Citigroup

Financial Services Conference

John Stumpf
p
Chairman and Chief Executive Officer

March 10, 2011

© 2011 Wells Fargo & Company. All rights reserved.

Forward-looking statements and additional information

This presentation contains forward-looking statements about our future financial performance. These forward-looking
statements include statements using words such as “believe,” “expect,” “anticipate,” “estimate,” “should,” “may,” “can,”
“will,” “outlook,” “appears” or similar expressions. Forward-looking statements in this presentation include, among
others, statements about: expected or estimated future losses in our loan portfolios, including our belief that quarterly
provision expense and quarterly total credit losses have peaked and the allowance for loan losses is expected to
decline; mortgage repurchase exposure; exposure related to foreclosure practices; estimated future expenses, including
expected Wachovia integration costs and loan resolution/loss mitigation costs; and our expectations that we will be
above a 7% Tier 1 common ratio under proposed Basel capital rules within the next few quarters. Investors are urged
to not unduly rely on forward-looking statements as actual results could differ materially from expectations. Forward-
looking statements speak only as of the date made, and we do not undertake to update them to reflect changes or
eventst th
thatt occur after
ft that
th t date.
d t For
F more information
i f ti about
b t factors
f t that
th t could
ld cause actual
t l results
lt to
t differ
diff materially
t i ll
from expectations, refer to Wells Fargo’s reports filed with the Securities and Exchange Commission, including our
Annual Report on Form 10-K for the year ended December 31, 2010 including the discussion under “Risk Factors” in
that report.

Loans that were acquired from Wachovia that were considered credit impaired were written down at acquisition date in
purchase accounting to an amount estimated to be collectible and the related allowance for loan losses was not carried
over to Wells Fargo’s allowance. In addition, such purchased credit-impaired loans are not classified as nonaccrual or
nonperforming, and are not included in loans that were contractually 90+ days past due and still accruing. Any losses
on such loans are charged against the nonaccretable difference established in purchase accounting and are not reported
as charge-offs (until such difference is fully utilized). As a result of accounting for purchased loans with evidence of
credit deterioration,, certain ratios of the combined company
p y are not comparable
p to a portfolio
p that does not include
purchased credit-impaired loans. In certain cases, the purchased credit-impaired loans may affect portfolio credit ratios
and trends. Management believes that the presentation of information adjusted to exclude the purchased credit-
impaired loans provides useful disclosure regarding the credit quality of the non-impaired loan portfolio. Accordingly,
certain of the loan balances and credit ratios in this presentation have been adjusted to exclude the purchased credit-
impaired loans. References to impaired loans mean the purchased credit-impaired loans. Please see pages 31-33 of the
fourth quarter 2010 press release for additional information regarding the purchased creditcredit-impaired
impaired loans.
loans

1
Wells Fargo vision

“ We want to satisfy all our customers’

financial needs, help them succeed
financially, be the premier provider
of financial services in every one of
our markets, and be known as one
of America’s
America s great companies
companies.
”
2
3
Overview

 Leading franchise

 Strong, consistent and high-quality earnings

 Broad-based revenue growth with additional opportunities

 Significant improvement in credit quality

 Loan growth

 Strong capital position

4
Wells Fargo serves consumers and businesses in
more communities than any other U.S. Bank

▪ 70+MM customers
▪ 9 000 stores
9,000 t
▪ 12,000 ATMs
▪ 57,000 salespeople
▪ 18MM online
banking customers

Wells Fargo Bank stores

Wachovia Bank stores
Wells Fargo Advisors offices
Wells Fargo Home Mortgage stores

As of 4Q10.
5
Fulfilling our responsibility to our communities

As of December 31, 2010

Credit extended since Wachovia merger

g (1) $ 1,376
, billion

Residential real estate originations since

$ 806 billion
Wachovia merger
Mortgage loan modifications since Wachovia
635,000
, (2)
merger

Wells Fargo FTEs 272,200

#2 Most generous corporate foundation in U.S. (2010) (3)

#1 Greenest Bank in U.S. (4)

Wachovia merger completed on December 31, 2008.

