40

Wells Fargo & Company and Subsidiaries

FIVE QUARTER OPERATING SEGMENT RESULTS (1)

							Quarter ended
(income/expense in millions, average balances in billions)	Sept. 30, 2013		June 30, 2013		Mar. 31, 2013		Dec. 31, 2012		Sept. 30, 2012
COMMUNITY BANKING
Net interest income (2)	$	7,244		7,251		7,119		7,166		7,247
Provision for credit losses		240		763		1,262		1,757		1,627
Noninterest income		5,000		5,691		5,780		6,616		5,863
Noninterest expense		7,060		7,213		7,377		8,033		7,402
Income before income tax expense		4,944		4,966		4,260		3,992		4,081
Income tax expense		1,505		1,633		1,288		918		1,250
Net income before noncontrolling interests		3,439		3,333		2,972		3,074		2,831
Less: Net income from noncontrolling interests		98		88		48		205		91
Segment net income	$	3,341		3,245		2,924		2,869		2,740
Average loans	$	497.7		498.2		498.9		493.1		485.3
Average assets		836.6		820.9		799.6		794.2		765.1
Average core deposits		618.2		623.0		619.2		608.9		594.5
WHOLESALE BANKING
Net interest income (2)	$	3,059		3,101		3,005		3,092		3,028
Provision (reversal of provision) for credit losses		(144)		(118)		(58)		60		(57)
Noninterest income		2,812		3,034		3,081		2,901		2,921
Noninterest expense		3,084		3,183		3,091		3,007		2,908
Income before income tax expense		2,931		3,070		3,053		2,926		3,098
Income tax expense		952		1,065		1,007		892		1,103
Net income before noncontrolling interests		1,979		2,005		2,046		2,034		1,995
Less: Net income from noncontrolling interests		6		1		1		2		2
Segment net income	$	1,973		2,004		2,045		2,032		1,993
Average loans	$	290.4		286.9		284.5		279.2		277.1
Average assets		500.7		499.9		496.1		489.7		490.7
Average core deposits		235.3		230.5		224.1		240.7		225.4
WEALTH, BROKERAGE AND RETIREMENT
Net interest income (2)	$	749		700		669		689		680
Provision (reversal of provision) for credit losses		(38)		19		14		15		30
Noninterest income		2,558		2,561		2,528		2,405		2,353
Noninterest expense		2,619		2,542		2,639		2,513		2,457
Income before income tax expense		726		700		544		566		546
Income tax expense		275		266		207		215		208
Net income before noncontrolling interests		451		434		337		351		338
Less: Net income from noncontrolling interests		1		-		-		-		-
Segment net income	$	450		434		337		351		338
Average loans	$	46.7		45.4		43.8		43.3		42.5
Average assets		180.8		177.1		180.3		171.7		163.8
Average core deposits		150.6		146.4		149.4		143.4		136.7
OTHER (3)
Net interest income (2)	$	(304)		(302)		(294)		(304)		(293)
Provision (reversal of provision) for credit losses		17		(12)		1		(1)		(9)
Noninterest income		(640)		(658)		(629)		(617)		(586)
Noninterest expense		(661)		(683)		(707)		(657)		(655)
Loss before income tax benefit		(300)		(265)		(217)		(263)		(215)
Income tax benefit		(114)		(101)		(82)		(101)		(81)
Net loss before noncontrolling interests		(186)		(164)		(135)		(162)		(134)
Less: Net income from noncontrolling interests		-		-		-		-		-
Other net loss	$	(186)		(164)		(135)		(162)		(134)
Average loans	$	(30.0)		(30.3)		(29.1)		(28.4)		(28.2)
Average assets		(68.5)		(68.9)		(71.7)		(68.5)		(65.3)
Average core deposits		(63.8)		(63.8)		(66.8)		(64.2)		(61.2)
CONSOLIDATED COMPANY
Net interest income (2)	$	10,748		10,750		10,499		10,643		10,662
Provision for credit losses		75		652		1,219		1,831		1,591
Noninterest income		9,730		10,628		10,760		11,305		10,551
Noninterest expense		12,102		12,255		12,400		12,896		12,112
Income before income tax expense		8,301		8,471		7,640		7,221		7,510
Income tax expense		2,618		2,863		2,420		1,924		2,480
Net income before noncontrolling interests		5,683		5,608		5,220		5,297		5,030
Less: Net income from noncontrolling interests		105		89		49		207		93
Wells Fargo net income	$	5,578		5,519		5,171		5,090		4,937
Average loans	$	804.8		800.2		798.1		787.2		776.7
Average assets		1,449.6		1,429.0		1,404.3		1,387.1		1,354.3
Average core deposits		940.3		936.1		925.9		928.8		895.4

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

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

(3) Includes elimination of items that are included in both Community Banking and Wealth, Brokerage and Retirement, largely representing services and products for wealth management customers provided in Community Banking stores.

41

Wells Fargo & Company and Subsidiaries

FIVE QUARTER CONSOLIDATED MORTGAGE SERVICING

	Quarter ended
(in millions)	Sept. 30, 2013		June 30, 2013		Mar. 31, 2013		Dec. 31, 2012		Sept. 30, 2012
MSRs measured using the fair value method:
Fair value, beginning of quarter	$	14,185		12,061		11,538		10,956		12,081
Servicing from securitizations or asset transfers		954		1,060		935		1,094		1,173
Sales		-		(160)		(423)		-		-
Net additions		954		900		512		1,094		1,173
Changes in fair value:
Due to changes in valuation model inputs or assumptions:
Mortgage interest rates (1)		61		2,223		1,030		388		(1,131)
Servicing and foreclosure costs (2)		(34)		(82)		(58)		(127)		(350)
Discount rates (3)		-		-		-		(53)		-
Prepayment estimates and other (4)		(240)		(274)		(211)		115		54
Net changes in valuation model inputs or assumptions		(213)		1,867		761		323		(1,427)
Other changes in fair value (5)		(425)		(643)		(750)		(835)		(871)
Total changes in fair value		(638)		1,224		11		(512)		(2,298)
Fair value, end of quarter	$	14,501		14,185		12,061		11,538		10,956

(1) Primarily represents prepayment speed changes due to changes in mortgage interest rates, but also includes other valuation changes due to changes in mortgage interest rates (such as changes in estimated interest earned on custodial deposit balances).

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

(3) Reflects discount rate assumption change, excluding portion attributable to changes in mortgage interest rates; the fourth quarter 2012 change reflects updated broker input on market values for servicing fees in excess of the minimum that can be retained on loans sold to Freddie Mac and Fannie Mae.

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

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

	Quarter ended
(in millions)	Sept. 30, 2013		June 30, 2013		Mar. 31, 2013		Dec. 31, 2012		Sept. 30, 2012
Amortized MSRs:
Balance, beginning of quarter	$	1,176		1,181		1,160		1,144		1,130
Purchases		59		26		27		43		42
Servicing from securitizations or asset transfers		32		31		56		34		30
Amortization		(63)		(62)		(62)		(61)		(58)
Balance, end of quarter		1,204		1,176		1,181		1,160		1,144
Fair value of amortized MSRs:
Beginning of quarter	$	1,533		1,404		1,400		1,399		1,450
End of quarter		1,525		1,533		1,404		1,400		1,399

42

Wells Fargo & Company and Subsidiaries

FIVE QUARTER CONSOLIDATED MORTGAGE SERVICING (CONTINUED)

	Quarter ended
(in millions)	Sept. 30, 2013		June 30, 2013		Mar. 31, 2013		Dec. 31, 2012		Sept. 30, 2012
Servicing income, net:
Servicing fees (1)	$	966		1,030		997		926		984
Changes in fair value of MSRs carried at fair value:
Due to changes in valuation model inputs or assumptions (2)		(213)		1,867		761		323		(1,427)
Other changes in fair value (3)		(425)		(643)		(750)		(835)		(871)
Total changes in fair value of MSRs carried at fair value		(638)		1,224		11		(512)		(2,298)
Amortization		(63)		(62)		(62)		(61)		(58)
Net derivative gains (losses) from economic hedges (4)		239		(1,799)		(632)		(103)		1,569
Total servicing income, net	$	504		393		314		250		197
Market-related valuation changes to MSRs, net of hedge results (2)+(4)	$	26		68		129		220		142

