wellsfargo2q19quarterlys

Table of contents 2Q19 Results Appendix 2Q19 Highlights Pages 2 Real estate 1-4 family mortgage portfolio 28 2Q19 Earnings 3 Consumer credit card portfolio 29 Year-over-year results 4 Auto portfolios 30 Balance Sheet and credit overview (linked quarter) 5 Student lending portfolio 31 Income Statement overview (linked quarter) 6 Deferred compensation plan investment results 32 Average loans 7 Trading-related revenue 33 Period-end loans 8 Noninterest expense analysis (reference for slides 17-18) 34 Commercial loan trends 9 Common Equity Tier 1 (Fully Phased-In) 35 Consumer loan trends 10 Average deposit trends and costs 11 Return on average tangible common equity Deposit beta experience 12 (ROTCE) 36 Period-end deposit trends 13 Forward-looking statements 37 Net interest income 14 Noninterest income 15 Noninterest expense and efficiency ratio 16 Noninterest expense – linked quarter 17 Noninterest expense – year over year 18 2019 expense target 19 Community Banking 20 Community Banking metrics 21-22 Wholesale Banking 23 Wealth and Investment Management 24 Credit quality 25 Capital 26 Financial results reported in this document are preliminary. Final financial results and other disclosures will be reported in our Quarterly Report on Form 10-Q for the quarter ended June 30, 2019, and may differ materially from the results and disclosures in this document due to, among other things, the completion of final review procedures, the occurrence of subsequent events, or the discovery of additional information. Wells Fargo 2Q19 Supplement 1

2Q19 Highlights Earnings . Net income of $6.2 billion and diluted EPS of $1.30 . Return on assets (ROA) = 1.31% Returns . Return on equity (ROE) = 13.26% . Return on average tangible common equity (ROTCE) (1) = 15.78% . Positive business momentum with strong customer activity - ‘Customer Loyalty’ and ‘Overall Satisfaction with Most Recent Visit’ branch survey scores in June reached highest levels in more than 3 years - Year-over-year (YoY) growth in period-end loans and deposits - Primary consumer checking customers (2) up 1.3% YoY; the 4Q18 sale of 52 branches reduced the growth rate by 0.4% - Increased debit and credit card usage YoY Highlights • Debit card point-of-sale (POS) purchase volume (3) up 6% and consumer general purpose credit card POS purchase volume up 6% - Higher loan originations in first mortgage and auto YoY • First mortgage loan originations held-for-investment of $19.8 billion, up 61% • Consumer auto originations of $6.3 billion, up 43% . Returned $6.1 billion to shareholders through common stock dividends and net share repurchases, up from $4.0 billion in 2Q18 - Quarterly common stock dividend of $0.45 per share, up 15% YoY (1) Tangible common equity is a non-GAAP financial measure and represents total equity less preferred equity, noncontrolling interests, and goodwill and certain identifiable intangible assets (including goodwill and intangible assets associated with certain of our nonmarketable equity securities but excluding mortgage servicing rights), net of applicable deferred taxes. The methodology of determining tangible common equity may differ among companies. Management believes that return on average tangible common equity, which utilizes tangible common equity, is a useful financial measure because it enables investors and others to assess the Company's use of equity. See page 36 for additional information, including a corresponding reconciliation to GAAP financial measures. (2) Customers who actively use their checking account with transactions such as debit card purchases, online bill payments, and direct deposit; reported on a one-month lag from reported quarter-end so as of May 2019 compared with May 2018. (3) Combined consumer and business debit card purchase volume dollars. Wells Fargo 2Q19 Supplement 2

2Q19 Earnings . Earnings of $6.2 billion and diluted Wells Fargo Net Income ($ in millions, except EPS) earnings per common share (EPS) of $1.30 included: 6,206 6,007 6,064 5,860 - $721 million gain on the sale of $1.9 billion of Pick-a-Pay PCI loans (recognized in other 5,186 noninterest income) - $150 million reserve release (1) (provision for credit losses) - An effective income tax rate of 17.3% $1.30 $1.21 $1.20 $1.13 $0.98 2Q18 3Q18 4Q18 1Q19 2Q19 Diluted earnings per common share (1) Reserve build represents the amount by which the provision for credit losses exceeds net charge-offs, while reserve release represents the amount by which net charge-offs exceed the provision for credit losses. Wells Fargo 2Q19 Supplement 3

Year-over-year results Revenue Noninterest Expense Common Equity Tier 1 Ratio ($ in billions) ($ in billions) (CET1) (fully phased-in) (1) 12.0% 12.0% 21.6 21.6 14.0 13.4 2Q18 2Q19 2Q18 2Q19 2Q18 2Q19 Net Interest Income ($ in billions) Net Charge-offs ($ in millions) Period-end Common Shares and Net Interest Margin (%) and Net Charge-off Rate (%) Outstanding (shares in millions) 653 12.5 602 4,849.1 12.1 9% 4,419.6 2.93% 2.82% 0.26% 0.28% 2Q18 2Q19 2Q18 2Q19 2Q18 2Q19 (1) 2Q19 capital ratio is a preliminary estimate. Fully phased-in capital ratios are calculated assuming the full phase-in of the Basel III capital rules. See page 35 for additional information regarding the Common Equity Tier 1 capital ratio. Wells Fargo 2Q19 Supplement 4

Balance Sheet and credit overview (linked quarter) Loans . Up $1.6 billion - Commercial loans up $19 million - Consumer loans up $1.6 billion as growth in first mortgage loans, auto loans and credit card loans was partially offset by declines in legacy consumer real estate loans including $3.7 billion of strategic loan sales and transfers to held for sale ($1.9 billion of Pick-a-Pay PCI loan sales and $1.8 billion of first mortgage loans transferred to held for sale) Cash and short-term . Up $29.0 billion on higher deposits, short-term borrowings and long-term debt investments Debt and equity . Trading assets up $5.0 billion primarily driven by higher equity securities held for securities trading . Debt securities (AFS and HTM) down $1.4 billion as purchases were more than offset by run-off and sales; ~$15.9 billion of gross purchases in 2Q19, predominantly federal agency mortgage-backed securities (MBS), vs. ~$4.8 billion in 1Q19 Deposits . Up $24.4 billion on higher commercial and mortgage escrow deposits Short-term borrowings . Up $8.7 billion on higher repurchase balances Long-term debt . Up $5.1 billion as $10.0 billion of bank issuances including $4.3 billion of new FHLB advances, and $4.4 billion of TLAC-eligible issuances, were partially offset by maturities Total stockholders’ . Up $1.2 billion to $199.0 billion on higher retained earnings and cumulative other equity comprehensive income (OCI) . Common shares outstanding down 92.4 million shares on net share repurchases of $4.1 billion Credit . Net charge-offs of $653 million, or 28 bps of average loans (annualized), down $42 million, or 2 bps . Nonperforming assets of $6.3 billion, down $1.0 billion driven by declines in commercial & industrial and consumer real estate nonaccruals . $150 million reserve release primarily due to strong overall credit portfolio performance Period-end balances. All comparisons are 2Q19 compared with 1Q19. Wells Fargo 2Q19 Supplement 5

