Goldman Sachs U.S. FinancialServices Conference

John Stumpf

Chairman and Chief Executive Officer

December 4, 2012

1

Wells Fargo vision

We want to satisfy all our customers’

financial needs and help them succeed

financially.

“

”

2

Other Distribution Channels

ATMs 12,256

Online banking

customers (3) 21.4 MM

Mobile customers (3) 8.9 MM

Serving consumers and businesses in more communities than any other U.S. Bank

Store Distribution

Retail banking 6,202

Wells Fargo Advisors 1,360

Wholesale 784

Mortgage 724

Sales Force

Platform bankers (1) 31,000

Financial advisors (2) 15,167

Home Mortgage

consultants

11,695

As of September 30, 2012.(1) Active, full-time equivalent.(2) Series 7 brokers.(3) Active customers.

70+ MM customers

9,070 stores

Wells Fargo Retail Banking storesWells Fargo Advisors officesWells Fargo Home Mortgage stores

3

Fulfilling our responsibility to our communities

� Helping homeowners

- $399 billion of residential mortgage originations year-to-date through September 30, 2012

- Participated in more than 900 home preservation workshops since the beginning of 2009

- Over 800,000 active trial or completed mortgage modifications since the beginning of 2009

� Lending to businesses

- #1 Middle market commercial lender (1)

- #1 Small business lender in both loans under $100k and under $1 million (2)

- For the second year in a row, approved more than $1 billion in SBA 7(a) loan dollars for small businesses

� Supporting the community

- Team members pledged nearly $61 million in the 2012 United Way Campaign, up 23% from 2011

- More than 1.5 million community involvement and volunteer hours in 2011

- Recently committed $35 million in support of military service members and veterans

(1) Share of lead banking relationships, TNS 2011 Commercial Banking Momentum Monitor. Continental U.S. (excludes AK/HI).(2) 2011 CRA data, released August 2012.

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� #3 Full-service retail brokerage (based on FAs) (8)

� #4 Wealth management provider (based on AUM) (9)

Deposits

� #1 Small business lender (4)

� #1 Used car lender, #2 auto lender overall (5)

Other Consumer Lending

� #1 Commercial real estate originator (6)

� #1 Middle market commercial lender (7)Commercial

Wealth Management/Brokerage

� #2 in U.S. (1)

� #2 Debit card issuer (2)

Residential Mortgage

� #1 Mortgage originator (3)

� #1 Mortgage servicing portfolio (3)

(1) FDIC data, June 2012. (2) Nilson Report, April 2012. (3) Inside Mortgage Finance, 6/30/12. (4) U.S. in dollars per CRA data, 2011. (5) AutoCount, July 2011 –June 2012. (6) Based on 2011 U.S. commercial real estate originations, MBA Commercial Real Estate/Mulifamily Finance Firms, 12/31/11. (7) Share of lead banking relationships, TNS 2011 Commercial Banking Momentum Monitor. Continental U.S. (excludes AK/HI). (8) Internal and peer reports, 2Q12. (9) Based on AUM of accounts > $5 million, Barron’s, September 2011.

Leading share in key products

5

50%50%

Balanced Spread and Fee Income

Diversified Fee Generation

11%

10%

18%

7%10%

2%

25%

4%

5%

8%

Deposit Service Charges 11%

Card Fees 7%

Other Banking Fees 10%

Mortgage Servicing, net 2%

Insurance 4%

Net Gains from Trading 5%

Noninterest Income 50%

Net Interest Income 50%

All data is for 3Q12. (1) Other noninterest income includes net gains on debt securities available for sale, equity investments, operating

leases and all other noninterest income.

Diversified Loan Portfolio

Commercial Loans 40%

Consumer Loans 55%

Balanced business model

Foreign Loans 5%

Mortgage Orig./Sales, net 25%

Trust, Investment & IRA fees 10%

Commissions & All Other Investment Fees 18%

55%40%

5%

Other Noninterest Income (1) 8%

6

0

2

4

6

8

10

12

14

16

18

Balanced business model has led to consistent earnings growth in various economic environments over the past 11 years

Wells Fargo Net Income($ in billions)

Year to date (YTD) through September 30, 2012.(1) 10-year Treasury less the 3-month Treasury.(2) Acquired Wachovia on December 31, 2008. Full year 2008 net income was impacted by an $8.1 billion (pre-tax) credit reserve build, including a $3.9 billion

(pre-tax) provision to conform Wells Fargo’s and Wachovia’s credit reserve practices.

