* BOWNE OF PALO ALTO 21-APR :23:49.00 CRC: * Validation: * Lines: * BSF * CHKSHT-1 */*

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5 [E/O] BOWNE OF PALO ALTO 21-APR :23:49.00 CRC: 7163 Validation: Y BSF F /2 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C FORM 8-K CURRENT REPORT ] BOWNE OF PALO ALTO 21-APR :23:49.00 CRC: 7163 Validation: YBSF F /2 Delaware (State or other jurisdiction of incorporation) Pursuant to Section 13 or 15(d) of The Securities Exchange Act of 1934 Date of Report (Date of earliest event reported): April 21, 2010 WELLS FARGO & COMPANY (Exact name of registrant as specified in its charter) (Commission File Number) 420 Montgomery Street, San Francisco, California (Address of principal executive offices) (Zip Code) Registrant s telephone number, including area code: No (IRS Employer Identification No.) 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 ) [ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR a-12) [ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR d-2(b)) [ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR e-4(c))

6 [E/O] BOWNE OF PALO ALTO 21-APR :23:49.00 CRC: Validation: Y BSF F /2 Item 2.02 Results of Operations and Financial Condition ] BOWNE OF PALO ALTO 21-APR :23:49.00 CRC: Validation: YBSF F /2 On April 21, 2010, Wells Fargo & Company (the Company ) issued a press release regarding its results of operations and financial condition for the quarter ended March 31, 2010 (the Press Release ), and posted on its website its 1Q10 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 The information included in Exhibit 99.1 is considered to be filed for purposes of Section 18 under the Securities Exchange Act of The Quarterly Supplement is included as Exhibit 99.2 to this report and is incorporated by reference into this Item 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 The Company will report complete financial statements and additional analyses for the quarter ended March 31, 2010, as part of its Quarterly Report on Form 10-Q covering that period. Item 9.01 Financial Statements and Exhibits (d) Exhibits 99.1 The Press Release, deemed filed under the Securities Exchange Act of The Quarterly Supplement, deemed furnished under the Securities Exchange Act of 1934

7 [E/O] BOWNE OF PALO ALTO 21-APR :23:49.00 CRC: Validation: Y BSF F /2 SIGNATURE Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. Dated: April 21, 2010 WELLS FARGO & COMPANY ] BOWNE OF PALO ALTO 21-APR :23:49.00 CRC: Validation: YBSF F /2 By: /s/ RICHARD D. LEVY Richard D. Levy Executive Vice President and Controller (Principal Accounting Officer)

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9 [E/O] BOWNE OF PALO ALTO 21-APR :23:49.00 CRC: Validation: Y BSF F /5 Media Investors Mary Eshet Julia Tunis Bernard Bob Strickland Jim Rowe ] BOWNE OF PALO ALTO 21-APR :23:49.00 CRC: Validation: YBSF F /5 Strong, broad-based earnings Wednesday, April 21, 2010 WELLS FARGO REPORTS $2.5 BILLION IN NET INCOME Net income of $2.5 billion after integration expenses of $247 million after-tax Earnings per common share of $0.45 after integration expenses of $0.05 per common share All business segments contributed to the strong earnings results: Net income from Community Banking of $1.5 billion; Wholesale Banking of $1.2 billion; and Wealth, Brokerage and Retirement of $282 million Pre-tax pre-provision profit 1 (PTPP) of $9.3 billion; fifth consecutive quarter PTPP exceeded $9 billion Revenue of $21.4 billion, up 2 percent from first quarter 2009 Fee income up 7 percent year over year, led by 20 percent growth in trust and investment fees, 7 percent growth in insurance revenue and 14 percent growth in processing and other fees Net interest margin of 4.27 percent, up 11 basis points from a year ago, highest among large bank peers Average checking and savings deposits up 14 percent from a year ago Mortgage application pipeline of $59 billion at March 31, 2010, up $2 billion from December 31, 2009 Credit believed to have turned the corner Provision expense down $583 million from prior quarter and currently expected to continue to decline over the course of 2010; provision for credit losses equaled net charge-offs in first quarter Net charge-offs declined $83 million to $5.3 billion. First quarter charge-offs included $123 million related to newly consolidated loans due to the adoption of FAS and $145 million related to newly issued regulatory charge-off guidance applicable to collateral-dependent residential real estate loan modifications. All other charge-offs were $5.1 billion, down from $5.4 billion in fourth quarter. Commercial and commercial real estate charge-offs declined $356 million from fourth quarter See footnote 2 on page 18 for information on PTPP. 2 FASB guidance effective beginning January 1, 2010, which amended the accounting for the consolidation of variable interest entities (see page 27).

10 [E/O] BOWNE OF PALO ALTO 21-APR :23:49.00 CRC: Validation: Y BSF F /4 ] BOWNE OF PALO ALTO 21-APR :23:49.00 CRC: Validation: YBSF F /4-2 - Early-stage delinquencies improved across major consumer loan portfolios, including home equity, auto dealer services, credit card and Wells Fargo Financial consumer real estate and auto portfolios New inflows to nonaccruals declined in first quarter, including declines in non-fas 167 consumer real estate inflows, a decline in total commercial and commercial real estate inflows, with a 27 percent decline in commercial real estate inflows. Growth in nonaccrual balances largely reflected the time required to work with homeowners to modify loans before foreclosing and efforts to work with developers rather than foreclose Allowance for credit losses increased to $25.7 billion, primarily due to $693 million addition to allowance upon adoption of FAS 167; allowance at 3.3 percent of loans and almost 5 times quarterly net charge-offs Remaining purchased credit impaired (PCI) nonaccretable balance was $19.9 billion at March 31, 2010; PCI portfolio in the aggregate continued to perform at or better than original assumptions Provided $402 million to mortgage repurchase reserve (charged to mortgage origination income) Wachovia merger integration on track Converted banking stores in Arizona, Illinois and Nevada in March; credit card business converted April 10-11; California banking store conversions scheduled for April 24-25, 2010 Estimated total merger expenses of approximately $5 billion, including approximately $2 billion in 2010 Achieved over 70 percent of targeted consolidated run-rate savings Continued to build capital and strengthen the balance sheet Tier 1 capital of $98.3 billion and Tier 1 capital ratio of 10.0 percent, up from 9.3 percent at December 31, 2009 Tier 1 leverage ratio of 8.3 percent, up from 7.9 percent at December 31, 2009 Tier 1 common equity of $70.1 billion, Tier 1 common equity ratio of 7.1 percent, up from $65.5 billion and 6.5 percent at December 31, 2009 (see page 37 for more information on Tier 1 common equity) Reduced high-risk/non-strategic consumer loans by $4.3 billion in the quarter, $23.2 billion cumulatively since Wachovia acquisition Unrealized gains on securities available for sale portfolio of $7.4 billion Supplied more than $128 billion in credit during the quarter, including mortgage originations and consumer and commercial loans and lines of credit

11 [E/O] BOWNE OF PALO ALTO 21-APR :23:49.00 CRC: Validation: Y BSF F /6 ] BOWNE OF PALO ALTO 21-APR :23:49.00 CRC: Validation: YBSF F /6 Loan modification efforts continued to help homeowners remain in their homes Selected Financial Information ,336 active and completed trial modifications between January 2009 and March 31, 2010: o 144,932 Home Affordability Modification Program (HAMP) active trial and completed modifications, including 30,014 permanent HAMP modifications o Nearly 380,000 proprietary trial and completed modifications Since January 2009, added more than 10,000 staff focused on home preservation for total of 17,400 as of March 31, 2010 On March 17 th, Wells Fargo announced its participation in the government s Second-Lien Modification Program (2MP) under HAMP to help struggling homeowners with a reduction in their home equity loan payments Quarter ended Mar. 31, Dec. 31, Mar. 31, Earnings Diluted earnings per common share $ Wells Fargo net income (in billions) Asset Quality Net charge-offs as % of avg. total loans 2.71% Nonperforming loans as % of total loans Allowance as a % of total loans Other Revenue (in billions) $ Average loans (in billions) Average core deposits (in billions) Net interest margin 4.27% SAN FRANCISCO Wells Fargo & Company (NYSE:WFC) reported diluted earnings per common share of $0.45 and net income of $2.5 billion for first quarter Once again the resiliency and advantages of Wells Fargo s diversified business model proved themselves in a difficult business environment, even as we continued to make smooth progress with our industry s largest merger, our integration with Wachovia, said Chairman and CEO John Stumpf. Though the economy continues to present challenges, and we ve yet to see consumers and businesses resume past levels of spending and borrowing, our teams at Wells Fargo still found opportunities to serve the financial needs of customers, setting the stage for a first quarter performance that featured contributions from each of our core business groups. We re encouraged by signs of improvement in the credit cycle, and by the savings and cross sell opportunities we re realizing as more Wachovia bank stores convert to Wells Fargo. To capitalize on these emerging opportunities, our focus will be on just that, keeping our focus, so we can continue to deliver the

12 [E/O] BOWNE OF PALO ALTO 21-APR :23:49.00 CRC: 5454 Validation: Y BSF F /4-4 - performance investors expect, the services and products customers demand, and the leadership our communities desire. Whether it is helping customers plan for retirement, or households avoid foreclosure, or financing the goals of entrepreneurs, we re confident Wells Fargo will continue to be uniquely positioned to contribute to America s economic recovery. Financial Performance Our company earned $2.5 billion in the quarter, a great example of how Wells Fargo s business model produces solid results in different stages of the economic cycle, said Chief Financial Officer Howard Atkins. While loan demand remained soft in the quarter and net mortgage hedging results declined to levels of a year ago, businesses as diverse as asset-based lending, debit card, insurance, merchant services, student lending and retirement services all showed solid gains. Credit metrics in many portfolios including loss rates and early indicators performed better than our previous expectations for first quarter. Based on results for the last few quarters and current loss projections, we believe that credit at Wells Fargo has turned the corner with provision expenses already having peaked in third quarter 2009 and net charge-offs having peaked in fourth quarter We continued to build capital in the first quarter, with Tier 1 common reaching 7.10 percent, up 64 basis points in the quarter entirely on internal capital generation, Tier 1 leverage reaching 8.3 percent and Tier 1 capital reaching 10.0 percent. ] BOWNE OF PALO ALTO 21-APR :23:49.00 CRC: 5454 Validation: YBSF F /4 Revenue Revenue in the first quarter was $21.4 billion and pre-tax pre-provision profit was $9.3 billion. The Company has earned at least $9.0 billion in pre-tax pre-provision profit each quarter since the Wachovia acquisition. Despite a $58 billion decline in average total loans, revenue grew 2 percent from the prior year, reflecting the diversity of our revenue sources, said Atkins. Year-over-year revenue was driven by 20 percent growth in trust and investment fees, 7 percent growth in insurance fees, 14 percent growth in processing and other fees, and an 11 basis point increase in the net interest margin. Mortgage banking revenues were flat from the prior year. On a linked-quarter basis, total revenue declined $1.2 billion, due primarily to the reduction in mortgage hedging results to levels more typical for this point in the cycle. Net Interest Income Net interest income of $11.1 billion declined only 2 percent from a year ago despite a 7 percent, or $58 billion, decline in average loans. The net interest margin was 4.27 percent, up 11 basis points from a year ago largely due to substantial growth in core consumer and business checking and savings accounts. Noninterest Income Noninterest income was $10.3 billion, up 7 percent from a year ago. On a linked-quarter basis, noninterest income was down $895 million due primarily to lower net mortgage hedge results, seasonality and two fewer days in the quarter. First quarter noninterest income included: Mortgage banking fees of $2.5 billion, down $34 million from a year ago: $1.1 billion in revenue from mortgage loan originations/sales activities on $76 billion of residential mortgage originations and $125 billion of applications. Origination revenue declined

13 [E/O] BOWNE OF PALO ALTO 21-APR :23:49.00 CRC: Validation: Y BSF F /4 ] BOWNE OF PALO ALTO 21-APR :23:49.00 CRC: Validation: YBSF F /4 The Company had net unrealized securities gains of $7.4 billion at March 31, 2010, compared with $5.6 billion at December 31, year over year on a 25 percent decline in originations, largely due to a decline in refinance activity. Mortgage origination revenue was also reduced by a $402 million addition to the repurchase reserve in first quarter 2010 $1.4 billion of servicing income, up $460 million year over year, largely attributable to other changes in fair value due to a decline in pay-offs. Mortgage hedging results were roughly flat from a year ago and declined $893 million linked quarter largely due to a change in the composition of the hedge toward more interest rate swaps and lower coupon mortgage forwards designed to maintain ongoing hedge effectiveness. The ratio of total MSRs as a percent of loans serviced for others declined 2 basis points to 0.89 percent Trust and investment fees of $2.7 billion, up 20 percent year over year, reflecting continued growth in new customers, higher transaction volumes and stronger equity markets Service charges on deposit accounts of $1.3 billion, down 4 percent year over year, as consumers have decreased their spending and increased their savings, which offset the impact on service fees from continued strong account growth Insurance revenue of $621 million, up 7 percent year over year, reflecting customer growth and higher crop insurance revenues Trading revenues of $537 million, representing less than 3 percent of total consolidated revenue Noninterest Expense Noninterest expense of $12.1 billion, which included $380 million of merger integration costs and $11.7 billion of all other expense, was down from $12.8 billion in fourth quarter First quarter credit resolution costs, including expenses associated with foreclosed assets, loan modifications and other home preservation activities, were approximately $250 million higher than a year ago. Of our approximately $5 billion of estimated total integration costs, we expect approximately $2 billion to be expensed in 2010, as we convert banking stores and lines of business, and continue to build infrastructure, said Atkins. In addition to merger integration, we continued to invest for long-term growth throughout the Company, adding people in regional banking and commercial banking as we apply Wells Fargo s model to the eastern markets, and investing in technology to improve service across our franchise. The efficiency ratio was 56.5 percent in both first quarter 2010 and fourth quarter 2009 and 56.2 percent in first quarter 2009.

14 [E/O] BOWNE OF PALO ALTO 21-APR :23:49.00 CRC: Validation: Y BSF F /5 Summary of Noninterest Expense Quarter ended Mar. 31, Dec. 31, Mar. 31, (in millions) Merger integration costs: Wachovia $ All other All other noninterest expense 11,737 12,370 Total noninterest expense $ 12,117 12,821 11,613 11,818 ] BOWNE OF PALO ALTO 21-APR :23:49.00 CRC: Validation: YBSF F /5 Income Taxes The Company s income tax expense for the quarter included $53 million ($0.01 per common share) due to the impact of health care legislation on the Company s postretirement medical benefits deferred tax asset. Loans Average total loans were $797.4 billion, up $4.9 billion from fourth quarter Total loans at March 31, 2010, included $23.4 billion related to the adoption of FAS 167. While we continued to supply significant amounts of credit to consumers and businesses in the first quarter, as we have done throughout the credit crunch, loan demand remained soft, said Atkins. In addition, we continued to reduce high-risk/non-strategic consumer assets, which were down $4.3 billion in first quarter and down $23.2 billion cumulatively since the Wachovia acquisition. Deposits Average total core deposits were $759.2 billion, compared with $770.8 billion in fourth quarter 2009 and $753.9 billion in first quarter Of the core deposits, $664.4 billion represent transaction accounts or low-cost savings accounts from consumer and commercial customers, which increased 2 percent (annualized) from $661.4 billion in fourth quarter Average mortgage escrow deposits were $24.6 billion, compared with $27.5 billion in fourth quarter Consumer checking accounts grew a net 7.0 percent from first quarter Year over year, we saw strong growth in noninterest-bearing deposits, said Atkins. The linked-quarter decline in total deposits was driven partly by the maturity of higher-cost certificates of deposits over the last two quarters.

15 [E/O] BOWNE OF PALO ALTO 21-APR :23:49.00 CRC: 8216 Validation: Y BSF F /7-7 - Capital We continued to build capital during the first quarter, with all ratios higher at March 31, 2010, than year-end, said Atkins. The adoption of FAS 167 resulted in the consolidation of $18.6 billion of net incremental GAAP assets and $6 billion of risk-adjusted assets, with less than a 1 basis point impact on the Company s Tier 1 common equity ratio. Mar. 31, Dec. 31, Mar. 31, 2010 (1) Tier 1 capital 10.0% Total capital Tier 1 leverage Tier 1 common equity (2) ] BOWNE OF PALO ALTO 21-APR :23:49.00 CRC: 8216 Validation: YBSF F /7 (1) March 31, 2010, ratios are preliminary. (2) See table on page 37 for more information on Tier 1 common equity. Credit Quality We believe quarterly provision expenses and quarterly total credit losses have peaked, said Chief Credit and Risk Officer Mike Loughlin. Losses in the first quarter of $5.3 billion were down from $5.4 billion in fourth quarter 2009, even after $123 million of FAS 167 losses taken in the first quarter and $145 million due to newly issued regulatory guidance requiring the Company to charge-off certain collateral-dependent residential real estate loans that have been modified. The costs related to this charge had previously been reserved. Our credit picture has improved earlier than we had anticipated. In the consumer portfolio, lower early stage delinquencies, better delinquency roll rates, and improved values for residential real estate and autos were evident in the first quarter. In the commercial portfolio (including commercial real estate) losses declined $356 million from fourth quarter 2009 and may indicate stabilization and an earlier-than-expected loss peak. This improvement in credit quality can be partly attributed to actions we took as early as 2007, including significant investment in collections, loss mitigation and workout teams; a refined consumer credit policy that reduced maximum loan-to-value requirements and virtually eliminated stated income as an acceptable element of loan applications; and the establishment of a number of run-off/liquidating portfolios. These actions have produced high quality subsequent vintages, and allowed us to focus our loss remediation efforts in an efficient fashion. Nonperforming assets (NPAs) continued to increase, although at a slower rate than in the past three quarters, with all of the first quarter increase coming from consumer real estate loans and commercial real estate loans. We expect NPAs to continue to increase gradually and peak before year end. The peak in NPAs should naturally lag the credit loss peak, reflecting an environment where retaining these assets is the most viable economic option for the Company and the best way to help borrowers recover financially. Our provision in the first quarter equaled net charge-offs. The loan loss reserve increase from year end is fully attributable to assets brought on balance sheet due to the adoption of FAS 167.