Income Statement overview (linked quarter) Total revenue . Revenue of $21.6 billion . NII down $216 million, and NIM down 9 bps to 2.82% largely reflecting balance Net interest sheet mix and repricing including the impact of higher deposit costs and a lower income interest rate environment, as well as higher MBS premium amortization on higher prepayments Noninterest . Noninterest income up $191 million income - Trust and investment fees up $195 million on higher asset-based fees and investment banking fees - Other income up $170 million and included a $721 million gain on the sale of Pick-a-Pay PCI loans compared with a $608 million gain in 1Q19 - Deposit service charges up $112 million on higher consumer and commercial deposit service charges - Market sensitive revenue (1) down $425 million on lower net gains from equity securities primarily driven by lower deferred compensation gains (P&L neutral), as well as lower net gains on trading and lower net gains on debt securities • Please see pages 32-33 for additional information on deferred compensation and net trading gains Noninterest . Noninterest expense down $467 million expense - Personnel expense down $734 million from a seasonally high 1Q, as well as lower deferred compensation expense - Outside professional services expense up $143 million from a typically lower 1Q - Advertising and promotion expense up $92 million from a typically lower 1Q, as well as higher campaign volumes and increased brand advertising Income tax . 17.3% effective income tax rate expense . Currently expect the effective income tax rate for the remainder of 2019 to be ~18%, excluding the impact of any unanticipated discrete items All comparisons are 2Q19 compared with 1Q19. (1) Consists of net gains from trading activities, debt securities and equity securities. Wells Fargo 2Q19 Supplement 6

Average loans Average Loans Outstanding . Total average loans of $947.5 billion, up $3.4 ($ in billions) billion YoY and down $2.5 billion linked quarter (LQ) - Commercial loans down $2.0 billion LQ driven by 950.0 944.1 939.5 946.3 947.5 lower commercial & industrial loans and commercial real estate construction loans - Consumer loans down $468 million LQ as growth in first mortgage loans and auto loans was more than offset by declines in junior lien mortgage loans, as well as lower other revolving credit and installment loans 4.64% 4.72% 4.79% 4.84% 4.80% . Total average loan yield of 4.80%, down 4 bps LQ reflecting continued loan mix changes and the repricing impacts of lower interest rates, and up 16 bps YoY reflecting the repricing impacts of higher YoY interest rates 2Q18 3Q18 4Q18 1Q19 2Q19 Total average loan yield Wells Fargo 2Q19 Supplement 7

Period-end loans Period-end Loans Outstanding . Total period-end loans of $949.9 billion, up $5.6 ($ in billions) billion, or 1%, YoY as growth in first mortgage loans, commercial and industrial loans, and credit 944.3 942.3 953.1 948.2 949.9 card loans was partially offset by declines in junior lien mortgage loans and commercial real estate - Strategic sales of Pick-a-Pay PCI loans and Reliable Financial Services Inc. (Reliable) consumer auto loans, as well as the transfer of first mortgage loans to held for sale (HFS) totaled $9.0 billion from 3Q18 – 2Q19 . Total period-end loans up $1.6 billion LQ on $1.6 billion of consumer loan growth - Strategic sales of Pick-a-Pay PCI loans and the transfer of first mortgage loans to HFS totaled $3.7 billion in 2Q19 - Please see pages 9 and 10 for additional information 2Q18 3Q18 4Q18 1Q19 2Q19 Commercial Consumer . 5-quarter trend of strategic consumer loan sales and transfers to held for sale (HFS) ($ in billions) 2Q18 3Q18 4Q18 1Q19 2Q19 Strategic consumer loan sales and transfers to HFS Pick-a-Pay PCI loan sales 1.3 1.7 1.6 1.6 1.9 Reliable consumer auto loans (transferred to HFS prior to sale) 0.4 First mortgage loans transferred to HFS 1.8 Total $ 1.3 2.1 1.6 1.6 3.7 Wells Fargo 2Q19 Supplement 8

Commercial loan trends Commercial loans up $9.1 billion YoY and $19 million LQ: ($ in billions, Period-end balances) B= billion, MM = million Commercial and industrial (C&I) loans down $288MM LQ 370 Commercial and Industrial Including declines of 350 . $1.1B in Commercial Capital driven by lower asset-based lending reflecting seasonality of summer paydowns 330 . $623MM in Corporate & Investment Banking driven by the run-off of 4Q18 M&A related financing 310 . $597MM in Commercial Real Estate credit facilities to REITs and non- depository financial institutions 290 …partially offset by growth: . $2.2B in the Credit Investment Portfolio on purchases of collateralized loan 270 obligations (CLOs) in loan form 250 2Q18 1Q19 2Q19 Commercial Real Estate 150 145 Commercial real estate loans up $105MM LQ as growth in 140 mortgage lending was partially offset by construction run-off 135 . CRE mortgage up $895MM as origination growth outpaced run-off including 130 run-off/amortization of portfolios purchased in prior years 125 . CRE construction down $790MM reflecting cyclicality of commercial real estate 120 construction projects and continued credit discipline 115 110 Lease financing up $202MM LQ primarily driven by growth in 105 Equipment Finance 100 2Q18 1Q19 2Q19 Wells Fargo 2Q19 Supplement 9

Consumer loan trends Consumer loans down $3.5 billion YoY and included $7.2 billion of strategic sales of Pick-a-Pay PCI loans and Reliable consumer auto loans, and $1.8 billion of first mortgage loans transferred to held for sale; up $1.6 billion LQ despite $1.9 billion of Pick-a-Pay PCI loan sales and $1.8 billion of first mortgage loans transferred to held for sale ($ in billions, Period-end balances) B= billion, MM = million Consumer Real Estate . First mortgage loans up $3.4B Credit Card . Credit card up 1-4 Family First & YoY and $1.9B LQ 40 $2.1B YoY reflecting Junior Lien Mortgage 300 - LQ increase driven by $19.8B purchase volume of originations, which were 36 and new customer 250 largely offset by paydowns, growth, and up 200 $1.9B of Pick-a-Pay PCI loan 32 $541MM LQ on sales, and the transfer of 150 seasonality $1.8B of loans to HFS 28 100 . Junior lien mortgage loans down $4.5B YoY and $1.0B LQ 24 50 as continued paydowns more 0 than offset new originations 20 2Q18 1Q19 2Q19 2Q18 1Q19 2Q19 1-4 Family First Junior Lien Other Revolving Credit Automobile . . Auto loans down $2.0B YoY and Installment Other revolving 50 and up $751MM LQ 40 credit and . Originations of auto loans up 36 installment loans 45 43% YoY and 17% LQ down $2.6B YoY and reflecting growth following 32 down $533MM LQ 40 the restructuring of the on lower margin business 28 loans, as well as 35 lower student loans 24 and personal loans 30 20 and lines 2Q18 1Q19 2Q19 2Q18 1Q19 2Q19 Wells Fargo 2Q19 Supplement 10