(1) Domestic lending commitments and origination activity.
(2) As of January 31, 2011.
(3) Source: Business Week.
(4) 2010, Newsweek.
6
Breadth of product/business lines

Deposits #2 in U.S. (1)

#1 Mortgage originator (2)

Residential mortgage
#2 Mortgage servicing portfolio

#1 Small business banking (SBA lender) (3)

#1 Commercial real estate lender (4)

#1 Used car lender (5)
Lending
#2 Arranger of asset-based finance (6)
#2 Education finance lender (private)
#3 Commercial loan syndications (7)
#1 Real estate loan syndications (lead arranger) (6)
Investment banking
#5 U.S. equity capital markets bookrunner (8)

Insurance #1 Bank-owned
Bank owned insurance brokerage

#2 Banked-owned mutual fund family (9)

#2 Annuity distributor (based on sales) (10)
Wealth Management/Brokerage
#3 Retail brokerage (based on FAs and client assets)
#4 Wealth management provider (based on AUM) (11)
#2 Debit card issuer (12)
Card Services
#1 U.S. bank managed remittance network overseas (13)

As of 4Q10.
(1) FDIC data, June 2010. (2) Inside Mortgage Finance. (3) CRA data, 2009. (4) Mortgage Bankers Association. (5) AutoCount. (6) FY 2010, Thomson Reuters .
(7) Bookrunner by number of transactions, FY 2010, Thomson Reuters. (8) SDC. (9) Strategic Insight. (10) SunLife Distributer Roundtable, May 2010. (11) Barron’s,
September 2010. (12) Nielson Report. (13) Inter-American Dialogue.
7
Broad-based revenues and earnings (1)

($ in millions)

2010 Revenues 2010 Segment Net Income (1)

Wholesale
Banking
$22,216 Community
Wholesale
Banking
Banking
Community $7,118
Banking $5,773
$54,698
WBR
$11 730
$11,730

WBR
$1,005

ROA
Community Banking 0.92%
Wholesale Banking 1.55%
Wealth Brokerage & Retirement
Wealth, 0 72%
0.72%

(1) Segment net income after-tax excludes other net losses of $1,534 million in 2010 which includes Wachovia integration expenses and the elimination of items
that are included in both Community Banking and Wealth, Brokerage & Retirement relating primarily to wealth management customers serviced, and
products sold, in the stores.
8
Our distribution network is more extensive across the U.S. and reaches
deeper into communities than any other U.S. financial institution

Number of MSAs
Deposit
Wells Fargo 443 share of
fastest-
Bank of America 390 growing
MSAs
JPMorgan Chase 244

Deposit share of 100 largest

MSAs

Number of MSAs with Deposit Deposits per Store

Market Share over 15% ($ in millions)
236

80 80
66

83

43

ll Fargo
Wells k off
Bank h
JPM Chase W ll F
Wells Fargo B k off
Bank JPM Chase
Ch
America America

Source: SNL Financial using FDIC data 6/30/2010.

Caps deposits at $500mm in a single banking store.
9
Our business model has produced significantly higher
operating margins than peer average

Net Interest Margin Return on Assets

NIM (10 year average 2001-2010) ROA (10 year average 2001-2010)

4.86

1.37
3.39
3.35
3 05
3.05
2.43 0.93 0.92
0.79
0.64

WFC All Peer C BAC JPM WFC BAC All Peer C JPM
Avg A
Avg

All peer average includes Bank of America, BB&T, Citi, Fifth Third, JPM, Key Bank, PNC, Regions, SunTrust, US Bank.
Source: SNL. Data through 4Q10.
10
Cross-sell, convenience and customer retention have produced
a significant and sustainable advantage in core deposits

Percent of Funding from Deposits Average Cost of Deposits

Percent of funding from deposits
(4Q10)
Percent of deposits(FY
in2010)
checking/savings
(3Q 2010) (3Q 2010)

67

1.00
49
45 44 44
0.70

0.39 0.40
0 35
0.35

WFC All Peer BAC C JPM WFC JPM BAC All Peer C
A
Avg Avg

All peer average includes Bank of America, BB&T, Citi, Fifth Third, JPM, Key Bank, PNC, Regions, SunTrust, US Bank.
Source: SNL.
11
Cross-sell and customer retention have produced greater
fee income vs. peers