16 [E/O] BOWNE OF PALO ALTO 21-APR :23:49.00 CRC: Validation: Y BSF F /5-8 - Credit Losses First quarter net charge-offs were $5.33 billion, or 2.71 percent of average loans (annualized), compared with fourth quarter net charge-offs of $5.41 billion, or 2.71 percent. Total credit losses included $1.3 billion of commercial and commercial real estate loans (1.79 percent) and $4.0 billion of consumer loans (3.45 percent) as shown in the following table. First quarter charge-offs included $123 million in losses associated with assets brought onto the balance sheet upon adoption of FAS 167 and $145 million in losses associated with newly issued regulatory charge-off guidance applicable to collateral-dependent real estate loan modifications. Net Loan Charge-Offs (1) ] BOWNE OF PALO ALTO 21-APR :23:49.00 CRC: Validation: YBSF F /5 Quarter ended March 31, 2010 December 31, 2009 September 30, 2009 Collateral- Total As a As a As a dependent net loan % of Net loan % of Net loan % of Consolidated modified All charge- average charge- average charge- average (in millions) VIEs (2) loans (3) other offs loans offs loans offs loans Commercial and commercial real estate: Commercial $ % $ % $ % Real estate mortgage Real estate construction Lease financing Total commercial and commercial real estate 1,344 1, , , Consumer: Real estate 1-4 family first mortgage ,168 1, , Real estate 1-4 family junior lien mortgage ,335 1, , , Credit card Other revolving credit and installment Total consumer ,682 3, , , Foreign Total $ ,062 5, % $5, % $5, % (1) Quarterly net charge-offs as a percentage of average loans are annualized. See explanation on page 30 of the accounting for purchased credit-impaired (PCI) loans from Wachovia and the impact on selected financial ratios. (2) The majority of losses associated with consolidated VIE loans on nonaccrual status will ultimately be borne by third party security holders in future periods. (3) Comptroller of the Currency CNBE Policy Guidance , Policy Interpretation Supervisory Memorandum , Guidance for the Treatment of Residential Real Estate Loan Modifications. Nonperforming assets Total nonperforming assets were $31.5 billion (4.0 percent of total loans) at March 31, 2010, up 14 percent from $27.6 billion at December 31, At the end of the first quarter, nonperforming assets included $27.3 billion of nonperforming loans and $4.2 billion of foreclosed assets and repossessed real estate and vehicles. The rate of growth in nonperforming assets continued to decline, and the estimated remaining loss content in these assets is significantly mitigated, said Loughlin. Growth in nonaccrual loans slowed in first quarter, increasing from fourth quarter 2009 by $2.9 billion, including $909 million related to assets brought on the balance sheet upon adoption of FAS 167. In the first quarter, substantially all of the change in nonaccrual loans related to consumer and commercial real estate loans, and inflows of new nonaccruals declined on a linked quarter basis, including declines in non-fas

17 [E/O] BOWNE OF PALO ALTO 21-APR :23:49.00 CRC: Validation: Y BSF F /5 167 consumer real estate inflows and total commercial and commercial real estate inflows, with a ] BOWNE OF PALO ALTO 21-APR :23:49.00 CRC: Validation: Y BSF F /5

18 [E/O] BOWNE OF PALO ALTO 21-APR :23:49.00 CRC: Validation: Y BSF F / percent decline in commercial real estate inflows. Loss expectations for nonaccrual loans are driven by delinquency rates, default probabilities and severities. While nonaccrual loans are not free of loss content, the loss exposure remaining in these balances is significantly mitigated by four factors. First, 91 percent of nonaccrual loans are secured. Second, losses have already been recognized on 37 percent of the consumer nonaccruals and 29 percent of commercial nonaccruals and, when a residential nonaccrual loan reaches 180 days past due, it is our policy to write these loans down to net realizable value. Third, as of March 31, 2010, 45 percent of commercial nonaccrual loans were current on interest. Fourth, there are certain nonaccruals for which there are loan level reserves in the allowance, while others are covered by general reserves. Nonaccrual Loans and Other Nonperforming Assets ] BOWNE OF PALO ALTO 21-APR :23:49.00 CRC: Validation: YBSF F /6 March 31, 2010 December 31, 2009 (1) September 30, 2009 As a As a As a % of % of % of Consolidated All Total total Total total Total total ($ in millions) VIEs (2) other balances loans balances loans balances loans Commercial and commercial real estate: Commercial $ 4,273 4, % $ 4, % 4, % Real estate mortgage 7 4,750 4, , , Real estate construction 2,915 2, , , Lease financing Total commercial and commercial real estate 7 12,123 12, , , Consumer: Real estate 1-4 family first mortgage ,526 12, , , Real estate 1-4 family junior lien mortgage 79 2,276 2, , , Other revolving credit and installment Total consumer ,134 15, , , Foreign Total nonaccrual loans ,392 27, , , Foreclosed assets: GNMA loans 1,111 1, All other 95 2,875 2,970 2,199 Total foreclosed assets 95 3,986 4,081 3,159 1,687 2,527 Real estate and other nonaccrual investments Total nonaccrual 55 loans and other nonperforming assets $ 1,004 30,496 31, % $27, % 23, % Change from prior quarter: Total nonaccrual loans $ 909 1,974 2,883 $ 3,549 5,071 Total nonperforming assets 1,004 2,857 3,861 4,188 5,109 (1) The Company consolidated certain VIEs prior to the adoption of FAS 167 on January 1, At December 31, 2009, consolidated VIE loans totaled $561 million, of which there were no loans on nonaccrual status. (2) The majority of losses associated with consolidated VIE loans on nonaccrual status will ultimately be borne by third party security

19 [E/O] BOWNE OF PALO ALTO 21-APR :23:49.00 CRC: Validation: Y BSF F /6 holders in future periods. Residential mortgage nonaccrual loans increased largely due to slower disposition, not increased quarterly inflow. Federal government programs, such as HAMP, and Wells Fargo proprietary programs, such as the Company s Pick-a-Pay Mortgage Assistance program, require customers to provide updated documentation and complete trial repayment periods before the loan can be removed from nonaccrual status. In addition, for loans in foreclosure, many states, including California and Florida where Wells Fargo has significant exposures, have enacted legislation that significantly increases the time frames to ] BOWNE OF PALO ALTO 21-APR :23:49.00 CRC: Validation: Y BSF F /6

20 [E/O] BOWNE OF PALO ALTO 21-APR :23:49.00 CRC: Validation: Y BSF F / complete the foreclosure process, meaning that loans will remain in nonaccrual status for longer periods. At the conclusion of the foreclosure process, we continue to sell real estate owned in a very timely fashion, said Loughlin. When a consumer real estate loan is 120 days past due, we move it to nonaccrual status and when the loan reaches 180 days past due it is our policy to write these loans down to net realizable value. Thereafter, we revalue each loan in nonaccrual status regularly and recognize additional charges if needed. Our quarterly market classification process, employed since late 2007, indicates that most MSAs have stabilized and we anticipate manageable additional write-downs while properties work through the foreclosure process. While foreclosed assets increased 30 percent in the quarter, the majority of the projected loss content in these assets has already been accounted for, and increases to this population of assets should have minimal additional impact to expected loss levels. Given our real estate-secured loan concentrations and the economic conditions affecting these industries, we anticipate continuing to hold a high level of NPAs on our balance sheet, said Loughlin. We expect the rate of growth in nonperforming asset balances to continue to decline, but expect balances to continue increasing modestly near term. We remain focused on proactively identifying problem credits, moving them to nonperforming status and recording the loss content in a timely manner. We ve increased and will continue to increase staffing in our workout and collection organizations to ensure these troubled borrowers receive the attention and help they need. ] BOWNE OF PALO ALTO 21-APR :23:49.00 CRC: Validation: YBSF F /4 Loans 90 days or more past due and still accruing totaled $21.8 billion at March 31, 2010, and $22.2 billion at December 31, For the same periods, the totals included $15.9 billion and $15.3 billion, respectively, in advances pursuant to the Company s servicing agreement to GNMA mortgage pools and similar loans whose repayments are insured by the Federal Housing Administration or guaranteed by the Department of Veteran Affairs. At March 31, 2010, loans 90 days or more past due and still accruing included $107 million associated with consolidated VIE loans. See the Allowance for Credit Losses section in this news release for additional information on the impact of losses associated with consolidated VIE loans.

21 [E/O] BOWNE OF PALO ALTO 21-APR :23:49.00 CRC: Validation: Y BSF F /6 Loans 90 Days or More Past Due and Still Accruing (1) (Excluding Insured/Guaranteed GNMA and Similar Loans) Mar. 31, Dec. 31, (3) Consolidated All Total Total (in millions) VIEs (2) other balances balances Commercial and commercial real estate: Commercial $ Real estate mortgage 1,129 1,129 1,183 Real estate construction Total commercial and commercial real estate 2,295 2,295 2,513 ] BOWNE OF PALO ALTO 21-APR :23:49.00 CRC: Validation: YBSF F /6 Consumer: Real estate 1-4 family first mortgage 94 1,187 1,281 1,623 Real estate 1-4 family junior lien mortgage Credit card Other revolving credit and installment 3 1,216 1,219 1,333 4,266 Total consumer 107 3,526 3,633 Foreign Total loans $ 107 5,850 5, ,852 (1) The table above does not include PCI loans that were contractually 90 days past due and still accruing. These loans have a related nonaccretable difference that will absorb future losses; therefore charge-offs on these loans are not expected to reduce income in future periods to the extent that actual future loan performance is consistent with original estimates. (2) The majority of losses associated with consolidated VIE loans that are 90 days or more past due and still accruing will ultimately be borne by third party security holders in future periods. (3) The Company consolidated certain VIEs prior to the adoption of FAS 167 on January 1, At December 31, 2009, consolidated VIE loans totaled $561 million, of which there were no loans 90 days or more past due and still accruing. Allowance for Credit Losses The provision for credit losses in the quarter equaled charge-offs. The allowance for credit losses, including the reserve for unfunded commitments, totaled $25.7 billion at March 31, 2010, up from $25.0 billion at December 31, 2009, with the increase due to the adoption of FAS 167. The allowance also reflects the Company s estimated impact of government programs related to residential modifications, based on information available about these programs. The allowance coverage to total loans increased to 3.28 percent, compared with 3.20 percent at December 31, The allowance coverage to NPLs was 94 percent at March 31, 2010, compared with 103 percent at December 31, We believe the allowance was adequate for losses inherent in the loan portfolio at March 31, 2010, including both performing and nonperforming loans, said Loughlin. Additional detail on credit quality and trends is included in the quarterly supplement, available on the Investor Relations page at wellsfargo.com.

22 [E/O] BOWNE OF PALO ALTO 21-APR :23:49.00 CRC: Validation: Y BSF F / 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 Mar. 31, (in millions) % Change Community Banking $ 1,455 $ 1,946 (25)% Wholesale Banking 1,197 1,171 2 Wealth, Brokerage and Retirement ] BOWNE OF PALO ALTO 21-APR :23:49.00 CRC: Validation: YBSF F /5 More financial information about the business segments is on page 38. Community Banking offers a complete line of diversified financial products and services for consumers and small businesses including investment, insurance and trust services in 39 states and D.C., and mortgage and home equity loans in all 50 states and D.C. Selected Financial Information Quarter ended Mar. 31, % Change (in millions) Total revenue $14,062 $14,394 (2)% Provision for credit losses 4,530 4, Noninterest expense 7,230 7,410 (2) Segment net income 1,455 1,946 (25) (in billions) Average loans (2) Average assets (3) Average core deposits (4) Community Banking reported net income of $1.5 billion, down $491 million, or 25 percent from prior year. Revenue decreased $332 million, or 2 percent, from prior year driven by the planned reduction in loan portfolios and lower security yields and balances. Average loans of $555.2 billion decreased 2 percent and average core deposits of $532.2 billion decreased 4 percent from prior year. Noninterest income increased $28 million from first quarter Noninterest expense decreased $180 million, or 2 percent, due to lower FDIC assessments and Wachovia merger-related cost savings. The provision for credit losses increased $510 million from first quarter There was no credit reserve build in first quarter 2010 compared with a $1 billion credit reserve build a year ago. Regional Banking Highlights Strong checking net gain (combined Regional Banking) Consumer checking accounts up a net 7.0 percent from prior year Business checking accounts up a net 4.5 percent from prior year Consumer checking accounts up a net 9.6 percent in California, 7.6 percent in Texas, 8.1 percent in New Jersey and 6.2 percent in Florida

23 [E/O] BOWNE OF PALO ALTO 21-APR :23:49.00 CRC: 9825 Validation: Y BSF F /2 ] BOWNE OF PALO ALTO 21-APR :23:49.00 CRC: 9825 Validation: YBSF F /2 Record solutions growth Legacy Wells Fargo: o Record core product solutions (sales) of 7.81 million, up 16 percent from prior year o Record core sales per platform banker FTE (active, full-time equivalent) of 6.81 per day, up from 6.20 in prior year o Sales of Wells Fargo Packages (a checking account and at least three other products) up 24 percent from prior year; purchased by 79 percent of new checking account customers Legacy Wachovia: o Good progress since aligning the East to the Wells Fargo sales and service model. Platform banker FTEs have grown by more than 300, or 4 percent, since last quarter and platform banker productivity grew by double-digits. More platform bankers will be added throughout Record retail bank cross-sell Legacy Wells Fargo: Record retail bank household cross-sell of Wells Fargo products of 6.0 products per household Legacy Wachovia: Retail bank household cross-sell of Wachovia products continued to grow, now at 4.85 products per household Customer experience (combined Regional Banking) Integrated customer experience measurement process was rolled out across Wells Fargo footprint in first quarter More than 205,000 customers were contacted about their experience in Wells Fargo stores and 50,000 customers spoke about their experience in the contact centers. Nearly 8 out of 10 customers were extremely satisfied, the highest rating, with their recent call or visit with Wells Fargo. Banking store conversions Converted 20 Wachovia banking stores in Arizona, Nevada and Illinois to Wells Fargo in first quarter Small Business/Business Banking (legacy Wells Fargo) Store-based business solutions up 6 percent from prior year Sales of Wells Fargo Business Services Packages (business checking account and at least three other business products) up 14 percent from prior year, purchased by 56 percent of new business checking account customers Business banking household cross-sell of 3.79 products per household Online banking 17.2 million combined active online customers 4.2 million combined active Bill Pay customers

24 [E/O] BOWNE OF PALO ALTO 21-APR :23:49.00 CRC: Validation: Y BSF F / ] BOWNE OF PALO ALTO 21-APR :23:49.00 CRC: Validation: YBSF F /5 Wells Fargo Home Mortgage (Home Mortgage) Home Mortgage applications of $125 billion, compared with $144 billion in prior quarter Home Mortgage application pipeline of $59 billion at quarter end, compared with $57 billion at December 31, 2009 Home Mortgage originations of $76 billion, compared with $94 billion in prior quarter Owned residential mortgage servicing portfolio of $1.8 trillion Less than 2 percent of loans secured by owner-occupied homes and serviced by Wells Fargo proceeded to foreclosure sale in past 12 months; Wells Fargo s delinquency and foreclosure rates less than three-fourths of the industry average, according to Inside Mortgage Finance Wholesale Banking provides financial solutions to businesses across the United States with annual sales generally in excess of $10 million and financial institutions globally. Products include middle market banking, corporate banking, commercial real estate, treasury management, asset-based lending, insurance brokerage, foreign exchange, correspondent banking, trade services, specialized lending, equipment finance, corporate trust, investment banking, capital markets, and asset management. Selected Financial Information Quarter ended Mar. 31, % Change (in millions) Total revenue $5,325 $4,893 9% Provision for credit losses Noninterest expense 2,660 2,533 5 Segment net income 1,197 1,171 2 (in billions) Average loans (17) Average assets (12) Average core deposits Wholesale Banking reported net income of $1.2 billion, up 19 percent from fourth quarter 2009 and up 2 percent from first quarter Revenue increased $70 million from fourth quarter. Noninterest expense decreased $43 million from prior quarter due to lower personnel expenses, offset by higher insurance expense associated with higher insurance revenue, and increased costs associated with foreclosed assets. In the first quarter, total provision for credit losses was $799 million and net charge-offs were largely flat from fourth quarter at $821 million. Fourth quarter 2009 provision included a credit reserve build of $115 million. Revenue up 9 percent from prior year as power of diversified business model generated fee and deposit growth that offset decline in loan outstandings Noninterest-bearing core deposits up $7 billion, or 13 percent, from prior year driven by growth in Commercial Banking, Government and Institutional Banking, and Global Financial Institutions & Trade Services

25 [E/O] BOWNE OF PALO ALTO 21-APR :23:49.00 CRC: Validation: Y BSF F /5 ] BOWNE OF PALO ALTO 21-APR :23:49.00 CRC: Validation: YBSF F / Wells Fargo Capital Finance produced year-over-year revenue growth of 35 percent and was ranked #1 on the Reuters Asset-Based Lead Arranger league table with 31.3 percent market share. The Wachovia platform has been fully integrated, providing customers with coast-to-coast coverage Asset Management Group overall assets under management were $465 billion, which included $239 billion in mutual fund assets and representing the 11 th largest family of funds. As of March 31, 2010, the combined Wells Fargo Advantage and Evergreen fund families had 177 open-ended mutual funds Wachovia international offices successfully converted to the Wells Fargo brand Wealth, Brokerage and Retirement provides a full range of financial advisory services to clients using a comprehensive planning approach to meet each client s needs. The Wealth Management Group provides affluent and high net worth clients with a complete range of wealth management solutions including financial planning, private banking, credit, investment management and trust. Family Office Services meets the unique needs of the ultra high net worth customers. Retail brokerage s financial advisors serve customers advisory, brokerage and financial needs as part of one of the largest full-service brokerage firms in the U.S. The Retirement Group provides retirement services for individual investors and is a national leader in 401(k) and pension record keeping. Selected Financial Information Quarter ended Mar. 31, % Change (in millions) Total revenue $2,910 $2,519 16% Provision for credit losses Noninterest expense 2,390 2,235 7 Segment net income (in billions) Average loans (6) Average assets Average core deposits Wealth, Brokerage and Retirement reported net income of $282 million, up $298 million from prior quarter, and up $106 million, or 60 percent, from prior year. Prior quarter results were affected by the previously disclosed auction rate securities settlement. Revenue was $2.9 billion, up 10 percent from prior quarter, and up 16 percent from prior year driven by growth in asset-based fees and brokerage transactional activity. Noninterest expense increased 7 percent over prior year due to growth in broker commissions driven by higher production levels. Noninterest expense declined from prior quarter due to the auction rate securities settlement in the fourth quarter. Average core deposits increased $18 billion, or 18 percent, from prior year. Retail Brokerage Client assets increased to $1.1 trillion, up 22 percent from prior year Managed account assets increased $67 billion, or 47 percent, from prior year driven by the strong market recovery and solid net flows Solid financial advisor recruiting during the quarter, as brokers who joined the firm were two times more productive than those who left the firm

26 [E/O] BOWNE OF PALO ALTO 21-APR :23:49.00 CRC: 9658 Validation: Y BSF F / Wealth Management Group Strong deposit growth, with average balances up 38 percent from prior year Private Banking revenue up 14 percent from prior year due to increased deposit balances ] BOWNE OF PALO ALTO 21-APR :23:49.00 CRC: 9658 Validation: YBSF F /5 Retirement Services Institutional Retirement plan assets of $232 billion increased $60 billion, or 35 percent, from prior year IRA assets of $248 billion increased $54 billion, or 28 percent, from prior year Conference Call The Company will host a live conference call on Wednesday, April 21, at 6:30 a.m. PDT (9:30 a.m. EDT). To access the call, please dial (U.S. and Canada) or (international). No password is required. The call is also available online at wellsfargo.com/invest_relations/earnings and A replay of the conference call will be available beginning at approximately noon PDT (3 p.m. EDT) on April 21 through Wednesday, April 28. Please dial (U.S. and Canada) or (international) and enter Conference ID # The replay will also be available online. Cautionary Statement about Forward-Looking Information In accordance with the Private Securities Litigation Reform Act of 1995, we caution you that this news release contains forward-looking statements about our future financial performance and business. We make forward-looking statements when we use words such as believe, expect, anticipate, estimate, should, may, can, will, outlook, project, appears or similar expressions. Forward-looking statements in this news release include, among others, statements about: (i) future credit quality and expected or estimated future loan losses in our loan portfolios, including our belief that quarterly provision expense and quarterly total credit losses have peaked and are expected to decline; the level and loss content of nonperforming assets and nonaccrual loans, including our expectation that nonperforming assets will continue to increase gradually and peak before year end; and the adequacy of the allowance for loan losses; (ii) reduction or mitigation of risk in our loan portfolios and the effects of loan modification programs; and (iii) the amount and timing of expected integration activities, expenses and cost savings relating to the Wachovia merger, as well as the expected synergies and benefits of the merger, including that we currently estimate merger expenses of approximately $5 billion, including approximately $2 billion estimated for Do 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. Several factors could cause actual results to differ materially from expectations including: current and future economic and market conditions, including the effects of further declines in housing prices and high unemployment rates; our capital requirements and our ability to generate capital internally or raise capital on favorable terms; the terms of capital investments or other financial assistance provided by the U.S. government; financial services reform; the extent of success in our loan modification efforts, including the effects of regulatory requirements, or changes in regulatory requirements, relating to loan modifications; our ability to successfully and timely integrate the Wachovia merger and realize the expected cost savings and other benefits, including delays or disruptions in system conversions and higher severance costs; our ability to