(1)

Wachovia merger (2)

Slope of the Yield Curve, Unemployment Rate and Real

GDP Growth

-4.00%

-2.00%

0.00%

2.00%

4.00%

6.00%

8.00%

10.00%

Slope of the Yield Curve Unemployment Rate Real GDP Growth

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$0.45

$0.55$0.60

$0.61$0.67

$0.70 $0.72$0.73 $0.75

$0.82

$0.88

1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11 1Q12 2Q12 3Q12

Eleven consecutive quarters of EPS growth

Diluted Earnings Per Common Share

3Q12 Highlights:

� Record earnings of $4.9 billion, up 7% linked quarter (LQ) and 22% year-over-year (YoY)

� $0.88 earnings per share, up 7% LQ and 22% YoY

� Pre-tax pre-provision profit (1) of $9.1 billion, up 2% LQ and 14% YoY

� Positive operating leverage; efficiency ratio of 57.1%, down from 58.2% in 2Q12

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

8

$91.9

$105.8

3Q11 3Q12

$1,111.4

$1,177.6

3Q11 3Q12

$665.6 $683.2

$229.9 $269.0

$895.4 $952.2

3Q11 3Q12

Noninterest-bearing deposits Interest-bearing deposits

Balance sheet performance year-over-year

Average Earning Assets($ in billions)

Deposits ($ in billions)

Loans (1)

($ in billions)

Tier 1 Common under Basel I (2)

($ in billions)

$643.6 $684.0

$116.5 $98.6

$760.1 $782.6

3Q11 3Q12

Core loans Non-strategic/liquidating loans

Balances are period end, unless noted.(1) The non-strategic/liquidating portfolio comprises the Pick-a-Pay, liquidating home equity, legacy WFF indirect auto, legacy WFF debt consolidation, Education

Finance-government guaranteed, and legacy Wachovia commercial & industrial, commercial real estate, foreign and other PCI loan portfolios.(2) See slide 19 for additional information on Tier 1 common equity.

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$19.6

$21.2

3Q11 3Q12

Income statement measures year-over-year

Efficiency Ratio (1)

Revenue ($ in billions)

Net Interest Income($ in billions)

Charge-offs(as % of average loans)

$10.5 $10.7

3Q11 3Q12

59.5%

57.1%

3Q11 3Q12

1.37%1.21%

3Q11 3Q12

0.92% (2)

(as adjusted)

(as reported)

(1) Efficiency ratio defined as noninterest expense divided by total revenue (net interest income plus noninterest income).(2) Reflects the impact of Office of the Comptroller of the Currency update to Bank Accounting Advisory Series issued third quarter 2012 (OCC guidance). The OCC

guidance requires consumer loans discharged in bankruptcy to be written down to net realizable collateral value and classified as nonaccrual troubled debt restructurings regardless of their delinquency status. Management believes that the presentation of information excluding the impact of the OCC guidance provides useful disclosure regarding the underlying credit quality of the Company’s loan portfolios.

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9.34%

9.92%

3Q11 3Q12

11.86%

13.38%

3Q11 3Q12

Performance measures year-over-year

Tier 1 Common Equity Ratio

Under Basel I (1)

Return on Equity Return on Assets

Common Stock Dividends(per share)

1.26%

1.45%

3Q11 3Q12

$0.12

$0.22

3Q11 3Q12

(1) See slide 19 for additional information on Tier 1 common equity.

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Revenue vs. peers

Revenue3Q12 YoY growth rate

Asset Productivity3Q12 revenue/assets (annualized)

3Q12 results. Source: SNL.

12

Strong returns vs. peers

Return on EquityReturn on Assets

3Q12 results. Source: SNL.

