201310021341542211272_WFC

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Wells Fargo & Co WFC

1 Quote

5 Analysis

8 Insiders

25 Performance

27 Financials

30 Valuation / Estimates

32 Key Ratios

35 Ownership

8/13/2019 201310021341542211272_WFC


Wells Fargo & Co WFC Morningstar Analyst Ratin

Last Price Day Change Open Price Day Range 52-Week Range Proj. Yield Market Cap Volume Avg Vol. Forward P/E P/B P/S P

41.18 [ -0.31 | -0.75 % 41.20 41.00-41.25 31.25-44.78 2.89 218.98 bil 11 mil 18 mil 10.12 1.48

Stock Price 2013-01-01 - 2013-10-01XNYS:WFC:7.31|21.39%

15.00

30.00

45.00

2013Morningstar’s TakeHaving doubled in size with its 2008 purchase ofWachovia, Wells Fargo is now one of the four largestbanks in the United States, along with Citigroup , Bank ofAmerica , and J.P. Morgan Chase . Wells Fargo standsout from its peers not only due to its long history ofsuperb management, but also because of its relativelysimple business model, making it our favorite of the bigfour American banks from a quality perspective.

Fair Value Estimate $ 46.00Consider Buying $ 32.20Consider Selling $ 62.10Fair Value Uncertainty MediumEconomic Moat NarrowStewardship ExemplaryGrowth CProfitability CMorningstar Credit Rating A+

Key StatsStock Ind Avg

Price/Earnings TTM 11.2 14.1Price/Book 1.5 1.1Price/Sales TTM 2.6 2.1Rev Growth (3 Yr Avg) -1 3.4Net Income Growth (3 Yr Avg) 15.5 32.5Operating Margin % TTM 36 44Net Margin % TTM 23.1 14.8ROA TTM 1.4 0.5

ROE TTM 13.9 7.4Debt/Equity 0.8 1.3

Relative to Industry

- Avg +

FinancialsAnnual Quarterly

Income Statement 2012-12 2011-12 2010-12 2013-06 2012-06

Revenue 86,086.00 80,948.00 85,210.00 21,378.00 21,289.00Net Interest Income 43,230.00 42,763.00 44,757.00 10,750.00 11,037.00Net Income 18,897.00 15,869.00 12,362.00 5,519.00 4,622.00Earnings Per Share 3.36 2.82 2.21 0.98 0.82Shares Outstanding 5,351.50 5,323.40 5,263.10 5,384.60 5,369.90

Balance Sheet

Net Loans 829,773.00 799,954.00 787,298.00 824,805.00 808,194.00Total Assets 1,422,968.00 1,313,867.00 1,258,128.00 1,440,563.00 1,336,204.00Deposits 1,002,835.00 920,070.00 847,942.00 1,021,585.00 928,933.00Total Liabilities 1,265,414.00 1,173,626.00 1,131,720.00 1,278,142.00 1,188,134.00Stockholders' Equity 157,554.00 140,241.00 126,408.00 162,421.00 148,070.00

Cash Flow

Cash From Operations 58,540.00 13,665.00 18,772.00 12,978.00Cash From Investing -139,890.00 -35,044.00 -3,675.00 -14,819.00Cash From Financing 83,770.00 24,775.00 -26,133.00 3,563.00

Dividends

Declared Date 07/23/Ex-Dividend Date 08/0Latest Indicated Dividend AmountProjected Yield 2

Recent Dividends &Splits

Type Am

05/08/2013 Cash Dividends01/30/2013 Cash Dividends11/07/2012 Cash Dividends08/08/2012 Cash Dividends

Purchase Options

Direct InvestmentDividend Reinvestment Plan

CompetitorsName Price % Chg TTM$

Wells Fargo & Co $41.18-0.75[ 85,JPMorgan Chase & Co $52.040.15] 99,Industrial AndCommercial Bank OfChina Ltd. ADR

$14.10 0.64] 93,

HSBC Holdings PLCADR

$54.46 -0.37[ 82,8

HSBC Holdings PLC $10.79-0.46[ 82,8China ConstructionBank Corp ADR

$15.50 -0.23[ 79,2

Wall St. Recommendations

Current 3.3

Total Analysts: 10 5.0 3.0Buy Hold

OwnershipFund Owners Star

Rating% Shares

Held% TAs

Vanguard Total Stock MktIdx

— 1.43 1

Fidelity Contrafund QQQQ 1.26 2Vanguard 500 Index Inv QQQQ 0.89 1Vanguard InstitutionalIndex I

QQQQ 0.88 1

SPDR S&P 500 QQQQ 0.88 1

Release date 10-02-2013

©2013 Morningstar. All Rights Reserved. Unless otherwise provided in a separate agreement, you may use this report only in the country in which its original distributor is based. Data as originally reported. Theinformation contained herein is not represented or warranted to be accurate, correct, complete, or timely. This report is for information purposes only, and should not be considered a solicitation to buy or sell any security.Redistribution is prohibited without written permission. To order reprints, call +1 312-696-6100. To license the research, call +1 312-696-6869. ß

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Wells Fargo & Co WFCQuote Stock Type Last Close 10/02/2013 Fair Value Estimate Morningstar Ratin

Cyclical 41.18 46.00 QQQ

Industry Classification

NAICS Commercial Banking (522110)SIC Other Financial Intermediaries N.E.C. (7499);National Commercial Banks (6021)ISIC Other Monetary Intermediation (6419)

Operation DetailsFiscal Year Ends 2013-12-31CIK 72971Year EstablishedEmployees (12/31/2012) 158,900Full Time 269,200Part TimeAuditor (12/31/2009) KPMG LLPLegal Advisor ()Key Executives John G. Stumpf/Chairman of the Board, President and Chief Executive Officer; David M.

Carroll/Senior Executive Vice President, Wealth, Brokerage and Retirement; TimothySloan/Senior Executive Vice President and Chief Financial Officer; David A. Hoyt/SeniorExecutive Vice President, Wholesale Banking; Carrie L. Tolstedt/Senior Executive Vice

President, Community Banking; Kevin A. Rhein/Senior Executive Vice President andChief Information Officer; James M. Strother/Senior Executive Vice President andGeneral Counsel; Michael J. Loughlin/Senior Executive Vice President and Chief RiskOfficer; Richard D. Levy/Executive Vice President and Controller; Michael J.Heid/Executive Vice President, Home Lending and President of Wells Fargo HomeMortgage, Wells Fargo Bank, N.A.; Avid Modjtabai/Senior Executive Vice President,Consumer Lending; Patricia R. Callahan/Senior Executive Vice President and ChiefAdministrative Officer; Anthony R. Augliera/Corporate Secretary

Business Description

Wells Fargo & Co is a diversified financial servicompany. It provides retail, corporate and commbanking services through banking stores and offinternet and other distribution channels to indivibusinesses and institutions.30-day Avg Volume 1Market Cap 220Net Income 20Sales 85.Sector Financial SeIndustry Banks - GStock Style 1 Large VDirect InvestmentDividend Reinvestment



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Industry PeersMorningstarRating

MarketCap $Mil

NetIncome $Mil

P/S P/B P/E DividendYield%

5 Yr RevCAGR%

Med Oper.Margin%

InterestCoverage

Wells Fargo & Co QQQ 220,302 20,717 2.6 1.5 11.2 2.6 16.9 22.3 6.5Industrial And Commercial Bank Of China Ltd. 244,929 253,719 2.7 1.3 6.0 4.6 16.0 56.3HSBC Holdings PLC QQQ 202,690 15,873 2.4 1.2 11.5 4.3 -0.6 15.2 2.1HSBC Holdings PLC 200,984 15,873 2.4 1.2 11.4 3.5 -0.6 15.2JPMorgan Chase & Co QQQ 195,587 24,425 2.0 1.0 8.7 2.5 6.3 24.2 3.6

China Construction Bank Corp 194,208 206,607 2.5 1.2 5.8 4.7 16.0 53.7Agricultural Bank of China Ltd. 150,314 156,947 2.1 1.2 5.9 4.5 18.7 41.1Bank of America Corporation QQQ 149,329 6,567 1.8 0.7 23.0 0.3 4.5 3.6 1.2Citigroup Inc QQQ 147,793 9,654 2.0 0.8 14.7 0.1 -2.2 11.3 1.4Bank Of China Ltd. 129,803 148,670 2.1 0.9 5.6 6.1 13.5 51.2 1

Bank Of China Ltd. 127,961 148,670 2.1 0.9 5.5 5.2 13.5 51.2 1Commonwealth Bank of Australia 108,708 7,677 5.0 2.6 15.6 5.2 10.4 94.6Westpac Banking Corp QQQ 95,532 6,307 5.5 2.3 15.9 5.7 12.1 48.4 1.4Royal Bank Of Canada QQ 93,007 8,124 3.5 2.3 11.9 3.8 4.0 26.5 2.2

Mitsubishi UFJ Financial Group, Inc. 91,455 1,141,494 2.3 0.8 7.5 2.0 -0.6 27.0Mitsubishi UFJ Financial Group, Inc. QQQ 90,181 1,141,494 2.2 0.7 7.4 2.2 -0.6 27.0 3.5Banco Santander SA QQQ 89,827 2,711 1.3 0.9 18.5 7.4 11.7 10.0 1.1Banco Santander SA 89,503 2,711 1.3 0.9 18.4 2.8 11.7 10.0 1.Toronto-Dominion Bank QQQ 81,987 6,533 3.6 1.8 12.8 3.5 9.7 29.5 2.0UBS AG QQQ 79,853 -2,407 2.5 1.5 0.8 -8.8 -6.9 0.8

Australia and New Zealand Banking Group Limited 79,785 5,682 4.9 2.0 15.3 5.4 8.8 90.8Australia and New Zealand Banking Group Limited 79,566 5,682 4.9 2.0 15.2 5.4 8.8 90.8National Australia Bank Limited 76,409 4,550 3.0 1.8 18.2 5.8 2.6 1Bank of Nova Scotia QQQ 69,250 6,249 3.4 1.8 11.0 4.1 9.8 38.5 2.1Sumitomo Mitsui Financial Group Inc 66,590 743,408 2.2 1.0 7.5 2.2 -5.3 38.5

Sumitomo Mitsui Financial Group Inc 66,385 743,408 2.2 1.0 7.5 1.2 -5.3 38.5Banco Bilbao Vizcaya Argentaria SA QQQ 63,095 3,047 1.7 1.0 14.0 3.8 4.9 21.4 1.1

Bank Of Communications Co., Ltd. 57,479 62,111 2.2 0.9 5.5 4.3 18.8 47.7Barclays PLC QQQ 56,038 -518 1.2 0.7 120.5 2.3 1.9 12.8 1.0Barclays PLC 55,973 -518 1.2 0.7 119.0 2.0 1.9 12.8 1.

Credit Suisse Group QQQ 49,844 2,865 1.5 1.1 13.9 0.3 -9.4 13.2 1.1Bank of Montreal QQQ 43,155 4,172 2.8 1.6 10.6 4.3 11.5 28.6 2.1Royal Bank of Scotland Group (The) PLC QQQ 36,835 -3,016 2.0 0.3 -9.2 -8.4 0.3Canadian Imperial Bank of Commerce QQQ 32,004 3,410 2.6 2.1 9.7 4.6 0.8 30.6 1.9Malayan Banking Berhad 25,656 6,033 4.7 1.8 13.3 6.0 46.8 2

ICICI Bank Ltd QQQQ 18,066 96,495 2.3 16.1 11.1 2.1 6.0 17.0 1.4National Bank of Canada 13,493 1,494 2.7 1.9 9.7 4.0 9.2 30.9 2Julius Baer Gruppe AG 2,065 249 0.9 0.4 7.3 1.1 -12.8 24.2 4EFG International 2,031 142 2.2 1.7 12.5 0.8 -2.1 13.4 1.EFG International 2,007 142 2.2 1.7 12.3 0.7 -2.1 13.4 1.

Blom Bank S.A.L. 1,741 339 2.4 0.8 5.2 5.2 60.0 1.National Bank of Greece QQQ 500 -299 0.2 0.0 -8.7 4.6 0.1National Bank of Greece 493 -299 0.2 0.0 -8.7 4.6 0.1CNB Corp 73 1 2.0 0.8 52.9 18.0 1.2Merchants & Marine Bancorp Inc 50 4 2.0 0.9 12.4 26.8 2.8

Harris Exploration, Inc. 1Star Financial Group IncT.W. Christian, Inc. -5 0.3 -0.0 -201427.4Ledyard Financial Group, Inc. 2.8Mercersburg Financial Corp 1.6

Kotak Mahindra Bank Ltd. 23,724 11.1 25.7 1.4



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Industry PeersGreater Hudson Bank,Commonwealth Bank of Australia 7,677 10.4 94.6 1.5CapStone Bank (Raleigh, NC)

Alior Bank S.A.Jyske Bank AS 1,706 1.4 19.3 1.5Bancorp Southern Indiana 1.8Housing Bank for Trade & Finance 94 53.4 2.4

Industry Average — 80,055 100,807 2.1 1.1 14.1 2.8 4.5 -4079.7 1



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Wells Fargo & Co WFCAnalysis

Analyst Note | 12 Jul 2013 | Jim Sinegal, Director

Wells Fargo reported net income of $5.5 billion, or$0.98 per share, for the second quarter. The res-ults were in line with our forecasts, and we don'texpect to significantly alter our fair value estimateas a result.