Average deposit trends and costs Average Deposits and Rates . Average deposits of $1.3 trillion, down $2.3 ($ in billions) billion YoY reflecting lower Wealth and Investment Management (WIM) and Wholesale Banking deposits as customers allocated more cash into higher yielding liquid alternatives 1,271.3 1,262.1 1,269.0 . Average deposits up $6.9 billion, or 1%, LQ on higher retail banking deposits reflecting increased 341.4 360.7 338.8 promotional activity, partially offset by lower WIM deposits - Noninterest-bearing deposits down $19.3 billion, or 5%, YoY and up $2.6 billion LQ 910.6 923.3 927.6 - Interest-bearing deposits up $17.0 billion, or 2%, YoY and up $4.3 billion LQ 0.70% . Average deposit cost of 70 bps, up 5 bps LQ 0.65% driven by deposit campaign pricing for new 0.40% deposits and unfavorable deposit mix shifts . Average deposit cost up 30 bps YoY reflecting increases in Wholesale Banking and WIM deposit 2Q18 1Q19 2Q19 rates, unfavorable deposit mix shifts, and retail Noninterest-bearing deposits Interest-bearing deposits banking deposit campaign pricing for new deposits Average deposit cost Wells Fargo 2Q19 Supplement 11

Deposit beta experience . Deposit cost trends reflect current market conditions including repricing lags from prior Fed Funds rate increases, and deposit campaigns for retail deposits which have resulted in a higher mix of higher- yielding deposit balances . The cumulative beta over the last year (2Q18-2Q19) of 57% increased from the prior twelve months’ (1Q18 – 1Q19) cumulative beta of 43% . If the Fed Funds rate remains at current levels, we expect the cumulative beta (since the start of the cycle in 4Q15) to continue to trend upwards and be on the lower end of the previously guided range of 45-55% (currently 38%) 3.00 100% 90% and Fed 2.50 Fed 80% bearing Deposit Funds - Target Rate 70% 2.00 57% cumulative beta since 2Q18 60% bearing Deposit Cost - 1.50 50% 40% 1.00 Funds TargetRate (%) 30% 38% cumulative beta Cost/ Change in Fed Funds TargetRate since the start of the cycle 20% 0.50 0.96 WFC 0.56 Interest- 10% Bearing 0.29 Deposit Cumulative ChangeBeta = (%) WFC Interest in Quarterly Average WFC Interest WFC Average Quarterly 0.11 0.15 - Cos t 0% 4Q15 2Q16 2Q17 2Q18 2Q19 Fed Funds Target Rate WFC Interest-bearing Deposit Cost Wells Fargo 2Q19 Supplement 12

Period-end deposit trends Period-end Deposits . Period-end deposits of $1.3 trillion, up $19.5 ($ in billions) billion, or 2%, YoY . Period-end deposits up $24.4 billion, or 2%, LQ 1,268.9 1,264.0 1,288.4 - Wholesale Banking deposits up $37.4 billion, or 10%, on growth in Corporate and Investment 410.0 392.7 430.1 Banking, Commercial Real Estate and Corporate Trust, and included an elevated level of short-term deposit inflows 79.0 91.7 86.7 - Corporate Treasury deposits including brokered CDs, 25.6 21.1 25.1 down $5.0 billion, or 5% - Mortgage escrow deposits up $4.0 billion, or 19%, LQ primarily reflecting higher mortgage payoffs (1) 754.3 758.5 746.5 - Consumer and small business banking deposits down $12.0 billion, or 2%, LQ and included: • Lower Wealth and Investment Management deposits driven by seasonality of tax payments, as well as clients continuing to reallocate cash into higher yielding liquid alternatives 2Q18 1Q19 2Q19 • Lower retail banking deposits reflecting seasonality, Wholesale Banking which was partially offset by growth in CDs and high- Corporate Treasury including brokered CDs yield savings Mortgage Escrow (1) Consumer and Small Business Banking Deposits (1) Total deposits excluding mortgage escrow and wholesale deposits (Wholesale Banking, and Corporate Treasury including brokered CDs). Wells Fargo 2Q19 Supplement 13

Net interest income Net Interest Income . Net interest income decreased $446 million, or 4%, ($ in millions) YoY, and $216 million, or 2%, LQ; linked quarter decrease reflected declines from: 12,541 12,572 12,644 12,311 12,095 - Balance sheet mix and repricing including the impact of higher deposit costs and a lower interest rate environment - $73 million higher MBS premium amortization resulting from higher prepays; currently expect 3Q19 MBS premium amortization to be higher than 2Q19 - Partially offset by higher NII from one additional day in the quarter and higher variable income; hedge ineffectiveness accounting results (1) were stable . Average earning assets up $11.4 billion LQ: 2.94% 2.93% 2.94% 2.91% 2.82% - Short-term investments/fed funds sold up $14.8 billion - Mortgage loans held for sale up $4.6 billion - Equity securities up $2.1 billion - Debt securities down $7.6 billion 2Q18 3Q18 4Q18 1Q19 2Q19 - Loans down $2.5 billion Net Interest Margin (NIM) . NIM of 2.82% down 9 bps LQ and included: - ~(8) bps from balance sheet mix and repricing - ~(2) bps from MBS premium amortization - ~1 bp from variable income (1) Total hedge ineffectiveness accounting (including related economic hedges) of $82 million in the quarter included $89 million in net interest income and $(7) million in other income. In 1Q19 total hedge ineffectiveness accounting (including related economic hedges) was $56 million and included $85 million in net interest income and $(29) million in other income. Wells Fargo 2Q19 Supplement 14