Fee Income / Assets Fee Income / Assets

(FY 2010, Percentage) (10 Year Avg., 2001-2010, Percentage)

3.30 3.24

2.52 2.58
2.41
2.53
2.35 2.32 2.27 All Peer
All Peer A
Average (1)
Average (1)

1.60

WFC JPM BAC C WFC JPM C BAC

(1) All peer average includes Bank of America, BB&T, Citi, Fifth Third, JPM, Key Bank, PNC, Regions, SunTrust, US Bank.
Source: SNL.
12
Lower credit losses versus peers have contributed to higher
relative operating margins

Charge-offs/ Loans Charge-offs/ Loans

(FY 2010, Percentage) (10 Year Avg. 2001-2010, Percentage)

4 58
4.58
2.38

3.58
3.46
2.97
All Peer 1.67
Average (1) 1.51
2.30
1.27
1.25 All Peer
Average (1)

C BAC JPM WFC C JPM BAC WFC

Wells Fargo’s charge-offs in part reflect reduced risk in the Wachovia portfolio due to PCI accounting performed for highest risk Wachovia loans.
(1) All peer average includes Bank of America, BB&T, Citi, Fifth Third, JPM, Key Bank, PNC, Regions, SunTrust, US Bank.
Source: SNL.
13
Pre-tax pre-provision profit (PTPP) (1)– a competitive advantage

WFC PTPP / Charge-offs

2.8x

2009-2010
2.2x Average
2 1x
2.1x 2 1x
2.1x 2 1x
2.1x
1.9x WFC 2.1
1.8x 1.8x
BAC 1.2

C 1.1

JPM 1.9

All 1.4
Peers (2)

1Q09 2Q09 3Q09 4Q09 1Q10 2Q10 3Q10 4Q10

Wells Fargo’s charge-offs in part reflect reduced risk in the Wachovia portfolio due to PCI accounting performed for highest risk Wachovia loans.
(1) Pre-tax pre-provision profit (PTPP) is total revenue less noninterest expense. Management believes that PTPP is a useful measure because it enables investors
and others to asses the company’s ability to generate capital to cover credit losses through a credit cycle. Wells Fargo’s charge-offs in part reflect reduced risk
in the Wachovia portfolio due to PCI accounting performed for highest risk Wachovia loans.
(2) All peers includes Bank of America, BB&T, Citi, Fifth Third, JPM, Key Bank, PNC, Regions, SunTrust, US Bank.
14
Record quarterly earnings in 4Q10

Net Income  $3.4 billion record NIAT (1) in 4Q10, up 21% YoY,
($ in billions) 9% linked quarter annualized (LQA)
 $24.6 billion earned since Wachovia merger
 $0.61
$0 61 per share in 4Q10
3.4
3.3
3.2 3.2
3.1
3.0
2.8
2.6

1Q09 2Q09 3Q09 4Q09 1Q10 2Q10 3Q10 4Q10

(1) Net income after tax.

15
Earnings growth driven by strong, broad-based revenue

Revenue  $21.5 billion revenue in 4Q10, up 12% linked

($ in billions) quarter annualized (LQA)
 60% of revenue in 4Q10 came from businesses
Q g
with > 10% LQA growth
 Growth across the franchise in 4Q10:
22.5 22.5 22.7
21.4 21.4 21.5
21.0 20.9 - Period end loans up 2% LQA, up 6% LQA
excluding $6.0 billion reduction in non-
strategic loans (1)
- Mortgage originations up 27%
- Checking/savings deposits up 17%
annualized
- Wealth, Brokerage and Retirement (WBR)
client assets up 12% annualized
- Trust and investment fees up 15%
1Q09 2Q09 3Q09 4Q09 1Q10 2Q10 3Q10 4Q10

Community Banking Revenue

Wholesale Banking Revenue
WBR Revenue

Percent changes from 3Q10.