We were encouraged to see that Wells Fargomanaged to grow loans across the board, espe-cially in the consumer business where the bankadded nonconforming mortgages, automobile, andcredit card loans. We think consumer debt is notlikely to experience much growth in the mediumterm, and Wells Fargo's performance is an indica-

tion that the bank can still manage to expand itsbalance sheet in such an environment.

The changing rate environment did not take muchof a toll in the second quarter, though the effectsof rising interest rates are sure to be seen in thesecond half of the year. Wells originated $112 bil-lion in mortgages during the quarter, down from$131 in the second quarter of 2012. At the sametime, refinancings made up a smaller portion ofthe total--only 56% compared to more than 60% ineach of the last four quarters. Although Wells

Fargo is a massive player in the mortgage market,it's worth considering that mortgage-related in-come made up only about a quarter of non-in-terest income in the second quarter.

In fact, wealth management and brokerage wasresponsible for a larger portion of revenue, show-ing the benefits of Wells' diversified businessmodel. Along with the cost control responsible forthe bank's narrow moat, Wells Fargo's ability togenerate noninterest income makes it a force to bereckoned with. That said, Wealth Managementand IRA assets were flat to down during thequarter despite a strong market performance.Wells Fargo may not be able to sustain this mo-mentum in a tougher equity market, and we'rehesitant to forecast ever-increasing market-re-lated revenue with indices near all-time highs.

Investment Thesis | 08 Mar 2013 | Jim Sinegal,Director

Having doubled in size with its 2008 purchase of

Wachovia, Wells Fargo is now one of the fourlargest banks in the United States, along with Cit-igroup C, Bank of America BAC, and J.P. MorganChase JPM. Wells Fargo stands out from its peersnot only due to its long history of superb manage-ment, but also because of its relatively simplebusiness model, making it our favorite of the bigfour American banks from a quality perspective.We view Wells Fargo's dominant market positionas its largest structural advantage. Following itspurchase of Wachovia, Wells Fargo is now thelargest deposit gatherer in major metropolitanmarkets from Anchorage to Miami, including SanDiego, Phoenix, Denver, and Minneapolis, accord-ing to Thomson Reuters Bank Insight. In fact, weestimate that more than one third of the bank's de-posits come from markets in which Wells Fargo isthe pre-eminent player, and more than two thirdsare gathered in markets in which the companyranks among the top three. Such positioningprovides the bank's customers with unmatchedconvenience and provides the firm with a readysource of funds. In addition to boosting the topline, the bank's storied focus on cross-selling alsodeepens its customer relationships, increasingswitching costs and adding to the bank's pricingpower. Together, these factors result in more than$1 trillion in low-cost deposit funding, accountingfor 70% of the company's funding and contribut-ing to its narrow economic moat rating. Indeed,Wells Fargo was able to fund its assets at an aver-age cost of only 1.3% during the last 10 years,about 20% more cheaply than its closest competit-or. With such a low cost of funds, Wells Fargo'smanagers have historically been able to resist the

temptation to stretch for yield on the asset side ofthe balance sheet, yet the company's net interestmargin occasionally exceeded 5% during the lastdecade. Going forward, we expect the low in-terest rate environment to weigh on margins, butstill expect Wells to have an advantage overpeers. If management's expense-reduction pro-gram is successful, Wells Fargo's combination of

low funding costs and efficient operationsexceedingly difficult for peers to matchFargo's funding advantage allows the bachieve an exceptional level of profitabiliparticipating primarily in basic financial ination. Loans make up more than half of thpany's assets, while the company's expostrading assets was less than 60% of its tancommon equity balance in 2012. Neither iFargo a large derivatives dealer--its notionet exposures are only a fraction of the sizfigures reported by J.P. Morgan Chase.view, this greatly lessens the probabilitycomplex exposure will elude the oversighfirm's risk managers. Furthermore, it also

the bank's vulnerability to regulatory chathe derivative business such as those requithe Dodd-Frank Wall Street Reform and CProtection Act. That said, the companyfound scale may require it to enlarge its tions in the investment banking arena as cers come to expect more such services frbank. We caution that Wells Fargo will ncarefully manage risk and reward if manachooses to advance further down that pathFargo's simple business model does not meit is overly reliant on net interest income.

terest income accounts for nearly half of rdriven by investment-related fees and cosions and mortgage banking income. Wellis aggressively pursuing mortgage businesaftermath of the subprime crisis and now cabout one third of the U.S. mortgage mThese ambitions are not without cost, tAlong with its peers, Wells has been forcedpurchase faulty mortgages and make finamends for its servicing missteps. HoweveFargo was certainly not the most aggressivgage originator in the boom years, as evidethe relative performance of the loans on iand those it services. We therefore think itgage expenses eventually will be surmouFinally, we think Wells Fargo will soon be ition to begin returning more capital to shaers via both dividends and share repurchascompany's internally estimated Tier 1 com



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Wells Fargo & Co WFCAnalysis

tio exceeded the 8% level it is required to hold (in-cluding a 1% systemically important institutionsurcharge) as of December 2012. If the companycontinues to generate equity capital at a double-digit annual rate as we anticipate it will, it shouldbe well positioned for a dividend increase in 2013and on track to meet its goal to eventually return50%-65% of its growing earnings power to share-holders.

Economic Moat TM | 08 Mar 2013The major source of Wells Fargo's narrow moat isits low-cost deposit base, produced by dominantmarket share and a business model built on cus-tomer service and cross-selling, which increases

customer switching costs. The company's interestexpenses averaged less than 1.3% of assets dur-ing the past decade. With such a low cost offunds, the company has little need to swing for thefences in order to achieve a healthy level of profit-ability. The bank's impressive operational expensecontrol and conservative underwriting standardscement its position as a low-cost producer. WellsFargo's efficiency ratio averaged only 58% duringthe past 10 years, while its quarterly net charge-off rate never exceeded an annualized 3% ofloans. Finally, the company's performance duringthe financial crisis--tangible book value per sharemore than tripled over the last decade--alsostrengthened the intangible yet valuable asset as-sociated with the Wells Fargo brand name.

Valuation | 21 Jun 2013We are raising our fair value estimate to $46 pershare, up $3 since our last update due to a slightincrease in our net interest margin assumption, aslight decrease in our expense forecasts, and thetime value of money since our last update. Our fair

value estimate represents 1.6 times book value pershare as of March 31 and 12 times our 2013 earn-ings per share estimate. In our base-case scenario,we expect the net interest margin to average 3.7%by our calculation over the next five years. Thevaluation is quite sensitive to this parameter,which has varied by more than 2 percentage pointsover the last 10 years. We expect the bank's effi-

ciency ratio to fall gradually to 54% by the end ofour forecast period, as operating costs are re-duced and mortgage-related expenses taper off.We expect net charge-offs to average just over0.6% of loans in the long run. All in, we foresee along-run return on average assets of 1.6%, in linewith the company's current goal of 1.3%-1.6%.We use a 10% cost of equity for the bank, reflect-ing its relatively stable operating results.

Risk | 08 Mar 2013The list of risks facing Wells Fargo is not short.The company will be forced to hold quite a bitmore capital as a systemically important financialinstitution, which could depress returns. In gener-

al, the company will be the subject of far greaterscrutiny from regulators and politicians than in thepast thanks to its newfound size. Wells Fargo'sparticipation in the mortgage market--as originat-or and servicer--could also result in substantialfines and judgments against the company. Man-agement's incentives may also change as the bankbegins to compete with money center institutions--Wells Fargo may be forced into riskier lines ofbusiness as it attempts to provide similar servicesto its customers. The macroeconomic environmentis also likely to influence results. An extendedperiod of deleveraging combined with low interestrates could dramatically reduce profitability, muchas Japanese financial institutions have experi-enced for years.

Management | 08 Mar 2013Wells Fargo's management has proved its meritover the years, quadrupling tangible book valueper share during the past decade and developing abase of low-cost deposits that is the envy of theindustry. We believe this is enough evidence to

categorize the bank's stewardship of shareholdercapital as exemplary. CEO John Stumpf has beenwith the company for nearly 30 years, assumingthe CEO role in 2007. Stumpf succeeded RichardKovacevich, the architect of both the 1998 WellsFargo-Norwest merger of equals and thecompany's well-known cross-selling strategy. Al-though Wells Fargo is also a product of merger

activity, most recently doubling in size bying Wachovia, we think it maintains an advin terms of succession planning over firsembled more recently. We would not bprised to see management increase the qudividend by mid-2013, though we would ppurchases as long as the stock is trading at onable discount to our fair value estimate.

Bulls Say

Wells Fargo's earnings power will improcurrent levels as credit quality improves, rates rise, and the company cuts costs.

Wells Fargo's business model is difficult to

ate. Future CEOs are likely to have been stthe company's culture for decades, ensurithe company's competitive advantage istained.

The bank has room to squeeze more revenuformer Wachovia customers by expandnumber of products and services sold to eatomer.

Bears Say

Increased regulation and the continuing deof a decades-long debt bubble will result

levels of profitability for the foreseeable

The costs associated with past mortgagsteps will continue to rise as homeowneregulators target the bank, making the finaof Wells Fargo's liability difficult to predic

Profitable growth will be difficult--if possible--to come by for the nation's lbanks.

Overview

Wells Fargo is one of the four largest bank

U.S., with well over $1 trillion in assets. Tpany is split into three segments for reportiposes: community banking; wholesale band wealth, brokerage, and retirement. Thpany is also a major player in the residentiagage market, servicing $1.8 trillion in loan



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Wells Fargo & Co WFCAnalysisCompetitors

Name Price % Chg TTM Sales$ mil

Wells Fargo & Co $41.18-0.75[ 85,798

JPMorgan Chase & Co $52.040.15]

99,132Industrial AndCommercial Bank OfChina Ltd. ADR

$14.10 0.64] 93,118

HSBC Holdings PLCADR

$54.46 -0.37[ 82,885

HSBC Holdings PLC $10.79-0.46[ 82,885China ConstructionBank Corp ADR

$15.50 -0.23[ 79,246

Analyst

Price 10-02-2013 41.18 BASEFair Value Estimate 46.00 BASEUncertainty MediumConsider Buy 32.20 BASEConsider Sell 62.10 BASEEconomic Moat NarrowStewardship Rating Exemplary

Quantitative

Price 10-02-2013 41.17 BASEQuantitative Fair Value 44.86 BASEQuantitative Uncertainty LowQuantitative Moat NarrowAs of 10/01/2013



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Wells Fargo & Co WFCInsiders

Total Executive Compensation

26.51 mil

73.47 mil67.08 mil

72.59 mil 72.74 mil

27.00

54.00

81.00

2008 2009 2010 2011 2012

Stock Price

20.00

40.00

2008 2009 2010 2011 2012

Total Return

0

45.0

2008 2009 2010 2011 2012

Revenue

-1.00

0.00

2008 2009 2010 2011 2012

Return of Equity

-1.00

0.00

2008 2009 2010 2011 2012

Net Income

-1.00

0.00

2008 2009 2010 2011 2012

2012 Executive Compensation

Total Compensation $72,71-Year % Change 0.2 %

Compensation vs. Performance 1-Year % ChCEO Compensation 1Stock Return 27Revenue 6.Return on Equity 7Net Income 19



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Key Executive CompensationKey Executive Compensation 2008 2009 2010 2011

Salary 1,477,687 10,166,667 8,450,319 9,331,402 1Bonus 0 0 0 0Annual Other Income 0 0 0 0Restricted Stock Award 0 20,155,528 27,969,101 34,500,082Securities Options 11,959,963 4,723,740 1,766,934 0LTIP Payout 0 0 0 0Non-Equity Compensation 0 10,940,024 8,035,000 9,175,000Other Compensation 392,161 150,646 72,631 73,500

Total 13,880,922 49,120,548 48,069,167 55,428,394 7

John G. Stumpf / Chairman of the Board, President and ChiefExecutive Officer

2008 2009 2010 2011

Salary 878,920 5,600,000 3,239,847 2,800,000Bonus 0 0 0 0Annual Other Income 0 0 0 0Restricted Stock Award 0 13,083,386 11,000,009 12,000,026Securities Options 7,920,000 0 0 0LTIP Payout 0 0 0 0Non-Equity Compensation 0 0 3,300,000 3,100,000Other Compensation 242,167 72,786 28,531 14,700

Total 9,041,087 21,340,547 18,973,722 19,843,021 2

Timothy Sloan / Senior Executive Vice President and ChiefFinancial Officer

2008 2009 2010 2011

Salary 1,331,402 1,66Bonus 0Annual Other Income 0Restricted Stock Award 5,500,004 5,Securities Options 0 12LTIP Payout 0Non-Equity Compensation 1,400,000 1Other Compensation 14,700

Total 8,333,892 9,00

David A. Hoyt / Senior Executive Vice President, WholesaleBanking

2008 2009 2010 2011

Salary 598,767 3,866,667 2,293,231 2,000,000Bonus 0 0 0 0Annual Other Income 0 0 0 0Restricted Stock Award 0 7,072,142 6,500,002 6,500,022Securities Options 4,039,963 2,203,740 1,766,934 0LTIP Payout 0 0 0 0Non-Equity Compensation 0 0 2,000,000 1,875,000Other Compensation 149,994 45,071 14,700 14,700

Total 4,839,835 13,477,231 12,765,256 10,541,652 1



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David M. Carroll / Senior Executive Vice President, Wealth,Brokerage and Retirement

2008 2009 2010 2011

Salary 700,000 1,374,329 1,500,000 1,Bonus 0 0 0Annual Other Income 0 0 0Restricted Stock Award 0 4,969,072 5,000,026Securities Options 2,520,000 0 0 1,9LTIP Payout 0 0 0Non-Equity Compensation 10,940,024 1,500,000 1,400,000Other Compensation 32,789 14,700 14,700

Total 14,302,770 7,922,288 8,010,953 10

Carrie L. Tolstedt / Senior Executive Vice President, CommunityBanking

2008 2009 2010 2011

Salary 1,542,912 1,700,000 1,7Bonus 0 0Annual Other Income 0 0Restricted Stock Award 5,500,018 5,500,004 5Securities Options 0 0LTIP Payout 0 0Non-Equity Compensation 1,235,000 1,400,000Other Compensation 14,700 14,700

Total 8,407,901 8,698,876 8,8

Avid Modjtabai / Senior Executive Vice President, ConsumerLending

2008 2009 2010 2011

Salary 1,500BonusAnnual Other IncomeRestricted Stock Award 5,5Securities OptionsLTIP PayoutNon-Equity Compensation 1,4Other Compensation 8

Total 8,565

A publicly-traded company is only required to disclose information concerning the amount and type of compensation paid to its CEO, CFO, and the three other most highly compensated executive officers in a gicompensation for these individuals may be unavailable in prior years if they were not in their current roles or did not qualify as among the most highly compensated officers at the time.