13

Balanced model has resulted in less volatility

0.13%

0.30%

0.41%

0.68%

1.02%1.03%

USB WFC JPM PNC C BAC

Standard Deviation, 3Q09-3Q12

Return on Assets

Source: SNL.

Revenue to Assets PTPP to Assets

0.14%0.19%

0.30%0.31%

0.63%

0.71%

JPM WFC PNC USB C BAC

0.20%

0.38%

0.49%0.53%

0.72%

0.96%

USB WFC JPM PNC BAC C

14

Demonstrated momentum across the franchise

Regional Banking

� Retail bank cross-sell of 6.04 products per household up from 5.90 in 3Q11 (1)

� $11.4 billion in net new loan commitments to small business customers (primarily with annual revenues less than $20 million) in the first three quarters of 2012, up approximately 30% from prior year

� Business checking accounts up a net 3.9% YoY (2)

� Rolled out Wells Fargo Mobile® Deposit to 13 states; on track to complete roll out by year-end

Consumer Lending Group

� Dealer Services added 960 GM dealers in 3Q12 bringing total new dealers for 2012 to 1,683

� Consumer credit card new accounts in 3Q12 increased 6% LQ and 46% YoY with household penetration increasing 110 bps LQ to 32.1% (3)

Wholesale Banking

� Cross-sell of 6.7 products per relationship (4) up from 6.5 at year-end 2011 driven by increased penetration with eastern commercial banking customers across multiple products

� CMBS volumes tripled LQ

Wealth, Brokerage and Retirement

� Focus on helping clients meet their financial needs contributed to a 7% LQ and 25% YoY increase in managed account assets to $297 billion at September 30, 2012

� Record cross-sell of 10.27 products per household up from 10.04 in 3Q11 (1)

(1) Metrics reported on a one-month lag from reported quarter-end; for example 3Q12 cross-sell is as of August 2012.(2) Checking account growth is 12-months ending August 2012.(3) Household penetration as of August 2012 and defined as the percentage of retail banking deposit households that have a credit card with Wells Fargo. (4) As of June 2012.

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Well positioned for the future

� Experienced management team

- CEO’s direct reports have an average tenure with Wells Fargo of over 25 years

� Strong fundamentals

- Leading distribution

- Broad overall product set

- Diversified revenue sources

� Leading market share in cornerstone products

- #1 residential mortgage originator and servicer

- #2 in U.S. deposits

� Efficient operations

- Efficiency ratio: 57.1%; target: 55%-59%

� Strong returns and growing capital

- Eleven consecutive quarters of EPS growth

- ROA: 1.45%; target: 1.30%-1.60%

- ROE: 13.38%; target: 12%-15%

- Estimated Tier 1 common equity under Basel III of 8.02% (1)

All data as of 3Q12. (1) Proforma calculation based on Tier 1 common equity, as adjusted to reflect management’s interpretation of current Basel III capital proposals. This proforma

calculation is subject to change depending on final promulgation of Basel III capital rulemaking and interpretations thereof by regulatory authorities. See slide page 20 for additional information.

17

Appendix

18

Forward-looking statements and additional information

Forward-looking statements:In accordance with the Private Securities Litigation Reform Act of 1995, we caution you that this presentation may contain forward-looking statements about our future financial performance and business. We make forward-looking statements when we use words such as “believe,” “expect,” “anticipate,” “estimate,” “target,” “project,” “plan,” “forecast,” “should,” “may,” “could,” “can,” “will,” “would,” “outlook,” “appears” or similar expressions. Forward-looking statements in this presentation may include, among others,statements about future financial results of Wells Fargo and Wells Fargo’s plans, objectives and strategies, including our belief that we have more opportunity to increase cross-sell of our products and services; future credit quality, performance, and credit loss exposure, including our expectations regarding future loan loss reserve releases; the housing market and our mortgage business; our mortgage repurchase exposure; loan and deposit growth; our net interest income and net interest margin, including our expectations regarding continued pressure on our net interest margin given the low interest rate environment; our noninterest expense and efficiency ratio, including our targeted efficiency ratio range as part of our expense management initiatives; our targets for various other financial measures, including return on equity, return on assets, and our payout ratio; our estimated Tier 1 common equityratio as of September 30, 2012, under proposed Basel capital rules; and the estimated impact of regulatory reform on our financial results and business and expectations regarding our efforts to mitigate such impact.