Noninterest income . vs vs Deposit service charges up $112 million LQ reflecting ($ in millions) 2Q19 1Q19 2Q18 higher consumer and commercial deposit service charges Noninterest income - Consumer (58% of total) was up from typically lower 1Q Service charges on deposit accounts $ 1,206 10 % 4 fees, as well as higher fee waivers in 1Q Trust and investment fees: - Commercial (42% of total) was up on higher Treasury Brokerage advisory, commissions Management from a typically low 1Q and other fees 2,318 6 (2) • Earnings credit rate (ECR) offset (results in lower fees for Trust and investment management 795 1 (5) commercial customers) was up $5 million LQ and up $31 Investment banking 455 15 (6) million YoY Card fees 1,025 9 2 . Trust and investment fees up $195 million Other fees 800 4 (5) - Brokerage advisory, commissions and other fees up $125 Mortgage banking 758 7 (2) million predominantly on higher retail brokerage advisory Insurance 93 (3) (9) fees (priced at the beginning of the quarter) Net gains from trading activities 229 (36) 20 - Investment banking fees up $61 million on higher debt and Net gains on debt securities 20 (84) (51) equity underwriting Net gains from equity securities 622 (24) n.m. . Card fees up $81 million on higher debit and credit card Lease income 424 (4) (4) purchase volumes from a seasonally low 1Q Other 744 30 53 . Other fees up $30 million largely driven by higher Total noninterest income $ 9,489 2 % 5 commercial real estate brokerage commissions . Mortgage banking up $50 million - Servicing income down $87 million due to the impact of lower interest rates including higher loan payoffs 9,369 9,489 - Net gains on mortgage loan originations up $137 million 9,012 9,298 on higher origination volumes reflecting seasonality, as 8,336 well as lower mortgage loan interest rates . Trading gains down $128 million driven by lower credit products trading results (Please see page 33 for additional information) . Net gains on debt securities down $105 million from a 1Q19 which included the sale of non-agency residential mortgage-backed securities (RMBS) . Net gains from equity securities down $192 million and included $258 million lower deferred compensation gains (P&L neutral) (Please see page 32 for additional information) 2Q18 3Q18 4Q18 1Q19 2Q19 . Other income up $170 million and included a $721 million gain on the sale of Pick-a-Pay PCI loans compared with a $608 million gain in 1Q19 Wells Fargo 2Q19 Supplement 15

Noninterest expense and efficiency ratio (1) vs vs . Noninterest expense down $467 million LQ ($ in millions) 2Q19 1Q19 2Q18 - Personnel expense down $734 million Noninterest expense • Salaries up $116 million reflecting the impact of FTE Salaries $ 4,541 3 % 2 mix and salary rate changes, as well as one additional Commission and incentive compensation 2,597 (9) (2) day in the quarter Employee benefits 1,336 (31) 7 • Commission and incentive compensation down $248 Equipment 607 (8) 10 million from a seasonally high 1Q, partially offset by Net occupancy 719 - - higher revenue-related incentive compensation in Core deposit and other intangibles 27 (4) (90) mortgage banking, retail brokerage and investment FDIC and other deposit assessments 144 (9) (52) banking (2) Outside professional services 821 21 (7) Employee benefits expense down $602 million from a (2) • Operating losses 247 4 (60) seasonally high 1Q, and included $243 million lower (2) Other 2,410 8 5 deferred compensation expense (P&L neutral) Total noninterest expense $ 13,449 (3) % (4) (Please see page 32 for additional information) - Equipment expense down $54 million from a typically higher 1Q - Outside professional services (2) up $143 million from 13,982 13,763 13,916 typically low 1Q levels, as well as higher project 13,449 13,339 spend and higher legal expense - Other expense (2) up $183 million and included: • $61 million higher contract services on higher 64.9% 63.6% 64.4% 62.7% 62.3% project spend • $92 million higher advertising and promotion from typically low 1Q levels and included higher campaign volumes and increased brand 2Q18 3Q18 4Q18 1Q19 2Q19 advertising Efficiency Ratio • $35 million higher charitable donations expense reflecting a higher contribution to the Wells Fargo Foundation (1) Efficiency ratio defined as noninterest expense divided by total revenue (net interest income plus noninterest income). . 2Q19 efficiency ratio of 62.3% (2) The sum of Outside professional services expense, operating losses and Other expense equals Other noninterest expense in the Consolidated Statement of Income, pages 19 and 20 of the press release. Wells Fargo 2Q19 Supplement 16

Noninterest expense – linked quarter ($ in millions) $14,000 $13,916 $212 $105 $13,449 $260 ($25) “Running the ($50) $13,000 Third Party Business” – Infrastructure “Running the ($969) Revenue- Services: Discretionary: Lower related: Higher Business” – Higher equipment Compensation Higher outside Non advertising and expense & Benefits: commission professional Discretionary: promotion $676 million and incentive services and Lower FDIC expense, and $12,000 seasonally compensation contract expense, higher travel lower personnel in Home services partially offset and expense, and Lending, WIM, expense by higher entertainment $243 million and Wholesale donations expense from lower deferred Banking expense typically low 1Q $11,000 compensation levels expense, partially offset by higher salaries $10,000 expense $9,000 $8,000 1Q19 2Q19 For analytical purposes, we have grouped our noninterest expense into these six categories. Please see page 34 for additional information. Wells Fargo 2Q19 Supplement 17

Noninterest expense – year over year ($ in millions) $15,000 $39 $55 $68 $13,982 Third Party $14,000 Compensation Revenue- Services: & Benefits: related: Higher contract $106 $59 $13,449 Higher salaries Higher services expense and commissions Infrastructure: expense and “Running the higher deferred and incentive Higher $13,000 data processing ($860) Business” – compensation compensation equipment expense, “Running the Discretionary: expense, in Home expense partially offset Business” – Higher partially offset Lending and by lower Non advertising and by lower non- Wholesale professional Discretionary: promotion revenue-related Banking $12,000 services $373 million expense due to incentive expense lower operating increased compensation losses, $237 campaign million lower volumes and core deposit brand $11,000 and other advertising intangibles amortization, and lower FDIC expense $10,000 $9,000 $8,000 2Q18 2Q19 For analytical purposes, we have grouped our noninterest expense into these six categories. Please see page 34 for additional information. Wells Fargo 2Q19 Supplement 18

2019 expense target . We are working hard to deliver on our 2019 Total Noninterest Expense expense target of $52.0-$53.0 billion and 1H 2019 Actual (1) and 2019 Target currently expect 2019 noninterest expense to be ($ in billions) near the high-end of the range as expense 52.0 – 53.0 efficiencies are being offset by higher ongoing - investment spend . Our 2019 expense target excludes: – Annual operating losses in excess of $600 million, 27.4 such as litigation and remediation accruals and 0.5 penalties 0.2 – Deferred compensation expense, which is subject to market fluctuations and is P&L neutral ($471 million expense in first half of 2019 vs. $242 million 26.7 benefit in FY18) . Factors impacting expenses include: (1) – Investments in risk management including 1H 2019 Actual 2019 Target regulatory compliance and operational risk, as well 2019 target excludes annual as data and technology, have exceeded operating losses in excess of expectations and are anticipated to continue Represents operating losses $600 million, such as litigation – Elevated revenue-related expenses due to, among in excess of $300 million for and remediation accruals and 1H19 penalties, and excludes other things, strength in mortgage banking and in deferred compensation Represents deferred the capital markets. We don’t want to forgo expense compensation expense ($471 revenue to manage to an expense target million in 1H19) (1) 1H 2019 = first half of 2019 results through June 30. Please see page 32 for additional information on deferred compensation. Wells Fargo 2Q19 Supplement 19