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Weekly Insider Transactions

-1 mil

0

1 mil

2 mil

Oct Nov Dec 2013 Feb Mar A r Ma Jun Jul Au Se

Buy

Acquisition (Non-open Mkt)

Option Exercise

SellDisposition (Non-open Mkt)

Stock Price

30.00

60.00


Total Return

0

10.0


Revenue

-1.00

0.00


Return of Equity

-1.00

0.00


Net Income

-1.00

0.00




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Transaction HistoryDate * Name Title Transaction Shares

09/05/2013 Patricia R. Callahan Senior Executive Vice President and Chief Administrative Officer Gift 1,22009/04/2013 Patricia R. Callahan Senior Executive Vice President and Chief Administrative Officer Gift 1,83008/21/2013 Patricia R. Callahan Senior Executive Vice President and Chief Administrative Officer Gift 36,49008/21/2013 Patricia R. Callahan Senior Executive Vice President and Chief Administrative Officer Gift 36,49008/14/2013 James M. Strother Senior Executive Vice President and General Counsel Sale at 43.353 per share. 9,307

08/12/2013 Michael J. Heid Executive Vice President, Home Lending and President of WellsFargo Home Mortgage, Wells Fargo Bank, N.A.

Exercise 41,140 1,32


Disposition 35,709 1,54


Gift 7,208


Gift 7,208

08/05/2013 Patricia R. Callahan Senior Executive Vice President and Chief Administrative Officer Exercise 192,600

08/05/2013 Patricia R. Callahan Senior Executive Vice President and Chief Administrative Officer Disposition 156,11008/02/2013 Michael J. Heid Executive Vice President, Home Lending and President of Wells

Fargo Home Mortgage, Wells Fargo Bank, N.A.Disposition 12,117 53


Exercise 35,000 1,12


Disposition 29,985 1,33


Exercise 14,310 44

08/01/2013 Timothy Sloan Senior Executive Vice President and Chief Financial Officer Disposition 38,01908/01/2013 Timothy Sloan Senior Executive Vice President and Chief Financial Officer Disposition 45,67508/01/2013 Timothy Sloan Senior Executive Vice President and Chief Financial Officer Exercise 55,10008/01/2013 Timothy Sloan Senior Executive Vice President and Chief Financial Officer Exercise 45,00008/01/2013 James M. Strother Senior Executive Vice President and General Counsel Disposition 50,693

08/01/2013 James M. Strother Senior Executive Vice President and General Counsel Exercise 60,00008/01/2013 David M. Carroll Senior Executive Vice President, Wealth, Brokerage and

RetirementSale at 44.51 per share. 39,700 1,7

07/31/2013 Kevin A. Rhein Senior Executive Vice President and Chief Information Officer Disposition 44,48507/31/2013 Kevin A. Rhein Senior Executive Vice President and Chief Information Officer Exercise 53,08007/31/2013 Avid Modjtabai Senior Executive Vice President, Consumer Lending Sale at 43.71 per share. 60,000* Date represents the date on which the insider initiated the transaction



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Holding SummaryName Title Total Shares Held TTM Change % Shares Outstanding %

All Key Insiders 1,594,082 83.43% 0.01% 6

John G. Stumpf Chairman of the Board, President and Chief ExecutiveOfficer 306,013 199.53 0.01% 12,6David M. Carroll Senior Executive Vice President, Wealth, Brokerage

and Retirement215,130 23.2 0% 8,88

Timothy Sloan Senior Executive Vice President and Chief FinancialOfficer

189,426 105.29 0% 7,82

David A. Hoyt Senior Executive Vice President, Wholesale Banking 180,826 163.89 0%Carrie L. Tolstedt Senior Executive Vice President, Community Banking 153,007 -28.07 0%Kevin A. Rhein Senior Executive Vice President and Chief Information

Officer151,364 123.23 0% 6,25

Susan G. Swenson Independent Director 80,403 8.4 0%James M. Strother Senior Executive Vice President and General Counsel 64,866 -0.27 0%

Cynthia H. Milligan Independent Director 54,620 19.28 0%Michael J. Loughlin Senior Executive Vice President and Chief Risk Officer 36,160 0 0%Judith M. Runstad Independent Director 28,513 42.52 0%Lloyd H. Dean Independent Director 27,651 0.36 0%John D. Baker Independent Director 27,489 0 0%

John S. Chen Independent Director 20,890 23.98 0%Enrique Hernandez Independent Director 17,297 46.2 0%Susan E. Engel Independent Director 11,726 -11.63 0%Richard D. Levy Executive Vice President and Controller 10,008 -91.51 0%Federico F. Pena Independent Director 8,253 0 0%

Michael J. Heid Executive Vice President, Home Lending and Presidentof Wells Fargo Home Mortgage, Wells Fargo Bank,N.A.

5,431 -23.07 0% 22

Donald M. James Independent Director 3,863 0 0%Stephen W Sanger Lead Independent Director 846 -64.75 0%Elaine L. Chao Independent Director 150 0 0%Howard V. Richardson Independent Director 150 0 0%

Avid Modjtabai Senior Executive Vice President, Consumer Lending 0 -100 0%Patricia R. Callahan Senior Executive Vice President and ChiefAdministrative Officer

0 0 0%

All Key Insiders 1,594,082 83.43% 0.01% 6

* Based on WFC Last Close Price: 41.32 10/01/2013 4:00:00 PM EST.



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Key ExecutiveJohn G. Stumpf, 59Chairman of the Board, President and Chief Executive OfficerSince:1998

Mr. Stumpf has served as our Chairman since December 2009, Chief Executive Officer sinceand as our President since August 2005. He also served as our Chief Operating Officer from

to June 2007, and as Group Executive Vice President, Community Banking from July 2002 tOther Public Company Directorships: Chevron Corporation and Target Corporation. Mr. Stuemployed with the Company for over 31 years in a variety of management and senior managpositions and he brings to the Board tremendous experience and knowledge regarding the f inservices industry and the Companys businesses, as well as a complete understanding of the Cvision and strategy. Mr. Stumpf joined the former Norwest in 1982 and held a number of senmanagement positions with the former Norwest, including regional president of its Coloradooperations and its Texas operations, and he led the former Norwests acquisition of over 30 TeFollowing the former Norwests merger with the former Wells Fargo in 1998, Mr. Stumpf serthe Companys southwestern and western banking groups, led the integration of the Companyof First Security Corporation, and served as Group EVP of Community Banking. As CEO, hacquisition and integration of Wachovia, the largest banking merger and integration in U.S. h

Stumpf has extensive leadership experience, and his service on the board of directors for TheHouse and the Financial Services Roundtable provides additional insight to the Board on keythe Company and the financial services industry. He has a Master of Business AdministrationUniversity of Minnesota.

David M. Carroll, 55

Senior Executive Vice President, Wealth, Brokerage andRetirementSince:2009

David M. Carroll, Senior Executive Vice President (Wealth Management, Brokerage and RetJanuary 2009; Senior Executive Vice President of Wachovia Corporation from September 202009. Mr. Carroll has served with the Company or its predecessors for 31 years.

Timothy Sloan, 52

Senior Executive Vice President and Chief Financial OfficerSince:2006

Timothy J. Sloan, Senior Executive Vice President and Chief Financial Officer since FebruarExecutive Vice President and Chief Administrative Officer from September 2010 to Februar

Executive Vice President (Commercial Banking, Real Estate and Specialized Financial ServiFargo Bank, N.A. from June 2006 to September 2010. Mr. Sloan has served with the Compapredecessors for 25 years.

David A. Hoyt, 57

Senior Executive Vice President, Wholesale BankingSince:1998

David A. Hoyt, Senior Executive Vice President (Wholesale Banking) since August 2005; GrVice President (Wholesale Banking) from November 1998 to August 2005. Mr. Hoyt has serCompany or its predecessors for 31 years.

Carrie L. Tolstedt, 53Senior Executive Vice President, Community BankingSince:1998

Carrie L. Tolstedt, Senior Executive Vice President (Community Banking) since June 2007; Vice President (Regional Banking) from July 2002 to June 2007. Ms. Tolstedt has served witor its predecessors for 23 years.

Kevin A. Rhein, 59

Senior Executive Vice President and Chief Information OfficerSince:1999

Kevin A. Rhein, Senior Executive Vice President and Chief Information Officer since July 2Vice President (Card Services and Consumer Lending) from January 2009 to July 2011; ExePresident (Card Services) of Wells Fargo Bank, N.A. from February 2004 to January 2009, PChief Executive Officer of Wells Fargo Card Services, Inc. from August 1999 to February 20has served with the Company or its predecessors for 34 years.

James M. Strother, 61

Senior Executive Vice President and General CounselSince:2004

James M. Strother, Senior Executive Vice President and General Counsel since July 2011; ExPresident and General Counsel from January 2004 to July 2011. Mr. Strother has served withor its predecessors for 26 years.



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the Companys southwestern and western banking groups, led the integration of the Companyof First Security Corporation, and served as Group EVP of Community Banking. As CEO, hacquisition and integration of Wachovia, the largest banking merger and integration in U.S. hStumpf has extensive leadership experience, and his service on the board of directors for TheHouse and the Financial Services Roundtable provides additional insight to the Board on keythe Company and the financial services industry. He has a Master of Business AdministrationUniversity of Minnesota.

Susan G. Swenson, 64

Independent DirectorSince:1994

Ms. Swenson served as President and Chief Executive Officer of Sage Software-North AmerAmerican operations of The Sage Group PLC located in the United Kingdom (business manasoftware and services supplier) from March 2008 until April 2011. Ms. Swenson held positioChief Operating Officer of Atrinsic, Inc. (formerly known as New Motion, Inc.) from Augus2008, Ampd Mobile, Inc. from October 2006 to July 2007, and T-Mobile USA from FebruarOctober 2005, and as President and Chief Operating Officer and a director of Leap Wireless Inc. from July 1999 to January 2004. Other Public Company Directorships: Harmonic Inc., N

Wireless, Inc., and Spirent Communications plc, and a former director of Eltek Ltd. Ms. Sweextensive leadership, executive management, and information technology experience to the Bas substantial knowledge and experience regarding the Company, which she acquired during as a director. Ms. Swenson has over 30 years experience in the telecommunications industry,the CEO or COO of several public and private companies, and was recently appointed by theCommerce Secretary to serve as one of the initial board members of the First Responder NetAuthority, an independent U.S. governmental entity created to establish a nationwide, public broadband network. Ms. Swensons experience and management responsibilities during her bcareer has included information technology, engineering, software research and developmentand sales, business operations and customer care and loyalty, each of which is important to thparticularly in its retail, online, and mobile banking businesses. She has served on several pubprivate boards, including as chair of the audit committee for Palm, Inc. from 1999 to 2004. Sextensive financial management expertise, and has been a member of the Companys Audit anExamination Committee since 1996.

Cynthia H. Milligan, 66


Ms. Milligan served as Dean of the College of Business Administration at the University of NLincoln, Lincoln, Nebraska (higher education) from June 1998 to May 2009, when she was nEmeritus of the College of Business Administration. Other Public Company Directorships: CKellogg Company, and Raven Industries, Inc. Ms. Milligan has extensive experience in the fiservices industry, including as a bank regulator and lawyer, which provides valuable insight ton banking, regulatory, and risk assessment and management issues. Ms. Milligan served as tof Banking and Finance for the State of Nebraska from 1987 until 1991, responsible for supehundred banks and other financial institutions, and she also served as a Director, Omaha Bran

Kansas City Federal Reserve for approximately six years. In addition, she was president of hconsulting firm for financial institutions for approximately seven years and acquired significand related financial management expertise in this role, as well as during her service as a banand as Dean of the College of Business Administration for the University of Nebraska-Lincosubstantial knowledge and experience about the Companys businesses and has served on manBoards committees, including its Audit and Examination Committee for over 17 years and cuchair of the Credit Committee and member of the Risk Committee. Ms. Milligan has a law dGeorge Washington University National Law Center and was a senior partner at a law firm inas well as an Adjunct Professor of Law in taxation at Georgetown University Law Center andthe University of Nebraska College of Law.