27 [E/O] BOWNE OF PALO ALTO 21-APR :23:49.00 CRC: Validation: Y BSF F / realize efficiency initiatives to lower expenses when and in the amount expected; recognition of other-than-temporary impairment on securities held in our available-for-sale portfolio; the effect of changes in interest rates on our net interest margin and our mortgage originations, mortgage servicing rights and mortgages held for sale; hedging gains or losses; disruptions in the capital markets and reduced investor demand for mortgage loans; our ability to sell more products to our customers; the effect of the economic recession on the demand for our products and services; the effect of fluctuations in stock market prices on fee income from our brokerage, asset and wealth management businesses; our election to provide support to our mutual funds for structured credit products they may hold; changes in the value of our venture capital investments; changes in our accounting policies or in accounting standards or in how accounting standards are to be applied; mergers and acquisitions; federal and state regulations; reputational damage from negative publicity, fines, penalties and other negative consequences from regulatory violations; the loss of checking and saving account deposits to other investments such as the stock market; and fiscal and monetary policies of the Federal Reserve Board. There is no assurance that our allowance for credit losses will be adequate to cover future credit losses, especially if credit markets, housing prices, and unemployment do not improve. Increases in loan charge-offs or in the allowance for credit losses and related provision expense could materially adversely affect our financial results and condition. 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 our Annual Report on Form 10-K for the year ended December 31, 2009, including the discussions under Risk Factors in that report, as filed with the SEC and available on the SEC s website at Any factor described above or in our SEC reports could, by itself or together with one or more other factors, adversely affect our financial results and condition. ] BOWNE OF PALO ALTO 21-APR :23:49.00 CRC: Validation: YBSF F /3 About Wells Fargo Wells Fargo & Company is a diversified financial services company with $1.2 trillion in assets, providing banking, insurance, investments, mortgage, and consumer and commercial finance through more than 10,000 stores and 12,000 ATMs and the Internet (wellsfargo.com) across North America and internationally. # # #

28 [E/O] BOWNE OF PALO ALTO 21-APR :23:49.00 CRC: Validation: Y BSF F /3 Wells Fargo & Company and Subsidiaries SUMMARY FINANCIAL DATA % Change Quarter ended Mar. 31, 2010 from Mar. 31, Dec. 31, Mar. 31, Dec. 31, Mar. 31, ($ in millions, except per share amounts) For the Quarter Wells Fargo net income $ 2,547 2,823 3,045 (10) % (16) Wells Fargo net income applicable to common stock 2, , (1) Diluted earnings per common share (20) Profitability ratios (annualized): Wells Fargo net income to average assets (ROA) 0.84 % (7) (13) Wells Fargo net income applicable to common stock to average Wells Fargo common stockholders equity (ROE) (38) Efficiency ratio (1) Total revenue $ 21,448 22,696 21,017 (5) 2 Pre-tax pre-provision profit (PTPP) (2) 9,331 9,875 9,199 (6) 1 Dividends declared per common share (85) Average common shares outstanding 5, , , Diluted average common shares outstanding 5, , , Average loans $ 797, , ,591 1 (7) Average assets 1,226,120 1,239,456 1,289,716 (1) (5) Average core deposits (3) 759, , ,928 (2) 1 Average retail core deposits (4) 573, , ,502 (1) (3) Net interest margin 4.27 % (1) 3 At Quarter End Securities available for sale $ 162, , ,468 (6) (9) Loans 781, , ,579 - (7) Allowance for loan losses 25,123 24,516 22, Goodwill 24,819 24,812 23,825-4 Assets 1,223,630 1,243,646 1,285,891 (2) (5) Core deposits (3) 756, , ,183 (3) - Wells Fargo stockholders equity 116, , , Total equity 118, , , Capital ratios: Total equity to assets 9.66 % Risk-based capital (5): Tier 1 capital Total capital Tier 1 leverage (5) Tier 1 common equity (6) Book value per common share $ Team members (active, full-time equivalent) 267, , ,800 - (2) Common stock price: High $ Low Period end ] BOWNE OF PALO ALTO 21-APR :23:49.00 CRC: Validation: YBSF F /3 (1) The efficiency ratio is noninterest expense divided by total revenue (net interest income and noninterest income). (2) Pre-tax pre-provision profit (PTPP) is total revenue less noninterest expense. Management believes that PTPP is a useful financial measure because it enables investors and others to assess the Company s ability to generate capital to cover credit losses through a credit cycle. (3) Core deposits are noninterest-bearing deposits, interest-bearing checking, savings certificates, certain market rate and other savings, and certain foreign deposits (Eurodollar sweep balances). (4) Retail core deposits are total core deposits excluding Wholesale Banking core deposits and retail mortgage escrow deposits. (5) The March 31, 2010, ratios are preliminary. (6) See page 37 for additional information.

29 [E/O] BOWNE OF PALO ALTO 21-APR :23:49.00 CRC: Validation: Y BSF F /2 Wells Fargo & Company and Subsidiaries FIVE QUARTER SUMMARY FINANCIAL DATA Quarter ended Mar. 31, Dec. 31, Sept. 30, June 30, Mar. 31, ($ in millions, except per share amounts) For the Quarter Wells Fargo net income $ 2,547 2,823 3,235 3,172 3,045 Wells Fargo net income applicable to common stock 2, ,637 2,575 2,384 Diluted earnings per common share Profitability ratios (annualized): Wells Fargo net income to average assets (ROA) 0.84 % Wells Fargo net income applicable to common stock to average Wells Fargo common stockholders equity (ROE) Efficiency ratio (1) Total revenue $ 21,448 22,696 22,466 22,507 21,017 Pre-tax pre-provision profit (PTPP) (2) 9,331 9,875 10,782 9,810 9,199 Dividends declared per common share Average common shares outstanding 5, , , , ,247.4 Diluted average common shares outstanding 5, , , , ,249.3 Average loans $ 797, , , , ,591 Average assets 1,226,120 1,239,456 1,246,051 1,274,926 1,289,716 Average core deposits (3) 759, , , , ,928 Average retail core deposits (4) 573, , , , ,502 Net interest margin 4.27 % At Quarter End Securities available for sale $ 162, , , , ,468 Loans 781, , , , ,579 Allowance for loan losses 25,123 24,516 24,028 23,035 22,281 Goodwill 24,819 24,812 24,052 24,619 23,825 Assets 1,223,630 1,243,646 1,228,625 1,284,176 1,285,891 Core deposits (3) 756, , , , ,183 Wells Fargo stockholders equity 116, , , , ,295 Total equity 118, , , , ,057 Capital ratios: Total equity to assets 9.66 % Risk-based capital (5): Tier 1 capital Total capital Tier 1 leverage (5) Tier 1 common equity (6) Book value per common share $ Team members (active, full-time equivalent) 267, , , , ,800 Common stock price: High $ Low Period end ] BOWNE OF PALO ALTO 21-APR :23:49.00 CRC: Validation: YBSF F /2 (1) The efficiency ratio is noninterest expense divided by total revenue (net interest income and noninterest income). (2) Pre-tax pre-provision profit (PTPP) is total revenue less noninterest expense. Management believes that PTPP is a useful financial measure because it enables investors and others to assess the Company s ability to generate capital to cover credit losses through a credit cycle. (3) Core deposits are noninterest-bearing deposits, interest-bearing checking, savings certificates, certain market rate and other savings, and certain foreign deposits (Eurodollar sweep balances). (4) Retail core deposits are total core deposits excluding Wholesale Banking core deposits and retail mortgage escrow deposits. (5) The March 31, 2010, ratios are preliminary. (6) See page 37 for additional information.

30 [E/O] BOWNE OF PALO ALTO 21-APR :23:49.00 CRC: Validation: Y BSF F /2 Wells Fargo & Company and Subsidiaries CONSOLIDATED STATEMENT OF INCOME Quarter ended March 31, (in millions, except per share amounts) % Change Interest income Trading assets $ % Securities available for sale 2,415 2,709 (11) Mortgages held for sale (7) Loans held for sale (49) Loans 10,038 10,765 (7) Other interest income (8) Total interest income 13,225 14,313 (8) Interest expense Deposits (26) Short-term borrowings (85) Long-term debt 1,276 1,779 (28) Other interest expense Total interest expense 2,078 2,937 (29) Net interest income 11,147 11,376 (2) Provision for credit losses 5,330 4, Net interest income after provision for credit losses 5,817 6,818 (15) Noninterest income Service charges on deposit accounts 1,332 1,394 (4) Trust and investment fees 2,669 2, Card fees Other fees Mortgage banking 2,470 2,504 (1) Insurance Net gains from trading activities (32) Net gains (losses) on debt securities available for sale (1) 28 (119) NM Net gains (losses) from equity investments (2) 43 (157) NM Operating leases Other Total noninterest income 10,301 9,641 7 Noninterest expense Salaries 3,314 3,386 (2) Commission and incentive compensation 1,992 1,824 9 Employee benefits 1,322 1,284 3 Equipment (1) Net occupancy Core deposit and other intangibles (15) FDIC and other deposit assessments (11) Other 3,165 2, Total noninterest expense 12,117 11,818 3 Income before income tax expense 4,001 4,641 (14) Income tax expense 1,401 1,552 (10) Net income before noncontrolling interests 2,600 3,089 (16) Less: Net income from noncontrolling interests Wells Fargo net income $ 2,547 3,045 (16) Wells Fargo net income applicable to common stock $ 2,372 2,384 (1) Per share information Earnings per common share $ (18) Diluted earnings per common share (20) Dividends declared per common share (85) Average common shares outstanding 5, , Diluted average common shares outstanding 5, , ] BOWNE OF PALO ALTO 21-APR :23:49.00 CRC: Validation: YBSF F /2 NM - Not meaningful (1) Includes impairment losses on debt securities available for sale of $92 million and $269 million, consisting of $154 million and $603 million of total other-than-temporary impairment losses, net of $62 million and $334 million recognized in other comprehensive income, for the quarters ended March 31, 2010 and 2009, respectively. (2) Includes impairment losses from equity investments of $105 million and $247 million for the quarters ended March 31, 2010 and 2009, respectively.

31 [E/O] BOWNE OF PALO ALTO 21-APR :23:49.00 CRC: Validation: Y BSF F /2 Wells Fargo & Company and Subsidiaries FIVE QUARTER CONSOLIDATED STATEMENT OF INCOME Quarter ended Mar. 31, Dec. 31, Sept. 30, June 30, Mar. 31, (in millions, except per share amounts) Interest income Trading assets $ Securities available for sale 2,415 2,776 2,947 2,887 2,709 Mortgages held for sale Loans held for sale Loans 10,038 10,122 10,170 10,532 10,765 Other interest income Total interest income 13,225 13,692 13,968 14,301 14,313 Interest expense Deposits Short-term borrowings Long-term debt 1,276 1,217 1,301 1,485 1,779 Other interest expense Total interest expense 2,078 2,192 2,284 2,537 2,937 Net interest income 11,147 11,500 11,684 11,764 11,376 Provision for credit losses 5,330 5,913 6,111 5,086 4,558 Net interest income after provision for credit losses 5,817 5,587 5,573 6,678 6,818 Noninterest income Service charges on deposit accounts 1,332 1,421 1,478 1,448 1,394 Trust and investment fees 2,669 2,605 2,502 2,413 2,215 Card fees Other fees Mortgage banking 2,470 3,411 3,067 3,046 2,504 Insurance Net gains from trading activities Net gains (losses) on debt securities available for sale (40) (78) (119) Net gains (losses) from equity investments (157) Operating leases Other Total noninterest income 10,301 11,196 10,782 10,743 9,641 Noninterest expense Salaries 3,314 3,505 3,428 3,438 3,386 Commission and incentive compensation 1,992 2,086 2,051 2,060 1,824 Employee benefits 1,322 1,144 1,034 1,227 1,284 Equipment Net occupancy Core deposit and other intangibles FDIC and other deposit assessments Other 3,165 3,691 2,960 2,987 2,856 Total noninterest expense 12,117 12,821 11,684 12,697 11,818 Income before income tax expense 4,001 3,962 4,671 4,724 4,641 Income tax expense 1, ,355 1,475 1,552 Net income before noncontrolling interests 2,600 3,013 3,316 3,249 3,089 Less: Net income from noncontrolling interests Wells Fargo net income $ 2,547 2,823 3,235 3,172 3,045 Wells Fargo net income applicable to common stock $ 2, ,637 2,575 2,384 Per share information Earnings per common share $ Diluted earnings per common share Dividends declared per common share Average common shares outstanding 5, , , , ,247.4 Diluted average common shares outstanding 5, , , , ,249.3 ] BOWNE OF PALO ALTO 21-APR :23:49.00 CRC: Validation: YBSF F /2

32 [E/O] BOWNE OF PALO ALTO 21-APR :23:49.00 CRC: Validation: Y BSF F /5 Wells Fargo & Company and Subsidiaries AVERAGE BALANCES, YIELDS AND RATES PAID (TAXABLE-EQUIVALENT BASIS)(1)(2) Quarter ended March 31, Interest Interest Average Yields/ income/ Average Yields/ income/ (in millions) balance rates expense balance rates expense Earning assets Federal funds sold, securities purchased under resale agreements and other short-term investments $ 40, % $ 33 24, % $ 50 Trading assets 27, , Debt securities available for sale (3): Securities of U.S. Treasury and federal agencies 2, , Securities of U.S. states and political subdivisions 13, , Mortgage-backed securities: Federal agencies 79, ,023 76, ,068 Residential and commercial 32, , ,017 Total mortgage-backed securities 112, , , ,085 Other debt securities (4) 32, , Total debt securities available for sale (4) 160, , , ,856 Mortgages held for sale (5) 31, , Loans held for sale (5) 6, , Loans: Commercial and commercial real estate: Commercial 156, , , ,884 Real estate mortgage 104, , Real estate construction 28, , Lease financing 14, , Total commercial and commercial real estate 304, , , ,383 Consumer: Real estate 1-4 family first mortgage 245, , , ,444 Real estate 1-4 family junior lien mortgage 105, , , ,375 Credit card 23, , Other revolving credit and installment 90, ,427 92, ,527 Total consumer 464, , , ,050 Foreign 28, , Total loans (5) 797, , , ,782 Other 6, , Total earning assets $ 1,070, % $ 13,377 1,107, % $ 14,488 Funding sources Deposits: Interest-bearing checking $ 62, % $ 23 80, % $ 30 Market rate and other savings 403, , Savings certificates 94, , Other time deposits 15, , Deposits in foreign offices 55, , Total interest-bearing deposits 632, , Short-term borrowings 45, , Long-term debt 209, , , ,783 Other liabilities 5, , Total interest-bearing liabilities 891, , , ,941 Portion of noninterest-bearing funding sources 179, , Total funding sources $ 1,070, ,079 1,107, ,941 Net interest margin and net interest income on a taxable-equivalent basis (6) 4.27 % $ 11, % $ 11,547 Noninterest-earning assets Cash and due from banks $ 18,049 20,255 Goodwill 24,816 23,183 Other 112, ,836 Total noninterest-earning assets $ 155, ,274 Noninterest-bearing funding sources Deposits $ 172, ,308 Other liabilities 44,739 50,566 Total equity 117, ,628 Noninterest-bearing funding sources used to fund earning assets (179,000) (133,228) Net noninterest-bearing funding sources $ 155, ,274 Total assets $ 1,226,120 1,289,716 ] BOWNE OF PALO ALTO 21-APR :23:49.00 CRC: Validation: YBSF F /5 (1) Our average prime rate was 3.25% for the quarters ended March 31, 2010 and The average three-month London Interbank Offered Rate (LIBOR) was 0.26% and 1.24% for the same quarters, respectively. (2) Interest rates and amounts include the effects of hedge and risk management activities associated with the respective asset and liability categories. (3) Yields are based on amortized cost balances computed on a settlement date basis. (4) Includes certain preferred securities. (5) Nonaccrual loans and related income are included in their respective loan categories. (6) Includes taxable-equivalent adjustments primarily related to tax-exempt income on certain loans and securities. The federal statutory tax rate was 35% for the periods presented.

33 [E/O] BOWNE OF PALO ALTO 21-APR :23:49.00 CRC: Validation: Y BSF F /5 ] BOWNE OF PALO ALTO 21-APR :23:49.00 CRC: Validation: Y BSF F /5

34 [E/O] BOWNE OF PALO ALTO 21-APR :23:49.00 CRC: Validation: Y BSF F /2 Wells Fargo & Company and Subsidiaries NONINTEREST INCOME Quarter ended March 31, (in millions) % Change Service charges on deposit accounts $ 1,332 1,394 (4) % Trust and investment fees: Trust, investment and IRA fees 1, Commissions and all other fees 1,620 1,493 9 Total trust and investment fees 2,669 2, Card fees Other fees: Cash network fees (5) Charges and fees on loans (3) Processing and all other fees Total other fees Mortgage banking (1): 4 Servicing income, net 1, Net gains on mortgage loan origination/sales activities 1,104 1,598 (31) Total mortgage banking 2,470 2,504 (1) Insurance Net gains from trading activities (32) Net gains (losses) on debt securities available for sale 28 (119) NM Net gains (losses) from equity investments 43 (157) NM Operating leases All other Total $ 10,301 9,641 7 ] BOWNE OF PALO ALTO 21-APR :23:49.00 CRC: Validation: YBSF F /2 NM - Not meaningful (1) 2009 categories have been revised to conform to current presentation. NONINTEREST EXPENSE Quarter ended March 31, (in millions) % Change Salaries $ 3,314 3,386 (2) % Commission and incentive compensation 1,992 1,824 9 Employee benefits 1,322 1,284 3 Equipment (1) Net occupancy Core deposit and other intangibles (15) FDIC and other deposit assessments (11) Outside professional services Contract services Foreclosed assets Outside data processing Postage, stationery and supplies (3) Operating losses Insurance (45) Telecommunications (9) Travel and entertainment Advertising and promotion (10) Operating leases (47) All other (1) Total $ 12,117 11,818 3

35 [E/O] BOWNE OF PALO ALTO 21-APR :23:49.00 CRC: Validation: Y BSF F /5 Wells Fargo & Company and Subsidiaries FIVE QUARTER NONINTEREST INCOME Quarter ended Mar. 31, Dec. 31, Sept. 30, June 30, Mar. 31, (in millions) Service charges on deposit accounts $ 1,332 1,421 1,478 1,448 1,394 Trust and investment fees: Trust, investment and IRA fees 1,049 1, Commissions and all other fees 1,620 1,567 1,513 1,574 1,493 Total trust and investment fees 2,669 2,605 2,502 2,413 2,215 Card fees ] BOWNE OF PALO ALTO 21-APR :23:49.00 CRC: Validation: YBSF F /5 Other fees: Cash network fees Charges and fees on loans Processing and all other fees Total other fees Mortgage banking (1): Servicing income, net 1,366 2,150 1, Net gains on mortgage loan origination/sales activities 1,104 1,261 1,148 2,230 1,598 Total mortgage banking 2,470 3,411 3,067 3,046 2,504 Insurance Net gains from trading activities Net gains (losses) on debt securities available for sale (40) (78) (119) Net gains (losses) from equity investments (157) Operating leases All other Total $ 10,301 11,196 10,782 10,743 9,641 (1) 2009 categories have been revised to conform to current presentation. FIVE QUARTER NONINTEREST EXPENSE Quarter ended Mar. 31, Dec. 31, Sept. 30, June 30, Mar. 31, (in millions) Salaries $ 3,314 3,505 3,428 3,438 3,386 Commission and incentive compensation 1,992 2,086 2,051 2,060 1,824 Employee benefits 1,322 1,144 1,034 1,227 1,284 Equipment Net occupancy Core deposit and other intangibles FDIC and other deposit assessments Outside professional services Contract services Foreclosed assets Outside data processing Postage, stationery and supplies Operating losses Insurance Telecommunications Travel and entertainment Advertising and promotion Operating leases All other Total $ 12,117 12,821 11,684 12,697 11,818