Community Banking . Net income of $3.1 billion, up 26% YoY driven by vs vs ($ in millions) 2Q19 1Q19 2Q18 net discrete tax expense in 2Q18, and up 11% Net interest income $ 7,066 (3) % (4) LQ on lower personnel expense, which was Noninterest income 4,739 5 6 seasonally higher in 1Q Provision for credit losses 479 (33) (1) Key metrics Noninterest expense 7,212 (6) (1) . See pages 21 and 22 for additional information Income tax expense 838 98 (41) . 5,442 retail bank branches reflects 38 branch Segment net income $ 3,147 11 % 26 consolidations in 2Q19 . Consumer auto originations of $6.3 billion, up ($ in billions) Avg loans, net $ 457.7 - (1) 17% LQ and 43% YoY reflecting our focus on Avg deposits 777.6 2 2 growing auto loans following the restructuring of the business 2Q19 1Q19 2Q18 . Mortgage originations of $53 billion (held-for- Key Metrics: sale = $33 billion and held-for-investment = $20 Total Retail Banking branches 5,442 5,479 5,751 billion), up 61% LQ and 6% YoY - 68% of originations were for purchases, compared ($ in billions) 2Q19 1Q19 2Q18 with 70% in 1Q19 and 78% in 2Q18 Auto Originations $ 6.3 5.4 4.4 - 0.98% residential held for sale production Home Lending margin (1), down 7 bps LQ from sales execution Applications $ 90 64 67 Application pipeline 44 32 26 timing Originations 53 33 50 • Current expectations are for the 3Q19 production (1) margin to be up modestly from 2Q19 Residential HFS production margin 0.98 1.05 % 0.77 (1) Production margin represents net gains on residential mortgage loan origination/sales activities divided by total residential held for sale mortgage originations. Wells Fargo 2Q19 Supplement 20

Community Banking metrics Customers and Active Accounts vs. vs. (in millions) 2Q19 1Q19 4Q18 3Q18 2Q18 1Q19 2Q18 Digital (online and mobile) Active Customers (1) (2) 30.0 29.8 29.2 29.0 28.9 1% 4% Mobile Active Customers (1) (2) 23.7 23.3 22.8 22.5 22.0 2% 8% Primary Consumer Checking Customers (1) (3) 24.3 23.9 23.9 24.0 23.9 1.3% 1.3% Consumer General Purpose Credit Card Active Accounts (4)(5) 8.0 7.8 8.0 7.9 7.8 2% 3% . Digital (online and mobile) active customers (1) (2) of 30.0 million, up 1% LQ and 4% YoY reflecting improvements in user experience and increased customer awareness of digital services – Mobile active customers (1) (2) of 23.7 million, up 2% LQ and 8% YoY . Primary consumer checking customers (1) (3) of 24.3 million, up 1.3% both LQ and YoY. The sale of 52 branches in 4Q18 reduced the YoY growth rate by 0.4% . Consumer general purpose credit card active accounts (4) (5) of 8.0 million, up 2% LQ on seasonally higher spend levels, and up 3% YoY driven by the July 2018 launch of our new Propel American Express® card along with expansion in direct mail and digital channels Customer Experience Survey Scores vs. vs. with Branch (period-end) 2Q19 1Q19 4Q18 3Q18 2Q18 1Q19 2Q18 Customer Loyalty 65.1% 64.1% 60.2% 58.5% 56.7% 106 bps 840 Overall Satisfactio n with Mo st Recent Visit 80.9% 80.2% 78.7% 77.9% 76.6% 73 428 . ‘Customer Loyalty’ and ‘Overall Satisfaction with Most Recent Visit’ branch survey scores in June reached highest levels in more than 3 years (1) Metrics reported on a one-month lag from reported quarter-end; for example, 2Q19 data as of May 2019 compared with May 2018. (2) Digital and mobile active customers is the number of consumer and small business customers who have logged on via a digital or mobile device in the prior 90 days. (3) Customers who actively use their checking account with transactions such as debit card purchases, online bill payments, and direct deposit. (4) Accounts having at least one POS transaction, including POS reversal, during the period. (5) Credit card metrics shown in the table are for general purpose cards only. Wells Fargo 2Q19 Supplement 21

Community Banking metrics Balances and Activity vs. vs. (in millions, exc ept where noted) 2Q19 1Q19 4Q18 3Q18 2Q18 1Q19 2Q18 Consumer and Small Business Banking Deposits (Average) ($ in billions) $ 742.7 739.7 736.3 743.5 754.0 0% -1% Teller and ATM Transactio ns (1) 327.3 313.8 334.8 343.6 351.4 4% -7% Co nsumer and Small Business Digital Payment Transactions (2) 145.8 138.2 135.5 137.0 135.0 5% 8% [Purchase] Volume ?? #DIV/0! #DIV/0! Debit Cards (3) POS Transactions 2,336 2,165 2,249 2,235 2,222 8% 5% POS Purchase Volume (billions) $ 93.2 86.6 89.8 87.5 87.5 8% 6% Consumer General Purpose Credit Cards (4) ($ in billions) POS Purchase Volume $ 20.4 18.3 20.2 19.4 19.2 11% 6% Outstandings (Average) 30.9 30.7 30.2 29.3 28.5 1% 8% . Average consumer and small business banking deposit balances up modestly LQ, and down 1% YoY as WIM customers moved excess liquidity to higher rate cash alternatives . Teller and ATM transactions (1) of 327.3 million in 2Q19, up 4% LQ reflecting seasonality, and down 7% YoY due to continued customer migration to digital channels . Consumer and small business digital payment transactions (2) of 145.8 million, up 5% LQ and 8% YoY reflecting improvements in user experience and increased customer awareness of digital services . Debit cards (3) and consumer general purpose credit cards (4): - Point-of-sale (POS) debit card transactions up 8% LQ on seasonality, and up 5% YoY on stronger usage per account - POS debit card purchase volume up 8% LQ due to seasonality, and up 6% YoY on higher transaction volume - POS consumer general purpose credit card purchase volume up 11% LQ due to seasonality, and up 6% YoY on higher transaction volume - Consumer general purpose credit card average balances of $30.9 billion, up 1% LQ and up 8% YoY driven by new account and purchase volume growth (1) Teller and ATM transactions reflect customer transactions completed at a branch teller line or ATM and does not include customer interactions with a branch banker. Management uses this metric to help monitor customer traffic trends within the Company’s Retail Banking business. (2) Metrics reported on a one-month lag from reported quarter-end; for example, 2Q19 data includes March 2019, April 2019 and May 2019. (3) Combined consumer and business debit card activity. (4) Credit card metrics shown in the table are for general purpose cards only. Wells Fargo 2Q19 Supplement 22