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Judith M. Runstad, 68

Independent Director

Since:1998

Ms. Runstad is a former partner of, and has been of counsel since January 1997 to the law firPepper PLLC, Seattle, Washington. She is a former Chairwoman of the Board of the Federalof San Francisco. Other Public Company Directorships: Former director of Potlatch CorporaCorporation. As a former director and Chairwoman of the Board of the Federal Reserve BanFrancisco, as well as a former director and Chairwoman of the Federal Reserves Seattle branRunstad has substantial banking and finance experience, as well as strong leadership and corpgovernance skills. She has been practicing law in the areas of real estate development and lanenvironmental law for over 38 years with a large law firm, and her legal background and expprovide her with additional insight in dealing with complex legal, regulatory, and risk matterCompany, as well as real estate-related issues. Ms. Runstad serves as a member of the board Runstad & Company, a privately held commercial real estate developer/owner. Ms. Runstad understanding of the Companys businesses, which she has acquired during the past 14 years and she has been a member of the Companys Finance Committee for over 13 years and was amember of the Companys Audit and Examination Committee for eight years. Ms. Runstads pa variety of civic activities in the Northwest, where the Company has significant business opcontributes important community affairs experience to the Board. Ms. Runstad received her lfrom the University of Washington.

Lloyd H. Dean, 62


Mr. Dean has served as President, Chief Executive Officer, and a director of Dignity Health, California (health care) since April 2000. Other Public Company Directorships: Cytori Therathe president and CEO of Dignity Health, a large multi-state healthcare organization that is thhospital provider in the nation, and as a former executive vice president and chief operating oAdvocate Health Care and officer of The Upjohn Company, Mr. Dean brings over 21 years oexecutive management, and business strategy experience to the Board. Similar to the CompaHealth is subject to significant regulatory oversight, which provides Mr. Dean with additiona

analyzing and advising on complex regulatory issues affecting the Company. The Board alsoMr. Deans substantial finance, systems operations, service quality, human resources, and comaffairs expertise, which he gained as a result of his responsibilities with Dignity Health, and fextensive banking and related financial management expertise acquired as a former member Companys Audit and Examination Committee and Credit Committee. Mr. Deans current servexecutive chairman of Cytori Therapeutics provides an additional corporate governance persBoard and its Human Resources and Governance and Nominating Committees where he servmember. Mr. Dean holds a Masters Degree in Education from Western Michigan University graduate of Pennsylvania State Universitys Executive Management Program.



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John D. Baker, 64Independent DirectorSince:2009

Mr. Baker has served as Executive Chairman and a director of Patriot Transportation HoldinJacksonville, Florida (motor carrier and real estate company) since October 2010. He served and Chief Executive Officer of Patriot from February 2008 until October 2010. He served asMay 1989, and Chief Executive Officer from February 1997 of Florida Rock Industries, Inc.Florida (construction materials) until November 2007. Mr. Baker also currently serves as ChPanadero Aggregates Holdings LLC, a construction aggregates company located in JacksonvOther Public Company Directorships: Patriot Transportation Holding, Inc. and Texas Industrformer director of Duke Energy Corporation, Florida Rock Industries, Inc., Progress Energy Materials Company, and Wachovia Corporation. As the CEO or chairman of two public comthe past 16 years, including a company involved in real estate activities, Mr. Baker brings leaexecutive management experience to the Board. Mr. Baker has led or founded several public companies doing business in the Southeast, including recently as the lead investor and seniorstart-up private equity firm, and his entrepreneurial skills and deep knowledge of the businesthe Southeast provide unique insight into the operating environment of some of the Companybanking markets. Mr. Baker has extensive financial management expertise that he gained as a

chairman, and as a past member of the audit committees of two other public companies and amember of the Companys Audit and Examination and Credit Committees. Mr. Baker has a lathe University of Florida School of Law, and his experience as a lawyer and former member a large public utility company also contribute important risk management and regulatory ovethe Board.

John S. Chen, 57Independent DirectorSince:2006

Mr. Chen served as Chairman and Chief Executive Officer of Sybase, Inc., Dublin, Californisoftware) from July 2010 until he retired in November 2012. Sybase is a wholly-owned subsAG, Walldorf, Germany. He also served as Chairman, Chief Executive Officer, President, anof Sybase from November 1998 until July 2010 when Sybase was acquired by SAP AG. Mr.serves as a Senior Advisor of Silver Lake, Menlo Park, California (a private investment firmCompany Directorships: The Walt Disney Company; and a former director of Sybase, Inc. Mleadership and executive management experience gained from his 14 years as the CEO of Sythree highly successful technology companies that he has led during his business career. Mr. served as president of the Open Enterprise Computing Division of Siemens Nixdorf, and prechief operating officer of Pyramid Technology Corporation. Mr. Chens experience and perspinformation technology, information security, and software matters are particularly importanCompany, which uses numerous complex information technology applications and systems ais involved in system integrations. Mr. Chen also brings to the Board finance experience andhis work with Sybase and several public sector organizations, an important focus on internatiand business and community affairs. His experience serving on the board of a large well-knoentertainment company also provides valuable insight into the importance of developing andan internationally recognized brand, since the Companys brand and reputation are recognizedthe most valuable in the financial services business. Mr. Chen holds a Master of Science fromInstitute of Technology.



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Enrique Hernandez, 57Independent DirectorSince:2003

Mr. Hernandez has served as Chairman, President, Chief Executive Officer, and a director ofSecurity Systems, Inc., Pasadena, California (security services) since 1986. Other Public ComDirectorships: Chevron Corporation, McDonalds Corporation, and Nordstrom, Inc. (ChairmaMr. Hernandez brings leadership and executive management experience to the Board as the cpresident and CEO of Inter-Con Security Systems, Inc., a global security services provider, aexecutive chairman of the board of Nordstrom, Inc., a large publicly traded retail company. Tbenefits from the valuable corporate governance and board leadership experience and expertiHernandez has acquired, including as chairman of Nordstrom, particularly in areas such as bustrategy, risk assessment and succession planning. Mr. Hernandez also has extensive experienbanking and financial services industry, as well as banking and related financial managementa former member of the boards and audit committees of two other large financial institutionsWestern Financial Corporation from 1993 to 1997 and Washington Mutual, Inc. from 1997 toHernandez has served as chair of the audit committees of Nordstrom and McDonalds, currenthe Companys Audit and Examination Committee, and chairs the Finance Committee and Riall of which have further enhanced his finance experience and contributions to the Board. Mr

has a law degree from Harvard Law School and practiced as a litigation attorney for four yealarge law firm in California, which provides him with additional insight on risk managementissues relevant to the Companys operations.

Susan E. Engel, 66


Ms. Engel serves as Chief Executive Officer of Portero, Inc., New York, New York (an onlinluxury pre-owned and vintage personal accessories) since July 2009. She served as ChairwomExecutive Officer, and a director of Lenox Group Inc., Eden Prairie, Minnesota (a tabletop, cgiftware marketer, manufacturer and wholesaler) from November 1996 until she retired in JaOther Public Company Directorships: SUPERVALU INC. Ms. Engel has extensive executiveleadership, and sales and marketing experience, which she has acquired as the CEO of severaprivate companies over the past 20 years. In addition to her current executive position with Pher previous leadership positions with Lenox Group, Ms. Engel served as the president and cofficer of Champion Products, Inc., the athletic apparel division of Sara Lee Corporation for three years and was a consultant with Booz Allen Hamilton, a large management consulting 14 years. She has served on several public and private boards, and provides entrepreneurial, ronline sales experience to the Board, which is important to our many consumer businesses. Mextensive knowledge and experience regarding the Companys businesses, which she gained aover 14 years of service on the Companys Board, including as a director of the former Norwhas been a member of the Companys Credit and Finance Committees for the past 14 years anResources Committee for over 11 years. Ms. Engel has a Master of Business Administration Business School.



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Federico F. Pena, 66Independent DirectorSince:2011

Mr. Pena has served as a Senior Advisor of Vestar Capital Partners, Denver, Colorado (privatsince January 2009 and previously served as a Managing Director of Vestar from January 2002009. He served as the U.S. Secretary of Energy from March 1997 until June 1998 and as theSecretary of Transportation from January 1993 until February 1997. Other Public Company Sonic Corp. As the former U.S. Secretary of Energy and U.S. Secretary of Transportation, asof the City and County of Denver, Colorado for eight years and member of the Colorado HouRepresentatives for four years, Mr. Pena brings substantial leadership, executive managemenpublic policy, and community affairs expertise to the Board, which provide invaluable insighCompany operates in the rapidly changing regulatory, political, and social environment for fiservices companies. Mr. Penas service with Vestar, including his work analyzing complex fintransactions and advising senior management teams, as well as his experience founding and lown investment management firm, contribute important financial management, investment, bstrategy, and entrepreneurial skills to the Board, which are useful in its oversight of the Compmarkets and investment advisory businesses. He holds a law degree from the University of Tenhances his understanding of legal and regulatory issues affecting the Company.

Donald M. James, 64Independent DirectorSince:2009

Mr. James has served as Chairman, Chief Executive Officer, and a director of Vulcan MateriBirmingham, Alabama (construction materials) since May 1997. Other Public Company DireVulcan Materials Company and Southern Company; and a former director of Wachovia CorpJames brings extensive leadership and executive management experience to the Board as the and CEO of Vulcan Materials Company where he also served in various senior management since 1992, including as president and chief operating officer. Before joining Vulcan, Mr. Jamlaw as a partner in a large law firm in Alabama and was chairman of the firms litigation pracwhich also provides him with additional perspective in dealing with complex legal, regulatormatters affecting the Company. As a former board member of Wachovia, South Trust Corporwas acquired by Wachovia), and Protective Life Corporation, Mr. James has substantial knowexperience in the banking and financial services industry, and his prior service as the presidinthe Southern Company, a large public utility company, also brings important corporate goverregulatory oversight, succession planning, and business strategy experience to the Board. Mrholds a Master of Business Administration from the University of Alabama and a law degreeUniversity of Virginia.



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Stephen W Sanger, 66Lead Independent DirectorSince:2003

Mr. Sanger served as Chairman of General Mills, Inc., Minneapolis, Minnesota (packaged foand distributor) from May 1995, and as a director since 1992, until he retired in May 2008. Has Chief Executive Officer of General Mills from May 1995 to September 2007. Other PubliDirectorships: Pfizer Inc. and Target Corporation; and a former director of General Mills, Incbrings leadership, executive management, and sales and marketing experience to the Board, avaluable experience in corporate strategy and mergers and acquisitions. Mr. Sanger joined Gein 1974 and held various management positions at General Mills before becoming chairman a1995. Mr. Sanger led General Mills through the complex acquisition and integration of Pillsbextensive experience gained from leading a company responsible for developing and marketithe worlds best known consumer brands is beneficial to the Company and the Board. He has audit, compensation, and governance committees of several large public companies, includinand governance committees of Pfizer and the compensation and governance committees of The enhanced his human resources and corporate governance skills. His service on the CompaResources Committee for over eight years, including five years during which he served as thcommittee, and as a member and current Chair of the Companys Governance and Nominatin

provides valuable experience for his current role as Lead Director. Mr. Sanger holds a MasterAdministration from the University of Michigan.

Elaine L. Chao, 59


Ms. Chao served as the 24th U.S. Secretary of Labor from January 2001 until January 2009. a Distinguished Fellow at the Heritage Foundation, Washington, D.C. (educational and reseaorganization) since January 2009 and from August 1996 until January 2001. She was PresideExecutive Officer of United Way of America from November 1992 until August 1996. Ms. Cgovernment experience also includes serving as Director of the Peace Corps from December November 1992 and Deputy Secretary of the U.S. Department of Transportation from April December 1991. Other Public Company Directorships: Dole Food Company, Inc., News CorProtective Life Corporation. As the first Asian Pacific American woman in U.S. history to bePresidents cabinet and a leader of large high-profile organizations operating in complex regupublic policy environments, Ms. Chao has extensive leadership, executive management, and experience, which provide the Board with important expertise as it oversees the Companys inwith a wide variety of outside groups in a rapidly changing external environment. Ms. Chaosbuilding constructive working relationships with diverse stakeholders also provide useful insCompany in various social responsibility and community affairs areas as it strives to enhancerelationships in the communities where it does business. Her experience as Secretary of Labothe Board with a valuable perspective on workforce issues important for the Company and itteam members, and her previous work at two large financial services companies contributes industry experience to the Board. As a current and former board member of a number of procompanies, including as the current chair of the governance committee of Dole Food Compamember of the nominating and corporate governance committee of News Corporation, she aladditional corporate governance experience to the Board. Ms. Chao has a Master of BusinessAdministration from Harvard Business School.