(1) The non-strategic/liquidating loan portfolio includes the Pick-a-Pay, liquidating home equity, legacy WFF indirect auto, legacy WFF debt consolidation and
Commercial and Commercial Real Estate PCI loan portfolios.
16
Retail bank cross-sell opportunities

Retail Bank Household Cross-sell (1)(2)

14-16

7.2

5.7 6.1
5.1

East Combined Wells West Top Region

g Avg.
g U.S.
Fargo Financial Servies
Consumer

(1) Number of products per household as of 4Q10.

(2) Data used is for combined Wells Fargo.
17
Legacy Wells Fargo cross-sell capability is built over 20
years and proven over time
We continue to grow households… …and household cross-sell over time

Retail Bank household growth (1)(2)(3) Retail Bank household cross-sell (1)(2)(3)
3.7%
3.5% 3.3% 5.95
3.1% 5 53
5.53 5 73
5.73 5 47
5.47 5 70
5.70
2.9% 3.0% 5.21
4.57 4.82
2.5% 4.35

Leg WF Leg WF Leg WF Leg WF Leg WF Leg WF Comb'd WF Leg WF Leg WF Leg WF Leg WF Leg WF Leg WF Leg WF Comb'd Comb'd
2004 2005 2006 2007 2008 2009 2010 2003 2004 2005 2006 2007 2008 2009 WF 2009WF 2010

The more products our customers have, the The more we know our customers, the
more value we can pprovide more we can satisfy their needs and
remain relevant over time

Total package penetration (3) Retail Bank household cross-sell by tenure (2)

(combined consumer and business)

81% 2004 Legacy WF 7.1
2010 Com bined WF 67
6.7
5.4 5.1 5.6
4.4 4.3
3.7 3.7
26% 2.9

Leg WF 2003 West 2010 <1 2 to 3 5 to 6 10 to 20 20+

Tenure in years
(1) Retail Bank Households for combined company for 2009 and 2010 periods (unless otherwise noted)
(2) Period-ending results
(3) Legacy WF includes legacy WF states (not Kansas), East includes WB stand alone states except for Kansas, and the West includes legacy WF states,
including overlapping states and Kansas
18
Retail bank staffing and deepening relationship opportunities

Retail Bank household

Metric (1)(2)
product penetration (1)(2)

Retail households West East West East

Households / Store 3,575 3,400 Retail Checking 91% 89%

Household Cross-sell 6.14 5.11 Debit 85% 75%

Households / Platform FTE 625 855 Retail Savings 73% 66%

Credit Card 33% 14%

Solutions/Productivity
Insurance 9% 4%
Platform FTE / Store 5.7 4.0
Mortgage 14% 10%
Platform FTE 20,000 11,000

With our partners, we have opportunity to cross-sell new retail products to our Eastern customer bases

(1) 4Q10.
(2) Data used is for combined Wells Fargo.
19
Cross-sell, convenience and customer retention have produced
a significant and sustainable advantage in core deposits

Consumer Checking Account Net Gain

WFC PPNR / Charge-Offs

7.5%

6.2%
5.8%

4.7% 4.7%

2006 2007 2008 2009 2010

2006-2008 are legacy Wells Fargo only. 2009 and 2010 are for the combined company.
20
WBR opportunities

Client Assets Key HH (2) with Envision Plan ®

($ in trillions)
$1.4 418,221
347,704
$1 3
$1.3

(1) (1)
2009 2010 2009 2010

Managed
g Accounts Recurring Revenue
($ in billions) as a % of Total Revenue
235 70%

65%

197

2009 2010
2009 2010
Period end balances.
(1) Includes $50 billion and $48 billion of Wealth deposits for 2009 and 2010, respectively, previously not included in reported client assets.
(2) Key households (HH) defined as those with $250,000 of assets with the company.
21
Wells Fargo Securities – Investment Banking opportunities