Wholesale Banking . Net income of $2.8 billion, up 6% YoY on lower vs vs ($ in millions) 2Q19 1Q19 2Q18 operating losses, and up 1% LQ reflecting lower provision for credit losses Net interest income $ 4,535 - % (3) . Net interest income down 3% YoY and stable LQ Noninterest income 2,530 (2) 1 . Noninterest income down 2% LQ as lower Provision for credit losses 28 (79) n.m. market sensitive revenue was partially offset by Noninterest expense 3,882 1 (8) higher investment banking, mortgage banking, Income tax expense 365 (1) (4) commercial real estate brokerage, and treasury Segment net income $ 2,789 1 % 6 management fees . Provision for credit losses decreased $106 million ($ in billions) LQ reflecting lower nonaccruals and an overall Avg loans, net $ 474.0 (1) 2 improvement in credit quality Avg deposits 410.4 - (1) . Noninterest expense up 1% LQ driven by higher regulatory, risk, and technology expenses, partially offset by lower personnel expense Treasury Management . Treasury management revenue up 1% YoY and up 4% LQ from typically low 1Q volumes . Commercial card spend volume (1) of $8.7 billion, up 6% YoY on increased transaction volumes, and up 3% LQ Investment Banking . YTD U.S. investment banking market share of 3.5%(2) vs. YTD 2018 of 3.3% (2) and full year 2018 of 3.2% (2) on higher market share in loan syndications, high grade and advisory (1) Includes commercial card volume for the entire company. (2) Year-to-date (YTD) through June. Source: Dealogic U.S. investment banking fee market share. Wells Fargo 2Q19 Supplement 23

Wealth and Investment Management . Net income of $602 million, up 35% YoY as 2Q18 vs vs included the Rock Creek other-than-temporary ($ in millions) 2Q19 1Q19 2Q18 impairment, and up 4% LQ primarily driven by Net interest income $ 1,037 (6) % (7) seasonally lower personnel expense and higher asset- based fees Noninterest income 3,013 1 6 . Net interest income down 6% LQ primarily due to lower Provision for credit losses (1) n.m. 50 deposit balances Noninterest expense 3,246 (2) (3) . Noninterest income up 1% LQ largely driven by higher Income tax expense 201 5 37 asset-based fees, partially offset by lower net gains from equity securities on lower deferred compensation plan Segment net income $ 602 4 % 35 investments (P&L neutral) ($ in billions) . Noninterest expense down 2% LQ primarily driven by Avg loans, net $ 75.0 1 - lower personnel expenses from a seasonally higher first Avg deposits 143.5 (6) (14) quarter, and lower deferred compensation plan expense (P&L neutral), partially offset by higher broker vs vs commissions ($ in billions, except where noted) 2Q19 1Q19 2Q18 Key Metrics: (1) WIM Segment Highlights WIM Client assets ($ in trillions) $ 1.9 1 % (1) . WIM total client assets of $1.9 trillion, down 1% YoY Retail Brokerage . 2Q19 closed referred investment assets (referrals Client assets ($ in trillions) 1.6 1 - resulting from the WIM/Community Banking partnership) Advisory assets 561 3 3 of $2.7 billion were up 12% from 1Q19 Financial advisors 13,799 - (3) Retail Brokerage Wealth Management . Advisory assets of $561 billion, up 3% YoY driven Client assets $ 231 - (3) primarily by higher market valuations, partially offset by Wells Fargo Asset Management net outflows Total AUM (2) 495 4 - Wells Fargo Asset Management . Total AUM (2) of $495 billion, flat YoY as higher market Wells Fargo Funds AUM 208 6 4 valuations and money market fund net inflows were Retirement offset by equity and fixed income net outflows, as well as IRA assets 414 2 3 the sale of Wells Fargo Asset Management’s ownership Institutional Retirement (3) stake in The Rock Creek Group, LP and removal of the Plan assets 388 2 - associated AUM (1) WIM Client Assets reflect Brokerage & Wealth assets, including Wells Fargo Funds holdings and deposits. (2) Wells Fargo Asset Management Total AUM not held in Brokerage & Wealth client assets excluded from WIM Client Assets. (3) On July 1, 2019, we closed the previously announced sale of our Institutional Retirement and Trust business. Wells Fargo 2Q19 Supplement 24

Credit quality Provision Expense and Net Charge-offs . Net charge-offs of $653 million, down $42 ($ in millions) million LQ on lower consumer losses . 0.28% net charge-off rate, down 2 bps LQ 845 - Commercial losses of 13 bps, up 2 bps LQ 721 680 695 653 - Consumer losses of 45 bps, down 6 bps LQ on 602 580 521 503 lower auto losses primarily reflecting seasonality 452 . NPAs decreased $1.0 billion LQ - Nonaccrual loans (1) decreased $983 million on a $656 million decline in consumer nonaccruals including $373 million in first mortgage 0.26% 0.29% 0.30% 0.30% 0.28% nonaccruals moved to HFS, as well as a $327 2Q18 3Q18 4Q18 1Q19 2Q19 million decline in commercial nonaccruals on Provision Expense Net Charge-offs Net Charge-off Rate broad-based improvement across industry sectors Nonperforming Assets . $150 million reserve release primarily driven ($ in billions) by strong overall credit portfolio performance 7.6 7.2 7.0 7.3 . Allowance for credit losses = $10.6 billion 0.5 0.5 0.5 0.4 6.3 0.4 - Allowance covered 4.0x annualized 2Q19 net charge-offs 7.1 6.9 6.7 6.5 5.9 2Q18 3Q18 4Q18 1Q19 2Q19 Nonaccrual loans (1) Foreclosed assets (1) Financial information for periods prior to December 31, 2018, has been revised to exclude mortgage loans held for sale, loans held for sale and loans held at fair value of $339 million and $360 million at September 30, and June 30, 2018, respectively. Wells Fargo 2Q19 Supplement 25