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Howard V. Richardson, 62Independent DirectorSince:2013

Mr. Richardson served as a partner of PricewaterhouseCoopers LLP, New York, New York (auditing, and consulting firm) from 1988 until June 2011. He joined PricewaterhouseCooperand held a variety of positions with the f irm, including U.S. Financial Services and Banking 1996 to 2000 and Global Banking/Capital Markets leader from 1998 to 2002. Mr. Richardsonextensive accounting, financial reporting, risk management, bank regulatory, and financial seexperience to the Board. He served PricewaterhouseCoopers for over 35 years in a wide rangleadership, audit and business advisory positions, and was the lead engagement partner or advpartner for some of PricewaterhouseCoopers largest financial services clients, including largeholding companies, investment management firms, broker-dealers, and insurance companiescareer at PricewaterhouseCoopers, Mr. Richardson worked closely with the senior managemboards of directors, and audit committees of large U.S. and international financial services fiwork at PricewaterhouseCoopers provides him with a unique perspective on the complex issularge financial services firms such as the Company. Mr. Richardson is a member of the Amerof Certified Public Accountants and holds a Master of Science from Boston University (LonHe is also a graduate of Tucks Executive Management Program at Dartmouth Colleges Grad

Business.



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Audit And Examination Committee

Name Title

Federico F. Pena Independent Director, Member Of Audit And Examination Committee And Member Of Governance ACommittee

John D. Baker Independent Director, Member Of Credit Committee, Member Of Audit And Examination CommitteeCorporate Responsibility Committee

Susan G. Swenson Independent Director, Member Of Governance And Nominating Committee And Member Of Audit ACommittee

Enrique Hernandez Independent Director, Chairman Of Finance Committee, Chairman Of Risk Committee, Member Of AExamination Committee And Member Of Corporate Responsibility Committee

Howard V. Richardson Independent Director And Member Of Audit And Examination Committee

Corporate Responsibility Committee

Name Title

Judith M. Runstad Independent Director, Chairman Of Corporate Responsibility Committee, Member Of Risk CommitteCommittee And Member Of Finance Committee

Cynthia H. Milligan Independent Director, Chairman Of Credit Committee, Member Of Governance And Nominating CoRisk Committee And Member Of Corporate Responsibility Committee



Lloyd H. Dean Independent Director, Chairman Of Human Resources Committee, Member Of Corporate ResponsibiMember Of Risk Committee And Member Of Governance And Nominating Committee

Credit Committee

Name Title




Susan E. Engel Independent Director, Member Of Human Resources Committee, Member Of Credit Committee AndCommittee

Elaine L. Chao Independent Director, Member Of Credit Committee And Member Of Finance Committee

Finance Committee

Name Title




Donald M. James Independent Director, Member Of Human Resources Committee And Member Of Finance Committee

Elaine L. Chao Independent Director, Member Of Credit Committee And Member Of Finance Committee



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Governance And Nominating Committee

Name Title

Stephen W Sanger Lead Independent Director, Chairman Of Governance And Nominating Committee, Member Of HumaCommittee And Member Of Risk Committee


Federico F. Pena Independent Director, Member Of Audit And Examination Committee And Member Of Governance ACommittee

Susan G. Swenson Independent Director, Member Of Governance And Nominating Committee And Member Of Audit ACommittee


Human Resources Committee

Name Title


John S. Chen Independent Director And Member Of Human Resources Committee


Donald M. James Independent Director, Member Of Human Resources Committee And Member Of Finance Committee

Stephen W Sanger Lead Independent Director, Chairman Of Governance And Nominating Committee, Member Of Huma

Committee And Member Of Risk Committee

Risk Committee

Name Title





Stephen W Sanger Lead Independent Director, Chairman Of Governance And Nominating Committee, Member Of Huma

Committee And Member Of Risk Committee



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Wells Fargo & Co WFCPerformance 1-Month Range 52-Week Range 5-Year Range % Below 52-Week High % Below 5-Year H

40.89-43.83 31.25-44.78 7.80-44.78 8.05 8.05

Growth of 10,000 09-30-2013

5k

10k

15k

20k

30k WFCBanks - Global

2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 YTD History

29.46 8.16 4.31 17.75 -12.64 1.95 -6.78 15.56 -9.52 27.21 23.38 WFC49.47 13.42 7.39 21.54 -19.93 -53.80 11.91 1.09 -26.83 36.56 16.41 Banks - Glob

-20.00 -5.26 -3.08 -3.80 7.29 55.75 -18.70 14.47 17.31 -9.34 6.96 +/- Banks - G2.53 2.99 3.18 3.01 3.91 4.41 1.82 0.65 1.49 2.28 — Dividend Yield

100,134 105,150 105,067 120,049 101,269 98,028 139,771 163,078 145,038 180,003 219,400 Market C

Trailing Total Returns (Daily)

0.00

10.00

20.00

30.0040.00

WFC

Banks - GlobalS&P 500 TR USD

1-Day 1-week 1-Month 3-Month YTD 1-Year 3-Year 5-Year 10-Year 15-YearTotal Ret % 2013-10-01

0.41 -0.58 1.00 1.04 23.87 22.65 19.62 4.04 6.60 7.72 WFC0.73 0.13 5.11 8.39 16.41 35.11 6.82 -4.82 -1.80 3.95 Banks - Globa0.81 -0.10 3.97 5.51 20.76 19.98 16.41 10.29 7.41 5.60 S&P 500 TR U

-0.32 -0.70 -4.11 -7.35 7.46 -12.46 12.80 8.86 8.39 3.77 +/- Banks - G-0.40 -0.47 -2.97 -4.47 3.11 2.67 3.22 -6.25 -0.82 2.12 +/- S&P 500 T

Trailing Total Returns (Month-End)

0.00

10.00

20.00

30.00

40.00 WFCBanks - Global

S&P 500 TR USD

1-Month 3-Month 6-Month YTD 1-Year 3-Year 5-Year 10-Year 15-YearTotal Ret % 2013-09-30

0.58 0.85 13.33 23.38 22.76 20.17 3.49 6.85 7.39 WFC

5.11 8.39 11.61 16.41 35.11 6.82 -4.82 -1.80 3.95 Banks - Globa3.14 5.24 8.31 19.79 19.34 16.27 10.02 7.57 5.33 S&P 500 TR U

-4.52 -7.54 1.71 6.96 -12.35 13.35 8.32 8.64 3.44 +/- Banks - Glo-2.55 -4.40 5.02 3.58 3.42 3.90 -6.52 -0.72 2.06 +/- S&P 500 T



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Wells Fargo & Co WFCPerformance 1-Month Range 52-Week Range 5-Year Range % Below 52-Week High % Below 5-Year H

40.89-43.83 31.25-44.78 7.80-44.78 8.05 8.05

Trailing Total Returns (Quarter-End)

0.00

10.00

20.00

30.00

40.00 WFCBanks - Global

S&P 500 TR USD

1-Month 3-Month 6-Month YTD 1-Year 3-Year 5-Year 10-Year 15-YearTotal Ret % 2013-09-30

0.58 0.85 13.33 23.38 22.76 20.17 3.49 6.85 7.39 WFC5.11 8.39 11.61 16.41 35.11 6.82 -4.82 -1.80 3.95 Banks - Globa3.14 5.24 8.31 19.79 19.34 16.27 10.02 7.57 5.33 S&P 500 TR U

-4.52 -7.54 1.71 6.96 -12.35 13.35 8.32 8.64 3.44 +/- Banks - Glo-2.55 -4.40 5.02 3.58 3.42 3.90 -6.52 -0.72 2.06 +/- S&P 500 T

Historical Prices 5-DayDate Open High Low Close Volume

2013-10-01 41.37 41.57 41.09 41.49 12.78 Mil2013-09-30 41.06 41.54 40.90 41.32 20.36 Mil2013-09-27 41.57 41.77 41.51 41.59 20.03 Mil2013-09-26 41.92 42.20 41.41 41.61 20.49 Mil2013-09-25 41.83 41.96 41.29 41.81 19.19 Mil

Five Year Dividend HistoryAnnual Dividends 12-2008 12-2009 12-2010 12-2011 12-2012

Dividend Amount 1.30 0.49 0.20 0.48 0.88Year-end Yield % 4.41 1.82 0.65 1.74 2.57

*Dividend Amount is calculated using the ex-dividend date

Dividend History Ex-Dividend Date Declaration Date Record Date Payable Date $ Amount

2013 2013-08-07 2013-07-23 2013-08-09 2013-09-01 USD 0.302013-05-08 2013-04-23 2013-05-10 2013-06-01 USD 0.302013-01-30 2013-01-22 2013-02-01 2013-03-01 USD 0.25

2012 2012-11-07 2012-10-23 2012-11-09 2012-12-01 USD 0.222012-08-08 2012-07-25 2012-08-10 2012-09-01 USD 0.222012-05-02 2012-03-13 2012-05-04 2012-06-01 USD 0.222012-02-01 2012-01-25 2012-02-03 2012-03-01 USD 0.122012-03-22 2012-03-13 2012-03-26 2012-03-30 USD 0.10

2011 2011-11-02 2011-10-26 2011-11-04 2011-12-01 USD 0.122011-08-03 2011-07-27 2011-08-05 2011-09-01 USD 0.122011-05-04 2011-04-21 2011-05-06 2011-06-01 USD 0.122011-02-02 2011-01-26 2011-02-04 2011-03-01 USD 0.052011-03-24 2011-03-19 2011-03-28 2011-03-31 USD 0.07

2010 2010-11-03 2010-10-27 2010-11-05 2010-12-01 USD 0.052010-08-04 2010-07-28 2010-08-06 2010-09-01 USD 0.052010-05-05 2010-04-28 2010-05-07 2010-06-01 USD 0.052010-02-03 2010-01-27 2010-02-05 2010-03-01 USD 0.05

2009 2009-11-04 2009-10-28 2009-11-06 2009-12-01 USD 0.052009-08-05 2009-07-29 2009-08-07 2009-09-01 USD 0.052009-05-06 2009-04-30 2009-05-08 2009-06-01 USD 0.052009-02-04 2009-01-29 2009-02-06 2009-03-01 USD 0.34

2008 2008-11-05 2008-10-23 2008-11-07 2008-12-01 USD 0.34

Split HistoryDate R

2006-08-141997-10-141993-06-291989-07-241988-07-011977-06-20



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Wells Fargo & Co WFCFinancials

Income Annual Statement As of Reported2003-12 2004-12 2005-12 2006-12 2007-12 2008-12 2009-12 2010-12 2011-12 2012

Loans and Leases 17,324 18,810 23,619 28,404 31,260 29,253 43,702 41,597 38,949 38,3Securities 1,816 1,883 1,921 3,278 3,451 5,287 11,319 9,666 8,475 8,098Trading assets — 145 190 225 173 177 918 1,098 1,440 1,358Other assets 278 129 232 332 293 181 335 435 548 587

Total interest income 19,418 20,967 25,962 32,239 35,177 34,898 56,274 52,796 49,412 48,3Deposits 1,613 1,827 3,848 7,174 8,152 4,521 3,774 2,832 2,275 1,727Short-term borrowing 322 353 744 992 1,245 1,478 222 92 80 79Long-term debt 1,355 1,637 2,866 4,122 4,806 3,756 5,782 4,888 3,978 3,11Other expense 121 — — — — — 172 227 316 245

Total interest expense 3,411 3,817 7,458 12,288 14,203 9,755 9,950 8,039 6,649 5,16Net interest income 16,007 17,150 18,504 19,951 20,974 25,143 46,324 44,757 42,763 43,2

Commissions and fees 6,873 6,312 8,335 9,231 10,627 10,547 22,963 23,492 23,430 23,9Principal transactions — — — — — — 2,674 1,648 1,014 1,707Equity investment income — — — — — — 185 779 1,482 1,485

Lending and deposit-related fees 2,361 2,417 2,512 2,690 3,050 3,190 5,741 4,916 4,280 4,6Securities gains (losses) 59 379 391 719 943 300 (127) (324) 54 (128Credit card income — — — — — — 3,683 3,652 3,653 2,838Other income 3,089 3,801 3,207 3,100 3,796 2,717 7,243 6,290 4,272 8,34

Total noninterest revenue 12,382 12,909 14,445 15,740 18,416 16,754 42,362 40,453 38,185 42,

Total net revenue 28,389 30,059 32,949 35,691 39,390 41,897 88,686 85,210 80,948 86,0Provisions for credit losses 1,722 1,717 2,383 2,204 4,939 15,979 21,668 15,753 7,899 7,2

Compensation and benefits 8,446 8,924 10,455 11,927 13,368 12,940 18,446 18,520 18,810 19,Occupancy expense — — — — — — 3,127 3,030 3,011 2,857Tech, communication and equipment — — — — — — 2,506 2,636 2,283 2,068Amortization of intangibles — — — — — — — 2,199 1,880 1,674Other expenses 8,744 8,649 8,563 8,815 9,456 9,721 24,941 24,071 23,409 24,49

Total noninterest expenses 17,190 17,573 19,018 20,742 22,824 22,661 49,020 50,456 49,393 50,Income (loss) from cont ops before taxes 9,477 10,769 11,548 12,745 11,627 3,257 17,998 19,001 23,656 2