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

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

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

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

(in billions)	Sept. 30, 2013			June 30, 2013		Mar. 31, 2013		Dec. 31, 2012		Sept. 30, 2012
Managed servicing portfolio (1):
Residential mortgage servicing:
Serviced for others	$	1,494			1,487		1,486		1,498		1,508
Owned loans serviced		344			358		367		368		364
Subservicing		6			6		7		7		7
Total residential servicing		1,844			1,851		1,860		1,873		1,879
Commercial mortgage servicing:
Serviced for others		416			409		404		408		405
Owned loans serviced		106			105		106		106		105
Subservicing		11			11		14		13		13
Total commercial servicing		533			525		524		527		523
Total managed servicing portfolio	$	2,377			2,376		2,384		2,400		2,402
Total serviced for others	$	1,910			1,896		1,890		1,906		1,913
Ratio of MSRs to related loans serviced for others		0.82	%		0.81		0.70		0.67		0.63
Weighted-average note rate (mortgage loans serviced for others)		4.54			4.59		4.69		4.77		4.87

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

SELECTED FIVE QUARTER RESIDENTIAL MORTGAGE PRODUCTION DATA

	Quarter ended
(in billions)	Sept. 30, 2013			June 30, 2013		Mar. 31, 2013		Dec. 31, 2012		Sept. 30, 2012
Application data:
Wells Fargo first mortgage quarterly applications	$	87			146		140		152		188
Refinances as a percentage of applications		36	%		54		65		72		72
Wells Fargo first mortgage unclosed pipeline, at quarter end	$	35			63		74		81		97
Residential real estate originations:
Wells Fargo first mortgage loans:
Retail	$	44			62		59		63		61
Correspondent/Wholesale		35			50		49		61		77
Other (1)		1			-		1		1		1
Total quarter-to-date	$	80			112		109		125		139
Total year-to-date	$	301			221		109		524		399

(1) Consists of home equity loans and lines.

43

Wells Fargo & Company and Subsidiaries

CHANGES IN MORTGAGE REPURCHASE LIABILITY

	Quarter ended						Nine months ended
(in millions)	Sept. 30, 2013		June 30, 2013		Sept. 30, 2012		Sept. 30, 2013		Sept. 30, 2012
Balance, beginning of period	$	2,222		2,317		1,764		2,206		1,326
Provision for repurchase losses:
Loan sales		28		40		75		127		209
Change in estimate (1)		-		25		387		275		1,352
Total additions		28		65		462		402		1,561
Losses (2)		(829)		(160)		(193)		(1,187)		(854)
Balance, end of period	$	1,421		2,222		2,033		1,421		2,033

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

(2) Quarter and nine months ended September 30, 2013, reflect $746 million as a result of the agreement with Freddie Mac that substantially resolves all repurchase liabilities related to loans sold to Freddie Mac prior to January 1, 2009.

UNRESOLVED REPURCHASE DEMANDS AND MORTGAGE INSURANCE RESCISSIONS

($ in millions)	Government sponsored entities (1)		Private		Mortgage insurance rescissions with no demand (2)		Total
September 30, 2013
Number of loans		4,422		1,240		385		6,047
Original loan balance (3)	$	958		264		87		1,309
June 30, 2013
Number of loans		6,313		1,206		561		8,080
Original loan balance (3)	$	1,413		258		127		1,798
March 31, 2013
Number of loans		5,910		1,278		652		7,840
Original loan balance (3)	$	1,371		278		145		1,794
December 31, 2012
Number of loans		6,621		1,306		753		8,680
Original loan balance (3)	$	1,503		281		160		1,944
September 30, 2012
Number of loans		6,525		1,513		817		8,855
Original loan balance (3)	$	1,489		331		183		2,003

(1) Includes repurchase demands of 1,247 and $225 million, 942 and $190 million, 674 and $147 million, 661 and $132 million, and 534 and $111 million, for September 30, June 30 and March 31, 2013, and December 31, and September 30, 2012, respectively, received from investors on mortgage servicing rights acquired from other originators. We generally have the right of recourse against the seller and may be able to recover losses related to such repurchase demands subject to counterparty risk associated with the seller. The number of repurchase demands from GSEs that are from mortgage loans originated in 2006 through 2008 totaled 79% at September 30, 2013.

(2) As part of our representations and warranties in our loan sales contracts, we typically represent to GSEs and private investors that certain loans have mortgage insurance to the extent there are loans that have loan to value ratios in excess of 80% that require mortgage insurance. To the extent the mortgage insurance is rescinded by the mortgage insurer due to a claim of breach of a contractual representation or warranty, the lack of insurance may result in a repurchase demand from an investor. Similar to repurchase demands, we evaluate mortgage insurance rescission notices for validity and appeal for reinstatement if the rescission was not based on a contractual breach. When investor demands are received due to lack of mortgage insurance, they are reported as unresolved repurchase demands based on the applicable investor category for the loan (GSE or private). Over the last year, approximately 10% of our repurchase demands from GSEs had mortgage insurance rescission as one of the reasons for the repurchase demand. Of all the mortgage insurance rescission notices received in 2012, approximately 75% have resulted in repurchase demands through September 2013. Not all mortgage insurance rescissions received in 2012 have been completed through the appeals process with the mortgage insurer and, upon successful appeal, we work with the investor to rescind the repurchase demand.

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

EX-99.2

3Q13 Quarterly Supplement

October 11, 2013

Exhibit 99.2

Wells Fargo 3Q13 Supplement

1

Appendix

*

Pages 21-33

-

Non-strategic/liquidating loan portfolio risk reduction

22

-

Purchased credit-impaired (PCI) portfolios

23

-

PCI nonaccretable difference and accretable yield

24

-

Pick-a-Pay credit highlights

25

-

Real estate 1-4 family first mortgage portfolio

26

-

Home equity portfolio

27

-

Consumer credit card portfolio

28

-

Auto portfolios

29

-

Student lending portfolio

30

Tier 1 common equity under Basel I

31

Tier 1 common equity under Basel III

(Estimated)

32

Forward-looking statements and

additional information

33

Table of contents

3Q13 Results

-

3Q13 Results

Page 2

-

Year-over-year results

3

-

Strong revenue diversification

4

-

Balance Sheet and credit overview

5

-

Income Statement overview

6

-

Loans

7

-

Broad-based, year-over-year loan growth

8

-

Deposits

9

-

Net interest income

10

-

Noninterest income

11

-

Residential mortgage

12

-

Noninterest expense and efficiency ratio

13

-

Community Banking

14

-

Wholesale Banking

15

-

Wealth, Brokerage and Retirement

16

-

Credit quality

17-18

-

Capital

19

-

Summary

20

Wells Fargo 3Q13 Supplement

2

4,937

5,090

5,171

5,519

5,578

3Q12

4Q12

1Q13

2Q13

3Q13

Record earnings of $5.6 billion, up $641 million,

or 13% year-over-year (YoY), and up 1% linked

quarter (LQ)

Record diluted earnings per common share of

$0.99, up 13% YoY and 1% LQ

Solid returns

-

ROA = 1.53%, up 8 bps YoY and down 2 bps LQ

-

ROE = 14.07%, up 69 bps YoY and up 5 bps LQ

Strong Balance Sheet

-

Period-end loans up $29.7 billion, or 4%, YoY and

up 5% annualized LQ

-

Credit continued to improve with net charge-offs

of 48 bps, down 73 bps YoY and 10 bps LQ

Efficiency ratio of 59.1%

(1)

, up 200 bps YoY and

up 177 bps LQ

Capital levels remained strong

-

10.64% Tier 1 common equity ratio under

Basel I and estimated Tier 1 common equity ratio

under Basel III of 9.54%

(2)

3Q13 Results

Wells Fargo Net Income

($ in millions)

(1)  Efficiency ratio defined as noninterest expense divided by total revenue (net interest income plus noninterest income).

(2)  Estimated based on management’s interpretation of final rules adopted July 2, 2013, by the Federal Reserve Board establishing a new comprehensive capital

framework for U.S. banking organizations that would implement the Basel III capital framework and certain provisions of the Dodd-Frank Act. See pages 31-32

for additional information regarding Tier 1 common equity ratios.