Capital Common Equity Tier 1 Ratio Capital Position (Fully Phased-In) (1) . Common Equity Tier 1 ratio (fully phased-in) of 12.0% at 6/30/19 (1) was well above both the 12.0% 12.0% 11.9% 11.9% regulatory minimum of 9% and our current 11.7% internal target of 10% Capital Return . Received a non-objection to our 2019 Capital Plan submission from the Federal Reserve . Period-end common shares outstanding down 92.4 million shares, or 2%, LQ - Settled 104.9 million common share repurchases - Issued 12.5 million common shares . Continued de-risking of the balance sheet and consistent level of profitability have contributed to capital levels well above regulatory requirements and internal targets, enabling significant capital returns to shareholders - Returned $6.1 billion to shareholders 2Q18 3Q18 4Q18 1Q19 2Q19 in 2Q19, up 52% YoY Estimated • Net share repurchases of $4.1 billion, 1.9x net share repurchases in 2Q18 • Quarterly common stock dividend of $0.45 per share, up 15% YoY Total Loss Absorbing Capacity (TLAC) Update . As of 6/30/19, our eligible external TLAC as a percentage of total risk-weighted assets was 24.1% (2) compared with the required minimum (1) 2Q19 capital ratio is a preliminary estimate. Fully phased-in capital ratios are of 22.0% calculated assuming the full phase-in of the Basel III capital rules. See page 35 for additional information regarding the Common Equity Tier 1 capital ratio. (2) 2Q19 TLAC ratio is a preliminary estimate. Wells Fargo 2Q19 Supplement 26

Appendix

Real estate 1-4 family mortgage portfolio ($ in millions) 2Q19 1Q19 2Q18 Linked Quarter Change Year-over-Year Change Real estate 1-4 family first mortgage loans: $ 286,427 284,545 283,001 $ 1,882 1 % $ 3,426 1 % Nonaccrual loans 2,425 3,026 3,469 (601) (20) (1,044) (30) as % of loans 0.85 % 1.06 1.23 (21) bps (38) bps Net charge-offs/(recoveries) $ (30) (12) (23) $ (18) n.m. $ (7) 30 as % of average loans (0.04) % (0.02) (0.03) (2) bps (1) bps Real estate 1-4 family junior lien mortgage loans: $ 32,068 33,099 36,542 $ (1,031) (3) $ (4,474) (12) Nonaccrual loans 868 916 1,029 (48) (5) (161) (16) as % of loans 2.71 % 2.77 2.82 (6) bps (11) bps Net charge-offs/(recoveries) $ (19) (9) (13) $ (10) n.m. % $ (6) 46 % as % of average loans (0.24) % (0.10) (0.13) (14) bps (11) bps . First mortgage loans up $1.9 billion LQ as $19.8 . Pick-a-Pay portfolios billion of originations were largely offset by - Non-PCI loans of $9.4 billion, down $1.3 billion, or paydowns, $1.9 billion of Pick-a-Pay PCI loan 12%, LQ primarily reflecting $805 million in loans sales ($721 million gain), and $1.8 billion of transferred to held for sale, as well as loans paid- mortgage loans transferred to held for sale in-full - First lien home equity lines of $11.1 billion, down - Nonaccrual loans decreased $183 million, or $317 million 24%, LQ primarily due to loans transferred to held for sale - PCI loans of $1.1 billion, down $2.0 billion LQ driven by $1.9 billion of loan sales • 2Q19 accretable yield percentage of 11.56% expected to increase to ~12.24% in 3Q19 . Junior lien mortgage loans down $1.0 billion, or 3%, LQ as paydowns more than offset originations Loan balances as of period-end. Wells Fargo 2Q19 Supplement 28

Consumer credit card portfolio ($ in millions, except where noted) 2Q19 1Q19 2Q18 Linked Quarter Change Year-over-Year Change Credit card outstandings $ 38,820 38,279 36,684 $ 541 1 % $ 2,136 6 % Net charge-offs 349 352 323 (3) (1) 26 8 as % of avg loans 3.68 % 3.73 3.61 (5) bps 7 bps 30+ days past due $ 895 945 857 $ (50) (5) $ 38 4 as % of loans 2.31 % 2.47 2.34 (16) bps (3) bps Key Metrics: Purchase volume $ 22,459 20,062 21,239 $ 2,397 12 $ 1,220 6 POS transactions (millions) 329 299 310 30 10 19 6 New accounts (1) (thousands) 498 507 423 (9) (2) 75 18 POS active accounts (thousands) (2) 8,832 8,663 8,597 169 2 % 235 3 % . Credit card outstandings up 1% LQ due to seasonality, and up 6% YoY reflecting new account and purchase volume growth - General purpose credit card outstandings up 1% LQ and up 8% YoY - Purchase dollar volume up 12% LQ due to seasonality, and up 6% YoY on higher transaction volume - New accounts (1) down 2% LQ primarily driven by lower direct mail campaigns, but up 18% YoY reflecting the July 2018 launch of the new Propel American Express® card, as well as channel expansion in direct mail and digital channels • 48% of general purpose credit card new accounts were originated through digital channels, up from 44% in 1Q19 and 43% in 2Q18 • 16% of general purpose credit card new accounts were originated through direct mail channels, down from 20% in 1Q19, but up from 14% in 2Q18 . Net charge-offs down $3 million, or 5 bps, LQ primarily driven by seasonality of tax payments, but up $26 million, or 7 bps, YoY largely driven by portfolio growth of $2.1 billion . 30+ days past due decreased $50 million, or 16 bps, LQ on seasonality, and increased $38 million YoY Loan balances as of period-end. (1) Includes consumer general purpose credit card as well as certain co-brand and private label relationship new account openings. (2) Accounts having at least one POS transaction, including POS reversal, during the period. Wells Fargo 2Q19 Supplement 29