Provision (benefit) for taxes 3,275 3,755 3,877 4,263 3,570 602 5,331 6,338 7,445 9,1Other income (expense) — — — — — — (392) (301) (342) (471)Net income 6,202 7,014 7,671 8,482 8,057 2,655 12,275 12,362 15,869 18,89

Preferred dividend 3 — — — — 286 4,285 730 844 898Net income available to common shareholders 6,199 7,014 7,671 8,482 8,057 2,369 7,990 11,632 15,025 17

Earnings per shareBasic 1.84 2.08 2.28 2.52 2.41 0.70 1.76 2.23 2.85 3.40Diluted 1.82 2.04 2.25 2.49 2.38 0.70 1.75 2.21 2.82 3.36Weighted average shares outstandingBasic 3,362 3,384 3,373 3,368 3,349 3,378 4,545 5,227 5,278 5,288Diluted 3,395 3,427 3,411 3,410 3,383 3,391 4,563 5,263 5,323 5,352

EBITDA 13,782 14,218 15,709 15,966 13,159 4,926 20,839 20,925 25,864 31,2Fiscal year ends in DecemberUSD in Million except per share data



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Annual Cash Flow As of Reported2003-12 2004-12 2005-12 2006-12 2007-12 2008-12 2009-12 2010-12 2011-12 2012

Net income 6,202 7,014 7,671 8,482 8,057 2,655 12,667 12,663 16,211 19,36Provision for credit losses 1,722 1,717 2,383 2,204 4,939 15,979 21,668 15,753 7,899 7,2Depreciation & amortization 4,305 3,449 4,161 3,221 1,532 1,669 2,841 1,924 2,208 2,8Deferred tax (benefit) expense 1,698 432 813 593 (31) (1,642) — — — —Investments (gains) losses (62) (60) (40) (326) — — — — — —Stock based compensation — — — — — — 221 436 529 1,698Receivable — — — — — — (293) 1,051 (401) 293Accrued liabilities — — — — — — 1,066 (1,997) 2,638 (12,037)Interest payable — — — — — — (1,028) (268) (362) (84)Other assets and liabilities (5,132) (885) (8,359) 16,580 (6,974) (29,850) 9,446 (2,720) 27,555 10Other operating activities 22,462 8,421 (15,962) 1,340 1,555 6,358 (17,975) (8,070) (42,612) (67

Net cash provided by operating activities 31,195 20,088 (9,333) 32,094 9,078 (4,831) 28,613 18,772 13,665Change in federal funds sold — — — — — — 8,548 (39,752) 36,270 (92,946)Sales/maturity of investments 20,509 15,145 26,031 60,625 56,495 85,123 91,849 56,587 75,680 64,Purchases of investments (25,131) (16,583) (28,634) (62,462) (75,129) (105,341) (95,295) (53,466) (121,235)

Changes in loans, net — — — — — — 59,506 24,813 (35,749) (51,124)Acquisitions and dispositions (822) (331) 66 (626) (2,811) 11,203 (138) (36) (353) (4Property, and equipments, net — — — — — — — 5,444 — —Other investing activities (57,535) (51,268) (27,532) (18,237) (55,870) (9,156) 7,315 2,735 10,343

Net cash used for investing activities (62,979) (53,037) (30,069) (20,700) (77,315) (18,171) 71,785 (3,675) (35,044)Change in deposits 28,643 27,327 38,961 (4,452) 27,058 7,697 42,473 23,924 72,128 82,Change in short-term borrowing (8,901) (2,697) 1,878 (11,156) 39,827 (14,888) (69,108) 11,308 (6,231)Long-term debt issued 30,190 29,394 26,473 20,255 29,360 35,701 30,372 3,489 11,687 27,Long-term debt repayment (17,931) (19,639) (18,576) (12,609) (18,250) (29,859) (66,260) (63,317) (50,555)Excess tax benefit from stock basedcompensation

— — — — — — 18 98 79 226

Common stock issued — — — — — — — 1,375 1,296 2,091Preferred stock issued — — — — — — — — 2,501 1,377Repurchases of treasury stock — — — — — — (220) (636) (2,416) (3,918)

Cash dividends paid (2,530) (3,150) (3,375) (3,641) (3,955) (4,312) (4,303) (1,782) (3,381)Other financing activities 40 (930) (3,465) (160) (6,074) 37,669 (30,053) (592) (333)

Net cash provided by (used for) financingactivities

29,511 30,305 41,896 (11,763) 67,966 32,008 (97,081) (26,133) 24,775 83,7

Net change in cash (2,273) (2,644) 2,494 (369) (271) 9,006 3,317 (11,036) 3,396 2,Cash at beginning of period 17,820 15,547 12,903 15,397 15,028 14,757 23,763 27,080 16,044 19Cash at end of period 15,547 12,903 15,397 15,028 14,757 23,763 27,080 16,044 19,440 21,8Fiscal year ends in DecemberUSD in Million except per share data



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Annual Balance Sheet As of Reported2003-12 2004-12 2005-12 2006-12 2007-12 2008-12 2009-12 2010-12 2011-1

Cash and due from banks 16,535 12,903 15,397 15,441 15,217 23,763 27,080 16,044 19,44Deposits with banks 988 — — 413 460 — — — —Federal funds sold 4,510 6,733 5,306 5,024 3,625 49,433 40,885 80,637 44,367Trading assets 8,919 9,000 10,905 5,607 7,727 54,884 43,039 51,414 77,814Debt securities 32,953 37,233 46,924 48,507 78,550 168,351 172,710 172,654 222,61Loans 289,597 326,048 351,983 352,934 409,958 891,146 827,597 810,320 819,32Allowance for loan losses (3,891) (3,762) (3,871) (3,764) (5,307) (21,013) (24,516) (23,022) (1Net loans 285,706 322,286 348,112 349,170 404,651 870,133 803,081 787,298 799,95Receivables 3,743 3,196 13,885 10,092 13,890 28,239 — — 31,460Premises and equipment 3,534 3,850 4,417 7,789 5,122 11,269 10,736 9,644 9,531Goodwill — — — — — — 24,812 24,770 25,115

Other intangible assets 18,014 19,185 23,787 29,626 30,770 54,302 17,123 15,886 22,96Other assets 12,896 13,463 13,008 10,327 15,430 49,265 104,180 99,781 60,612

Total assets 387,798 427,849 481,741 481,996 575,442 1,309,639 1,243,646 1,258,128 1,313,8Deposits 247,527 274,858 314,450 310,243 344,460 781,402 824,018 847,942 920,07Payables — — — — — — — — —Short-term borrowing 24,659 21,962 23,892 12,829 53,255 108,074 38,966 55,401 49,09Long-term debt 63,642 73,580 79,668 87,145 99,393 267,158 203,861 156,983 125,35Other liabilities 17,501 19,583 23,071 25,903 30,706 53,921 65,015 71,394 79,11

Total liabilities 353,329 389,983 441,081 436,120 527,814 1,210,555 1,131,860 1,131,720 1,173,6Preferred stock 214 270 325 384 450 31,332 8,485 8,689 11,431Common stock 2,894 2,894 2,894 5,788 5,788 7,273 8,743 8,787 8,931Other Equity — — — — — — (442) (663) (926)Additional paid-in capital 9,643 9,806 9,934 7,739 8,212 36,026 52,878 53,426 55,95Retained earnings 22,842 26,482 30,580 35,277 38,970 36,543 41,563 51,918 64,385Treasury stock (1,833) (2,247) (3,390) (3,203) (6,035) (4,666) (2,450) (487) (2,Accumulated other comprehensive income 709 661 317 (109) 243 (7,424) 3,009 4,738 3,2

Total stockholders' equity 34,469 37,866 40,660 45,876 47,628 99,084 111,786 126,408 140,2

Total liabilities and stockholders' equity 387,798 427,849 481,741 481,996 575,442 1,309,639 1,243,646 1,258,128 1,31Fiscal year ends in DecemberUSD in Million except per share data



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Wells Fargo & Co WFCValuation / Estimates

Valuation History

10.00

20.00

30.00

40.00

50.00 WFC

S&P 500

2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 TTM Price/Earnings

16.2 15.2 14 14.4 12.7 42.2 15.4 14 9.8 10.2 11.2 WFC21.1 19 17.3 16.8 16.5 10.9 18.6 15.5 13.7 15 17 S&P 500

Price/Book

2.9 2.8 2.6 2.7 2.1 1.4 1.4 1.4 1.1 1.2 1.5 WFC3.1 3 2.8 2.9 2.7 1.7 2.2 2.2 2 2.1 2.4 S&P 500

Price/Sales

3.5 3.5 3.3 3.4 2.6 2.4 1.4 1.9 1.8 2.1 2.6 WFC1.6 1.6 1.5 1.6 1.5 0.9 1.2 1.3 1.2 1.3 1.5 S&P 500

Price/Cash Flow

3.2 5.3 -11.5 3.8 11.2 -20.7 4.3 8.7 10.7 3.1 4.9 WFC11.9 11.4 10.7 11.1 11.6 6.8 9.1 9.3 8.5 9.2 10.2 S&P 500

Yields

5.00

10.00

urrent atesof Return %

Earnings Yield Dividend Yield Cash Return S&P 500 Earnings Yield S&P 500 Dividend Yield 30-year T-Bond Yield

8.9

2.61.5

5.9

2.23.7

WFC

Current Valuation 2013-10-01WFC Industry Avg S&P 500 WFC 5Y Avg*

Price/Earnings 11.2 14.2 17.0 18.3Price/Book 1.5 1.1 2.4 1.3Price/Sales 2.6 2.1 1.5 1.9Price/Cash Flow 4.9 -105.3 10.2 7.5Dividend Yield % 2.6 2.8 2.2 2.1Price/Fair Value 0.9 – – –

*Price/Cash Flow uses 3-year average.


- Avg +

Relative to S&P 500

- Avg

Forward Valuation 2013-10-01WFC Industry Avg S&P 500

Forward Price/Earnings 10.2 – 15.2PEG Ratio 1.9 – –PEG Payback (Yrs) 7.4 – –


- Avg +

Relative to S&P 500

- Avg



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Wells Fargo & Co WFCValuation / Estimates

Analyst Ratings

%

Five-Year Growth Forecast 5.3%Industry Avg –Average Rating 3.3Last Month –Industry Avg –S&P 500 Avg –

Total Number of Analysts:Buy 3Outperform 0Hold 5Underperform 1Sell 1 0 2 4 6

Annual Earnings Estimates Data as of10/01/201312/2013 12/2014

USD Growth % USD Growth %

High 4.60 36.9 4.88 6.1Low 3.67 9.2 3.76 2.5Mean 3.89 15.8 4.08 4.930 Days Ago 3.90 16.1 4.07 4.460 Days Ago 3.94 17.3 4.11 4.390 Days Ago 3.82 13.7 3.98 4.2Number of Estimates 10 9

Forward Comparisons5Y GrowthForecast %

ForwardP/E

PR

WFC 5.30 10.18Industry – –S&P 500 9.83 15.24



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Wells Fargo & Co WFCKey Ratios

Financials2003-12 2004-12 2005-12 2006-12 2007-12 2008-12 2009-12 2010-12 2011-12 2012

Revenue USD Mil 28,389 30,059 32,949 35,691 39,390 41,897 88,686 85,210 80,948 86,Gross Margin % — — — — — — — — — —Operating Income USD Mil 9,477 10,769 11,548 12,745 11,627 3,257 17,998 19,001 23,656 28Operating Margin % 33.4 35.8 35.0 35.7 29.5 7.8 20.3 22.3 29.2 33.1Net Income USD Mil 6,202 7,014 7,671 8,482 8,057 2,655 12,275 12,362 15,869 18,8Earnings Per Share USD 1.83 2.05 2.25 2.49 2.38 0.70 1.75 2.21 2.82 3.3Dividends USD 0.75 0.93 1.00 1.08 1.18 1.30 0.49 0.20 0.41 0.78Payout Ratio % 41.1 45.5 44.4 43.4 49.6 185.7 28.0 9.0 14.5 23.2Shares Mil 3,395 3,427 3,411 3,410 3,383 3,391 4,563 5,263 5,323 5,352Book Value Per Share USD 10.12 11.11 12.06 13.48 14.06 20.38 19.95 22.37 24.48 27Operating Cash Flow USD Mil 31,195 20,088 -9,333 32,094 9,078 -4,831 28,613 18,772 13,665 5Cap Spending USD Mil — — — — — — — — — —Free Cash Flow USD Mil 2,091 3,617 4,877 3,266 6,305 -48,801 -427 -2,260 2,036 1,Free Cash Flow Per Share USD 0.62 1.06 1.43 0.96 1.86 -14.39 -0.09 -0.43 0.38 0Working Capital USD Mil — — — — — — — — — —

ProfitabilityMargins % of Sales 2003-12 2004-12 2005-12 2006-12 2007-12 2008-12 2009-12 2010-12 2011-12 2012