 Wells Fargo Securities takes a client-centric, Product and Industry Leadership

relationship-based approach to investment
banking League Table Volume # of Deals
 We leverage our deep long-term client Leadership (1)
Market
relationships across thousands of corporate Rank Share Rank
and institutional clients
Loan Syndications (2) #4 9% #3
 We believe we take less risk than peers, we Preferreds (3) #1 23% #1
focus primarily on the U.S. and have a High Yield (3) #9 6% #8
segregated credit culture Equity
qu y Cap
Capital a Markets
a e s (4) #9
9 5% #5
5
 We have complete distribution capabilities, Municipals (5) #7 6% #14
including sales, trading and research
 Opportunities for growth include:
− Cross-sell
• Investment banking revenue from commercial
customers increased 44% in 2010 driven by strong
growth in leveraged loan syndications, high yield
originations and M&A advisory
− Growing advisory business
− Investing in and growing our talent base
• Added more than 500 team members since the
merger, with strategic hires in key sectors
− Leveraging our retail brokerage network
 Solidly profitable each quarter since the
Wachovia merger

(1) FY 2010, U.S. only. (2) Thomson Reuters. (3) Bloomberg. (4) SDC (IPOs
and follow-ons). (5) Thomson Reuters, Municipal competitive bond issues.
22
Earnings growth reflects continued decline in charge-offs /
provision expense

Provision Expense  $3.8 billion net charge-offs in 4Q10, down 29%

($ in billions) from 4Q09 peak
 Provision expense of $3.0 billion in 4Q10, down
$456 million from 3Q10
$ Q ($256
($ million fewer
losses and $200 million higher reserve release)
6.11
5.91
 Allowance for credit losses = $23.5 billion at
1.00 0.50 12/31/10 = 6.1x quarterly charge-offs
5.33
5.09
 Remaining PCI nonaccretable at 12/31/10 =
4 56
4.56 0 70
0.70 3 99
3.99 29 5% of remaining UPB (1)
29.5%
(0.50) 3.45
1.30 (0.65) 2.99
(0.85)

5 41
5.41 5.33
5.11
4.39 4.49
4.10 3.84
3.26

1Q09 2Q09 3Q09 4Q09 1Q10 2Q10 3Q10 4Q10

N t Ch
Net Charge-offs
ff C dit R
Credit Reserve B
Build
ild
Reserve Release

(1) Unpaid principal balance for PCI loans that have not had a UPB charge-off. Wells Fargo’s charge-offs in part reflect reduced risk in the Wachovia portfolio due
to PCI accounting performed for highest risk Wachovia loans.
23
Leading credit metrics point to continued credit
improvement
Nonperforming Assets Nonperforming Loan Flows
($ in billions)
34.6
32.9 32.4 ($ in billions) 4Q09 1Q10 2Q10 3Q10 4Q10
31.5
6.3 Commercial
27.6 4.2 5.1 6.2 Inflows 3.8 2.8 2.5 2.8 2.3
23 5
23.5 32
3.2 Outflows (2.5)
(2 5) (2.2)
(2 2) (2.6)
(2 6) (2.4)
(2 4) (3.6)
(3 6)
2.6 Ending balance 11.7 12.3 12.2 12.6 11.3
18.3
2.5 Consumer
12.6 27.8 28.3 Inflows 5.6 6.1 4.8 4.9 4.3
27.3 26.2
2.1 24.4
20.9 Outflows (3.4) (3.8) (4.2) (4.8) (5.1)
15.8 Ending g balance 12.7 15.0 15.6 15.7 14.9
10.5

1Q09 2Q09 3Q09 4Q09 1Q10 2Q10 3Q10 4Q10

Nonperforming loans REO/Foreclosed assets/Other

Loans 90+ DPD and Still Accruing (1) Early Stage Delinquencies – Retail Businesses
($ in billions) (30+ days past due)

6.9 7.44% 7.34% 7.54%

7.18% 7.21%
6.0 6.0 6.0 6.69%
5.2 2.6 5.0
2.0 2.1 2.3
1.4 4.3
17
1.7 38
3.8
1.1 0.6