Diluted earnings per common share

$0.88

$0.91

$0.92

$0.98

$0.99

Wells Fargo 3Q13 Supplement

3

Year-over-year results

Pre-tax Pre-provision Profit

(1)

($ in billions)

Net Income

($ in billions, except EPS)

Diluted earnings per common share

Period-end Loans

($ in billions)

Return on Assets

Return on Equity

Period-end Core Deposits

($ in billions)

$9.1

$8.4

3Q12

3Q13

1.45%

1.53%

3Q12

3Q13

13.38%

14.07%

3Q12

3Q13

$901.1

$947.8

3Q12

3Q13

$4.9

$5.6

3Q12

3Q13

$0.88

$0.99

(1)  Pre-tax pre-provision profit (PTPP) is total revenue less noninterest expense. Management believes PTPP is a useful financial measure because it enables investors

and others to assess the Company’s ability to generate capital to cover credit losses through a credit cycle.

Wells Fargo 3Q13 Supplement

4

Deposit Service Charges

13%

Card Fees

8%

Total Mortgage Banking 

17%

Insurance

4%

Net Gains from Trading

4%

All data is for 3Q13.

(1)  Other noninterest income includes net losses on debt securities available for sale, net gains from equity

investments, lease income, life insurance investment income and all other noninterest income.

Strong revenue diversification

Total Trust & Investment Fees 34%

Total Other Fees 

11%

Other Noninterest Income

(1)

9%

Balanced Spread and

Fee Income

Diversified Fee Generation

Brokerage advisory,

commissions and other

Mortgage Orig./

Sales, net

Mortgage Servicing, net

Trust and investment

management

Investment banking

Charges

and

fees

on

loans

2%

Merchant

processing

>1%

Cash

network

<1%

CRE

brokerage

commissions

>1%

Letters

of

credit

Card fees

Deposit service charges

Other noninterest income

(1)

Net gains from trading

Insurance

Net Interest

Income

Noninterest

Income

All other fees

Wells Fargo 3Q13 Supplement

5

Balance Sheet and credit overview

Loans

Total period-end loans up $10.3 billion

-

Core loans increased $13.8 billion

(1)

•

$8.6 billion in organic growth from nonconforming first mortgage, C&I,

foreign, auto, credit card and private student lending

•

$5.2 billion in loans from acquisitions consisting of $4.0 billion of U.K. CRE 

from EuroHypo (classified as foreign) and $1.2 billion of U.S. CRE from ING

-

Non-strategic/liquidating portfolio decreased $3.5 billion

Short-term investments/

Fed funds sold

Up $33.4 billion on deposit and other funding growth

Securities available for

sale (AFS)

Up $10.0 billion as purchases were partially offset by run-off 

-

$19.8 billion in gross purchases, including $14.6 billion in agency MBS

Deposits

Up $20.3 billion including liquidity-related term deposits and growth in Wholesale

Banking

Long-term debt

Up $27.8 billion driven by $22.4 billion in liquidity-related issuances

Common stock

repurchases

Common shares outstanding down 28.4 million

Purchased 50.9 million common shares in the quarter and entered into a $400

million forward repurchase transaction that is expected to settle in 4Q13

Credit

Provision expense of $75 million, down $577 million

-

Net charge-offs of $975 million, or 48 bps, down $177 million on $25 million

lower losses in commercial and $152 million lower losses in consumer

-

$900 million reserve release

(2)

vs. $500 million in 2Q13 reflecting improved

housing market and continued strong credit performance

Period-end balances.  All comparisons are 3Q13 compared with 2Q13.

(1)  See

pages

7

and

22

for

additional

information

regarding

core

loans

and

the

non-strategic/liquidating

portfolio,

which

comprises

the

Pick-a-Pay,

liquidating

home    

equity,

legacy

WFF

indirect

auto,

legacy

WFF

debt

consolidation,

Education

Finance-government

guaranteed,

and

legacy

Wachovia

commercial

&

industrial,

commercial

real

estate,

foreign

and

other

PCI

loan

portfolios.

(2)

Provision

expense

minus

net

charge-offs.

(1)

Wells Fargo 3Q13 Supplement

6

Income Statement overview

Total revenue

Revenue of $20.5 billion, down $900 million, or 4%, reflecting expected declines in

mortgage banking and lower trust and investment fees

Net interest income

NII remained strong on $23.3 billion in average earning asset growth

Net interest margin (NIM) down 8 bps to 3.38% reflecting continued growth in deposit

balances and growth in long-term debt

Noninterest income

Trust and investment fees down $218 million on lower investment banking and

seasonally lower retail brokerage transaction activity

Mortgage banking down $1.2 billion as $111 million higher servicing income was more

than offset by lower production and gain on sale

Market sensitive revenues

(2)

up $413 million

-

Included higher trading gains from higher deferred compensation plan

investment income (P&L neutral), stronger equity gains and lower*losses on

debt securities

Noninterest expense

Personnel expense, in aggregate, down modestly as lower revenue-based incentive

compensation was largely offset by higher salaries expense driven by one extra day in

the quarter and mortgage severance, as well as higher benefits expense driven by

deferred compensation expense (P&L neutral)

Operating losses down $93 million reflecting lower litigation accruals

Income tax expense

Effective tax rate of 31.9% reflecting a net reduction in the reserve for uncertain tax

positions primarily due to settlements with tax authorities regarding certain cross

border transactions

All comparisons are 3Q13 compared with 2Q13.

(1)  Net gains on mortgage loan origination/or sales activities.

(2) Consists of net gains from trading activities, net gains (losses) on debt securities available for sale and net gains from equity investments.

(1)

Wells Fargo 3Q13 Supplement

7

Loans

Solid core loan growth

Period-end loans up $29.7 billion YoY and $10.3

billion from 2Q13

-

Commercial loans up $8.5 billion LQ driven by

growth in foreign and C&I

•

Includes $5.2 billion from CRE acquisitions ($4.0

billion foreign and $1.2 billion U.S. CRE)

•

$3.0 billion C&I growth on strength in Capital

Finance, Government Banking and Corporate

Banking

-

Consumer loans up $1.8 billion LQ as growth in

nonconforming mortgage, auto, credit card and

private student lending was partially offset by

run-off in the liquidating portfolio and lower core

home equity

Non-strategic/liquidating loans

(1)

down $14.5 billion

YoY and $3.5 billion from 2Q13

Core loans grew $44.2 billion, or 6%, YoY and

$13.8 billion LQ

Total average loans of $804.8 billion up $28.0 billion

YoY and $4.6 billion LQ

Total average loan yield of 4.41%, down

5 bps LQ

-

Core loan yield excluding the non-strategic/

liquidating portfolio was down 3 bps

-

Non-strategic/liquidating portfolio yield

of 5.15%

(1)  See page 22 for additional information regarding the non-strategic/liquidating portfolio, which comprises the Pick-a-Pay, liquidating home equity, legacy WFF

indirect auto, legacy WFF debt consolidation, Education Finance-government guaranteed, and legacy Wachovia commercial & industrial, commercial real estate,

foreign and other PCI loan portfolios.

Period–end Loans Outstanding

($ in billions)

Wells Fargo 3Q13 Supplement

8

Broad-based, year-over-year loan growth

36.0

38.0

40.0

42.0

44.0

46.0

48.0

3Q12

3Q13

Foreign

22.5

23.0

23.5

24.0

24.5

25.0

25.5

26.0

3Q12

3Q13

Credit Card

Period-end loans up $29.7 billion, or 4% year-over-year

230.0

235.0

240.0

245.0

250.0

255.0

260.0

3Q12

3Q13

Real Estate 1-4 family first

mortgage

Included nonconforming mortgage

growth and conforming mortgage

retention

44.0

45.0

46.0

47.0

48.0

49.0

50.0

3Q12

3Q13

Automobile

Continued strong originations

New account growth up 9%

reflecting deeper card penetration

and increased marketing efforts

$4.0 billion CRE acquisition, and

trade finance growth

Growth in Asset Backed Finance,

Government Banking, Corporate

Banking and Commercial Banking

($ in billions)

Wells Fargo 3Q13 Supplement

9

679.3

729.7

746.4

267.2

280.1

279.2

946.5

1,009.8

1,025.6

3Q12

2Q13

3Q13

Noninterest-bearing deposits

Interest-bearing deposits

Deposits

Continued growth and reduced average cost

Average deposits up $79.1 billion YoY and $15.8

billion LQ

Average core deposits of $940.3 billion up $44.9

billion, or 5%, YoY and up $4.2 billion, or 2%

annualized, LQ 

-

117% of average loans

-

Average retail core deposits up 6% YoY and

3% annualized LQ

Average core checking and savings up $55.7

billion, or 7% YoY, and up $9.4 billion

from 2Q13

-

95% of average core deposits

Average deposit cost of 12 bps, down 2 bps

from 2Q13 and 6 bps from 3Q12

Average Deposits and Rates

($ in billions)