36 [E/O] BOWNE OF PALO ALTO 21-APR :23:49.00 CRC: Validation: Y BSF F /9 Wells Fargo & Company and Subsidiaries CONSOLIDATED BALANCE SHEET Mar. 31, Dec. 31, (in millions, except shares) % Change Assets Cash and due from banks $ 16,301 27,080 (40)% Federal funds sold, securities purchased under resale agreements and other short-term investments 54,192 40, Trading assets 47,028 43,039 9 Securities available for sale 162, ,710 (6) Mortgages held for sale (includes $31,931 and $36,962 carried at fair value) 34,737 39,094 (11) Loans held for sale (includes $297 and $149 carried at fair value) 5,140 5,733 (10) ] BOWNE OF PALO ALTO 21-APR :23:49.00 CRC: Validation: YBSF F /9 Loans (includes $371 carried at fair value at March 31, 2010) 781, ,770 Allowance for loan losses (25,123) (24,516) 2 Net loans 756, ,254 Mortgage servicing rights: Measured at fair value (residential MSRs) 15,544 16,004 (3) Amortized 1,069 1,119 (4) Premises and equipment, net 10,405 10,736 (3) Goodwill 24,819 24,812 Other assets 95, ,180 (8) Total assets (1) $1,223,630 1,243,646 (2) Liabilities Noninterest-bearing deposits $ 170, ,356 (6) Interest-bearing deposits 634, ,662 (1) Total deposits 804, ,018 (2) Short-term borrowings 46,333 38, Accrued expenses and other liabilities 54,371 62,442 (13) Long-term debt (includes $367 carried at fair value at March 31, 2010) 199, ,861 (2) Total liabilities (2) 1,105,476 1,129,287 (2) Equity Wells Fargo stockholders equity: Preferred stock 9,276 8,485 9 Common stock $1-2/3 par value, authorized 6,000,000,000 shares; issued 5,245,971,422 shares and 5,245,971,422 shares 8,743 8,743 Additional paid-in capital 53,156 52,878 1 Retained earnings 43,636 41,563 5 Cumulative other comprehensive income 4,087 3, Treasury stock - 40,260,165 shares and 67,346,829 shares (1,460) (2,450) (40) Unearned ESOP shares (1,296) (442) 193 Total Wells Fargo stockholders equity 116, ,786 4 Noncontrolling interests 2,012 2,573 (22) Total equity 118, ,359 3 Total liabilities and equity $1,223,630 1,243,646 (2) (1) Our consolidated assets at March 31, 2010, include the following assets of certain variable interest entities (VIEs) that can only be used to settle the liabilities of those VIEs: Cash and due from banks, $359 million; Trading assets, $80 million; Securities available for sale, $1.8 billion; Net loans, $23.4 billion; Other assets, $2.3 billion, and Total assets, $27.9 billion. See the Changes in VIE Assets and Liabilities on page 27 for additional information. (2) Our consolidated liabilities at March 31, 2010, include the following VIE liabilities for which the VIE creditors do not have recourse to Wells Fargo: Short-term borrowings, $316 million; Accrued expenses and other liabilities, $591 million; Long-term debt, $11.1 billion; and Total liabilities, $12.0 billion. See the Changes in VIE Assets and Liabilities on page 27 for additional information.

37 [E/O] BOWNE OF PALO ALTO 21-APR :23:49.00 CRC: Validation: Y BSF F /3 Wells Fargo & Company and Subsidiaries FIVE QUARTER CONSOLIDATED BALANCE SHEET Mar. 31, Dec. 31, Sept. 30, June 30, Mar. 31, (in millions) Assets Cash and due from banks $ 16,301 27,080 17,233 20,632 22,186 Federal funds sold, securities purchased under resale agreements and other short-term investments 54,192 40,885 17,491 15,976 18,625 Trading assets 47,028 43,039 43,198 40,110 46,497 Securities available for sale 162, , , , ,468 Mortgages held for sale 34,737 39,094 35,538 41,991 36,807 Loans held for sale 5,140 5,733 5,846 5,413 8,306 ] BOWNE OF PALO ALTO 21-APR :23:49.00 CRC: Validation: YBSF F /3 Loans 781, , , , ,579 Allowance for loan losses (25,123) (24,516) (24,028) (23,035) (22,281) Net loans 756, , , , ,298 Mortgage servicing rights: Measured at fair value (residential MSRs) 15,544 16,004 14,500 15,690 12,391 Amortized 1,069 1,119 1,162 1,205 1,257 Premises and equipment, net 10,405 10,736 11,040 11,151 11,215 Goodwill 24,819 24,812 24,052 24,619 23,825 Other assets 95, ,180 98, , ,016 Total assets $1,223,630 1,243,646 1,228,625 1,284,176 1,285,891 Liabilities Noninterest-bearing deposits $ 170, , , , ,497 Interest-bearing deposits 634, , , , ,772 Total deposits 804, , , , ,269 Short-term borrowings 46,333 38,966 30,800 55,483 72,084 Accrued expenses and other liabilities 54,371 62,442 57,861 64,160 58,831 Long-term debt 199, , , , ,650 Total liabilities 1,105,476 1,129,287 1,099,701 1,162,794 1,178,834 Equity Wells Fargo stockholders equity: Preferred stock 9,276 8,485 31,589 31,497 31,411 Common stock 8,743 8,743 7,927 7,927 7,273 Additional paid-in capital 53,156 52,878 40,343 40,270 32,414 Retained earnings 43,636 41,563 41,485 39,165 36,949 Cumulative other comprehensive income (loss) 4,087 3,009 4,088 (590) (3,624) Treasury stock (1,460) (2,450) (2,771) (3,126) (3,593) Unearned ESOP shares (1,296) (442) (511) (520) (535) Total Wells Fargo stockholders equity 116, , , , ,295 Noncontrolling interests 2,012 2,573 6,774 6,759 6,762 Total equity 118, , , , ,057 Total liabilities and equity $1,223,630 1,243,646 1,228,625 1,284,176 1,285,891

38 [E/O] BOWNE OF PALO ALTO 21-APR :23:49.00 CRC: Validation: Y BSF F / Wells Fargo & Company and Subsidiaries NEWLY CONSOLIDATED VIE ASSETS AND LIABILITIES Effective January 1, 2010, we adopted changes in consolidation accounting pursuant to amendments by ASU to ASC 810 (FAS 167) and, accordingly, consolidated certain VIEs that were not included in our consolidated financial statements at December 31, On January 1, 2010, we recorded the assets and liabilities of the newly consolidated VIEs and derecognized our existing interests in those VIEs. We also recorded a $183 million increase to beginning retained earnings as a cumulative effect adjustment and recorded a $173 million increase to other comprehensive income. The following table presents the net incremental assets and liabilities recorded upon adoption of the ASU amendments to ASC 810 (FAS 167). ] BOWNE OF PALO ALTO 21-APR :23:49.00 CRC: Validation: YBSF F /7 January 1, 2010 Total VIE Derecognition Net assets and of existing VIE increase (in millions) liabilities (1) interests (2) (decrease) Assets Cash and due from banks $ Trading assets Securities available for sale 1,178 (8,768) (7,590) Loans, net of $693 allowance 25,657 25,657 Other assets Total assets $ 27,171 (8,602) 18,569 Liabilities Short-term borrowings (3) $ 5,161 (34) 5,127 Accrued expenses and other liabilities 38 (70) (32) Long-term debt 13,134 13,134 Total liabilities $ 18,333 (104) 18,229 (1) Excludes VIE assets and liabilities that are eliminated in the consolidated financial statements of Wells Fargo. (2) Includes derecognition of existing interests in newly consolidated VIEs and net impacts of deconsolidating certain VIEs. (3) Includes commercial paper liabilities of our multi-seller asset-based commercial paper conduit with recourse to the general credit of Wells Fargo. CHANGES IN VIE ASSETS AND LIABILITIES Consolidated VIEs include VIEs consolidated prior to the adoption of amended ASC 810 (FAS 167) as well as VIEs newly consolidated upon adoption. ASC 810 requires companies to continually reassess whether they are the primary beneficiary of a VIE. As a result of events that occurred during the quarter, we deconsolidated certain VIEs. The following table presents the detail of changes in the assets and liabilities of all consolidated VIEs from January 1, 2010, through March 31, January 1, 2010 March 31, 2010 Newly Previously consolidated consolidated VIE (in millions) VIEs (1) VIEs (1)(2) Total Reconsiderations (3) activity (1) Total Assets Cash and due from banks $ (11) (51) 359 Trading assets (15) 80 Securities available for sale 1, ,158 (325) 1,833 Loans, net 25, ,218 (1,551) (1,278) 23,389 Other assets 164 2,432 2,596 (431) 104 2,269 Total assets $ 27,171 4,317 31,488 (2,008) (1,550) 27,930 Liabilities Short-term borrowings (4) $ 5, ,478 (331) 5,147 Accrued expenses and other liabilities (4) (137) Long-term debt (4) 13,134 1,396 14,530 (1,942) (1,293) 11,295 Total liabilities $ 18,333 2,402 20,735 (2,079) (1,519) 17,137 (1) Excludes VIE assets and liabilities that are eliminated in the consolidated financial statements of Wells Fargo.

39 [E/O] BOWNE OF PALO ALTO 21-APR :23:49.00 CRC: Validation: Y BSF F /7 (2) Includes deconsolidation of certain VIEs upon adoption of FAS 167. (3) Due to events that occurred during first quarter 2010, we deconsolidated certain residential mortgage-backed securitizations and other VIEs. (4) Includes the following VIE liabilities at March 31, 2010, with recourse to the general credit of Wells Fargo: Short-term borrowings, $4.8 billion; Accrued expenses and other liabilities, $104 million; and Long-term debt, $175 million. ] BOWNE OF PALO ALTO 21-APR :23:49.00 CRC: Validation: Y BSF F /7

40 [E/O] BOWNE OF PALO ALTO 21-APR :23:49.00 CRC: Validation: Y BSF F /5 Wells Fargo & Company and Subsidiaries FIVE QUARTER AVERAGE BALANCES Quarter ended Mar. 31, Dec. 31, Sept. 30, June 30, Mar. 31, (in millions) Earning assets Federal funds sold, securities purchased under resale agreements and other short-term investments $ 40,833 46,031 16,356 20,889 24,074 Trading assets 27,911 23,179 20,518 18,464 22,203 Debt securities available for sale: Securities of U.S. Treasury and federal agencies 2,278 2,381 2,545 2,102 2,899 Securities of U.S. states and political subdivisions 13,696 13,574 12,818 12,189 12,213 Mortgage-backed securities: Federal agencies 79,730 85,063 94,457 92,550 76,545 Residential and commercial 32,768 43,243 43,214 41,257 38,690 Total mortgage-backed securities 112, , , , ,235 Other debt securities (1) 32,346 33,710 33,294 30,901 30,080 Total debt securities available for sale (1) 160, , , , ,427 Mortgages held for sale (2) 31,368 34,750 40,604 43,177 31,058 Loans held for sale (2) 6,406 5,104 4,975 7,188 7,949 Loans: Commercial and commercial real estate: Commercial 156, , , , ,923 Real estate mortgage 104, , , , ,271 Real estate construction 28,848 30,887 32,649 33,857 34,493 Lease financing 14,008 14,107 14,360 14,750 15,810 Total commercial and commercial real estate 304, , , , ,497 Consumer: Real estate 1-4 family first mortgage 245, , , , ,494 Real estate 1-4 family junior lien mortgage 105, , , , ,128 Credit card 23,345 23,717 23,448 22,963 23,295 Other revolving credit and installment 90,526 88,963 90,199 90,729 92,820 Total consumer 464, , , , ,737 Foreign 28,561 30,086 29,613 30,628 32,357 Total loans (2) 797, , , , ,591 Other 6,069 6,147 6,088 6,079 6,140 Total earning assets $1,070,794 1,085,622 1,085,060 1,108,741 1,107,442 Funding sources Deposits: Interest-bearing checking $ 62,021 61,229 59,467 79,955 80,393 Market rate and other savings 403, , , , ,445 Savings certificates 94, , , , ,122 Other time deposits 15,878 16,501 18,248 21,660 25,555 Deposits in foreign offices 55,434 59,870 56,820 49,885 45,896 Total interest-bearing deposits 632, , , , ,411 Short-term borrowings 45,081 32,757 39,828 59,844 76,068 Long-term debt 209, , , , ,957 Other liabilities 5,664 5,587 5,620 4,604 3,778 Total interest-bearing liabilities 891, , , , ,214 Portion of noninterest-bearing funding sources 179, , , , ,228 Total funding sources $1,070,794 1,085,622 1,085,060 1,108,741 1,107,442 Noninterest-earning assets Cash and due from banks $ 18,049 19,216 18,084 19,340 20,255 Goodwill 24,816 24,093 24,435 24,261 23,183 Other 112, , , , ,836 Total noninterest-earning assets $ 155, , , , ,274 Noninterest-bearing funding sources Deposits $ 172, , , , ,308 Other liabilities 44,739 45,058 47,646 49,570 50,566 Total equity 117, , , , ,628 Noninterest-bearing funding sources used to fund earning assets (179,000) (199,760) (183,679) (170,692) (133,228) Net noninterest-bearing funding sources $ 155, , , , ,274 Total assets $1,226,120 1,239,456 1,246,051 1,274,926 1,289,716 ] BOWNE OF PALO ALTO 21-APR :23:49.00 CRC: Validation: YBSF F /5 (1) Includes certain preferred securities. (2) Nonaccrual loans are included in their respective loan categories.

41 [E/O] BOWNE OF PALO ALTO 21-APR :23:49.00 CRC: Validation: Y BSF F /5 ] BOWNE OF PALO ALTO 21-APR :23:49.00 CRC: Validation: Y BSF F /5

42 [E/O] BOWNE OF PALO ALTO 21-APR :23:49.00 CRC: Validation: Y BSF F /3 Wells Fargo & Company and Subsidiaries FIVE QUARTER LOANS Mar. 31, Dec. 31, Sept. 30, June 30, Mar. 31, (in millions) Commercial and commercial real estate: Commercial (1) $ 150, , , , ,711 Real estate mortgage (1) 104, , , , ,934 Real estate construction 27,837 29,707 31,719 33,238 33,912 Lease financing 13,887 14,210 14,115 14,555 14,792 Total commercial and commercial real estate 296, , , , ,349 Consumer: Real estate 1-4 family first mortgage (1) 240, , , , ,947 Real estate 1-4 family junior lien mortgage (1) 103, , , , ,748 Credit card 22,525 24,003 23,597 23,069 22,815 Other revolving credit and installment (1) 89,463 89,058 90,027 90,654 91,252 Total consumer 456, , , , ,762 Foreign 28,289 29,398 30,282 30,094 31,468 Total loans (net of unearned income) (2) $ 781, , , , ,579 ] BOWNE OF PALO ALTO 21-APR :23:49.00 CRC: Validation: YBSF F /3 (1) Loans at March 31, 2010, include the following assets of certain variable interest entities (VIEs) that were consolidated due to the adoption of FAS 167: Commercial, $3.8 billion; Real estate mortgage, $77 million; Real estate 1-4 family first mortgage, $14.5 billion; Real estate 1-4 family junior lien mortgage, $3.0 billion; and Other revolving credit and installment, $1.9 billion. (2) Includes $49.5 billion, $51.7 billion, $54.3 billion, $55.2 billion and $58.2 billion of purchased credit-impaired (PCI) loans at March 31, 2010, and December 31, September 30, June 30 and March 31, 2009, respectively. See table on page 30 for detail of PCI loans. FIVE QUARTER NONACCRUAL LOANS AND OTHER NONPERFORMING ASSETS Mar. 31, Dec. 31, Sept. 30, June 30, Mar. 31, (in millions) Nonaccrual loans: Commercial and commercial real estate: Commercial $ 4,273 4,397 4,540 2,910 1,696 Real estate mortgage (1) 4,757 3,984 2,856 2,343 1,324 Real estate construction 2,915 3,025 2,711 2,210 1,371 Lease financing Total commercial and commercial real estate 12,130 11,577 10,264 7,593 4,505 Consumer: Real estate 1-4 family first mortgage (1) 12,347 10,100 8,132 6,000 4,218 Real estate 1-4 family junior lien mortgage (1) 2,355 2,263 1,985 1,652 1,418 Other revolving credit and installment (1) Total consumer 15,036 12,695 10,461 7,979 5,936 Foreign Total nonaccrual loans (2) (3) 27,301 24,418 20,869 15,798 10,516 As a percentage of total loans 3.49 % Foreclosed assets: GNMA loans (4) $ 1, Other (1) 2,970 2,199 1,687 1,592 1,294 Real estate and other nonaccrual investments (5) Total nonaccrual loans and other nonperforming assets $ 31,500 27,639 23,451 18,342 12,612 As a percentage of total loans 4.03 % (1) Nonperforming assets at March 31, 2010, include the following assets of certain VIEs that were consolidated due to the adoption of FAS 167: Commercial real estate mortgage, $7 million; Real estate 1-4 family first mortgage, $821 million; Real estate 1-4 family junior lien mortgage, $79 million; Other revolving credit and installment, $2 million; and Other foreclosed assets, $95 million. See the Changes in VIE Assets and Liabilities on page 27 for additional information. (2) Includes nonaccrual mortgages held for sale and loans held for sale in their respective loan categories. (3) Excludes loans acquired from Wachovia that are accounted for as PCI loans. (4) Consistent with regulatory reporting requirements, foreclosed real estate securing Government National Mortgage Association (GNMA) loans is classified as nonperforming. Both principal and interest for GNMA loans secured by the foreclosed real estate are collectible because the GNMA loans are insured by the Federal Housing Administration or guaranteed by the Department of Veterans Affairs. (5) Includes real estate investments (contingent interest loans accounted for as investments) that would be classified as nonaccrual if these assets were recorded as loans, and nonaccrual debt securities.

43 [E/O] BOWNE OF PALO ALTO 21-APR :23:49.00 CRC: Validation: Y BSF F /2 ] BOWNE OF PALO ALTO 21-APR :23:49.00 CRC: Validation: YBSF F / Wells Fargo & Company and Subsidiaries PURCHASED CREDIT-IMPAIRED (PCI) LOANS At the time of acquisition, certain loans acquired from Wachovia had evidence of credit deterioration since origination and it was considered probable that we would not collect all contractually required principal and interest payments (referred to as purchased credit-impaired (PCI) loans). Such loans are accounted for under ASC , Receivables (American Institute of Certified Public Accountants Statement of Position 03-3, Accounting for Certain Loans or Debt Securities Acquired in a Transfer). These accounting provisions require that acquired loans be recorded at fair value at the acquisition date and prohibits carryover of the related allowance for loan losses. The difference between contractually required payments and cash flows expected to be collected is referred to as the nonaccretable difference. The difference between the cash flows expected to be collected and the fair value is referred to as the accretable yield. Because PCI loans were written down in purchase accounting to an amount estimated to be collectible, such loans are not classified as nonaccrual even though they may be contractually past due. Also, losses on such loans are charged against the nonaccretable difference established in purchase accounting and, as such, are not reported as charge-offs. As a result of the application of ASC to credit-impaired Wachovia loans, certain ratios of the combined company 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. March 31, 2010 December 31, 2009 All All PCI other PCI other (in millions) loans loans Total loans loans Total Commercial and commercial real estate: Commercial $ 1, , ,587 $ 1, , ,352 Real estate mortgage 5,252 99, ,514 5,631 99, ,798 Real estate construction 3,538 24,299 27,837 3,713 25,994 29,707 Lease financing 13,887 13,887 14,210 14,210 Total commercial and commercial real estate 10, , ,825 11, , ,067 Consumer: Real estate 1-4 family first mortgage 37, , ,528 38, , ,536 Real estate 1-4 family junior lien mortgage , , , ,708 Credit card 22,525 22,525 24,003 24,003 Other revolving credit and installment 89,463 89,463 89,058 89,058 Total consumer 37, , ,316 38, , ,305 Foreign 1,593 26,696 28,289 1,733 27,665 29,398 Total loans $ 49, , ,430 $ 51, , ,770

44 [E/O] BOWNE OF PALO ALTO 21-APR :23:49.00 CRC: Validation: Y BSF F / Wells Fargo & Company and Subsidiaries CHANGES IN NONACCRETABLE DIFFERENCE FOR PCI LOANS The nonaccretable difference was 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. The following table provides an analysis of changes in the nonaccretable difference related to principal that is not expected to be collected. Commercial, CRE and Other (in millions) foreign Pick-a-Pay consumer Total Balance at December 31, 2008 $ (10,410) (26,485) (4,069) (40,964) Release of nonaccretable difference due to: Loans resolved by payment in full (1) Loans resolved by sales to third parties (2) Reclassification to accretable yield for loans with improving cash flow (3) Use of nonaccretable difference due to: Losses from loan resolutions and write-downs (4) 4,853 10,218 2,086 17,157 Balance at December 31, 2009 $ (5,003) (16,240) (1,622) (22,865) ] BOWNE OF PALO ALTO 21-APR :23:49.00 CRC: Validation: YBSF F /3 Release of nonaccretable difference due to: Loans resolved by payment in full (1) Loans resolved by sales to third parties (2) Reclassification to accretable yield for loans with improving cash flow (3) Use of nonaccretable difference due to: Losses from loan resolutions and write-downs (4) 728 1, ,088 Balance at March 31, 2010 $ (4,001) (14,514) (1,412) (19,927) (1) Release of the nonaccretable difference for payments in full increases interest income in the period of payment. Pick-a-Pay and Other consumer PCI loans do not reflect nonaccretable difference releases due to pool accounting for those loans. (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 for increased cash flow estimates to the accretable yield will result in increasing income and thus the rate of return realized. Amounts reclassified to accretable yield are expected to be probable of realization. (4) Write-downs to net realizable value of PCI loans are charged to 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.