Revenue 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.0COGS — — — — — — — — — —Gross Margin — — — — — — — — — — —SG&A 29.75 29.69 31.73 33.42 33.94 30.89 29.84 31.94 35.74 35.03R&D — — — — — — — — — —Other 30.80 28.77 25.99 24.70 24.01 23.20 25.43 27.28 25.28 23.51Operating Margin 33.38 35.83 35.05 35.71 29.52 7.77 20.29 22.30 29.22 33.07Net Int Inc & Other -6.07 -5.71 -7.23 -6.18 -12.54 -38.14 -24.43 -18.49 -9.76 -8.EBT Margin 33.38 35.83 35.05 35.71 29.52 7.77 20.29 22.30 29.22 33.07

Profitability

Profitability 2003-12 2004-12 2005-12 2006-12 2007-12 2008-12 2009-12 2010-12 2011-12 2012-12Tax Rate % 34.56 34.87 33.57 33.45 30.70 18.48 29.62 33.36 31.47 31.9Net Margin % 21.84 23.33 23.28 23.77 20.45 5.65 9.01 13.65 18.56 20.91Asset Turnover (Average) 0.08 0.07 0.07 0.07 0.07 0.04 0.07 0.07 0.06 0.0Return on Assets % 1.68 1.72 1.69 1.76 1.52 0.25 0.63 0.93 1.17 1.32Financial Leverage (Average) 11.32 11.38 11.94 10.60 12.20 19.33 12.04 10.69 10.20 9Return on Equity % 19.21 19.52 19.69 19.77 17.39 4.12 9.34 10.53 12.19 13.1Return on Invested Capital % 3.35 3.54 1.96 0.21 -1.03 -1.74 0.25 1.86 3.31 4.5Interest Coverage — — — — — — — — — —



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GrowthRevenue % 2003-12 2004-12 2005-12 2006-12 2007-12 2008-12 2009-12 2010-12 2011-12 2012

Year over Year 15.89 5.88 9.61 8.32 10.36 6.36 111.68 -3.92 -5.00 6.353-Year Average 12.94 14.26 10.39 7.93 9.43 8.34 35.45 29.33 24.55 -0.95-Year Average 12.99 12.37 10.83 12.11 9.97 8.10 24.16 20.93 17.80 16.910-Year Average 21.90 21.07 20.43 19.00 18.87 10.51 18.12 15.77 14.92 13.3

Operating Income %

Year over Year 7.04 13.63 7.23 10.37 -8.77 -71.99 452.59 5.57 24.50 20.33-Year Average 13.11 25.26 9.26 10.38 2.59 -34.42 12.19 17.79 93.66 16.55-Year Average 23.54 12.61 12.01 18.39 5.60 -19.23 10.82 10.47 13.17 19.610-Year Average 26.03 24.74 23.29 21.75 18.95 -0.11 11.71 11.24 15.75 12.3

Net Income %

Year over Year 14.13 13.09 9.37 10.57 -5.01 -67.05 362.34 0.71 28.37 19.03-Year Average 15.49 27.01 12.18 11.00 4.73 -29.79 13.11 15.34 81.48 15.45-Year Average 26.04 13.36 13.76 19.90 8.20 -15.61 11.84 10.01 13.35 18.5

10-Year Average 25.23 24.24 23.15 22.08 19.55 3.13 12.60 11.87 16.58 13.2

EPS %

Year over Year 15.51 12.05 10.02 10.67 -4.42 -70.59 150.00 26.29 27.60 19.13-Year Average 16.14 27.57 12.51 10.91 5.19 -32.24 -11.09 -2.44 59.12 24.25-Year Average 25.55 12.90 14.07 20.38 8.54 -17.44 -3.07 -0.36 2.52 7.110-Year Average 14.65 13.00 12.67 12.49 10.52 1.81 4.61 6.61 11.09 7.8

Cash FlowCash Flow Ratios 2003-12 2004-12 2005-12 2006-12 2007-12 2008-12 2009-12 2010-12 2011-12 2012

Operating Cash Flow Growth % YOY — — — — — — — — — —Free Cash Flow Growth % YOY -869.00 — — — — — — — — —Cap Ex as a % of Sales — — — — — — — — — —

Free Cash Flow/Sales % 7.37 12.03 14.80 9.15 16.01 -116.48 -0.48 -2.65 2.52 1.8Free Cash Flow/Net Income 0.34 0.52 0.64 0.39 0.78 -18.38 -0.03 -0.18 0.13 0.0



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Financial HealthBalance Sheet Items (in %) 2003-12 2004-12 2005-12 2006-12 2007-12 2008-12 2009-12 2010-12 2011-12 2012

Cash & Short-Term Investments 4.26 3.02 3.20 3.20 2.64 1.81 2.18 1.28 1.48 1.5Accounts Receivable 0.97 0.75 2.88 2.09 2.41 2.16 — — 2.39 2.17Inventory — — — — — — — — — —Other Current Assets — — — — — — — — — —Total Current Assets — — — — — — — — — — —Net PP&E 0.91 0.90 0.92 1.62 0.89 0.86 0.86 0.77 0.73 0.66Intangibles 4.65 4.48 4.94 6.15 5.35 4.15 3.37 3.23 3.66 3.20Other Long-Term Assets — — — — — — — — — —Total Assets 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00Accounts Payable — — — — — — — — — 0.02Short-Term Debt 6.36 5.13 4.96 2.66 9.25 8.25 3.13 4.40 3.74 4.02Taxes Payable — — — — — — — — — —Accrued Liabilities — — — — — — — — — —Other Short-Term Liabilities — — — — — — — — — —Total Current Liabilities — — — — — — — — — — —Long-Term Debt 16.41 17.20 16.54 18.08 17.27 20.40 16.39 12.48 9.54 8.9Other Long-Term Liabilities — — — — — — — — — —Total Liabilities 91.11 91.15 91.56 90.48 91.72 92.43 91.01 89.95 89.33 88.93Total Stockholders' Equity 8.89 8.85 8.44 9.52 8.28 7.57 8.99 10.05 10.67 11.07Total Liabilities & Equity 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00

Liquidity/Financial HealthLiquidity/Financial Health 2003-12 2004-12 2005-12 2006-12 2007-12 2008-12 2009-12 2010-12 2011-12 2012-12 LQuick Ratio — — — — — — — — — —Financial Leverage 11.32 11.38 11.94 10.60 12.20 19.33 12.04 10.69 10.20 9.8Debt/Equity 1.86 1.96 1.98 1.92 2.11 3.94 1.97 1.33 0.97 0.88

Efficiency RatiosEfficiency 2003-12 2004-12 2005-12 2006-12 2007-12 2008-12 2009-12 2010-12 2011-12 2012

Days Sales Outstanding — — — — — — — — — —Days Inventory — — — — — — — — — —Payables Period — — — — — — — — — —Cash Conversion Cycle — — — — — — — — — — —Receivables Turnover — — — — — — — — — —Inventory Turnover — — — — — — — — — —Fixed Assets Turnover 7.86 8.14 7.97 5.85 6.10 5.11 8.06 8.36 8.44 9.0Asset Turnover 0.08 0.07 0.07 0.07 0.07 0.04 0.07 0.07 0.06 0.06



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Wells Fargo & Co WFCOwnership

Equity and DebtType Mil USD

Equity 162,421.0Debt 180,358.0

Equity OwnersCurrent Ownership

70,000

140,000

210,000

Type Mil USD

Institutions 180,291.8Mutual Funds 78,930.0Insiders 65.9

Current Ownership (8 Qtrs)

880.00

1,760.00

2,640.00

3,520.00

4,400.00

Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2

Institutions 4,364.83

1,460.00

2,920.00

4,380.00

Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2

Mutual Funds 1,909.16

650.00

1,300.00

1,950.00

Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2

Insiders 1.59

1.00

2.00

3.00

Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2

Current Ownership (10 Yrs)

1,960

3,920

5,880

7,840

9,800

04 05 06 07 08 09 10 11 12 13

Institutions 4,364

3,260

6,520

9,780

04 05 06 07 08 09 10 11 12 13

Mutual Funds 1,909

3,000

6,000

9,000

04 05 06 07 08 09 10 11 12 13

Insiders 1

1.00

2.00

3.00

04 05 06 07 08 09 10 11 12 13

Fund Owners' Style

982 2,031 624

32 50 19

3 4 0

Value Blend Growth

L a r g e

Mi d

S m a l l

Buying TrendSellingTrend

Style # of Funds Shares Buy Sell NLarge Value 982 615,783,735 33,878,197 9,984,927Large Blend 2,031 922,587,826 16,829,792 26,088,247Large Growth 624 353,291,718 9,243,980 25,489,189Mid Value 32 3,801,421 17,115 315,531Mid Blend 50 9,464,703 119,762 265,786Mid Growth 19 4,171,718 60,665 205,219Small Value 3 9,635 8,500 --Small Blend 4 52,120 -- 10,000Small Growth 0 0 -- 689,433

Total 3,745 1,909,162,876 60,158,011 63,048,332



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Owner ActivityInstitutions Fun

Name Current % Chg from Prev Qtr Current % Chg f

Total Owners 2,537 22.68 3,745New Owners 259 96.21 153Sold Out 123 1.65 185 # of Owners Buying 885 1.26 1,028 # of Owners Selling 902 29.04 1,057Total Shares Owned (Mil) 4,365 7.22 1,909Total Shares Bought (Mil) 265 41.19 60Total Shares Sold (Mil) 166 -16.12 63Net Share Change (Mil) 98 -1000.50 -3

Peer ComparisonEquity Ownership WFC JPM BAC

Market Cap (Mil USD) 220,303 195,588 149,329 # of Institution Owners 2,537 2,720 2,055

Equity OwnershipFunds Shares Change % Total

Shares Held% TotalAssets

D

Vanguard Total Stock Mkt Idx 75,667,681 476,680 1.43 1.23Fidelity Contrafund 67,015,626 408,400 1.26 2.82 0Vanguard 500 Index Inv 47,505,302 327,321 0.89 1.42Vanguard Institutional Index I 46,756,053 -60,806 0.88 1.43SPDR S&P 500 46,709,666 -368,968 0.88 1.32 1Dodge & Cox Stock 43,547,041 -387,800 0.82 3.87 0American Funds Washington Mutual A 40,758,100 -1,350,000 0.77 2.78Vanguard Wellington Inv 37,977,417 0 0.72 2.18 0American Funds American Balanced A 33,215,000 -1,500,000 0.63 2.29

Franklin Income A 30,000,000 -798,853 0.57 1.63 0Total: Top 10 funds 469,151,886 -3,254,026 8.85

Institutions

Berkshire Hathaway Inc 463,131,623 4,961,300 8.73 21.47Vanguard Group, Inc. 241,053,484 10,651,620 4.55 1.04State Street Corp 210,955,372 6,967,488 3.98 1.14 06Fidelity Management and Research Company 178,764,630 3,918,894 3.37 1.29BlackRock Fund Advisors 151,636,933 -688,523 2.86 1.12Capital World Investors 135,306,374 -6,635,600 2.55 1.81Wellington Management Company, LLP 121,660,360 4,813,936 2.29 1.64Northern Trust Investments, N.A. 75,832,477 635,086 1.43 1.12Dodge & Cox 74,139,268 -962,698 1.40 3.63 0Davis Selected Advisers 60,400,962 -3,628,077 1.14 6.33 0

Total: Top 10 institutions 1,712,881,483 20,033,426 32.3



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Major ShareholdersFunds Star Rating Shares Held % Total

Shares HeldSharesChange

% Chg fromPrior Port

% TotalAssets

DatPort

Vanguard Total Stock Mkt Idx — 75,667,681 1.43 476,680 0.63 1.23

Fidelity Contrafund QQQQ 67,015,626 1.26 408,400 0.61 2.82 08/Vanguard 500 Index Inv QQQQ 47,505,302 0.89 327,321 0.69 1.42 07/Vanguard Institutional Index I QQQQ 46,756,053 0.88 -60,806 -0.13 1.43 07/SPDR S&P 500 QQQQ 46,709,666 0.88 -368,968 -0.78 1.32 10/Dodge & Cox Stock QQQ 43,547,041 0.82 -387,800 -0.88 3.87 06/American Funds Washington Mutual A QQQ 40,758,100 0.77 -1,350,000 -3.21 2.78 06/Vanguard Wellington Inv QQQQQ 37,977,417 0.72 0 0.00 2.18 06/3American Funds American Balanced A QQQ 33,215,000 0.63 -1,500,000 -4.32 2.29 06/Franklin Income A QQQQ 30,000,000 0.57 -798,853 -2.59 1.63 06/Davis NY Venture A QQ 28,240,834 0.53 -613,600 -2.13 6.06 07/Financial Select Sector SPDR Q 28,946,080 0.55 -227,355 -0.78 8.17 10/CREF Stock QQQ 27,058,496 0.51 764,463 2.91 1.01 07/SSgA S&P 500 Index Strategy QQQ 29,516,615 0.56 299,332 1.02 1.26 03/Vanguard Windsor II Inv QQQQ 24,603,441 0.46 -267,500 -1.08 2.39 06/BlackRock Equity Dividend Inv B QQQQ 22,139,100 0.42 0 0.00 3.18 08/3Fidelity Spartan 500 Index Inv QQQQ 20,278,908 0.38 302,605 1.51 1.36 08/American Funds Growth Fund of Amer A QQQ 17,972,178 0.34 -2,500,000 -12.21 0.65 06/MFS Value A QQQ 17,542,179 0.33 292,390 1.70 2.68 08/Vanguard Value Index Inv QQQ 15,394,910 0.29 273,668 1.81 2.57 07/