Average deposit cost

Average Core Checking and Savings

($ in billions)

837.2

883.5

892.9

3Q12

2Q13

3Q13

0.18%

0.14%

0.12%

Wells Fargo 3Q13 Supplement

10

Tax-equivalent net interest income

(1)

stable LQ

as one additional day in the quarter, higher

securities balances, loan growth and lower

funding costs were offset by a decline in

mortgages held for sale and lower variable

income

Average earning assets up $23.3 billion, or

2%, LQ

-

Short-term investments/fed funds sold up

$19.4 billion  

-

AFS securities up $11.2 billion

-

Loans up $4.6 billion

NIM of 3.38% down 8 bps from 2Q13 on:

-

Customer deposit growth = (3) bps

-

Liquidity–related activity = (3) bps

-

Continued balance sheet repricing, growth

and mix = (1) bp

-

Variable income = (1) bp

Net interest income

Net Interest Income (TE)

(1)

($ in millions)

Net Interest Margin (NIM)

(1)

Tax-equivalent

net

interest

income

is

based

on

the

federal

statutory

rate

of

35%

for

the

periods

presented.

Net

interest

income

was

$10,662

million,

$10,643

million, $10,499 million, $10,750 million and $10,748 million for 3Q12, 4Q12, 1Q13, 2Q13 and 3Q13 respectively.

10,820

10,841

10,675

10,946

10,949

3Q12

4Q12

1Q13

2Q13

3Q13

3.66%

3.56%

3.48%

3.46%

3.38%

Wells Fargo 3Q13 Supplement

11

Noninterest income

Deposit service charges up $30 million LQ on

account growth and seasonality

Trust and investment fees down $218 million, or

6%, LQ on lower investment banking and retail

brokerage transaction activity

Mortgage banking down $1.2 billion 

-

Gain on sale revenue down $1.3 billion

reflecting lower origination volumes and margin

-

Net servicing income up $111 million reflecting

lower MSR amortization expense

Equity gains up $299 million on several

transactions

Other up $199 million partly due to investments

accounted for under the equity method

vs

vs

($ in millions)

3Q13

2Q13

3Q12

Noninterest income

Service charges on deposit accounts

$

1,278

2

%

6

Trust and investment fees

Brokerage advisory, commissions

and other fees

2,068

(3)

10

Trust and investment management

811

(2)

5

Investment banking

397

(26)

33

Card fees

813

-

9

Other fees

1,098

1

-

Mortgage banking

1,608

(43)

(43)

Insurance

413

(15)

-

Net gains from trading activities

397

20

(25)

(6)

(89)

n.m.

Net gains from equity investments

502

n.m.

n.m.

Lease income

160

(29)

(27)

Other

191

n.m.

(54)

Total noninterest income

$

9,730

(8)

%

(8)

Net losses on debt securities available

for sale

Insurance down $72 million on seasonality

Trading gains up $66 million as higher

deferred compensation plan investment

income (P&L neutral), $136 million vs. ($2)

million in 2Q13, was partially offset by lower

customer accommodation trading

Wells Fargo 3Q13 Supplement

12

Residential mortgage

Production, servicing and repurchase trends

$80 billion of mortgage originations, down

29% LQ

-

Refinance originations down 48% LQ

-

Purchase originations down 4% LQ

Announced team member reductions of

approximately 5,300 FTEs in 3Q13

Total servicing income up $111 million LQ on

lower MSR amortization (i.e. Other changes in

fair value)

$14.5 billion MSR measured at fair value, up

$316 million, or 2% LQ

Residential servicing portfolio of $1.8 trillion

Wells Fargo servicing portfolio’s total

delinquency and foreclosure ratio for 3Q13 was

6.33%, down 32 bps LQ and 99 bps YoY

Number and balance of total outstanding

repurchase demands down 25% and 27% LQ,

respectively, reflecting 9/27/13 settlement with

Freddie Mac resolving substantially all

repurchase liabilities for loans sold prior to 2009

Repurchase reserves of $1.4 billion decreased

$801 million, or 36%, LQ

-

Includes one-time cash payment to Freddie Mac

(1)  Net gains on mortgage loan origination/or sales activities less repurchase 

reserve build divided by total originations. 

(2)  Includes mortgage insurance rescissions.

Total Outstanding Repurchase Demands

(2)

and

Agency New Demands for 2006-2008 Vintages

Residential mortgage production trends

($ in billions)

3Q13

2Q13

1Q13

4Q12

3Q12

Applications

$

87

146

140

152

188

Pipeline

35

63

74

81

97

Originations

80

112

109

125

139

Refinance %

41

%

56

69

65

62

Purchase %

59

44

31

35

38

Gain on Sale

(1)

1.42

2.21

2.56

2.56

2.21

Wells Fargo 3Q13 Supplement

13

Noninterest expense and efficiency ratio

(1)

Noninterest expense down $153 million

from 2Q13

-

Personnel expense down $29 million LQ

•

Salaries up $142 million reflecting $63 million

in mortgage-related severance expense and

$58 million from one extra day in the quarter

•

Commission and incentive compensation

down $225 million on lower revenue-based

incentive compensation 

•

Benefits expense up $54 million driven by

higher deferred compensation

-

FDIC expense down $45 million on a lower

assessment rate

-

Other expense down $142 million

•

Operating losses down $93 million primarily

from lower litigation accruals

•

Foreclosed assets up $15 million on higher

balances

•

Insurance down $45 million on seasonality

•

Advertising and promotion down $26 million

from 2Q13 that included a new campaign

launch

Efficiency ratio of 59.1% 

Expect to operate within targeted efficiency ratio

range of 55%-59% in 4Q13

12,112

12,896

12,400

12,255

12,102

3Q12

4Q12

1Q13

2Q13

3Q13

Efficiency Ratio

(1)

Efficiency

ratio

defined

as

noninterest

expense

divided

by

total

revenue

(net

interest income plus noninterest income). Noninterest expense and our

efficiency ratio may be affected by a variety of factors, including business and

economic cyclicality, seasonality, changes in our business composition and

operating environment, growth in our business and/or acquisitions, and

unexpected expenses relating to, among other things, litigation and regulatory

matters.

57.1%

58.8%

58.3%

57.3%

59.1%

vs

vs

($ in millions)

3Q13

2Q13

3Q12

Noninterest expense

Salaries

$

3,910

4

%

7

Commission and incentive compensation

2,401

(9)

1

Employee benefits

1,172

5

10

Equipment

471

13

(8)

Net occupancy

728

2

-

Core deposit and other intangibles

375

(1)

(11)

FDIC and other deposit assessments

214

(17)

(40)

Other

2,831

(5)

(6)

Total noninterest expense

12,102

(1)

-

Wells Fargo 3Q13 Supplement

14

Community Banking

Net income of $3.3 billion, up 22% YoY

and 3% LQ

Regional Banking

Continued franchise and cross-sell growth

(1)

-

Primary consumer checking customers

(2) (3)

up a net 3.9% YoY

-

Primary business checking customers

(2) (3)

up a net 3.6% YoY

-

Retail bank cross-sell of 6.15 products per

household up from 6.04 in 3Q12

Consumer Lending

Credit card penetration

(1) (4)

rose to 36.0%, up

from 34.9% in 2Q13 and 32.1% in 3Q12

Consumer auto originations of $6.9 billion, down

3% LQ and up 9% YoY

Mortgage originations of $80 billion down 29%

LQ and 42% YoY

-

8% of originations were from HARP

(5)

vs. 9% in

2Q13 and 14% in 3Q12

(1)  Metrics reported on a one-month lag from reported quarter-end; for example 3Q13 cross-sell is as of August 2013.

(2)  Checking customer growth is 12-months ending for each respective period.

(3)

Customers

who

actively

use

their

checking

account

with

transactions

such

as

debit

card

purchases,

online

bill

payments,

and

direct

deposit.