45 [E/O] BOWNE OF PALO ALTO 21-APR :23:49.00 CRC: Validation: Y BSF F /5 Wells Fargo & Company and Subsidiaries CHANGES IN ACCRETABLE YIELD RELATED TO PCI LOANS The excess of cash flows expected to be collected over the initial fair value of PCI loans is referred to as the accretable yield and is accreted into interest income over the estimated life of the PCI loans using the effective yield method. The accretable yield will change due to: ] BOWNE OF PALO ALTO 21-APR :23:49.00 CRC: Validation: YBSF F / ) estimate of the remaining life of PCI loans which may change the amount of future interest income, and possibly principal, expected to be collected; 2) estimate of the amount of contractually required principal and interest payments over the estimated life that will not be collected (the nonaccretable difference); and 3) indices for PCI loans with variable rates of interest. For PCI loans, the impact of loan modifications is included in the evaluation of expected cash flows for subsequent decreases or increases of cash flows. For variable rate PCI loans, expected future cash flows will be recalculated as the rates adjust over the lives of the loans. At acquisition, the expected future cash flows were based on the variable rates that were in effect at that time. The change in the accretable yield related to PCI loans is presented in the following table. (in millions) Total, December 31, 2008 (refined) $(10,447) Accretion 2,606 Reclassification from nonaccretable difference for loans with improving cash flows (441) Changes in expected cash flows that do not affect nonaccretable difference (1) (6,277) Total, December 31, 2009 (14,559) Accretion 686 Reclassification from nonaccretable difference for loans with improving cash flows (668) Changes in expected cash flows that do not affect nonaccretable difference (1) (1,262) Total, March 31, 2010 $(15,803) (1) Represents changes in interest cash flows due to the impact of modifications incorporated into the quarterly assessment of expected future cash flows and/or changes in interest rates on variable rate PCI loans. 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. Commercial, CRE and Other (in millions) foreign Pick-a-Pay consumer Total Balance at December 31, 2008 $ Provision for losses due to credit deterioration Charge-offs (520) (520) Balance at December 31, Provision for losses due to credit deterioration Charge-offs (251) (251) Balance at March 31, 2010 $

46 [E/O] BOWNE OF PALO ALTO 21-APR :23:49.00 CRC: 9691 Validation: Y BSF F / Wells Fargo & Company and Subsidiaries PICK-A-PAY PORTFOLIO (1) PCI loans All other loans Ratio of carrying Unpaid Current value to Unpaid Current principal LTV Carrying current principal LTV Carrying (in millions) balance ratio (2) value (3) value balance ratio (2) value (3) March 31, 2010 California $ 36, % $ 24, % $ 23, % $ 22,953 Florida 5, , , ,776 New Jersey 1, , , ,818 Texas , ,913 Washington , ,398 Other states 8, , , ,907 Total Pick-a-Pay loans $ 53,341 $ 36,173 $ 47,437 $ 46,765 ] BOWNE OF PALO ALTO 21-APR :23:49.00 CRC: 9691 Validation: YBSF F /4 December 31, 2009 California $ 37, % $ 25, % $ 23, % $ 23,626 Florida 5, , , ,942 New Jersey 1, , , ,912 Texas , ,973 Washington , ,435 Other states 9, , , ,321 Total Pick-a-Pay loans $ 55,096 $ 37,029 $ 48,562 $ 48,209 (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 The December 31, 2009 table has been revised to conform to the 2010 presentation of top five states. (2) The current loan-to-value (LTV) ratio is calculated as the unpaid principal balance plus the unpaid principal balance of any equity lines of credit that share common collateral 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. (3) 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.

47 [E/O] BOWNE OF PALO ALTO 21-APR :23:49.00 CRC: Validation: Y BSF F / Wells Fargo & Company and Subsidiaries HOME EQUITY PORTFOLIOS (1) % of loans two payments Loss rate (annualized) Outstanding balances or more past due Quarter ended Mar. 31, Dec. 31, Mar. 31, Dec. 31, Mar. 31, Dec. 31, (in millions) Core portfolio (2) California $ 29,335 30, % Florida 12,923 12, New Jersey 9,033 8, Virginia 6,023 5, Pennsylvania 5,629 5, Other 54,491 53, Total 117, , Liquidating portfolio 3.90 California 3,022 3, Florida Arizona Texas Minnesota Other 4,179 4, Total 8,019 8, Total core and liquidating portfolios $ 125, , ] BOWNE OF PALO ALTO 21-APR :23:49.00 CRC: Validation: YBSF F /3 (1) Consists of real estate 1-4 family junior lien mortgages and lines of credit secured by real estate from all groups, excluding PCI loans. (2) Includes equity lines of credit and closed-end second liens associated with the Pick-a-Pay portfolio totaling $1.8 billion at March 31, 2010, and December 31, 2009.

48 [E/O] BOWNE OF PALO ALTO 21-APR :23:49.00 CRC: Validation: Y BSF F / Wells Fargo & Company and Subsidiaries FIVE QUARTER CHANGES IN THE ALLOWANCE FOR CREDIT LOSSES Quarter ended Mar. 31, Dec. 31, Sept. 30, June 30, Mar. 31, (in millions) Balance, beginning of quarter $ 25,031 24,528 23,530 22,846 21,711 Provision for credit losses 5,330 5,913 6,111 5,086 4,558 Adjustment for passage of time on certain impaired loans (1) (74) Loan charge-offs: Commercial and commercial real estate: Commercial (767) (1,028) (986) (755) (596) Real estate mortgage (337) (360) (215) (152) (31) Real estate construction (349) (380) (254) (236) (105) Lease financing (34) (56) (88) (65) (20) Total commercial and commercial real estate (1,487) (1,824) (1,543) (1,208) (752) Consumer: Real estate 1-4 family first mortgage (1,397) (1,089) (1,015) (790) (424) Real estate 1-4 family junior lien mortgage (1,496) (1,384) (1,340) (1,215) (873) Credit card (696) (683) (691) (712) (622) Other revolving credit and installment (750) (861) (860) (802) (900) Total consumer (4,339) (4,017) (3,906) (3,519) (2,819) Foreign (47) (56) (71) (56) (54) Total loan charge-offs (5,873) (5,897) (5,520) (4,783) (3,625) Loan recoveries: Commercial and commercial real estate: Commercial Real estate mortgage Real estate construction Lease financing Total commercial and commercial real estate Consumer: Real estate 1-4 family first mortgage Real estate 1-4 family junior lien mortgage Credit card Other revolving credit and installment Total consumer Foreign Total loan recoveries Net loan charge-offs (5,330) (5,413) (5,111) (4,386) (3,258) Allowances related to business combinations/other (2) (16) (165) Balance, end of quarter $ 25,656 25,031 24,528 23,530 22,846 Components: Allowance for loan losses $ 25,123 24,516 24,028 23,035 22,281 Reserve for unfunded credit commitments Allowance for credit losses $ 25,656 25,031 24,528 23,530 22,846 Net loan charge-offs (annualized) as a percentage of average total loans 2.71 % Allowance for loan losses as a percentage of: Total loans Nonaccrual loans Nonaccrual loans and other nonperforming assets Allowance for credit losses as a percentage of: Total loans Nonaccrual loans Nonaccrual loans and other nonperforming assets ] BOWNE OF PALO ALTO 21-APR :23:49.00 CRC: Validation: YBSF F /3 (1) Certain impaired loans have a valuation allowance determined by discounting expected cash flows at the respective loan s effective interest rate. Accordingly, the valuation allowance for these impaired loans reduces with the passage of time and that reduction is recognized as interest income.

49 [E/O] BOWNE OF PALO ALTO 21-APR :23:49.00 CRC: Validation: Y BSF F / Wells Fargo & Company and Subsidiaries CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN TOTAL EQUITY Quarter ended March 31, (in millions) Balance, beginning of quarter (1) $ 114, ,316 Cumulative effect from change in accounting for VIEs (2) Wells Fargo net income 2,547 3,045 Wells Fargo other comprehensive income (loss), net of tax, related to: Translation adjustments 5 (18) Investment securities (3): Unrealized losses related to factors other than credit (39) (210) All other 1,023 3,473 Derivative instruments and hedging activities 73 (16) Defined benefit pension plans Common stock issued Common stock repurchased (38) (54) Preferred stock discount accretion - 98 Preferred stock released to ESOP Common stock dividends (260) (1,443) Preferred stock dividends, accretion and other (175) (661) Noncontrolling interests and other, net (213) (85) Balance, end of quarter $ 118, ,057 ] BOWNE OF PALO ALTO 21-APR :23:49.00 CRC: Validation: YBSF F /5 (1) The impact of adopting new accounting provisions for recording other-than-temporary impairment on debt securities as prescribed in ASC , Investments Debt and Equity Securities (FASB Staff Position (FSP) FAS and FAS 124-2, Recognition and Presentation of Other-Than-Temporary Impairments), was to increase the 2009 beginning balance of retained earnings and reduce the 2009 beginning balance of other comprehensive income by $85 million ($53 million after tax). (2) Effective January 1, 2010, we adopted changes in consolidation accounting pursuant to amendments by ASU to ASC 810 (FAS 167) and, accordingly, consolidated certain VIEs that were not included in our consolidated financial statements at December 31, We recorded a $183 million increase to beginning retained earnings as a cumulative effect adjustment. (3) On March 31, 2009, we early adopted new fair value measurement provisions contained in ASC , Fair Value Measurements and Disclosures (FSP FAS 157-4, Determining Fair Value When the Volume and Level of Activity for the Asset or Liability Have Significantly Decreased and Identifying Transactions That Are Not Orderly). This guidance addresses determining fair values for securities in circumstances where the market for such securities is illiquid and transactions involve distressed sales. In such circumstances, ASC permits use of other inputs in estimating fair value that may include pricing models.

50 [E/O] BOWNE OF PALO ALTO 21-APR :23:49.00 CRC: Validation: Y BSF F /5 Wells Fargo & Company and Subsidiaries TIER 1 COMMON EQUITY (1) Quarter ended Mar. 31, Dec. 31, (in billions) Total equity $ Less: Noncontrolling interests (2.0) (2.6) Total Wells Fargo stockholders equity Less: Preferred equity (8.1) (8.1) Goodwill and intangible assets (other than MSRs) (37.2) (37.7) Applicable deferred tax assets Deferred tax asset limitation - (1.0) MSRs over specified limitations (1.5) (1.6) Cumulative other comprehensive income (4.1) (3.0) Other (0.3) (0.2) Tier 1 common equity (A) $ Total risk-weighted assets (2) (B) $ ,013.6 Tier 1 common equity to total risk-weighted assets (A)/(B) 7.10 % 6.46 ] BOWNE OF PALO ALTO 21-APR :23:49.00 CRC: Validation: YBSF F /5 (1) Tier 1 common equity is a non-gaap financial measure that is used by investors, analysts and bank regulatory agencies, including the Federal Reserve in the Supervisory Capital Assessment Program, to assess the capital position of financial services companies. Tier 1 common equity includes total Wells Fargo stockholders equity, less preferred equity, goodwill and intangible assets (excluding MSRs), net of related deferred taxes, adjusted for specified Tier 1 regulatory capital limitations covering deferred taxes, MSRs, and cumulative other comprehensive income. 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 March 31, 2010, preliminary risk-weighted assets reflect estimated on-balance sheet risk-weighted assets of $817.0 billion and derivative and off-balance sheet risk-weighted assets of $170.7 billion.

51 [E/O] BOWNE OF PALO ALTO 21-APR :23:49.00 CRC: 8463 Validation: Y BSF F /5 Wells Fargo & Company and Subsidiaries FIVE QUARTER OPERATING SEGMENT RESULTS(1) Quarter ended Mar. 31, Dec. 31, Sept. 30, June 30, Mar. 31, (income/expense in millions, average balances in billions) COMMUNITY BANKING Net interest income (2) $ 8,307 8,537 8,841 8,953 8,667 Provision for credit losses 4,530 4,952 4,635 4,303 4,020 Noninterest income 5,755 7,043 6,709 6,285 5,727 Noninterest expense 7,230 7,676 7,034 7,922 7,410 Income before income tax expense 2,302 2,952 3,881 3,013 2,964 Income tax expense , Net income before noncontrolling interests 1,503 2,347 2,792 2,164 2,007 Less: Net income from noncontrolling interests Segment net income $ 1,455 2,197 2,736 2,091 1,946 Average loans $ Average assets Average core deposits ] BOWNE OF PALO ALTO 21-APR :23:49.00 CRC: 8463 Validation: YBSF F /5 WHOLESALE BANKING Net interest income (2) $ 2,500 2,681 2,535 2,460 2,343 Provision for credit losses , Noninterest income 2,825 2,574 2,399 2,775 2,550 Noninterest expense 2,660 2,703 2,647 2,802 2,533 Income before income tax expense 1,866 1, ,695 1,817 Income tax expense Net income before noncontrolling interests 1,200 1, ,076 1,176 Less: Net income from noncontrolling interests Segment net income $ 1,197 1, ,069 1,171 Average loans $ Average assets Average core deposits WEALTH, BROKERAGE AND RETIREMENT Net interest income (2) $ Provision for credit losses Noninterest income 2,246 2,105 2,188 2,187 1,878 Noninterest expense 2,390 2,558 2,333 2,300 2,235 Income before income tax expense (benefit) Income tax expense (benefit) 173 (10) Net income before noncontrolling interests Less: Net income (loss) from noncontrolling interests (3) (22) Segment net income (loss) $ 282 (16) Average loans $ Average assets Average core deposits OTHER (3) Net interest income (2) $ (324) (267) (272) (286) (275) Provision for credit losses (62) (87) (125) (66) (28) Noninterest income (525) (526) (514) (504) (514) Noninterest expense (163) (116) (330) (327) (360) Loss before income tax benefit (624) (590) (331) (397) (401) Income tax benefit (237) (224) (125) (151) (153) Net loss before noncontrolling interests (387) (366) (206) (246) (248) Less: Net income from noncontrolling interests Other net loss $ (387) (366) (206) (246) (248) Average loans $ (33.8) (34.7) (35.4) (36.3) (37.0) Average assets (58.0) (61.5) (57.0) (53.8) (46.7) Average core deposits (55.0) (58.5) (54.0) (50.8) (43.5) CONSOLIDATED COMPANY Net interest income (2) $ 11,147 11,500 11,684 11,764 11,376 Provision for credit losses 5,330 5,913 6,111 5,086 4,558 Noninterest income 10,301 11,196 10,782 10,743 9,641 Noninterest expense 12,117 12,821 11,684 12,697 11,818 Income before income tax expense 4,001 3,962 4,671 4,724 4,641 Income tax expense 1, ,355 1,475 1,552 Net income before noncontrolling interests 2,600 3,013 3,316 3,249 3,089 Less: Net income from noncontrolling interests Wells Fargo net income $ 2,547 2,823 3,235 3,172 3,045 Average loans $ Average assets 1, , , , ,289.7 Average core deposits (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 2010, we conformed certain funding and allocation methodologies of legacy Wachovia to those of Wells Fargo; in addition, amounts remaining in Other related to integration expense were revised to reflect only integration expense related to the Wachovia merger. Prior periods have been revised to reflect both changes. (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 Wachovia integration expenses and the elimination of items that are included in both Community Banking and Wealth, Brokerage and Retirement, largely representing wealth management customers serviced and products sold in the stores.

52 [E/O] BOWNE OF PALO ALTO 21-APR :23:49.00 CRC: Validation: Y BSF F /3 Wells Fargo & Company and Subsidiaries FIVE QUARTER CONSOLIDATED MORTGAGE SERVICING Quarter ended Mar. 31, Dec. 31, Sept. 30, June 30, Mar. 31, (in millions) Residential MSRs measured using the fair value method: Fair value, beginning of quarter $ 16,004 14,500 15,690 12,391 14,714 Adjustments from adoption of ASU (FAS 167) (118) Acquired from Wachovia (1) Servicing from securitizations or asset transfers 1,054 1,181 1,517 2,081 1,447 Net additions 936 1,181 1,517 2,081 1,481 Changes in fair value: Due to changes in valuation model inputs or assumptions (2) (777) 1,052 (2,078) 2,316 (2,824) Other changes in fair value (3) (619) (729) (629) (1,098) (980) Total changes in fair value (1,396) 323 (2,707) 1,218 (3,804) Fair value, end of quarter $ 15,544 16,004 14,500 15,690 12,391 ] BOWNE OF PALO ALTO 21-APR :23:49.00 CRC: Validation: YBSF F /3 (1) First quarter 2009 results reflect refinements to initial purchase accounting adjustments. (2) Principally reflects changes in discount rates and prepayment speed assumptions, mostly due to changes in interest rates. (3) Represents changes due to collection/realization of expected cash flows over time. Quarter ended Mar. 31, Dec. 31, Sept. 30, June 30, Mar. 31, (in millions) Amortized MSRs: Balance, beginning of quarter $ 1,119 1,162 1,205 1,257 1,446 Adjustments from adoption of ASU (FAS 167) (5) Purchases Acquired from Wachovia (1) (8) (127) Servicing from securitizations or asset transfers Amortization (57) (62) (64) (68) (70) Balance, end of quarter (2) $ 1,069 1,119 1,162 1,205 1,257 Fair value of amortized MSRs: Beginning of quarter $ 1,261 1,277 1,311 1,392 1,555 End of quarter 1,283 1,261 1,277 1,311 1,392 (1) 2009 periods reflect refinements to initial purchase accounting adjustments. (2) There was no valuation allowance recorded for the periods presented.