3.8 4.0 3.9 4.3 3.7 3.3 3.2 3.2

1Q09 2Q09 3Q09 4Q09 1Q10 2Q10 3Q10 4Q10

Consumer Commercial 3Q09 4Q09 1Q10 2Q10 3Q10 4Q10
(1) Excludes FHA insured/VA guaranteed loans. The carrying value of PCI loans contractually 90 days or more past due was $11.6 billion in 4Q10, $13.0 billion in
3Q10, $15.1 billion in 2Q10, $16.8 billion in 1Q10 and $16.1 billion in 4Q09. These PCI loans are also excluded because they are considered to be accruing
due to the existence of accretable yield and not based on contractual interest payments. Consumer includes mortgage loans held for sale 90 days or more past
due and still accruing.
24
Expense discipline

Potential average quarterly

4Q10 expense level
(pre-tax, $ in millions) Actual 2011 2012
Wachovia integration costs $ 533 375-475
375 475 75-125
75 125
Loan resolution/loss mitigation costs 827 600-775 550-650
Wells Fargo Financial residual costs 344 225-275 200-250
Charitable contribution to Wells Fargo Foundation 400 - -

Advertising/travel/equipment (LQ seasonally higher) 1,226 (1)

TBD TBD

Other expense 10,010 TBD TBD

Corporate-wide expense reduction focused on process
p
improvements,, improving
p g time to market,, reducing
g
complexity and eliminating redundancies

Total 4Q10 Noninterest expense $ 13,340

(1) Includes merger integration expense of $70 million for 4Q10.

25
Loans outstanding

Period–end Loans Outstanding  Loans increased $3.6 billion, or 0.5%, in 4Q10

($ in billions) from 3Q10
- C&I up $4.0 billion on new relationships; line
utilization relatively stable though lower than
843.6 1Q09
821.6
800.0 782.8 781.4 766.3 753.7 757.3 - Foreign up $3.2 billion driven by trade finance
162.9
154.9 demand
149.2 142.0 135.3 128.1 121.7 115.7 - Real estate 1-4 family first mortgage up $2.2
billion reflecting strong mortgage originations
 All other loans in 4Q10 up $9.6 billion, or 6%
LQA, excluding $6.0 billion decline in the non-
strategic portfolio (Pick-a-Pay, liquidating,
home equity, indirect auto, debt consolidation,
all other PCI loans)
680.7 666.7 650.8 640.8 646.1 638.2 632.0 641.6

1Q09 2Q09 3Q09 4Q09 1Q10 2Q10 3Q10 4Q10

(1)
All other loans Non-strategic portfolio

Period-end balances.
(1) The non-strategic/liquidating portfolio includes the Pick-a-Pay, liquidating home equity, legacy WFF indirect auto, legacy WFF debt consolidation and
Commercial and Commercial Real Estate PCI loan portfolios.
26
Mortgage servicing

Residential Mortgage Servicing Portfolio 4Q10 Delinquency Performance (1)

$1.8 Trillion (Data as of December 31, 2010)
(as of December 31, 2010)
16%

Foreclosure Rate 14.30%

7% 14%
Delinquency Rate
7%
12% 11.60% 4.16%
11.25%

10%
8 96%
8.96% 4 29%
4.29% 3 63%
3.63%

20% 8.02%
8%
2.74%
2.19%
6%
66% 10.14%

4% 7 62%
7.62%
7.31%
5.83% 6.22%

2%

0%
Agency (2)
Wells Fargo Citi JPM Chase Bank of Industry
Retained and acquired portfolio America
Non-agency securitizations of WFC
originated loans  Wells Fargo total delinquency and foreclosure ratio
Non-agency acquired servicing
for 4Q10 was 8.02%, down from a peak of 8.96%
and private whole loan sales
in 4Q09

(1) Inside Mortgage Finance.

(2) Industry is all large servicers ($6.7 trillion) including WFC, C, JPM and BAC.
27
Capital is strong and continued to grow internally

 Internal capital generation in 4Q10 = 12%

Tier 1 Common Equity Ratio annualized ($3.5 billion)
 Tier 1 common +29 bps in 4Q10
 O h capital
Other i l ratios
i growing
i
- Tier 1 Capital = 11.16%
8.30% - Tier 1 Leverage = 9.19%
8.01%
2001-2007 7.61%
Avg
g = 7.0%  Expect to be above a 7% Tier 1 common
7.09%
equity
it ratio
ti under
d B Basell III within
ithi the
th nextt
6.46% few quarters
 Objective: increase dividend, repurchase
5.18% shares, redeem callable TRUPS (1)
4.49%
- $2.5 billion Wachovia Income Trust
Securities (WITS) remarketed and
proceeds will be used to purchase non-
3.12%
cumulative perpetual preferred stock

1Q09 2Q09 3Q09 4Q09 1Q10 2Q10 3Q10 4Q10

See the appendix for more information on Tier 1 common equity.