(4)  Household penetration as of August 2013 and defined as the percentage of retail banking deposit households that have a credit card with Wells Fargo. Household

penetration has been redefined to include legacy Wells Fargo Financial accounts.

(5)  Home Affordable Refinance Program.

vs

vs

($ in millions)

3Q13

2Q13

3Q12

Net interest income

$

7,244

-

%

-

Noninterest income

5,000

(12)

(15)

Provision for credit losses

240

(69)

(85)

Noninterest expense

7,060

(2)

(5)

Income tax expense

1,505

(8)

20

Segment earnings

$

3,341

3

%

22

($ in billions)

Avg loans, net

$

497.7

-

3

Avg core deposits

618.2

(1)

4

vs

vs

($ in billions)

3Q13

2Q13

3Q12

Consumer Lending

Credit card payment volumes (POS)

$

13.7

4

%

14

Credit card penetration

(1)(4)

36.0

%

104

bps

388

Home Lending

Applications

$

87

(40)

%

(54)

Application pipeline

35

(44)

(64)

Originations

80

(29)

(42)

3Q13

2Q13

3Q12

Regional Banking

Primary consumer checking customers

(1)(2)(3)

3.9

%

3.5

Primary business checking customers

(1)(2)(3)

3.6

Retail

Bank

household

cross-sell

(1)

6.15

6.14

6.04

Wells Fargo 3Q13 Supplement

15

Wholesale Banking

Net income of $2.0 billion, down 1% YoY and

2% LQ

Net interest income down 1% LQ; average loans

up 1% driven by loan acquisitions as well as

growth in capital finance, government banking

and corporate banking

Noninterest income down 7% LQ from lower

investment banking and trading, and seasonally

lower crop insurance

Noninterest expense down 3% LQ driven by lower

revenue-based incentives and insurance expense

Key Metrics

Cross-sell of 7.0 products per relationship

(1)

up

from 6.7 in 3Q12

Treasury Management

Commercial card spend volume of $5.0 billion up

6% LQ and 22% YoY

Investment Banking

YTD Investment Banking fees from Wholesale

customers up 37% YoY

YTD U.S. investment banking market share

(2) 

of 5.7%

Asset Management

Total AUM up $20.7 billion LQ driven by long term

and money market strategies reflecting net client

inflows and increased market valuation

(1)  Cross-sell reported on a one-quarter lag.

(2)  Source: Dealogic U.S. investment banking fee market share.

vs

vs

($ in millions)

3Q13

2Q13

3Q12

Net interest income

$

3,059

(1)

%

1

Noninterest income

2,812

(7)

(4)

Reversal of provision for

credit losses

(144)

22

n.m.

Noninterest expense

3,084

(3)

6

Income tax expense

952

(11)

(14)

Segment earnings

$

1,973

(2)

%

(1)

($ in billions)

Avg loans, net

$

290.4

1

5

Avg core deposits

235.3

2

4

vs

vs

($ in billions)

3Q13

2Q13

3Q12

Key Metrics:

Cross-sell

(1)

7.0

1

%

4

Commercial card spend

volume

$

5.0

6

22

YTD U.S. investment banking

market share %

(2)

5.7

%

(2)

12

Total AUM

$

475.4

5

%

6

Advantage Funds AUM

236.4

7

13

Wells Fargo 3Q13 Supplement

16

Wealth, Brokerage and Retirement

Net income up 33% YoY and 4% LQ

Net interest income up 7% LQ; average loans

and deposits up 3% LQ

Noninterest income flat LQ as higher gains on

deferred compensation plan investments were

offset by seasonally lower brokerage transaction

revenue

Noninterest expense up 3% LQ due to higher

deferred compensation plan expense and

increased non-personnel expenses, partially

offset by lower broker commissions

Provision expense down $57 million LQ

Retail Brokerage

Managed account assets of $350 billion, up 6%

LQ; and up 18% YoY driven by strong market

performance and net flows

Wealth Management

Wealth Management client assets

up 3% LQ and

5% YoY

Retirement

IRA assets up 3% LQ and 10% YoY

Institutional Retirement plan assets up 4% LQ

and 11% YoY

(1)  Includes deposits.

(2)  Data as of August 2013.

vs

vs

($ in millions)

3Q13

2Q13

3Q12

Net interest income

$

749

7

%

10

Noninterest income

2,558

-

9

Reversal of provision for

credit losses

(38)

n.m.

n.m.

Noninterest expense

2,619

3

7

Income tax expense

275

3

32

Segment earnings

$

450

4

%

33

($ in billions)

Avg loans, net

$

46.7

3

10

Avg core deposits

150.6

3

10

vs

vs

($ in billions, except where noted)

3Q13

2Q13

3Q12

Key Metrics:

WBR Clients Assets

(1)

($ in trillions)$

1.5

3

%

7

Cross-sell

(2)

10.41

1

1

Retail Brokerage

Financial Advisors

15,285

-

1

Managed account assets

$

350

6

18

Client assets

(1)

($ in trillions)

1.3

3

8

Wealth Management

Client assets 

(1)

209

3

5

Retirement

IRA Assets

326

3

10

Institutional Retirement

Plan Assets

288

4

11

Wells Fargo 3Q13 Supplement

17

2.4

2.1

1.4

1.2

1.0

3Q12

4Q12

1Q13

2Q13

3Q13

1.21%

1.05%

0.72%

0.58%

0.48%

1.6

1.8

1.2

0.7

0.1

3Q12

4Q12

1Q13

2Q13

3Q13

Credit quality

Trends continued to improve

Provision expense of $75 million, down $577

million from 2Q13

Net charge-offs of $975 million were down $177

million, or 15%, LQ

0.48% net charge-off rate

-

Commercial losses of 0.02%, down 3 bps LQ

-

Consumer losses of 0.86%, down 15 bps LQ

NPAs declined $360 million LQ on a $1.0 billion

decline in nonaccrual loans partially offset by a

$662 million increase in foreclosed assets due to

an increase in government insured foreclosed

assets

(1)

Reserve release

(2)

of $900 million vs. $500

million in 2Q13

-

Given current favorable conditions, we continue

to expect future reserve releases, absent

significant deterioration in the economy

Allowance for credit losses = $15.6 billion

-

Allowance covered 4.0x annualized 3Q13

net charge-offs

PCI nonaccretable = 20.0% of remaining UPB

(3)

(1)  The increase in government-insured foreclosed assets was primarily driven by enhancements to loan modification programs, slowing foreclosures in prior quarters.  

(2)  Provision expense minus net charge-offs.

(3)  Unpaid principal balance for PCI loans that have not had a UPB charge-off.

Net Charge-offs

($ in billions)

Provision Expense

($ in billions)

Net charge-off rate

Wells Fargo 3Q13 Supplement

18

Credit quality

Trends continued to improve

Nonperforming Assets

(1)

($ in billions)

Consumer Loans 30-89 DPD &

Still Accruing

(1)(2)

(Balances ($ in billions) and rates)

Loans 90+ DPD and Still Accruing

(1)(2)

($ in billions)

(1)  30-89 days and 90 days or more past due and still accruing, and nonperforming loans, include held for sale loans reported on Balance Sheet.

(2)  Excludes mortgage loans insured/guaranteed by the FHA or VA, reverse mortgages, margin loans and student loans whose repayments are predominantly

guaranteed by guarantee agencies on behalf of the U.S. Department of Education under the Federal Family Education Loan Program. Also excludes the carrying

value of PCI loans contractually delinquent.

1.2

1.1

1.1

1.0

0.9

0.3

0.3

0.3

0.2

0.2

1.5

1.4

1.4

1.2

1.1

3Q12

4Q12

1Q13

2Q13

3Q13

Consumer

Commercial

Wells Fargo 3Q13 Supplement

19

Capital 

Capital remained strong

Tier 1 common equity under Basel I increased $2.8 billion to $120.3 billion in 3Q13

Tier 1 common equity ratio under Basel I of 10.64% decreased 7 bps LQ reflecting asset growth

Tier

1

common

equity

ratio

under

Basel

III

is

estimated

to

be

9.54%

at

9/30/13

(1)

reflecting

higher

equity from strong earnings and lower risk-weighted assets (RWA) from:

-

Improved risk weighting on BOLI assets by obtaining more granular data on underlying investments

-

Disposition of an asset with punitive risk-weighting

-

Improved company credit profile and model refinements for commercial portfolios

Period-end common shares outstanding down 28.4 million LQ

-

Purchased 50.9 million common shares in 3Q13

-

Entered

into

a

$400

million

forward

repurchase

transaction

which

is

expected

to

settle

in

4Q13

for

an

estimated 9.8 million shares

See Appendix page 32-33 for additional information regarding Tier 1 common equity ratios.