53 [E/O] BOWNE OF PALO ALTO 21-APR :23:49.00 CRC: Validation: Y BSF F / Wells Fargo & Company and Subsidiaries FIVE QUARTER CONSOLIDATED MORTGAGE SERVICING (CONTINUED) Quarter ended Mar. 31, Dec. 31, Sept. 30, June 30, Mar. 31, (in millions) Servicing income, net: Servicing fees (1) $ 1,053 1,059 1, ,081 Changes in fair value of residential MSRs: Due to changes in valuation model inputs or assumptions (2) (777) 1,052 (2,078) 2,316 (2,824) Other changes in fair value (3) (619) (729) (629) (1,098) (980) Total changes in fair value of residential MSRs (1,396) 323 (2,707) 1,218 (3,804) Amortization (57) (62) (64) (68) (70) Net derivative gains (losses) from economic hedges (4) 1, ,605 (1,285) 3,699 Total servicing income, net $ 1,366 2,150 1, Market-related valuation changes to MSRs and economic hedges (2)+ (4) $ 989 1,882 1,527 1, ] BOWNE OF PALO ALTO 21-APR :23:49.00 CRC: Validation: YBSF F /3 (1) Includes contractually specified servicing fees, late charges and other ancillary revenues amounts have been revised to conform to current presentation. (2) Principally reflects changes in discount rates and prepayment speed assumptions, mostly due to changes in interest rates. (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. Mar. 31, Dec. 31, Sept. 30, June 30, Mar. 31, (in billions) Managed servicing portfolio (1): Residential mortgage servicing: Serviced for others $ 1,417 1,422 1,419 1,394 1,379 Owned loans serviced Subservicing Total residential servicing 1,798 1,796 1,795 1,783 1,769 Commercial mortgage servicing: Serviced for others Owned loans serviced Subservicing Total commercial servicing Total managed servicing portfolio $ 2,362 2,365 2,366 2,367 2,358 Total serviced for others $ 1,866 1,876 1,877 1,864 1,853 Ratio of MSRs to related loans serviced for others 0.89 % Weighted-average note rate (mortgage loans serviced for others) (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.

54 [E/O] BOWNE OF PALO ALTO 21-APR :23:49.00 CRC: Validation: Y BSF F / Wells Fargo & Company and Subsidiaries SELECTED FIVE QUARTER RESIDENTIAL MORTGAGE PRODUCTION DATA Quarter ended Mar. 31, Dec. 31, Sept. 30, June 30, Mar. 31, (in billions) Application data: Wells Fargo Home Mortgage first mortgage quarterly applications $ Refinances as a percentage of applications 61 % Wells Fargo Home Mortgage first mortgage unclosed pipeline, at quarter end $ ] BOWNE OF PALO ALTO 21-APR :23:49.00 CRC: Validation: YBSF F /3 Quarter ended Mar. 31, Dec. 31, Sept. 30, June 30, Mar. 31, (in billions) Residential Real Estate Originations: Wells Fargo Home Mortgage first mortgage loans: Retail $ Correspondent/Wholesale Other (1) Total quarter-to-date $ Total year-to-date $ (1) Consists of home equity loans and lines and Wells Fargo Financial. CHANGES IN RESERVE FOR MORTGAGE LOAN REPURCHASE LOSSES Quarter ended Year ended Mar. 31, Dec. 31, (in millions) Balance, beginning of period $ 1, (1) Additions: Loan sales Change in estimate - primarily due to credit deterioration Total additions Losses (172) (514) Balance, end of period $ 1,263 1,033 (1) Reflects purchase accounting refinements.

55 * BOWNE OF PALO ALTO 21-APR :23:49.00 CRC: * Validation: * Lines: * BSF * DOCHDR 3 */* <DOCUMENT> <TYPE> EX-99.2 <FILENAME> f55553exv99w2.htm <DESCRIPTION> EX-99.2 <TEXT>

56 1Q10 Quarter ly Suppl em ent April 21, 2010 [E/O] BOWNE OF PALO ALTO 21-APR :23:49.00 CRC: Validation: Y BSF F /3 Exhibit 99.2 ] BOWNE OF PALO ALTO 21-APR :23:49.00 CRC: Validation: YBSF F /3

57 Forwar d -looking statements and additio nal infor mation F orward -looking statements: T his Quar terly Supplement cont ai ns f orwar d- looking statements about our futu re financial p er for mance. These forwar d- looking statements include statements using word s such as "believe," "ex pect,""anticipate," "estim ate," "should," "may," "can," "will," "outlook," "appears" or si milar expr essions. For ward- looking statements in thi s Quar terly S upplement inclu de, am ong others, statements about: expected or estim at ed futur e losses in our loan portf olios, includi ng our b el ief that quar terly pr ovision expense and quarter ly total cr edi t losses have peaked an d are expected to decline; the f uture economi c env ironment ; reduction or mit igation of risk in our loan por tfol ios; potential sales of loan portfoli os; future effects of loan m odificati on programs; life-of-loan loss estimates; fut ure recast risk in th e P ick -a-pay port folio; an d the amount and t iming of expected co st savings and integr ation expenses r el at ing to th e Wachovia m er ger. I nvesto rs ar e urged to not unduly rely on f orward - looking statements as actual r esul ts coul d diff er materi al ly fr om expectations. For ward- looking statements speak o nly as o f the date made, and we do no t undertake to u pdate them to r eflect changes o r events that occur after t hat date. For more inf orm at ion about f acto rs that could cause actual resul ts t o diff er materi al ly fr om expectations, ref er to pages of Wells Far go's pr ess release anno uncing our first quar ter r esults, as well as Wells Far go's r eports fil ed with the S ecur ities and Exchange Comm ission, i ncl uding our Annual Report o n For m 10 -K for t he year ended Decem ber 31, 200 9, including t he discussion under "Risk Factor s" in th at report. Purchased credit -impaired lo an portf olio: L oans that were acquired f rom Wachovi a t hat were considered credit impaired wer e written do wn at acq uisi tion date in pu rchase accounting to an amount estimated to be co llectible in accordance with FASB ASC (formerl y SOP 0 3-3), and the related allowance for loan losses was no t carried over to Wells Fargo 's allowance. In add ition, such purchased credit -impaired lo ans are not classified as nonaccrual or nonperf orm ing, and are not included in loans that wer e con tractually 90+ days past due and stil l accr uing. Any l osses o n such l oan s are char ged ag ai nst t he nonaccr etable diff erence establi shed in purchase accounti ng and are not r eported as charge -offs (u ntil s uch diff erence is fully utilized). As a res ult of acco unting f or pur chas ed loans with evi den ce of credit deter ioratio n, certain ratio s of the combined comp any are not comparab le to a portfolio t hat does no t include purch ased credit -impaired lo ans accounted f or under FASB ASC In cert ai n cases, the purchased credit -impaired lo ans may af fect port folio cr edit rati os and t rends. Management b el ieves that t he presen tation of information adjusted to exclu de t he purchased credit -impaired lo ans provides usef ul disclosu re regardi ng the credit q uality of the non -impaired lo an portf olio. Accord ingly, certain of the loan b al ances and credit ratios in this Quart erly Su pplement have been adjusted to exclude the purchased credi t-impaired lo ans. References in this Quart erly Su pplement to i mpaired loans mean the purchased credi t-impaired lo ans. P lease see pages of the press release for add itional inform at ion regarding the purchased credit -impaired lo ans. [E/O] BOWNE OF PALO ALTO 21-APR :23:49.00 CRC: Validation: Y BSF F /2 ] BOWNE OF PALO ALTO 21-APR :23:49.00 CRC: Validation: YBSF F /2

58 Table of Con tents 1 Q10 Results 1Q10 Ov er view Page 3 1Q10 Over view: S trong earn ings 4 Str ong operatin g margins 5 Capital strengt h 6 Building the franchise 7 Retail bank sales and cr oss -sell m et rics 8 Loans outstanding 9 Con sumer loan por tfoli o risk reducti on 10 T otal core deposits 11 Nonint er est expense 12 Commu nity Banking 13 Who lesale Banking 14 Wealth, Br okerage and Retirement 15 FAS 167 period - end impact 16 Provi sion exp en se 17 Quar terly to tal credit losses 18 Consumer delinquency tr en ds Nonaccrual loan growth decelerating 2 1 PCI loan p ortfolio 22 Al lowance for cred it losses 23 Wachovia mer ger update 24 Appendi x Pages FAS 1 67 adoption 26 PCI loan po rtfo lio update: Non accretabl e d iff. 27 1Q10 PCI nonaccr etable diff erence 28 1Q10 P CI accr etable yield 29 1Q1 0 Cr edit qualit y highli ghts 30 Nonperf ormin g assets 3 1 Nonaccr ual loans 32 Net loan char ge- offs 33 Comm er cial real estate loan port folio 34 CRE loan por tfoli o by business gr oup 35 CRE por tfo lio: Pr operty type by business gr oup 36 Wholesale Ban king CRE loan po rtfo lio 37 P ick-a-pay mort gage portf olio 38 P ick -a-pay credit hi ghlights 39 P ick -a-pay: Curr en t- 30 DPD r oll rates 40 Pi ck -a- Pay nonaccrual loan com posit ion 41 P ick-a-pay loan modi fications 42 Real estate 1-4 family first mo rtgage por tfoli o 43 Home equity portf olio 44 Cr ed it card por tfoli o 45 Auto po rtfo lio 46 T ier 1 comm on equity r eco nci liation 47 Tangible com mon equity r eco nciliation 48 [E/O] BOWNE OF PALO ALTO 21-APR :23:49.00 CRC: Validation: Y BSF F /2 ] BOWNE OF PALO ALTO 21-APR :23:49.00 CRC: Validation: YBSF F /2

59 1Q10 Overview S trong, broad -based earning s Net in com e of $2.5 b illion, E PS of $0.45 /shar e, af ter mer ger -related expense of $247 mi llion af ter -tax ($0.05/ shar e) ; all business segments contri buted to earni ngs Cont inuing to b uild the f ranchise for l ong -term pr ofitabil ity Revenue of $21.4 billion, up 2% f rom 1Q09, on stron g growth in trust and i nvestm ent fees, i nsur ance, deb it cards, asset based lending, and pr ocessing and other fees Cr edit believed to h ave "tur ned the corner " P rovision expense and net charge -offs down i n 1Q10 E ar ly stage delinquencies co ntinued to declin e acr oss most major consu mer por tfoli os Non accru al inflows declined in 1Q10 on declines in non -FAS 167 con sumer real estate inflows and lower commercial and com mercial real estate inf lows; CRE infl ows do wn 27% Conti nued to supply credi t to the economy and working to keep homeowners in t hei r homes $128 bi llion new credi t sup plied, over 5 20,000 (1 ) active tr ial and completed mod ifications Continu ed to build capital 7.1% T ier 1 com mon rati o (2) up 60 bps in the quar ter, all i nternally gener at ed 10.0% T ier 1 risk -based capital r at io up 70 bps in t he quarter, all internall y generated Mar ch 31, 2010 capit al ratios are pr el iminary. (1) Act ive trial and com pleted modif ications between January 2009 thr ough March 31, (2) S ee table on page 47 fo r mor e infor mation on T ier 1 co mmon equity. [E/O] BOWNE OF PALO ALTO 21-APR :23:49.00 CRC: Validation: Y BSF F /2 ] BOWNE OF PALO ALTO 21-APR :23:49.00 CRC: Validation: YBSF F /2

60 1Q10 Overview: S tron g ear nings All business segments (2) contri buted to 1Q10 ear nings Co mmunity Banki ng = $1,45 5 milli on Wholesale Banking = $1,197 m illion Wealth, Br okerage and Retirement = $282 m illion ( 1) I ncluded $1.9 bi llion upo n redemptio n of T ARP pref er red stock in 4Q0 9. (2) Segment net i ncome excl udes Oth er net loss of $387 m illion in the quarter, which includes Wachovia integr ation expenses and the eli mination of items that are in cl uded in both Com munity Banking and Wealt h, Br okerage and Retir em en t relating p rimar ily to wealth m anag em en t custo mers ser viced, an d products sold, in t he stor es. [E/O] BOWNE OF PALO ALTO 21-APR :23:49.00 CRC: 536 Validation: Y BSF F /2 ] BOWNE OF PALO ALTO 21-APR :23:49.00 CRC: 536 Validation: YBSF F /2

61 Stron g operating m argins (1) See table on page 48 f or m ore inf ormation on tangible comm on equity. [E/O] BOWNE OF PALO ALTO 21-APR :23:49.00 CRC: 103 Validation: Y BSF F /2 ] BOWNE OF PALO ALTO 21-APR :23:49.00 CRC: 103 Validation: YBSF F /2

62 Capit al str ength ($ in billi ons) 60 bps increase in Ti er 1 common ratio in 1Q10, all inter nally generated Capital r atios now exceed str ong pr e- Wachovi a, p re-tarp levels Adopti on of F AS 167 in cr eased commo n equity by $3 56 milli on: $183 m illion du e t o an increase t o retained earni ngs and $ 173 milli on due to an incr ease to oth er comprehensive income I ncreased RWA by $6.4 billion on 1/1/201 0 Less t han 1 bp impact on Tier 1 common r at io Allowance for credit l osses o f $25.7 b illion; in addition, $19.9 bill ion nonaccretable difference remain ing to cover PCI portfoli os 3/ 31/2010 capital r atios are preli minary. ( 1) S ee t abl e on page 47 for more i nform ation on T ier 1 com mon equity. [E/O] BOWNE OF PALO ALTO 21-APR :23:49.00 CRC: 2186 Validation: Y BSF F /2 ] BOWNE OF PALO ALTO 21-APR :23:49.00 CRC: 2186 Validation: YBSF F /2

63 Bui lding the f ranchis e ($ in m illions ) Revenue up 2% fr om 1Q09, d es pite a 7% decline in average loans, on gr owth in t rus t and investment f ees, insurance, debit car ds, asset based lendin g, and processin g and other f ees NI M up 1 1 bps on 14% g rowth i n ch ecki ng and savi ngs Non interest income up 7% fr om 1Q09 l ar gely on gr owth in l eg acy Wells Far go and Wachovia retail b an k cr oss-sell and br oad -based revenue in cr eases including synerg ies f rom th e m erger Revenue +2% Reven ue per $ Assets 12 bps [E/O] BOWNE OF PALO ALTO 21-APR :23:49.00 CRC: Validation: Y BSF F /2 ] BOWNE OF PALO ALTO 21-APR :23:49.00 CRC: Validation: YBSF F /2

64 Retail b an k sales and cross- sell m et rics Legacy Wells Fargo Cor e Prod uct Soluti ons L egacy Wells Fargo Retail Bank Cross-sell per househ old Wachovia Ret ai l Ban k Cr oss-sell per househ old Recor d legacy Wells Fargo cor e product solut ions an d retail bank cr oss -sell S trong double -digit gr owth in Wachovia pl at form banker pr oductivity f rom 4Q09 (in million s) [E/O] BOWNE OF PALO ALTO 21-APR :23:49.00 CRC: Validation: Y BSF F /2 ] BOWNE OF PALO ALTO 21-APR :23:49.00 CRC: Validation: YBSF F /2

65 Loans outstanding 1Q10 en ding loan balances included $23.4 b illion i n FAS 16 7 consol idated loans Con tinued to r educe h igher r isk/ non - str ategic consum er por tfolio s in t he quarter ( acco unts for o ne-third o f the decline in l oan balances fr om 1Q09) Lo an growth i n auto dealer services (up 41% annualized linked q uar ter) and st udent lending ( up 13% annualized linked quar ter) ($ in bi llions) ( $ in bill ions) Average L oans [E/O] BOWNE OF PALO ALTO 21-APR :23:49.00 CRC: Validation: Y BSF F /2 ] BOWNE OF PALO ALTO 21-APR :23:49.00 CRC: Validation: YBSF F /2

66 Consumer loan port folio risk reduction Non -str ategic loan port folio con tinued to decline as expected fr om paydowns, net charge -offs and sales Consumer n on- str ategic loans outst an ding down $4.3 billion from 4Q09 and $23.2 billion since 4Q08 Ad ditional opp ortuni ties t o reduce risk pur sued S ales of noncore, non -relationship loans L oan modif icat ions Shor t sales in advance of f oreclosure pr ocess (1) Net of pur chase accounting adj ustm en ts r elated to the P CI loans an d, for other loans, an adjustment t o mark th e l oan s to a m ar ket yield at d at e o f merger and less any subseq uent charge -offs. [E/O] BOWNE OF PALO ALTO 21-APR :23:49.00 CRC: Validation: Y BSF F /2 ] BOWNE OF PALO ALTO 21-APR :23:49.00 CRC: Validation: YBSF F /2

67 Total cor e dep osit s P er iod -end ch eckin g and savin gs deposits up $68.5 billion, or 12%, fr om 1Q09 L ower r ate ch eckin g and savin gs deposits account fo r 88% of core depo sits at 1Q10, up fr om 79% at 1Q09 $3 bil lion of Wachovi a's higher rate CDs m at ured in 1Q1 0 with better - than- exp ected r etention Combi ned Regio nal Bank ing net checking accounts up Consumer checking accounts up a net 7.0% YoY Califor nia consumer checking accounts up a net 9.6% YoY New Jer sey con sumer checki ng accou nts u p a net 8.1% Yo Y Period -end balances. Core deposits are nonin terest -bear ing deposits, interest -bear ing checking, savings cer tif icat es, mar ket rate and other saving s, and cert ai n for ei gn deposits (Eu rodoll ar sweep balances). ( $ in billi ons) [E/O] BOWNE OF PALO ALTO 21-APR :23:49.00 CRC: Validation: Y BSF F /2 ] BOWNE OF PALO ALTO 21-APR :23:49.00 CRC: Validation: YBSF F /2

68 Noninterest expense Cr edit resolutio n costs (f oreclosed asset expense, co llections and workout personnel expense, and loan resolution costs) in 1Q10 were appro ximately $250 million higher th an 1 Q09 We co ntinued to i nvest i n our businesses for long t er m gro wth Regional Banking platf orm ban ker FT Es in th e E ast up mor e t han 300, or 4%, since 4Q09 Convert ed 1,225 AT Ms to E nvelope Fr ees M webat M machines Opened 11 banking stor es Over 2 00 retail br okerage fi nancial advisor new hir es in 1 Q10 Commercial Banking East and Governm en t and Institut ional Banking hir ing ( 88 hired ov er past year ) Mort gag e sales an d fulf illment and relationship m anagement tools and technology I ntegratio n costs expected to be appr oximately $2 billion i n 2010; 70% of targeted consolidated savings realized in expense run -rate ($ in millio ns) 12,117 11,81 8 (1) Includes $77 mil lion Wachovia and $128 million other int eg ration expense. (1) [E/O] BOWNE OF PALO ALTO 21-APR :23:49.00 CRC: Validation: Y BSF F /2 ] BOWNE OF PALO ALTO 21-APR :23:49.00 CRC: Validation: YBSF F /2

69 Com munity Banking Stro ng combined net checking g ai ns Consumer checking up a net 7.0% from 1Q09 Busi ness check ing up a net 4.5% fr om 1Q09 Record l eg acy Wells Far go core pr oduct solutions and r et ai l bank cross- sell L egacy Wel ls F argo store -based business soluti ons up 6% f rom 1Q0 9 Wachov ia Platfo rm banker FTE s in the E ast up over 300 since 4Q09 S trong do uble- digit gr owth in pl at form banker pr oductivity from 4Q09 L egacy Wells Far go business banking househol d cross- sell of 3.79 pr oducts per household Managed residential mor tgage ser vicing up 2 % fr om 1Q09 = $1.8 tr illio n Mor tgage application p ipeline up 4% fr om 4Q09 I n fir st quarter 20 10, we confor med cer tain f unding and allo cati on methodolo gies of legacy Wacho via to those of Wells Far go. In addi tion, int eg ration expenses r elated to all mer gers other th an the Wacho via merger ar e now included in segment r esul ts. P rior periods have been revised to r eflect both changes. [E/O] BOWNE OF PALO ALTO 21-APR :23:49.00 CRC: Validation: Y BSF F /2 ] BOWNE OF PALO ALTO 21-APR :23:49.00 CRC: Validation: YBSF F /2