Institutions Shares Held % TotalShares Held

SharesChange


% TotalAssets

DatPort

Berkshire Hathaway Inc 463,131,623 8.73 4,961,300 1.08 21.47Vanguard Group, Inc. 241,053,484 4.55 10,651,620 4.62 1.04State Street Corp 210,955,372 3.98 6,967,488 3.42 1.14 0Fidelity Management and Research Company 178,764,630 3.37 3,918,894 2.24 1.29BlackRock Fund Advisors 151,636,933 2.86 -688,523 -0.45 1.12Capital World Investors 135,306,374 2.55 -6,635,600 -4.67 1.81Wellington Management Company, LLP 121,660,360 2.29 4,813,936 4.12 1.64Northern Trust Investments, N.A. 75,832,477 1.43 635,086 0.84 1.12Dodge & Cox 74,139,268 1.40 -962,698 -1.28 3.63 0Davis Selected Advisers 60,400,962 1.14 -3,628,077 -5.67 6.33State Farm Mutual Automobile Ins CO 55,039,014 1.04 0 0.00 4.13Columbia Insurance Company 65,963,496 1.25 0 0.00 18.05J.P. Morgan Investment Management Inc. 54,160,334 1.02 -702,785 -1.28 1.45T. Rowe Price Associates, Inc. 47,158,629 0.89 -1,857,260 -3.79 0.52MFS Investment Management K.K. 46,017,504 0.87 6,863,548 17.53 1.28Barrow, Hanley, Mewhinney & Strauss LLC. 42,938,914 0.81 1,336,294 3.21 2.98Franklin Advisers, Inc. 40,231,716 0.76 -1,510,193 -3.62 1.7National Fire & Marine Insurance Co 46,318,830 0.88 0 0.00 36.35BlackRock Advisors LLC 37,495,033 0.71 86,237 0.23 1.62Columbia Management Investment Adv LLC 35,154,796 0.66 2,667,995 8.21 1.14



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Concentrated ShareholdersFunds Star Rating Shares Held % Total

Shares HeldSharesChange


% TotalAssets

DatPort

ProFunds VP Banks Q 32,951 0.00 -1,240 -3.63 19.98 06/3

ProFunds Banks UltraSector Inv — 49,911 0.00 -22,191 -30.78 14.27Fidelity Select Banking QQQ 1,861,892 0.04 16,200 0.88 11.56 08/3iShares U.S. Financial Services ETF Q 1,570,044 0.03 -9,692 -0.61 10.77 10/Market Vectors Bank and Brokerage ETF — 36,816 0.00 92 0.25 10.73Bretton Fund — 15,000 0.00 2,000 15.38 10.23 06ICON Financial S QQ 85,600 0.00 -27,400 -24.25 9.93 07/3Davis Financial QQQQ 166,890 0.00 -8,050 -4.60 9.29 06/3Davis Financial A QQQ 1,286,419 0.02 -48,300 -3.62 9.12 06/Schwab Financial Services QQQ 124,900 0.00 900 0.73 8.48 04/3Financial Select Sector SPDR Q 28,946,080 0.55 -227,355 -0.78 8.17 10/PowerShares KBW Bank — 267,402 0.01 0 0.00 7.73 1Chestnut Street Exchange — 336,269 0.01 -32,400 -8.79 7.67 0JHVIT Financial Services I QQQQ 275,881 0.01 0 0.00 6.94 07/3Vanguard Financials ETF QQ 2,552,291 0.05 127,186 5.24 6.69 07/3Metropolitan Ser Dav Vent Value B QQQ 6,193,147 0.12 -80,239 -1.28 6.67 06/PowerShares Fundamental Pure Large Core QQQQ 52,483 0.00 0 0.00 6.55 10/01SAST Davis Venture Value 3 QQQ 1,945,549 0.04 0 0.00 6.46 07/3ProFunds VP Financials QQ 62,220 0.00 3,660 6.25 6.44 06/3JNL/Mellon Cptl Financial Sector B QQQ 562,056 0.01 48,390 9.42 6.42 06/3

Institutions Shares Held % TotalShares Held

SharesChange


% TotalAssets

DatPort

Cornhusker Casualty Company 16,000,000 0.30 0 0.00 62.7Geico Casualty Co 1,776,000 0.03 1,776,000 New 37.8 1National Fire & Marine Insurance Co 46,318,830 0.88 0 0.00 36.35Trafelet & Co Uk, Llp 948,400 0.02 -736,800 -43.72 33.24American Assets Inc 1,751,961 0.03 0 0.00 30.66 06General Re New England Asset Mgmt Inc 24,446,400 0.46 -3,100 -0.01 30.25Theleme Partners LLP 7,708,047 0.15 -663,000 -7.92 25.25Universal Surety Company 877,599 0.02 -28,385 -3.13 23.22Brandywine Trust Co 382,800 0.01 0 0.00 22.81 0Berkshire Hathaway Inc 463,131,623 8.73 4,961,300 1.08 21.47Kansas Bankers Surety Company 450,000 0.01 -150,000 -25.00 20.13Columbia Insurance Company 65,963,496 1.25 0 0.00 18.05General Star Indemnity Company 1,432,000 0.03 0 0.00 15.72Mount Vernon Fire Insurance Company 1,722,600 0.03 0 0.00 15.72Merial Limited 401K Savings Plan 523,109 0.02 523,109 New 15.15DAVIS CAPITAL PARTNERS, LLC 755,900 0.01 755,900 New 14.98Medical Protective Company 9,272,000 0.18 6,572,000 243.41 14.32American Assets Investment Management 896,000 0.02 0 0.00 13.66Check Capital Management, Inc. 1,989,839 0.04 142,498 7.71 12.84First National Bank Sioux Falls 100,169 0.00 0 0.00 11.84



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Shareholders BuyingFunds Star Rating Shares

Bought% Total

Shares Held% Chg from

Prior Port% TotalAssets

DatPort

American Funds Inc Fund of Amer A QQQQ 12,990,000 0.24 New 0.7 06/3

Vanguard Wellesley Income Fund — 3,054,300 0.20 40.36 1.29Vanguard Equity-Income Inv QQQQQ 2,389,800 0.19 30.76 3.29 06/3Victory Diversified Equity Composite QQ 896,000 0.03 132.54 2.72 03/3Schwab Dividend Equity QQQQ 767,400 0.03 117.88 3.36 04/3CREF Stock QQQ 764,463 0.51 2.91 1.01 07/31Vanguard Dividend Growth Inv QQQQQ 679,100 0.13 11.12 1.79 06/3Transamerica Barrow Hanley Div Foc VP Sv QQQ 677,750 0.01 1422.35 3.86 06/3Metropolitan Ser MFS Value B QQQQ 666,310 0.04 41.45 2.61 06/3Old Westbury Large Cap Strategies QQQ 628,000 0.07 20.57 2.16 07/3Federated Equity Income A QQQQ 597,294 0.02 140.53 2.96 06/3Transamerica Large Cap Value A — 582,535 0.02 108.57 3.21Calamos Growth A Q 500,000 0.01 New 0.5 07/31Vanguard Total Stock Mkt Idx — 476,680 1.43 0.63 1.23American Century Income & Growth Inv QQQQ 424,544 0.02 89.82 2.21 06/3Goldman Sachs US Eq Div and Premium A QQQ 422,600 0.01 451.01 1.75 06/3MFS VIT Total Return Svc QQQ 414,030 0.02 57.60 1.48 08/3Fidelity Contrafund QQQQ 408,400 1.26 0.61 2.82 08/31American Funds American Mutual A QQQQ 405,000 0.05 16.98 0.45 06/3LVIP SSgA S&P 500 Index Std QQQ 401,090 0.03 33.68 1.37 06/3

Institutions SharesBought

% TotalShares Held


% TotalAssets

DatPort

BMO Asset Management Inc. 14,587,935 0.28 New 1.07 0Vanguard Group, Inc. 10,651,620 4.55 4.62 1.04 0State Farm Insurance Retirement Plan For U.S. Employees 10,183,963 0.20 New 2.26J.P. Morgan Asset Management (UK) Ltd. 8,826,125 0.37 81.47 2.38Manufacturers Life Insurance Co 8,221,789 0.18 716.61 0.73ING Investment Management LLC 7,733,023 0.15 New 0.88State Street Corp 6,967,488 3.98 3.42 1.14 06/Ontario Teachers' Pension Plan 6,900,000 0.12 New 1.03 1Government Pension Fund of Norway - Global 6,882,566 0.76 20.67 0.2MFS Investment Management K.K. 6,863,548 0.87 17.53 1.28New Jersey Division of Pensions and Benefits 6,579,890 0.13 New 0.27Medical Protective Company 6,572,000 0.18 243.41 14.32Allianz Global Investors U.S. LLC 6,130,338 0.18 171.22 1.74Putnam Investment Management,LLC 5,738,200 0.11 New 0.69Egerton Capital Ltd 5,089,839 0.10 New 4.66 06Berkshire Hathaway Inc 4,961,300 8.73 1.08 21.47 0Wellington Management Company, LLP 4,813,936 2.29 4.12 1.64Yacktman Asset Management Co 4,805,287 0.09 25027.54 0.94ING Investments, LLC 4,768,317 0.11 526.90 1.24Westwood Holdings Group, Inc. 4,390,117 0.08 New 1.58



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Shareholders SellingFunds Star Rating Shares Sold % Total

Shares Held% Chg from

Prior Port% TotalAssets

DatPort

American Funds Fundamental Invs A QQQ -5,850,000 0.27 -29.35 1.06 06/3Ivy Asset Strategy C QQQ -3,641,400 0.08 -45.87 0.63 06/3American Funds Growth Fund of Amer A QQQ -2,500,000 0.34 -12.21 0.65 06/3American Funds American Balanced A QQQ -1,500,000 0.63 -4.32 2.29 06/3American Funds Washington Mutual A QQQ -1,350,000 0.77 -3.21 2.78 06/3Mellon Cap EB DL Large Cap Stock Indx Fd QQQQ -1,251,258 0.01 -77.83 1.2 06/3Franklin Income A QQQQ -798,853 0.57 -2.59 1.63 06/3Davis NY Venture A QQ -613,600 0.53 -2.13 6.06 07/3Fidelity Series All-Sector Equity QQQ -580,000 0.01 -45.72 0.28 08/3Fidelity Magellan Q -500,500 0.14 -6.22 2.1 08/3Putnam Fund for Growth & Income A QQ -440,200 0.04 -16.49 1.87 06/3RhumbLine S&P 500 Pooled Index CF QQQQ -437,328 0.01 -43.00 1.42 06/3Mutual Quest Z QQQQQ -431,580 0.03 -21.82 1.17 06/3Waddell & Reed Asset Strategy A QQQ -428,700 0.01 -45.86 0.66 06/3Dodge & Cox Stock QQQ -387,800 0.82 -0.88 3.87 06/3SPDR S&P 500 QQQQ -368,968 0.88 -0.78 1.32 10/0Fidelity Advisor Growth & Income A QQ -332,175 0.01 -52.74 2.31 08/3ING Columbia Contrarian Core Port I QQ -327,377 0.00 -72.02 1.67 06/3American Funds NVIT Growth II QQ -320,000 0.29 -2.03 2.98 06/3RhumbLine Russell 1000 Pooled Index CF QQQQ -314,458 0.00 -54.56 1.21 06/3

Institutions Shares Sold % TotalShares Held


% TotalAssets

DatPort

Marsico Capital Management, LLC -6,823,408 0.17 -42.70 2.37Capital World Investors -6,635,600 2.55 -4.67 1.81 0Pioneer Investment Management Inc -4,624,979 0.11 -44.31 1 0Waddell & Reed Investment Management Co -4,613,010 0.12 -42.50 0.54Credit Suisse First Boston (CSFB) -4,237,630 0.29 -21.64 0.64AllianceBernstein LP -3,672,146 0.59 -10.51 1.37 0Davis Selected Advisers -3,628,077 1.14 -5.67 6.33 0Robeco Institutional Asset Mgmt BV -3,290,369 0.03 -67.30 0.67OMERS Administration Corp. -2,783,900 0.01 -85.03 1.89Goldman Sachs Asset Management, L.P. -2,750,300 0.11 -31.38 0.28Fidelity International Ltd -2,417,466 0.02 -70.22 0.24 0Robeco Investment Management, Inc. -2,367,811 0.37 -10.89 2.2Morgan Stanley & Co Inc -2,191,417 0.05 -45.47 0.22 0TD Asset Management Inc -2,178,850 0.09 -30.21 0.45 0UBS Securities LLC -2,112,440 0.06 -41.02 0.35 0OppenheimerFunds, Inc. -2,068,337 0.10 -28.59 0.31 0Pyramis Global Advisors, LLC -2,014,512 0.15 -20.66 0.78Hotchkis & Wiley Capital Management LLC -1,913,294 0.16 -18.42 1.74T. Rowe Price Associates, Inc. -1,857,260 0.89 -3.79 0.52ClearBridge Advisors, LLC -1,844,313 0.16 -18.29 0.52

Release date 10-02-2013 Page 40 o

Documents

201310021341542211272_WFC