3Q13 capital ratios are preliminary estimates.

(1)  Estimated based on management’s interpretation of final rules adopted July 2, 2013, by the Federal Reserve Board establishing a new comprehensive capital

framework for U.S. banking organizations that would implement the Basel III capital framework and certain provisions of the Dodd-Frank Act.

Wells Fargo 3Q13 Supplement

20

Summary

Record earnings of $5.6 billion, up $641 million, or 13% from 3Q12

Record diluted earnings per share of $0.99, up 13%

-

15 consecutive quarters of EPS growth

Solid returns

-

ROA = 1.53%, up 8 bps

-

ROE = 14.07%, up 69 bps

Balance Sheet strength

-

Loans up $29.7 billion, or 4%, on broad-based growth

-

Core deposits up $46.7 billion, or 5%

-

Continued strong credit performance, net charge-offs of 0.48% 

-

Exceeded internal 9.00% Tier 1 common equity ratio target under Basel III for the first time

Returned more capital to shareholders

All comparisons are 3Q13 vs. 3Q12.

Wells Fargo 3Q13 Supplement

21

Appendix

*

*

*

*

*

*

*

*

*

*

*

Wells Fargo 3Q13 Supplement

22

(1)  Net of purchase accounting adjustments.

-$92.2

Non-strategic/liquidating loan portfolio risk reduction

-$4.1

-$106.7

-$3.7

-$3.2

-$3.5

($ in billions)

3Q13

2Q13

1Q13

4Q12

3Q12

4Q08

Pick-a-Pay mortgage

(1)

$

52.8

54.8

56.6

58.3

60.1

95.3

Liquidating home equity

3.9

4.2

4.4

4.6

5.0

10.3

Legacy WFF indirect auto

0.3

0.5

0.6

0.8

1.1

18.2

Legacy WFF debt consolidation

13.3

13.7

14.1

14.5

15.0

25.3

Education Finance - gov't guaranteed

11.1

11.5

11.9

12.5

13.0

20.5

Legacy WB C&I, CRE and foreign PCI loans

(1)

2.3

2.5

2.8

3.2

3.8

18.7

Legacy WB other PCI loans

(1)

0.4

0.4

0.4

0.6

0.6

2.5

Total

$

84.1

87.6

90.8

94.5

98.6

190.8

Wells Fargo 3Q13 Supplement

23

Purchased credit-impaired (PCI) portfolios

Legacy Wachovia PCI loans continued to perform better than originally expected

(1)

Includes

write-downs

taken

on

loans

where

severe

delinquency

(normally

180

days)

or

other

indications

of

severe

borrower

financial

stress

exist

that

indicate

there

will

be

a

loss

of

contractually

due

amounts

upon

final

resolution

of

the

loan.

(2)

Reflects

releases

of

$1.8

billion

for

loan

resolutions

and

$6.3

billion

from

the

reclassification

of

nonaccretable

difference

to

the

accretable

yield,

which

will

result

in

increasing

income

over

the

remaining

life

of

the

loan

or

pool

of

loans.

($ in billions)

Adjusted unpaid principal balance

(1)

December 31, 2008

$

29.2

62.5

6.5

98.2

June 30, 2013

4.0

30.3

0.9

35.2

September 30, 2013

3.7

29.4

0.9

34.0

Nonaccretable difference rollforward

12/31/08 Nonaccretable difference

$

10.4

26.5

4.0

40.9

Addition of nonaccretable difference due to acquisitions

0.2

-

-

0.2

Losses from loan resolutions and write-downs

(6.9)

(17.9)

(2.9)

(27.7)

Release of nonaccretable difference since merger

(3.4)

(3.9)

(0.8)

(8.1)

(2)

9/30/13 Remaining nonaccretable difference

0.3

4.7

0.3

5.3

Life-to-date net performance

Additional provision since 2008 merger

$

(1.6)

-

(0.1)

(1.7)

Release of nonaccretable difference since 2008 merger

3.4

3.9

0.8

8.1

(2)

Net performance

1.8

3.9

0.7

6.4

Commercial

Pick-a-Pay

Other

consumer

Total

Wells Fargo 3Q13 Supplement

24

(1)  Unpaid principal balance of loans without write-downs.

Nonaccretable difference

$5.3 billion remains to absorb losses on PCI loans

-

Nonaccretable = 20.0% of remaining unpaid principal balance (UPB)

•

Pick-a-Pay nonaccretable = 20.4% of Pick-a-Pay UPB

$156 million in losses from loan resolutions and write-downs in the quarter

Accretable Yield

$19.5 billion expected to accrete to income over the remaining life of the underlying loans

-

Commercial accretable yield balance of $668 million; weighted average life of portfolio is 2.4 years

•

Accretable yield percentage of 22.06%

-

Pick-a-Pay accretable yield balance of $18.5 billion; weighted average life of 14.2 years

•

Accretable yield percentage of 4.98%

Balance decreased $505 million LQ and included $481 million accreted into interest income in 3Q13

PCI nonaccretable difference and accretable yield

(1)

(1)

Wells Fargo 3Q13 Supplement

25

Pick-a-Pay credit highlights

Non-PCI portfolio

Loans down 4% LQ driven by loans paid-in-full

86% of portfolio current

Nonaccrual loans decreased $259 million,

or 6%, LQ 

$192

million

of

nonaccrual

TDRs

reclassified

to

accruing

TDR

status

based

on

borrower

payment

performance

$3.8 billion in nonaccruals included $2.0 billion

of nonaccruing TDRs

Net charge-offs of $44 million down $25 million

LQ on improved portfolio performance and lower

severities

58% of portfolio with LTV

(2)

80%

PCI portfolio

Carrying value down 3%

70% of portfolio current, modest improvement

from 2Q13

Life-of-loan losses continued to be lower than

originally projected at time of merger

(1)

The

carrying

value,

which

does

not

reflect

the

allowance

for

loan

losses,

includes

purchase

accounting

adjustments,

which,

for

PCI

loans,

are

the

nonaccretable

difference

and

the

accretable

yield,

and

for

all

other

loans,

an

adjustment

to

mark

the

loans

to

a

market

yield

at

date

of

merger

less

any

subsequent

charge-offs.

(2)

The

current

loan-to-value

(LTV)

ratio

is

calculated

as

the

net

carrying

value

(defined

in

(1)

above)

divided

by

the

collateral

value.

(3)

The

adjusted

unpaid

principal

balance

includes

write-downs

taken

on

loans

where

severe

delinquency

(normally

180

days)

or

other

indications

of

severe

borrower

financial

stress

exist

that

indicate

there

will

be

a

loss

of

contractually

due

amounts

upon

final

resolution

of

the

loan.

($ in millions)

3Q13

2Q13

Non-PCI loans

Carrying value

(1)

$

28,354

29,648

Nonaccrual loans

3,809

4,068

as a % of loans

13.43

%

13.72

Net charge-offs

$

44

69

  as % of avg loans

       0.61

%

       0.91

90+ days past due

  as % of loans

9.72

10.09

Current average LTV

(2)

75

%

78

($ in millions)

3Q13

2Q13

PCI loans

Adjusted unpaid principal balance

(3)

$

29,445

30,277

Carrying value

(1)

24,451

25,107

Current average LTV

(2)

78

%

82

Wells Fargo 3Q13 Supplement

26

Real estate 1-4 family first mortgage portfolio

First lien mortgage loans up 1% as growth in core

first lien mortgage was partially offset by

continued run-off in the liquidating portfolio

Pick-a-Pay non-PCI portfolio down 4%

PCI portfolio down 3%

Debt consolidation first lien down 3%

Core first lien up $4.5 billion, or 2%, reflecting

nonconforming mortgage originations

•

Nonconforming mortgages increased $7.8

billion to $72.4 billion

(3)

Core net charge-offs down $46 million, or 10 bps,

from 2Q13 reflecting improved severity and

frequency

(1)

Ratios

on

Legacy

WFF

debt

consolidation

first

mortgage

loan

portfolio

only.