70 Wh olesale Banking Div er si fied business m odel generated fee and deposit gr owth, of fsetting decline in loans o utst an ding; r evenue up 9% f rom 1Q0 9 Non -interest bearing deposits up 13% fr om 1Q09 o n growth in Commercial Banking, Government and Instituti onal Bank ing and Global F inancial Institu tions & T rade Servi ces Wells Capi tal Finance (asset - based lending ) revenues up 35% fr om 1Q09 due to impro ved econo my and merger syn er gies; national platf orm fully i ntegrated Wachovia I nternational o ffices rebr an ded to Wells Fargo $4 65 billi on AUM in Asset Management Grou p In f irst quarter 2010, we conf ormed certain funding an d allocation metho dologies of legacy Wachovia to t hose of Wells Fargo. I n addition, integratio n expenses related to all mergers other than the Wachovia merg er are now inclu ded in segm ent results. Pr ior per iods hav e b een r evised t o refl ect b oth changes. [E/O] BOWNE OF PALO ALTO 21-APR :23:49.00 CRC: Validation: Y BSF F /2 ] BOWNE OF PALO ALTO 21-APR :23:49.00 CRC: Validation: YBSF F /2

71 Wealth, Br okerage and Retirement $1.1 tr illion r etail bro ker age client assets, up 22% fro m 1Q09 Revenue up 10% fro m 4Q09 and up 1 6% f rom 1Q09 on asset based fees and in cr eased br okerage transaction activit y Weal th, Brokerage and Retir ement client assets up 21% fr om 1Q09 Managed accou nt assets up 47% from 1Q09 on the m ar ket recovery an d str ong net f lows Solid f inancial advisor r ecr uitin g during the quarter, as br okers who have joined th e f irm were two tim es mor e producti ve than those who have left t he firm Institut ional retir ement plan assets up 35% fr om 1Q09 on the market r eco ver y and new business gains In fir st qu ar ter 2010, we co nform ed cer tain fu nding and allocation methodologi es of legacy Wachov ia to those of Wells Far go. In addi tion, integr ation expenses r elated to all mer gers other than t he Wachovi a merger ar e n ow included in segment r esult s. P rior periods have been revised to r ef lect both changes. [E/O] BOWNE OF PALO ALTO 21-APR :23:49.00 CRC: Validation: Y BSF F /2 ] BOWNE OF PALO ALTO 21-APR :23:49.00 CRC: Validation: YBSF F /2

72 FAS 167 per iod -end ef fect on lo ans and credi t perfo rmance (1) Perio d -end loans d o not include r elated allowance for cr edit losses and VI E loans that wer e consoli dat ed prior to FAS 167 adoptio n. [E/O] BOWNE OF PALO ALTO 21-APR :23:49.00 CRC: Validation: Y BSF F /2 ] BOWNE OF PALO ALTO 21-APR :23:49.00 CRC: Validation: YBSF F /2

73 Provi sion exp en se believed to h av e peaked ( $ in mil lions) T otal Pr ovision E xpense 5,913 6,111 5,086 4,558 Pr ovision expense d ecli ned $781 mil lion fr om 3Q09, and decl ined $583 mi llion f rom 4Q0 9 an d is cur rently ex pect ed t o decline over th e b al ance of 2010 Net charge - offs believed to h av e peaked in 4Q09 1Q10 charge- offs included $ 145 mill ion related to newl y issued r egulatory char ge- off g uidance app licable to collateral - dep en den t residential r eal estate loan mod ifications and $123 million from FAS 1 67 consol idated loans 5, FAS 1 67 Collateral- dep end ent modif ied loans [E/O] BOWNE OF PALO ALTO 21-APR :23:49.00 CRC: Validation: Y BSF F /2 ] BOWNE OF PALO ALTO 21-APR :23:49.00 CRC: Validation: YBSF F /2

74 Quar terly total credit l osses bel ieved to have peaked in 4Q09 Comm er cial and commer ci al real est at e l osses d ecli ned $356 mil lion with decreases in all loan categories All other consumer l osses were relatively flat [E/O] BOWNE OF PALO ALTO 21-APR :23:49.00 CRC: Validation: Y BSF F /2 ] BOWNE OF PALO ALTO 21-APR :23:49.00 CRC: Validation: YBSF F /2

75 19 Consum er delinquency tr ends improv ing in majo r consumer loan categor ies P CI adjustment on t he Wachovi a p ortf olio [E/O] BOWNE OF PALO ALTO 21-APR :23:49.00 CRC: 3107 Validation: Y BSF F /2 ] BOWNE OF PALO ALTO 21-APR :23:49.00 CRC: 3107 Validation: YBSF F /2

76 Pick -a-pay non -impaired and P CI port folio s conti nued to perf orm b et ter than or iginal expectations Pi ck - a-pay Non- impaired ( Non- PCI) Cur rent T o 30 Days Pick- a-pay Impair ed (P CI ) Curr ent T o 30 Days Early stage delin quenci es contin ue to sh ow stabi lization Alth ough 150 plu s delin quents con tinue to incr ease as a r esult of f oreclosure mor at orium s and m odification progr am s, t he loans have been written down t o net realizable value or eval uated throug h the allowance for loan losses Roll rat es from current to 30 + DPD cont inued to imp rove in 1Q10 (See page 40) [E/O] BOWNE OF PALO ALTO 21-APR :23:49.00 CRC: Validation: Y BSF F /2 ] BOWNE OF PALO ALTO 21-APR :23:49.00 CRC: Validation: YBSF F /2

77 Nonaccrual loan gro wth decel erating Increase in n onaccruals d riven by consumer real est at e and com mercial real estate mortgage; all other consum er and commer ci al portf olios sh owed relatively f lat to declin ing NPL s New i nflows declined in 1Q1 0 Non -FAS 167 con sumer real estate inflows declined Total commercial and commercial real estate in flows declined CRE inflows down 27% Outfl ows t aki ng longer to be realized largely due to the need and desirabili ty to wor k thro ugh the consumer loan m odificati on process bef ore for eclosi ng and the potenti al econo mic benefits of working with our co mmercial customer s r at her than f oreclose Increasing percentage of nonaccr uals hav e h ad the loss content r ecognized Over 45% of com mercial and commer cial real estate nonaccr uals are current ly paying int erest that is ap plied to principal; 29% of com mercial and commercial real estate nonaccruals al ready writ ten down 37% of consumer nonaccr ual loans have al ready been writ ten down Appr oximately two - thirds of co nsum er nonaccrual loans either hav e h ad losses taken an d/or CLTV ^ 80% [E/O] BOWNE OF PALO ALTO 21-APR :23:49.00 CRC: Validation: Y BSF F /2 ] BOWNE OF PALO ALTO 21-APR :23:49.00 CRC: Validation: YBSF F /2

78 PCI loans in the aggregate con tinued to perform better th an original exp ectati ons (1) Release of the nonaccretable difference for payments in f ull incr eases i nterest income in t he p er iod of payment. Pi ck - a-pay and Other consumer PCI loans do not reflect non accr et abl e diff er ence r eleases due to pool accounti ng for those loans. (2) Release o f the nonaccretable di fference as a result of sales to third parties increases non interest income in t he period of the sal e. (3) Reclassification of nonaccretable difference for increased cash flo w estim at es to t he accretabl e y ield will result in increasing incom e and t hus t he rate of r eturn r ealized. Amounts reclassi fied to accretable yi el d are expect ed to be prob abl e of realizatio n. (4) Prov isio n for ad ditional lo sses reco rded as a charge to income, when it is estimated t hat the expected cash f lows f or a P CI loan or pool of loans have decreased sub sequent t o the acq uisi tion. The nonaccretable difference was established in purchase accounting for P CI loans to absorb losses expected at that t ime on those loans. Losses absorbed by the nonaccretable difference do not affect the income statement or the allowance for credit l osses. Un needed no naccret ab le difference is released to in co me or transferred to accretabl e y ield to be recogni zed i n future periods. Lo sses in curred or projected th at ex ceed the remaining non accretabl e d ifference result in est ab lish ing an allowance for losses with a loss provi sion that is ch ar ged to incom e. T he fol lowing tabl e analyzes the actual and pro ject ed loss results since acqu isit ion of Wachovi a t hrough March 31, [E/O] BOWNE OF PALO ALTO 21-APR :23:49.00 CRC: Validation: Y BSF F /2 ] BOWNE OF PALO ALTO 21-APR :23:49.00 CRC: Validation: YBSF F /2

79 Allowance for cr edit losses Allow ance f or credit losses of $25.7 billion up $3.9 bil lion fr om close of Wachovia mer ger; inclu des $594 million in reserves from FAS 1 67 consol idated loans 94% of nonaccrual loans 4.8x q uarterly net charge -offs Remaining $1 9.9 billio n nonaccretable difference for PCI lo an portfolios separat e from al lowance Allowance based on m an ag em ent 's estimate of i nherent losses in t he loan port folio at 3/31/10 Reflects est imated impact of recent regul at ory gui dance based on available inform at ion (1) Includes pur chased credit -impaired Wachovia lo ans of $58.2 bill ion in 1Q09, $55.2 bill ion in 2Q09, $54.3 bill ion in 3Q09, $51.7 bi llion in 4Q09, and $49.5 bi llion in 1Q10 and $247 m illion i n allowance associated with pur chased credi t- impaired lo ans in 1 Q10. Allowance for credit l oss es as a percentage of t otal loans (1) 3.20% 3.28% 3.0 7% 2.86% 2.71% ($ in millio ns) [E/O] BOWNE OF PALO ALTO 21-APR :23:49.00 CRC: Validation: Y BSF F /2 ] BOWNE OF PALO ALTO 21-APR :23:49.00 CRC: Validation: YBSF F /2

80 Wachovi a m er ger upd at e Deli vering on the promi se In itiative Or iginal E xpectation 1Q10 Upd at e Cr edit Cost s $40 billion o f est imated pur chase acco unting li fe -of- loan losses In li ne with expectations Annual E xpense S avings $5 billi on Re-con firm ed, full run r at e expected in 2011 Merger Costs $7.9 bill ion Ex pected t o be approxim at el y $5 bill ion Appr oximately $2 bi llion expected to b e expensed in Wachov ia Deposit Ru n- Off 21 % deposit r un-off i n 2009 Better deposit r etention and spreads than mod el ed w ith better t han expect ed dep osit mix ( more DDA) Revenue S ynergies None assumed in acqui siti on pricin g Revenue synergi es observed, wit h si gnificant i ncr emental business opp ortunit ies Risk Reduction E xiting non -str ategic busi nesses Reduced structur ed products exposure, pr oprietar y tradin g positions and other h igher r isk securit ies L oan port folio risk reductio n Pick -a-pay port folio r educed by $12.4 bi llion since 12/31/ 08 (includ ed within $23.2 billion decl ine in non -str ategic consum er loan outstanding s ( 1) f rom 12/ 31/08) (1) I ncludes Pick -a-pay mort gage, liquidatin g home equity and legacy WF F indi rect auto. [E/O] BOWNE OF PALO ALTO 21-APR :23:49.00 CRC: Validation: Y BSF F /2 ] BOWNE OF PALO ALTO 21-APR :23:49.00 CRC: Validation: YBSF F /2

81 Appendix [E/O] BOWNE OF PALO ALTO 21-APR :23:49.00 CRC: 9374 Validation: Y BSF F /2 ] BOWNE OF PALO ALTO 21-APR :23:49.00 CRC: 9374 Validation: YBSF F /2

82 Adoption of FAS 167 on 1/1/ 2010 had negligi ble impact on our capital rati os and f inancial position Record ed a $ 183 milli on increase to beginning retained earning s as a cu mulative eff ect adjust ment No imp act o n ear nings upon adopt ion on 1/1/ 2010 $18.6 b illion of net increm ent al GAAP assets and $6.4 bi llion of risk -wei ghted assets co nsol idated Repo rted results ref lect fur ther ref inements fr om our 2009 For m 10 -K primar ily related t o residential mor tgage secur itization Ad ditional in cr emental eff ects on WF C f inancials include: Majorit y of lo an losses exp ected t o be ultimately borne by th ird par ty secur ity holder s i n futur e periods FAS 167 adoptio n Repr esents certain o f our resi dential mor tgage loans that are not gu ar anteed by governm ent -sponsor ed ent ities (nonconf ormin g). We have concluded that conf ormi ng residential mor tgage loans involved i n secur itizations are not subject to con soli dat ion under FAS 166 an d FAS [E/O] BOWNE OF PALO ALTO 21-APR :23:49.00 CRC: Validation: Y BSF F /2 ] BOWNE OF PALO ALTO 21-APR :23:49.00 CRC: Validation: YBSF F /2

83 Purchase cr edit -impaired ( PCI) loan port folio update Nonaccr etable diff erence $96.2 bil lion of Wachov ia purchased cr edit -impaired lo ans at 12/ 31/08 with $40.9 bill ion lif e- of-loan purchase account ing marks $20.1 billion o f Wachovia nonaccrual lo ans elim inated at 12/31/0 8 throug h purchase account ing Pick - a-pay PCI po rtfo lio continued t o perfo rm better than ori ginally expected at tim e of merg er ; $576 m illion r eclassified t o accretable yield since 12/31/08 Non Pick -a-pay PCI l oan s track ing with original expectation s at ti me of merger Nonaccretable difference established in purchase accou nting for PCI loans absorbs lo sses ot herwise recorded as charge -offs (1 ) Release of t he nonaccretable difference for payments in ful l increases int erest i ncome in the peri od of paym en t. Pick -a-pay and Other consumer PCI loans do not reflect non accr et abl e diff er ence r eleases due to pool accounti ng for those loans. (2) Release o f the nonaccretable di fference as a result of sales to third parties increases non interest income in t he period of the sal e. (3) Reclassification of nonaccretable difference for increased cash flo w estim at es to t he accretabl e y ield will result in increasing incom e and t hus t he rate of r eturn r ealized. Amounts reclassi fied to accretable yi el d ar e expect ed to be probable of realization. (4) Write -downs t o net realizable value of PCI loans are charged t o the nonaccretable difference when severe delinquency ( normall y 180 days) or other ind icat ions of sever e borr ower f inancial st ress exist that in dicat e there will be a lo ss upon f inal resolution of the lo an. [E/O] BOWNE OF PALO ALTO 21-APR :23:49.00 CRC: Validation: Y BSF F /2 ] BOWNE OF PALO ALTO 21-APR :23:49.00 CRC: Validation: YBSF F /2

84 1Q10 PCI no naccret ab le difference (1) Release o f the nonaccretable di fference for payments in full increases interest income in t he period of payment. P ick- a-pay and Other consumer PCI loans do not reflect non accr et abl e diff er ence r eleases due to pool accounti ng for those loans. (2) Release o f the nonaccretable di fference as a result of sales to third parties increases non interest income in t he period of the sal e. (3) Reclassification of nonaccretable difference for increased cash flo w estim at es to t he accretabl e y ield will result in increasing incom e and t hus t he rate of r eturn r ealized. Amounts reclassi fied to accretable yi el d are expect ed to be prob abl e of realizatio n. (4) Write -downs t o net realizable value of PCI loans are charged t o the nonaccretable difference when severe delinquency ( normall y 180 days) or other ind icat ions of sever e borr ower f inancial st ress exist that in dicat e there will be a lo ss upon f inal resolution of the lo an. $668 mill ion reclassif ied to accretable yield for loans wi th improving cash flows reflect ing better than expect ed performance, including $549 mill ion fr om the P ick- a-pay PCI po rtfo lio [E/O] BOWNE OF PALO ALTO 21-APR :23:49.00 CRC: Validation: Y BSF F /2 ] BOWNE OF PALO ALTO 21-APR :23:49.00 CRC: Validation: YBSF F /2

85 1Q10 PCI accretable yi el d Volume and early performance of Pi ck -a-pay loan modi fications are primary drivers of i ncrease in expected cash flows (accretabl e yi el d) at March 31, Changes in exp ected cash flows are und iscount ed, interest cash f lows based on successful loan modifications. Lo an modifi cati ons i nclude som e or all of the fol lowing: reduced interest rates, extended loan terms u p to 40 years, inter est -only perio ds of up to ten y ear s and r educed (for given) principal b al ance E ff ect o n 4Q09 and 1Q10 net interest income of $610 mil lion and $686 million, resp ecti vel y; balance of $15. 8 billion ex pected t o accr ete to income over remaining l ife of underlyin g loans Pick -a-pay esti mated average life of PCI p ortf olio = 9 year s E xpected cash f lows on all P CI portfolios are recalculated qu arterly alo ng with the adequacy of life -of-loan loss marks (nonaccretable difference) Estimates of r edef aults on our P ick -a-pay loan modi fications are includ ed i n both calculation s ( 1) Represents changes in int er est cash fl ows due t o the impact of modif icat ions incorpor ated into the qu ar terly assessment of exp ected f utur e cash flo ws and/or changes i n interes t rates on vari ab le rate loans. [E/O] BOWNE OF PALO ALTO 21-APR :23:49.00 CRC: 5686 Validation: Y BSF F /2 ] BOWNE OF PALO ALTO 21-APR :23:49.00 CRC: 5686 Validation: YBSF F /2

86 1Q10 Credit quali ty highli ghts Allowance for credit losses $25. 7 billion 6x allowance at st ar t of cr edit crisis 4.8x quar terly char ge- offs 3.28% of t otal loans $19.9 bil lion in no naccr et abl e diff er ence f or P CI port folio in addition to allowance Pro visi on expense conti nued to decline r ef lecting stable net charge- offs; Reser ve build r eflects FAS 167 co nsol idated loans Net char ge-offs of $5.3 billi on Included $ 145 mill ion related to newly issued r egulatory char ge -off g uidance app licable to collateral -dep end ent residential real estate loan mod ifications and $123 million in losses on loans moved on bal an ce sheet due to F AS 167 adopt ion Lo ss rate of 2.71% r eflected legacy Wells Fargo cr edit discipline, r educed risk in the Wachovia por tfo lio, and smaller per cent of high er loss cont en t portf olios (e.g. cr edit card onl y 3% of total loan p ortf olio) Cr edit losses are tr en ding better than orig inally expected. Based on cur rent economi c cond itions and for ecasts, we believe prov isio n expense peaked in 3Q09 an d char ge -offs peaked in 4Q09; expect provision expense to decline over the rest of [E/O] BOWNE OF PALO ALTO 21-APR :23:49.00 CRC: Validation: Y BSF F /2 ] BOWNE OF PALO ALTO 21-APR :23:49.00 CRC: Validation: YBSF F /2

87 Nonperfo rming asset s All owance consider s losses inh er ent in the lo an portf olio inclu ding nonper form ing loans as of 3/31/1 0 Co mmercial & CRE nonaccruals of $12. 1 billion 69% have FA S 114 r eserves of $ 1.1 billio n 91% secured whil e app roximately 53% have some level of recourse Over 45% are curr ently paying interest that is applied to principal $ 2.1 billio n in losses taken to date Consumer nonaccr uals o f $15.0 b illion > 99% secured Appr oximately t wo -thirds of nonaccr ual loans have either had lo sses taken or have CLT V < 80% 21% cur rent CL TV ( 1) below 8 0% $2.9 billion i n los ses taken to date $2.3 b illion of nonaccrual troubled debt r estr ucturi ngs ( TDRs) have $2.1 b illion of loan imp ai rment f or expected lif e- of-loan loss r eserves For ecl osed assets up $9 21 milli on $446 mi llion of the increase reflects shift f rom P CI loans when PCI l oans become RE O GNMA foreclosed assets are ins ured and alr eady written d own The cur rent loan - to-val ue (L TV) ratio is calculated as t he outs tanding loan balance divi ded by the collateral val ue. The table above does not i ncl ude PCI loans that wer e con tractually 90 day s past due and still accrui ng. Also excludes GNMA and simil ar loans whose repayments are insured by t he Federal Housing Adm inistration or guarant eed by the Depar tment of Veterans Aff ai rs. [E/O] BOWNE OF PALO ALTO 21-APR :23:49.00 CRC: Validation: Y BSF F /2 ] BOWNE OF PALO ALTO 21-APR :23:49.00 CRC: Validation: YBSF F /2