(1) Subject to regulatory approval and, with respect to the TRUPS, the satisfaction of any other applicable conditions.
28
Summary

 Leading franchise

 Strong, consistent and high-quality earnings

 Broad-based revenue growth with additional opportunities

 Significant improvement in credit quality

 Loan growth

 Strong capital position

29
Appendix

30
Tier 1 common equity reconciliation

Wells Fargo & Company and Subsidiaries

(1)
TIER 1 COMMON EQUITY

Quarter ended
Dec. 31, Sept. 30, June 30, Mar. 31, Dec. 31, Sept. 30, June 30, Mar. 31,
($ in billions) 2010 2010 2010 2010 2009 2009 2009 2009
Total equity $ 127.9 125.2 121.4 118.1 114.4 128.9 121.4 107.1
Noncontrolling interests (1.5) (1.5) (1.6) (2.0) (2.6) (6.8) (6.8) (6.8)
Total Wells Fargo stockholders' equity 126.4 123.7 119.8 116.1 111.8 122.1 114.6 100.3
Adjustments:
Preferred equity (8.1) (8.1) (8.1) (8.1) (8.1) (31.1) (31.0) (30.9)
Goodwill
G d ill andd intangible
i t ibl assets
t ((other
th than
th MSRs)
MSR ) (35.5)
(35 5) (36.1)
(36 1) (36.7)
(36 7) (37.2)
(37 2) (37.7)
(37 7) (37 5)
(37.5) (38 7)
(38.7) (38 6)
(38.6)
Applicable deferred taxes 4.3 4.7 5.0 5.2 5.3 5.3 5.5 5.7
Deferred tax asset limitation - - - - (1.0) - (2.0) (4.7)
MSRs over specified limitations (0.9) (0.9) (1.0) (1.5) (1.6) (1.5) (1.6) (1.2)
Cumulative other comprehensive income (4.6) (5.4) (4.8) (4.0) (3.0) (4.0) 0.6 3.6
Other (0.3) (0.3) (0.3) (0.3) (0.2) (0.3) (0.3) (0.8)
Tier 1 common equity (A) $ 81.3 77.6 73.9 70.2 65.5 53.0 47.1 33.4
(2)
Total risk-weighted assets (B) $ 980.0 968.4 970.8 990.1 1,013.6 1,023.8 1,047.7 1,071.5
Tier 1 common equity to total risk-weighted assets (A)/(B) 8.30 % 8.01 7.61 7.09 6.46 5.18 4.49 3.12

(1) T ier 1 common equity is a non-generally accepted accounting principle (GAAP) financial measure that is used by investors, analysts and bank regulatory agencies to assess the capital position of financial
services companies. T ier 1 common equity includes total Wells Fargo stockholders' equity, less preferred equity, goodwill and intangible assets (excluding MSRs), net of related deferred taxes, adjusted for
specified T ier 1 regulatory capital limitations covering deferred taxes, MSRs, and cumulative other comprehensive income. Management reviews T ier 1 common equity along with other measures of capital as
part of its financial analyses and has included this non-GAAP
non GAAP financial information,
information and the corresponding reconciliation to total equity,
equity because of current interest in such information on the part of market
participants.
(2) Under the regulatory guidelines for risk-based capital, on-balance sheet assets and credit equivalent amounts of derivatives and off-balance sheet items are assigned to one of several broad risk categories
according to the obligor or, if relevant, the guarantor or the nature of any collateral. T he aggregate dollar amount in each risk category is then multiplied by the risk weight associated with that category. T he
resulting weighted values from each of the risk categories are aggregated for determining total risk-weighted assets.

31