(2)  Ratios on non run-off first lien mortgage loan portfolio only.

(3)  Nonconforming mortgages originated post February 2009.

($ in millions)

3Q13

2Q13

Total real estate 1-4 family first mortgage

$

254,924

252,841

Less consumer non-strategic/liquidating portfolios:

Pick-a-Pay non-PCI first lien mortgage

28,354

29,648

PCI first lien mortgage

24,730

25,408

Debt consolidation first mortgage portfolio

12,995

13,403

Core first lien mortgage

188,845

184,382

Nonaccrual loans

$

2,219

2,238

as % of loans

17.08 %

16.70

Net charge-offs

$

81

96

as % of average loans

2.45 %

2.83

Nonaccrual loans

$

4,422

4,399

as % of loans

2.34 %

2.39

Net charge-offs

$

117

163

as % of loans

0.25 %

0.35

Legacy WFF debt consolidation first mortgage loan performance

Core first lien mortgage loan performance

(1)

(2)

Wells Fargo 3Q13 Supplement

27

Home equity portfolio

Core

Portfolio

(1)

Outstandings

down 3%

-

High quality new originations with weighted

average CLTV of 63%, 776 FICO, and 33% total

debt service ratio

3Q13 losses decreased $82 million

2+ delinquencies decreased $53 million

Delinquency rate for loans with a CLTV >100%

increased 9 bps

Liquidating

Portfolio

Outstandings down 6%

3Q13 losses decreased $7 million

2+ delinquencies declined $17 million

Delinquency rate for loans with a CLTV >100%

improved 31 bps

Total

home

equity

portfolio

=

$86

billion

22% in 1

st

lien position

39% in junior lien position behind WFC owned or

serviced 1

lien

-

Current 1

st

lien, Current junior lien = 96.5%

-

Current 1

st

lien, Delinquent junior lien = 1.0%

-

Delinquent 1

st

lien, Current junior lien = 1.1%

-

Delinquent 1

st

lien, Delinquent junior lien = 1.4%

39% in junior lien position behind third party 1

lien

Excludes purchased credit-impaired loans.

(1)  Includes equity lines of credit and closed-end junior liens associated with the

Pick-a-Pay portfolio totaling $1.3 billion at September 30, 2013 and $1.3 billion

at June 30, 2013.

(2)  CLTV

is

calculated

based

on

outstanding

balance

plus

unused

lines

of

credit

divided by estimated home value. Estimated home values are determined

predominantly based on automated valuation models updated through

September 2013.

(3)  Unsecured balances, representing the percentage of outstanding balances

above the most recent home value.

($ in millions)

3Q13

2Q13

Core

Portfolio

(1)

Outstandings

$

82,305

84,813

Net charge-offs

253

335

as % of avg loans

1.20

%

1.56

2+ payments past due

$

2,066

2,119

as % loans

2.52

%

2.51

% CLTV > 100%

(2)

27

30

2+ payments past due

3.19

3.10

% Unsecured balances

(3)

11

13

% 1st lien position

22

22

Liquidating

Portfolio

Outstandings

$

3,911

4,173

Net charge-offs

47

54

as % of avg loans

4.61

%

5.05

2+ payments past due

$

134

151

as % loans

3.43

%

3.63

% CLTV > 100%

(2)

63

66

2+ payments past due

2.85

3.16

% 1st lien position

4

4

st

st

Wells Fargo 3Q13 Supplement

28

Consumer credit card portfolio

Credit card outstandings of $25.4 billion, rose 3%

LQ and 7% YoY reflecting continued new account

growth

-

Record new accounts

(2)

in 3Q13 up 2% LQ and

9% YoY

-

Credit Card household penetration rate rose to

36.0%

(1)

, up from 34.9% in 2Q13

-

Purchase dollar volume

(2)

is up 4% LQ and 14%

YoY while POS transactions are up 5% LQ and

17% YoY reflecting growth in new accounts and

increases in active accounts

Net charge-offs down $27 million, or 62 bps, LQ

and $5 million, or 39 bps, YoY, reflecting

continued steady improvement

(1)

Household penetration as of August 2013 and defined as the percentage of retail banking deposit households that have a credit card with Wells Fargo.

(2)  2Q13

purchase

volume

and

new

accounts

have

been

recast

from

originally

reported.

($ in millions)

3Q13

2Q13

Credit card outstandings

$

25,448

24,815

Net charge-offs

207

234

  as % of avg loans

3.28

%

3.90

Key Metrics:

Purchase volume

$

13,727

13,241

New accounts

591,699

577,400

Penetration

(1)

36.0

%

34.9

Wells Fargo 3Q13 Supplement

29

Auto portfolios

(1)

Consumer Portfolio

Auto outstandings of $49.7 billion up 2% LQ and

8% YoY

3Q13 originations of $6.9 billion down 3% LQ  and

up 9% YoY

•

Maintained disciplined underwriting

Nonaccrual loans declined $12 million LQ  

Net charge-offs were up $36 million LQ reflecting

seasonality

September Manheim index of 122.8 up 3% LQ and

2% from September 2012

30+ days past due increased $112 million

LQ reflecting seasonality and decreased $101

million YoY

Commercial Portfolio

Loans of $7.5 billion down 2% LQ and up 13% YoY

Continued strong credit performance

(1)

The consumer auto portfolio includes the liquidating legacy Wells Fargo Financial indirect portfolio of $299 million.

($ in millions)

3Q13

2Q13

Auto outstandings

$

47,249

46,289

Nonaccrual loans

170

178

as % of loans

0.36

%

0.38

Net charge-offs

$

76

41

as % of avg loans

0.65

%

0.36

30+ days past due

$

800

686

as % of loans

1.69

%

1.48

Auto outstandings

$

2,444

2,359

Nonaccrual loans

18

22

as % of loans

0.72

%

0.94

Net charge-offs

$

2

1

as % of avg loans

0.31

%

0.18

30+ days past due

$

15

17

as % of loans

0.63

%

0.74

Commercial Portfolio

Auto outstandings

$

7,469

7,643

Nonaccrual loans

2

2

as % of loans

0.02

%

0.03

Net charge-offs

$

-

-

as % of avg loans

n.m.

%

n.m.

Indirect Consumer Portfolio

Direct Consumer Portfolio

Wells Fargo 3Q13 Supplement

30

Student lending portfolio

$22.4 billion student lending outstandings

relatively stable LQ

Private Portfolio

$11.3 billion private loans outstandings up 3% LQ

and 7% YoY

Borrowers have an average FICO of 748 and

80% of the total outstandings have been co-

signed

Applications increased 57% LQ due to fall term

applications in the current quarter

Originations increased 284% LQ due

to seasonality

Net charge-offs down $2 million LQ

30+ days past due rose $32 million, or 23 bps, LQ

on seasonality

Government Portfolio

$11.1 billion liquidating government guaranteed

outstandings declined 4% LQ and 14% YoY

($ in millions)

3Q13

2Q13

Education Finance

Total outstandings

$

22,392

22,472

Private Portfolio

Private outstandings

$

11,298

10,937

Net charge-offs

29

31

as % of avg loans

1.05

%

1.14

30 days past due

$

228

196

as % of loans

2.02

%

1.79

Government Guaranteed Portfolio

Government outstandings

$

11,094

11,534

Wells Fargo 3Q13 Supplement

31

Tier 1 common equity under Basel I

(1)

Wells Fargo & Company and Subsidiaries

Sept. 30,

June 30,

Mar. 31,

Dec. 31,

Sept. 30

($ in billions)

2013

2013

2013

2012

2012

Total equity

168.8

$    

163.8

163.4

158.9

156.1

Noncontrolling interests

(1.6)

(1.4)

(1.3)

(1.3)

(1.4)

Total Wells Fargo stockholders' equity

167.2

$    

162.4

162.1

157.6

154.7

Adjustments:

Preferred equity

(14.3)

(12.6)

(12.6)

(12.0)

(11.3)

Goodwill and intangible assets (other than MSRs)

(31.8)

(32.2)

(32.5)

(32.9)

(33.4)

Applicable deferred taxes

2.9

3.0

3.1

3.2

3.3

Deferred tax asset limitation

-

-

-

-

-

MSRs over specified limitations

(0.9)

(0.8)

(0.8)

(0.7)

(0.7)

Cumulative other comprehensive income

(2.2)

(1.8)

(5.1)

(5.6)

(6.4)

Other

(0.6)

(0.5)

(0.6)

(0.6)

(0.4)

Tier 1 common equity

(A)

120.3

$    

117.5

113.6

109.0

105.8

Total risk-weighted assets

(2)

(B)

1,131.0

$ 

1,097.4

1,094.3

1,077.1

1,067.1

Tier 1 common equity to total risk-weighted assets

(2)

(A)/(B)

10.64

%

10.71

10.39

10.12

9.92

(1)

(2)

Tier 1 common equity is a non-generally accepted accounting principle (GAAP) financial measure

that is used by investors, analysts and bank regulatory

agencies to assess the capital position of financial services companies. Management reviews Tier 1 common equity along with other measures of capital

as part of its financial analyses and has included this non-GAAP financial information, and the corresponding reconciliation

to total equity, because of

current interest in such information on the part of market participants.