Do not unduly rely on forward-looking statements as actual results could differ materially from expectations. Forward-looking statements speak only as of the date made, and we do not undertake to update them to reflect changes or events that occur after that date. For more information about factors that could cause actual results to differ materially from expectations, refer to our annual, quarterly and current reports filed with the Securities and Exchange Commission and available on the SEC’s website atwww.sec.gov, including the discussion under “Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2011 and “Forward-Looking Statements” in our Quarterly Report on Form 10-Q for the quarter ended September 30, 2012.

Purchased credit-impaired loan portfolio:Loans that were acquired from Wachovia that were considered credit impaired were written down at acquisition date in purchaseaccounting to an amount estimated to be collectible and the related allowance for loan losses was not carried over to Wells Fargo’s allowance. In addition, such purchased credit-impaired loans are not classified as nonaccrual or nonperforming, and are not included in loans that were contractually 90+ days past due and still accruing. Any losses on such loans are charged against the nonaccretable difference established in purchase accounting and are not reported as charge-offs (until such difference is fully utilized). As a result of accounting for purchased loans with evidence of credit deterioration, certain ratios of Wells Fargo are not comparable to a portfolio that does not include purchased credit-impaired loans.

In certain cases, the purchased credit-impaired loans may affect portfolio credit ratios and trends. Management believes that the presentation of information adjusted to exclude the purchased credit-impaired loans provides useful disclosure regarding the credit quality of the non-impaired loan portfolio.

19

Tier 1 common equity under Basel I (1)

Quarter ended

Sept. 30, June 30, Mar. 31, Dec. 31, Sept. 30,

2012 2012 2012 2011 2011

$ 156.1 149.4 146.8 141.7 139.2

(1.4) (1.3) (1.3) (1.5) (1.5)

154.7 148.1 145.5 140.2 137.7

(11.3) (10.6) (10.6) (10.6) (10.6)

(33.4) (33.5) (33.7) (34.0) (34.4)

3.3 3.5 3.7 3.8 4.0

(0.7) (0.7) (0.9) (0.8) (0.7)

(6.4) (4.6) (4.1) (3.1) (3.7)

(0.4) (0.5) (0.4) (0.4) (0.4)

(A) $ 105.8 101.7 99.5 95.1 91.9

(B) $ 1,067.1 1,008.6 996.8 1,005.6 983.2

(A)/(B) 9.92 % 10.08 9.98 9.46 9.34

(1)

(2 ) Under the regulato ry guid elines fo r risk-based cap ital, on-balance sheet assets and cred it equivalent amounts o f derivat ives and o ff-balance sheet items are ass igned to one o f several b road risk catego ries acco rd ing to the o b ligor o r, if relevant, the g uarantor o r the nature o f any co llateral. The agg reg ate do llar amount in each risk categ ory is then mult ip lied b y the risk weight associated with that categ ory. The result ing weighted values fro m each o f the risk categories are agg reg ated fo r determining to tal risk-weighted assets . The September 30, 2 012, risk-weighted assets and result ing Tier 1 common equity to to tal risk-weighted assets reflects the Comp any's refinement to its determinatio n o f risk weight ing o f certain unused lend ing commitments that p rovide fo r the ab ility to issue s tandb y let ters o f cred it and commitments to issue s tandb y letters o f cred it under synd icat ion arrangements where we have an o b ligat ion to issue in a lead agent o r s imilar capacity b eyond o ur contractual patricipat ion level.

Total risk-weighted assets (2)

Tier 1 common equity to total risk-weighted assets

Cumulat ive other comprehensive income

Tier 1 common equity is a no n-g enerally accepted account ing p rincip le (GAAP) financial measure that is used b y investo rs, analysts and bank regulato ry agencies to assess the cap ital po sit ion o f financial services co mpanies . Management reviews Tier 1 co mmo n eq uity alo ng with o ther measures o f capital as part o f its financial analyses and has included this non-GAAP financial info rmat io n, and the co rrespond ing reconciliat io n to to tal eq uity, because o f current interes t in such info rmat io n on the p art o f market part icip ants.