88 Nonaccr ual loans $2.9 bill ion increase includes $909 mill ion in F AS 167 consolidated l oan nonaccr uals Growth r ates conti nued to slow as ant icipated in 1Q10 Up 11% f rom 4 Q09 vs. increases of 1 7% in 4Q 09 fr om 3Q09, 32% in 3Q09 from 2Q09 and 50% in 2Q09 f rom 1 Q09 New infl ows declined i n 1Q10 Non - FAS 167 con sumer real estate inflows declined T otal commer cial and commercial r eal estate in flows declined CRE inf lows down 27% Outfl ows slower to be realized in consumer portf olio, lar gely due to loan m odificatio n process $6.8 billion of consumer non accr ual s ar e ov er 180+ day s past due vs. $6.1 bil lion in 4 Q09 Increasing percentage of nonaccruals have had the loss cont en t recognized Over 4 5% of commercial and com mercial real estate nonaccruals are curren tly paying i nterest that is applied to p rincipal 37% of con sumer nonaccruals have been written do wn Approxi mately two-thirds of co nsum er nonaccrual loans either hav e h ad losses taken an d/or CLTV ^ 80% [E/O] BOWNE OF PALO ALTO 21-APR :23:49.00 CRC: Validation: Y BSF F /2 ] BOWNE OF PALO ALTO 21-APR :23:49.00 CRC: Validation: YBSF F /2

89 Net loan charge -offs L osses d ecli ned $83 mill ion and included $ 145 milli on in collater al - dep end ent losses related to newly issued regu latory charg e-off g uidance app licable to residential r eal estate loan m odificatio ns and $1 23 milli on in FAS 167 consolidated loan l osses Com mercial and commer cial real estate losses decl ined $356 mi llion wit h decr eases in all loan categor ies Consumer loss incr ease refl ects the pr eviously descr ibed $268 mi llion in loan losses [E/O] BOWNE OF PALO ALTO 21-APR :23:49.00 CRC: Validation: Y BSF F /2 ] BOWNE OF PALO ALTO 21-APR :23:49.00 CRC: Validation: YBSF F /2

90 Com mercial real estate (CRE) loan por tfoli o Offi ce I ndustrial, War eh ouse Oth er RE Apar tment Retail (E x Sho pping Ctr) Land (Ex 1-4 Family) Shopp ing Ctr 1-4 Family S tructur e Hotel/Motel 1-4 Family L and In stit utional 2% Agri cul ture Retail CA FL TX N C GA NY VA AZ NJ PA Oth er 34% of the por tfol io is owner -occupi ed Home builder balances = $ 7.3 billi on NPAs have been relatively f lat for last 3 quarters and i nflows have slowed Mo re than half the increase i n nonaccruals driven by two prop erty types, office and hotel/m otel [E/O] BOWNE OF PALO ALTO 21-APR :23:49.00 CRC: Validation: Y BSF F /2 ] BOWNE OF PALO ALTO 21-APR :23:49.00 CRC: Validation: YBSF F /2

91 CRE loan port folio by business grou p Wholesale Banking 16% owner -occupi ed Com munity Bankin g 62% own er - occupi ed Wealt h, Br okerage and Retir em en t (WBR) 46% owner- occupi ed [E/O] BOWNE OF PALO ALTO 21-APR :23:49.00 CRC: 3729 Validation: Y BSF F /2 ] BOWNE OF PALO ALTO 21-APR :23:49.00 CRC: 3729 Validation: YBSF F /2

92 CRE portf olio: P roper ty type by business group CRE p ortf olio secur ed by well - diversified m ix of pr operty types acr oss thr ee business g roups Balances secur ed by 1-4 family resi den tial real estate st ructure & land make up 6% of th e po rtf olio, with higher concentr at ions in Wealth, Broker ag e & Reti rement Retail, excludi ng sho pping centers, includes stores, restaurants, and other retail businesses independently locat ed Other r eal estate is composed of mu ltiple pr operties (ex. chur ches, publ ic sto rage and parking lots) Wholesale Bank ing Communit y Bank ing WBR Office I ndust rial, Warehou se Other RE Apart ment Ret ai l (E x Shopp ing Ctr) Land ( Ex 1-4 Family) Shopp ing Ctr 1-4 Family S tructur e Hotel/Motel 1-4 Family L and In stit utional Agr icultur e Retail As of 3/31/10. Offi ce I ndustrial, War eho use Retail ( Ex S hopping Ctr ) L and (E x 1-4 Family) Shopp ing Ctr 1-4 Family S tructur e Hotel/Motel 1-4 Family L and In stit utional Agr icultur e Retail Other RE Ap ar tment Of fice Ind ustr ial, Warehouse Other RE Apartment Retail (E x Shoppin g Ct r) L and (E x 1-4 Family) Shopp ing Ctr 1-4 Family S tructur e Hotel/Motel 1-4 Family L and Agr iculture Retail I nst itutional [E/O] BOWNE OF PALO ALTO 21-APR :23:49.00 CRC: Validation: Y BSF F /2 ] BOWNE OF PALO ALTO 21-APR :23:49.00 CRC: Validation: YBSF F /2

93 Wh olesale Banking CRE l oan portf olio ( 1) Whol esale CRE outstanding s of $85.0 bil lion (1 ) down $3. 8 billion, or 4%, fr om 4Q09 L egacy Well s F ar go CRE por tfol io = $34.0 billio n Seasoned senior management team with str ong tenur ed underwri ting experi en ce Distincti ve portfolio mo nitori ng process followed; risk of each loan reassessed every 90 days usi ng curren t detailed borrower credi t and collateral dat a Un der writ ing focused pri marily o n cash f lows and cr editwor thiness, not solely on valuations Wachovia PCI CRE portf olio = $10.0 bill ion carr ying value down $1.0 billio n, or 9%, fr om 4Q09 Risk mit igated throu gh purchase account ing; managed by a dedicated specialty gr oup 26% of por tfol io to residential h omebuilder s; hi gher concentrati on than non - PCI por tfoli os Wachovia non -PCI CRE por tfol io = $27.5 billion down $2.2 bi llion, or 7%, f rom 4Q09 Maj ority o f por tfoli o managed by a dedicated sp ecialt y group f ocused on restructur ing, disposition and workout str ategies L egacy Wel ls F argo senior m an ager leads t eam aver aging mor e than 25 years in indu str y experience CRE loans ori ginated thr ough other Wh olesale Banking channels (bo th legacy Wells Fargo and Wachovia) = $13.5 billion M or e than 45% o wner- occupi ed an d aver age loan les s than $ 3 million Mor e than 90% ar e non -con str uction loans Inclu des $8 bi llion in C& I loans managed by comm er cial real estate busi ness includin g unsecur ed loans t o real estate dev el opers not secur ed by real estate and loans to REI Ts, as wel l as f oreign and con sumer loans. [E/O] BOWNE OF PALO ALTO 21-APR :23:49.00 CRC: Validation: Y BSF F /2 ] BOWNE OF PALO ALTO 21-APR :23:49.00 CRC: Validation: YBSF F /2

94 Pick -a-pay mort gage portf olio Book balance of $82.9 bill ion in f irst lien lo ans outstanding, down $2.3 bi llion f rom 4Q0 9 on paid -in -full lo an s and loss mitig at ion eff orts Unpaid pr incipal balance of $ billi on, down $2.9 billion f rom 4Q09 Pick -a-pay loans with negative amor tization po tential decreased $ 3.9 billio n fr om 4Q09 T otal por tfoli o deferr ed interest of $3.5 billio n down $180 m illion f rom 4Q09 Deferr ed interest down f or th e f ourt h consecutiv e q uar ter due to : Loan m odificatio n effor ts Custom er s' mi nimum paym en ts cont inue to increase modestly each year (7.5 %), while interest rat es are fal ling, so for many customers the mi nimum paym ent not only cov er s i nterest due, but also pays down some prin ci pal In March 2010, ap proxim at el y 63% of cust omers choosing the mini mum payment did not def er inter est E xpect minim al recast risk over next 3 years d ue t o produ ct structure and feat ures In 2010 l ess than $24 mi llion, or 115 loans, expected to hit co ntractual r ecast due to ter m or b al an ce cap and have a payment change gr eat er than 7.5% annual reset. Less than $37 mil lion, or 156 loans, expected in 2011 and less than $49 m illion, o r 213 loans, expected in [E/O] BOWNE OF PALO ALTO 21-APR :23:49.00 CRC: 5686 Validation: Y BSF F /2 ] BOWNE OF PALO ALTO 21-APR :23:49.00 CRC: 5686 Validation: YBSF F /2

95 Pick -a-pay credit hi ghlights Pi ck - a-pay non -PCI por tfoli o Loans down 3% driv en by loans paid- in-full 85 % of portf olio cur rent Nonaccrual lo ans up $8 09 milli on 73% of loans have been writt en down to net real izab le val ue (See page 41) Although n et TDRs increased $6 5 millio n as we contin ue to work wi th cust omers, $219 mi llion non perfor ming T DRs have been r eclassified to accru ing TDR status $4.2 bil lion in n onaccr uals i ncl uded $614 mi llion of non -accru ing TDRs of wh ich 67% wer e pay ing as agr eed Net char ge -offs ro se only $74 milli on, consistent with expectations, and included $ 46 milli on in losses associated wit h new regulator y guidance applicable to col lateral- dep end ent loan modif ications as well as $37 m illion f rom 1Q10 loan modi fications 39% of por tfol io with CL TV ( 1) 80% and under Pick- a- Pay PCI po rtfo lio Carryi ng value down 2% 57% of por tfoli o current Lif e-of -loan losses continued to per for m better t han origi nally pro ject ed at time of m erger T otal por tfoli o Por tfoli o perfor ming b et ter than expectations LTV's co ntinue to stabilize in b oth port folio s The current loan-to-val ue (LTV) ratio is calculated as t he outstanding loan balance plus the out standi ng balance of any equity lines o f credit that sh ar e common collater al divided by the collateral val ue. (2) The current loan -to -val ue (LTV) ratio is calculated as t he net carryin g value loan balance plus the net carry ing value of any eq uity lines of credit that share comm on collateral di vided by the collateral value. [E/O] BOWNE OF PALO ALTO 21-APR :23:49.00 CRC: Validation: Y BSF F /2 ] BOWNE OF PALO ALTO 21-APR :23:49.00 CRC: Validation: YBSF F /2

96 Pick -a-pay Non -impaired ( Non -PCI) Cur rent T o 30 Days Pick -a-pay Impair ed (P CI ) Curr ent T o 30 Days Pick -a-pay: Curr en t - 30 days p ast due r oll r at es Roll r ates f rom cur rent to 3 0+ days past d ue (DPD) continued to improv e i n 1Q10 In the non -impaired por tfo lio, the quar ter- end 30+ r oll rates have impr oved to their lowest levels since 1Q09 I n the imp ai red por tfolio, the quarter -end 30+ r oll rates were at their lowest levels since 2Q08 F irst tim e del inquents, defined as the percentage of 30+ days delinquent loans t hat are delinquent f or t he first ti me in the lif e of the l oan, an impor tant indicator in tr ackin g the emergence of new pr oblem lo ans, conti nued to impr ove in 1Q10 I n the non - impaired por tfo lio, the percentage of fir st time delinquent s has dropp ed four con secutive quar ters In th e i mpaired por tfol io, the rati o of f irst tim e deli nquents is at level s not seen since ear ly 2008 [E/O] BOWNE OF PALO ALTO 21-APR :23:49.00 CRC: 51 Validation: Y BSF F /2 ] BOWNE OF PALO ALTO 21-APR :23:49.00 CRC: 51 Validation: YBSF F /2

97 Pick -a-pay nonaccrual loan com posit ion 73% of P ick -a-pay NPLs held at estim at ed recoverable value vs. 66% in 4Q09, reflecting wr ite -downs and/ or CLT V=< 100% Allowance covers the remainin g 27% t hat have not yet been wri tten down 10% of t he NPLs are per form ing modi fications Perf orm ing modif ications move to cur rent status after six consecutive payments are made 1Q1 0 Total $ 4,161 mil lion 180 DP D writt en down to estimated r ecover able value Char ge- offs to date of $641 mi llion ( 28% of ori g. balance) 180 DPD updated CLT V ^ 100% No char ge-offs to date: 5 6% of loans hav e L T V<80% 44% of loans have LT V>80% but < 100% DPD I nitial charge -offs usually not taken until 180 DPD ($7 3 millio n taken to date) E xpected losses included i n allowance Loan mo dification s ( TDRs) Charge- offs/pr incipal for giveness to date of $127 m illion (17% of or ig. balance) Addit ionally, we hol d ex pect ed l ife- of- loan loss r eserves in allo wance Days Past Due (DP D) L TV is considered to b e ov er 100% if the l oan balance exceeds cu rrent estimated appraised v al ue based on autom ated valuation meth odology or updated appraisal where availabl e. [E/O] BOWNE OF PALO ALTO 21-APR :23:49.00 CRC: Validation: Y BSF F /2 ] BOWNE OF PALO ALTO 21-APR :23:49.00 CRC: Validation: YBSF F /2

98 Pick -a-pay loan modi fications Over 4,8 00 full - term MAP and HAMP m odifi cati ons i n 1Q10; over 52,600 in f ull year % of modi fications have been in the P CI port folio 3 4% of PCI por tfol io modif ied thr ough Mar ch 31, 2010 We have attemp ted to contact the major ity of cust omers 90+ days delinqu ent or in f oreclosure Modif ications reduced payment f or 98% of custom er s com par ed to indu str y average 82% (1) Modi fications have reduced payments by 25% on average f rom t he custom er 's mi nimum paym ent option, as we st rive to g ive cu stom ers an af for dable, sustainable paym en t. Mo dification s inclu de: Inter est r at e reductions Int er est r ates r educed on average by mor e than 200 bps on mo dified lo ans Paym en ts ar e gen er ally inter est -only init ially and migr ate to fu lly amort izing over t ime, usually 5-7 year s T erm ext en sion s P rincipal f orgiveness Over $2.8 bi llion of princip al forg iven progr am- to- dat e Modi fications are re- underwri tten, income is documented and n egati ve am ortizatio n feature is elimi nated Redef ault experience has been lower than expected tho ugh it r em ai ns earl y Redef ault rates of o ur most seasoned m odification s are signif icantly below t he redefault r ate of in dustr y opti on ARM mo dification s wit h equal aging (1 ); outp er for mance reflects pay ment reductio ns and pr incipal f orgiveness 4 Q09 HAMP rol lout Rolled out in late October t o Pick -a- Pay cust omers Over 6,200 loans h ave been appr oved for the HAMP tr ial modif ication An addit ional 22,000 P ick-a- Pay cust omers are being r ev iewed for HAMP el igibilit y (1) Sour ce: O CC and OT S Mortg age Metri cs Report, Four th Quarter [E/O] BOWNE OF PALO ALTO 21-APR :23:49.00 CRC: Validation: Y BSF F /2 ] BOWNE OF PALO ALTO 21-APR :23:49.00 CRC: Validation: YBSF F /2

99 Real estate 1-4 family first mo rtgage por tfoli o Fir st l ien mortg ag e l oan s up 5 % on th e addi tion of $14.5 bill ion in F AS 167 consolidated l oans Run -off p ortf olio (1 ) down 3% PCI p ortf olio down 3% Debt consolidatio n down 4% Other mor tgage up 12% Other f irst lien m ortgage nonaccruals up 61 bps Net charge-offs up $17 8 millio n and included FA S 167 consolidated lo an losses of $97 m illion ( 1) Non -PCI Pi ck -a- Pay mort gage loans of $46.8 bi llion. ( 2) Ratios on other fir st lien mor tgage loan port folio o nly. [E/O] BOWNE OF PALO ALTO 21-APR :23:49.00 CRC: Validation: Y BSF F /2 ] BOWNE OF PALO ALTO 21-APR :23:49.00 CRC: Validation: YBSF F /2

100 Home equity por tfol io (1) Core Por tfoli o (2) Outstandings (3) up 2% r eflecting F AS 167 con soli dat ion of $5 billio n in loans High quali ty new orig inations with weight ed av er age CL TV of 60%, 774 FI CO, and 32% t otal debt service rati o 1Q10 losses up $14 7 millio n vs. a $4 2 millio n increase i n 4Q09 $86 m illion i n losses related to new r egulatory guidance ap plicable to collater al - dep end ent residential real estate loan mod ifications Delinquency r ate decr eased 14 bp s, r eflecting im provement in large and stressed r esi den tial markets such as CA and F L Delinq uen cy for l oans wit h a CL T V >100% of 5.27 % indi cated t hat the vast majorit y of customers with negat ive equity conti nued making their payments Li quidating P ortf olio 1Q10 losses down $13 mi llion $13 million in losses related to new regulator y guidance applicable to coll at er al- dep end ent residential real estate loan mod ifications Delinquency f or lo an s wit h a CT LV> 100% of 7.49% indicated that most cu stom ers, ev en ones sourced thr ough th ird par ty channels, con tinued making t heir payments ( 1) E xcludes pu rchased cr ed it-impaired Wachovia lo ans. ( 2) In cl udes equit y lines of credit and closed - end junior liens associated with the P ick-a-pay port folio t otaling $1.8 billion at March 3 1, 2010, and $1.8 billion at December 31, ( 3) Out standin gs in cl udes $2.1 billion of business equit y lines of credit reclassif ied fr om commercial l oan portfolio as of December 31, cr edit losses are r eported separately wit h the commercial l oan portf olio. ( 4) CL TV quar ter -end based pr ed ominantly o n estim at ed home values from automated valuatio n models updated thr ough March T otal loans include all open- to-buy and unused lines of credi t. [E/O] BOWNE OF PALO ALTO 21-APR :23:49.00 CRC: 1129 Validation: Y BSF F /2 ] BOWNE OF PALO ALTO 21-APR :23:49.00 CRC: 1129 Validation: YBSF F /2

101 Cr edit card por tfol io $22.5 bil lion credi t car d outstandings repr esent 3% of total loans $17.6 bi llion Commu nity Banking $4.9 billion Well s F ar go Fi nan ci al Signif icantly smaller p ortf olio than lar ge bank peers Outstandings down 6% as consumers r edu ced t hei r debt Net char ge- offs and 30+ days past due r el at ively stable Pro acti ve risk miti gat ion eff orts include: T ightened un der writ ing criteria Lin e m an ag em en t chan ges (i.e. fewer balance tran sfers and app roved balance increases) [E/O] BOWNE OF PALO ALTO 21-APR :23:49.00 CRC: Validation: Y BSF F /2 ] BOWNE OF PALO ALTO 21-APR :23:49.00 CRC: Validation: YBSF F /2

102 Auto port folio Cor e Port folio Total ou tst and ings up 13% Qo Q reflectin g co ntinued mar ket shar e gai ns and $ 1.9 billi on fr om FAS 167 consolidated loans Str ongest quarterl y origi nations si nce th e m erger New or igination s L TV and l oan str uctures consistent with 2H09 Net char ge- offs down 82 bps Qo Q, on better -than- seaso nal ly impr oved delinquencies Recor d Manheim index of in March; up 13% from Mar ch day s past due imp roved 94 bps L iquidatin g Port folio (1) Well s F ar go Fin ancial indirect auto outst an dings down 14%, or $1.5 billion, QoQ driven b y paydowns Legacy Wells Fargo I ndir ect portf olio. [E/O] BOWNE OF PALO ALTO 21-APR :23:49.00 CRC: Validation: Y BSF F /2 ] BOWNE OF PALO ALTO 21-APR :23:49.00 CRC: Validation: YBSF F /2

103 Tier 1 co mmon equit y reconciliation [E/O] BOWNE OF PALO ALTO 21-APR :23:49.00 CRC: Validation: Y BSF F /2 ] BOWNE OF PALO ALTO 21-APR :23:49.00 CRC: Validation: YBSF F /2