Under the regulatory guidelines for risk-based capital, on-balance sheet assets and credit equivalent amounts of derivatives and off-balance sheet items

are assigned to one of several broad risk categories according to the obligor, or, if relevant, the guarantor or the nature of any collateral. The aggregate

dollar amount in each risk category is then multiplied by the risk weight associated with that category. The resulting weighted values from each of the

risk categories are aggregated for determining total risk-weighted assets. The Company’s September 30, 2013, risk-weighted assets (RWA) and resulting

Tier 1 common equity to total RWA are preliminary and reflect total estimated on-balance sheet and total estimated derivative and off-balance sheet

RWA of $908.7 billion and $222.3 billion, respectively.

FIVE

QUARTER

TIER

1

COMMON

EQUITY

UNDER

BASEL

I

(1)

Wells Fargo 3Q13 Supplement

32

Tier 1 common equity under Basel III (Estimated)

(1)

Wells Fargo & Company and Subsidiaries

TIER 1 COMMON EQUITY UNDER BASEL III (ESTIMATED)

(1) (2)

Sept. 30,

($ in billions)

2013

Tier 1 common equity under Basel I

120.3

$     

Adjustments from Basel I to Basel III

(3)(5)

:

Cumulative other comprehensive income related to AFS securities and

defined benefit pension plans

2.2

$          

1.2

3.4

Threshold deductions, as defined under Basel III

(4) (5)

-

Tier 1 common equity anticipated under Basel III

(C)

123.7

$     

Total risk-weighted assets anticipated under Basel III

(6)

(D)

1,297.4

$  

Tier 1 common equity to total risk-weighted assets anticipated under Basel III

(C)/(D)

9.54

%

(1)

(2)

(3)

(4)

(5)

(6)

Volatility in interest rates can have a significant impact on the valuation of cumulative other comprehensive income and MSRs and therefore, may impact

adjustments from Basel I to Basel III, and MSRs subject to threshold deductions, as defined under Basel III, in future reporting periods.

The final Basel III capital rules provide for two capital frameworks: the “standardized” approach intended to replace Basel I, and the “advanced”

approach applicable to certain institutions as originally defined under Basel II. Under the final rules, we will be subject to the lower of our Tier 1 common

equity ratio calculated under the standardized approach and under the advanced approach in the assessment of our capital adequacy. Accordingly, the

estimate of RWA reflects management’s interpretation of RWA determined under the advanced approach because management expects RWA to be

higher using the advanced approach compared with the standardized approach. Basel III capital rules adopted by the Federal Reserve Board incorporate

different classification of assets, with certain risk weights based on a borrower’s credit rating or Wells Fargo’s own models, along with adjustments to

address a combination of credit/counterparty, operational and market risks, and other Basel III elements.

Other

Total adjustments from Basel I to Basel III

Tier 1 common equity is a non-generally accepted accounting principle (GAAP) financial measure that is used by investors, analysts and bank regulatory

agencies to assess the capital position of financial services companies. Management reviews Tier 1 common equity along with other measures of capital

as part of its financial analyses and has included this non-GAAP financial information, and the corresponding reconciliation to total equity, because of

current interest in such information on the part of market participants.

The Basel III Tier 1 common equity and risk-weighted assets are estimated based on management’s interpretation of the Basel III capital rules adopted

July 2, 2013, by the Federal Reserve Board. The rules establish a new comprehensive capital framework for U.S. banking organizations that implement the

Basel III capital framework and certain provisions of the Dodd-Frank Act.

Adjustments from Basel I to Basel III represent reconciling adjustments, primarily certain components of cumulative other comprehensive income

deducted for Basel I purposes, to derive Tier 1 common equity under Basel III.

Threshold deductions, as defined under Basel III, include individual and aggregate limitations, as a percentage of Tier 1 common equity, with respect to

MSRs (net of related deferred tax liability, which approximates the MSR book value times the applicable statutory tax rates), deferred tax assets and

investments in unconsolidated financial companies.

Wells Fargo 3Q13 Supplement

33

Forward-looking statements and additional information

Forward-looking statements:

This document contains “forward-looking statements”

within the meaning of the Private Securities Litigation Reform Act of 1995. In addition, we

may make forward-looking statements in our other documents filed or furnished with the SEC, and our management may make forward-looking

statements orally to analysts, investors, representatives of the

media and others. Forward-looking statements can be identified by words such as

“anticipates,”

“intends,”

“plans,”

“seeks,”

“believes,”

“estimates,”

“expects,”

“target,”

“projects,”

“outlook,”

“forecast,”

“will,”

“may,”

“could,”

“should,”

“can”

and similar references to future periods. In particular, forward-looking statements include, but are not limited to, statements we

make about: (i) the future operating or financial performance of

the Company, including our outlook for future growth; (ii) our noninterest expense

and efficiency ratio; (iii) future credit quality and performance, including our expectations regarding future loan losses and allowance releases; (iv)

the appropriateness of the allowance for credit losses; (v) our expectations regarding net interest income and net interest margin; (vi) loan growth

or the reduction or mitigation of risk in our loan portfolios; (vii) future capital levels and our estimated Tier 1 common equity ratio under Basel III

capital standards; (viii) the performance of our mortgage business and any related exposures; (ix) the expected outcome and impact of legal,

regulatory and legislative developments, as well as our expectations regarding compliance therewith; (x) future common stock dividends, common

share repurchases and other uses of capital; (xi) our targeted range for return on assets and return on equity; (xii) the outcome of contingencies,

such as legal proceedings; and (xiii) the Company’s plans, objectives and strategies. Forward-looking statements are not based on historical facts

but instead represent our current expectations and assumptions regarding our business, the economy and other future conditions. Investors are

urged to not unduly rely on forward-looking statements as actual results could differ materially from expectations. Forward-looking statements

speak only as of the date made, and we do not undertake to update them to reflect changes or events that occur after that date. For more

information about factors that could cause actual results to differ materially from expectations, refer to the “Forward-Looking Statements”

discussion in Wells Fargo’s press release announcing our third quarter 2013 results and in

our most recent Quarterly Report on Form 10-Q, as well

as to Wells Fargo’s other reports filed with the Securities and Exchange Commission, including the discussion under “Risk Factors”

in our Annual

Report on Form 10-K for the year ended December 31, 2012.

Purchased credit-impaired loan portfolio:

Loans that were acquired from Wachovia that were considered credit impaired were written down at acquisition date in purchase accounting to an

amount estimated to be collectible and the related allowance for

loan losses was not carried over to Wells Fargo’s allowance. In addition, such

purchased credit-impaired loans are not classified as nonaccrual or nonperforming, and are not included in loans that were contractually 90+ days

past due and still accruing. Any losses on such loans are charged against the nonaccretable difference established in purchase accounting and are

not reported as charge-offs (until such difference is fully utilized). As a result of accounting for purchased loans with evidence of credit

deterioration, certain ratios of the combined company are not comparable to a portfolio that does not include purchased credit-impaired loans.

In certain cases, the purchased credit-impaired loans may affect portfolio credit ratios and trends. Management believes that the presentation of

information adjusted to exclude the purchased credit-impaired loans provides useful disclosure regarding the credit quality of the non-impaired loan

portfolio. Accordingly, certain of the loan balances and credit ratios in this document have been adjusted to exclude the purchased credit-impaired

loans. References in this document to impaired loans mean the purchased credit-impaired loans. Please see pages 32-34 of the press release

announcing our 3Q13 results for additional information regarding

the purchased credit-impaired loans.