Other

T ier 1 common equity

MSRs over specified limitations

Wells Fargo & Company and Subsidiaries

($ in billio ns )

Total equity

Noncontrolling interests

Total Wells Fargo stockholders' equity

Adjustments:

FIVE QUARTER TIER 1 COMMO N EQ UITY UNDER BASEL I (1)

Preferred equity

Goodwill and intangible assets (other than MSRs)

Applicable deferred taxes

20

Tier 1 common equity under Basel III (Estimated) (1)

Qua rte r e nde d

S e pt . 3 0 ,

2 0 12

$ 10 5 .8

6 .0

Other 0 .3

To ta l Adjus tments fro m Bas el I to Bas el III 6 .3

Thres ho ld deductio ns , as de fined under Bas e l III (4) (5) (0 .7 )

Tier 1 co mmo n equity antic ipa ted under Bas el III (C) $ 111.4

(D) $ 1,3 8 8 .3

(C)/(D) 8 .0 2 %

(1)

(2 )

(3 )

(4 )

(5)

(6 )

Thresho ld d educt ions, as defined under Basel III, include ind ivid ual and ag gregate limitations, as a percentage o f Tier 1 common equity, with respect to MSRs, d eferred tax assets and investments in unco nso lidated financial companies.

($ in billio ns )

Tier 1 co mmo n equity under Bas el I

Adjus tments fro m Bas el I to Bas el III (3)(5):Cumula tive o ther co mprehens ive inco me re lated to AFS s ecurities and defined benefit pens io n plans

To ta l ris k-weighted as s ets antic ipated under Bas el III (6)

The Basel III Tier 1 commo n equity and risk-weighted assets are calculated based on management ’s current interpretat ion o f the Basel III cap ital rules p ropo sed b y federal banking agencies in no tices o f p roposed rulemaking announced in June 20 12 . The p rop osed rules and interpretat ions and assump tions used in est imating Basel III calculat io ns are sub ject to change d ep end ing on final p romulgat ions o f Basel III cap ital rules.

Ad justments from Basel I to Basel III represent reconciling ad justments , p rimarily certain comp onents o f cumulat ive o ther comprehensive income ded ucted fo r Basel I purposes, to derive Tier 1 common eq uity und er Basel III.

Und er current Basel p ropo sals , risk-weighted assets inco rpo rate d ifferent class ificat ions o f assets , with certain risk weights based on a b orro wer's cred it rat ing or Wells Fargo 's o wn risk models , along with ad justments to address a combinat ion o f cred it /counterp arty, operat io nal and market risks, and o ther Basel III elements . The amount o f risk-weighted assets anticipated under Basel III is p reliminary and sub ject to change depend ing on final p ro mulgat ion o f Basel III cap ital rulemaking and interpretat io ns thereo f by regulato ry authorit ies .

Vo lat ility in interest rates can have a s ignificant impact on the valuat ion o f cumulative o ther comp rehensive income and MSRs and therefore, may impact ad justments from Basel I to Basel III, and MSRs sub ject to thresho ld ded uctions, as d efined under Basel III, in future rep orting periods.

Tier 1 commo n equity is a no n-g enerally accepted acco unting p rincip le (GAAP) financial measure that is used by investors , analysts and bank reg ulato ry agencies to assess the cap ital pos it ion o f financial services companies. Management reviews Tier 1 common equity alo ng with o ther measures o f cap ital as part o f its financial analyses and has included this no n-GAAP financial info rmat ion, and the correspond ing reconciliat ion to to tal equity, b ecause o f current interest in such info rmat ion o n the part o f market p art icipants .

Wells Fargo & Company and Subsidiaries

TIER 1 COMMO N EQUITY UNDER BASEL III (ESTIMATED) (1)(2)

Tier 1 co mmo n equity to to ta l ris k-weighted as s ets antic ipa ted under Bas el III