Auto portfolios ($ in millions) 2Q19 1Q19 2Q18 Linked Quarter Change Year-over-Year Change Consumer: Auto outstandings $ 45,664 44,913 47,632 $ 751 2 % $ (1,968) (4) % Indirect outstandings 44,785 43,918 46,418 867 2 (1,633) (4) Direct outstandings 879 995 1,214 (116) (12) (335) (28) Nonaccrual loans 115 116 119 (1) (1) (4) (3) as % of loans 0.25 % 0.26 0.25 (1) bps - bps Net charge-offs $ 52 91 113 $ (39) (43) $ (61) (54) as % of avg loans 0.46 % 0.82 0.93 (36) bps (47) bps 30+ days past due $ 1,048 1,040 1,399 $ 8 1 $ (351) (25) as % of loans 2.30 % 2.32 2.94 (2) bps (64) bps Commercial: Auto outstandings $ 10,973 11,088 10,891 $ (115) (1) $ 82 1 Nonaccrual loans 16 15 32 1 7 (16) (50) as % of loans 0.15 % 0.14 0.29 1 bps (14) bps Net charge-offs $ 2 2 1 $ - - % $ 1 - % as % of avg loans 0.06 % 0.07 0.02 (1) bps 4 bps Consumer Portfolio Commercial Portfolio . Auto outstandings of $45.7 billion, up 2% LQ and down . Loans of $11.0 billion, down 1% LQ on 4% YoY seasonality, and up 1% YoY - 2Q19 originations of $6.3 billion, up 17% LQ and 43% YoY reflecting our focus on growing auto loans following the restructuring of the business . Nonaccrual loans down $1 million LQ and down $4 million YoY . Net charge-offs down $39 million LQ on lower losses and higher recoveries, and down $61 million YoY predominantly driven by lower loan outstandings, lower losses from higher quality originations, and higher recoveries . 30+ days past due increased $8 million LQ, and decreased $351 million YoY largely driven by higher quality originations Loan balances as of period-end. Wells Fargo 2Q19 Supplement 30

Student lending portfolio ($ in millions) 2Q19 1Q19 2Q18 Linked Quarter Change Year-over-Year Change Private outstandings $ 10,860 11,139 11,534 $ (279) (3) % $ (674) (6) % Net charge-offs 32 27 34 5 19 (2) (6) as % of avg loans 1.16 % 0.94 1.15 22 bps 1 bps 30+ days past due $ 148 176 152 $ (28) (16) % $ (4) (3) % as % of loans 1.36 % 1.58 1.32 (22) bps 4 bps . $10.9 billion private loan outstandings, down 3% LQ and 6% YoY on higher paydowns - Average FICO of 760 and 80% of the total outstandings have been co-signed - Originations increased 27% YoY driven by higher originations for student loan consolidations; total trailing twelve months’ (July 2018 – June 2019) originations of $1.5 billion . Net charge-offs increased $5 million LQ due to seasonality of repayments and decreased $2 million YoY . 30+ days past due decreased $28 million LQ and decreased $4 million YoY on lower loan balances Loan balances as of period-end. Wells Fargo 2Q19 Supplement 31

Deferred compensation plan investment results . Wells Fargo’s deferred compensation plan allows eligible team members the opportunity to defer receipt of current compensation to a future date . Certain team members within Wholesale Banking, and Wealth and Investment Management have mandatory deferral plans as part of their incentive compensation plans . To neutralize the impact of market fluctuations resulting from team member elections, which are recognized in employee benefits expense, we enter into economic hedges through the use of equity securities and the offsetting revenue is recognized in net interest income and net gains from equity securities vs vs ($ in millions) 2Q19 1Q19 4Q18 3Q18 2Q18 1Q19 2Q18 Net interest income $ 18 13 23 14 13 $ 5 5 Net gains (losses) from equity securities 87 345 (452) 118 37 (258) 50 Total revenue (losses) from deferred compensation plan investments 105 358 (429) 132 50 (253) 55 (1) Employee benefits expense 114 357 (428) 129 53 (243) 61 Income (loss) before income tax expense $ (9) 1 (1) 3 (3) $ (10) (6) . FY18 employee benefits expense was a $242 million benefit . 1H19 employee benefits expense was $471 million expense (1) Represents change in deferred compensation plan liability. Wells Fargo 2Q19 Supplement 32

Trading-related revenue ($ in millions) 2Q19 1Q19 2Q18 Linked Quarter Change Year-over-Year Change Trading-related revenue Net interest income $ 776 795 688 $ (19) (2) % $ 88 13 % Net gains on trading activities 229 357 191 (128) (36) 38 20 Trading-related revenue $ 1,005 1,152 879 $ (147) (13) % $ 126 14 % . Trading-related revenue of $1.0 billion was down $147 million, or 13%, LQ: - Net interest income decreased $19 million, or 2% - Net gains on trading activities decreased $128 million primarily driven by lower credit products trading results from a strong 1Q19, as well as lower equity, rates and commodities, and municipal bond trading activity, partially offset by increased trading in asset-backed securities . Trading-related revenue was up $126 million, or 14%, YoY: - Net interest income up $88 million, or 13%, largely driven by higher average trading assets predominantly reflecting increased customer demand for U.S. Treasury and agency bonds, as well as higher yields in equity trading - Net gains on trading activities up $38 million, or 20%, reflecting increased trading in asset- backed securities driven by higher agency RMBS trading volumes Wells Fargo 2Q19 Supplement 33

Noninterest expense analysis (reference for slides 17-18) For analytical purposes, we have grouped our noninterest expense into six categories: Compensation & Benefits: Salaries, benefits and non-revenue-related incentive compensation Revenue-related: Incentive compensation directly tied to generating revenue; businesses with expenses directly tied to revenue (operating leases, insurance) Third Party Services: Expenses related to the use of outside parties, such as legal and consultant costs “Running the Business” – Non Discretionary: Expenses that are costs of doing business, including foreclosed asset expense and FDIC assessments “Running the Business” – Discretionary: Travel, advertising, postage, etc. Infrastructure: Equipment, occupancy, etc. Wells Fargo 2Q19 Supplement 34

Common Equity Tier 1 (Fully Phased -In) Wells Fargo & Company and Subsidiaries COMMON EQUITY TIER 1 UNDER BASEL III (FULLY PHASED-IN) (1) Estimated Jun 30, Mar 31, Dec 31, Sep 30, Jun 30, (in billions, except ratio) 2019 2019 2018 2018 2018 Total equity $ 200.0 198.7 197.1 199.7 206.1 Adjustments: Preferred stock (23.0 ) (23.2) (23.2 ) (23.5 ) (25.7) Additional paid-in capital on ESOP preferred stock (0.1 ) (0.1) (0.1 ) (0.1 ) (0.1) Unearned ESOP shares 1.3 1.5 1.5 1.8 2.0 Noncontrolling interests (1.0 ) (0.9) (0.9 ) (0.9 ) (0.9) Total common stockholders' equity 177.2 176.0 174.4 177.0 181.4 Adjustments: Goodwill (26.4 ) (26.4) (26.4 ) (26.4 ) (26.4) Certain identifiable intangible assets (other than MSRs) (0.5 ) (0.5) (0.6 ) (0.8 ) (1.1) Other assets (2) (2.3 ) (2.1) (2.2 ) (2.1 ) (2.2) Applicable deferred taxes (3) 0.8 0.8 0.8 0.8 0.9 Investment in certain subsidiaries and other 0.4 0.3 0.4 0.4 0.4 Common Equity Tier 1 (Fully Phased-In) under Basel III (A) 149.2 148.1 146.4 148.9 153.0 Total risk-weighted assets (RWAs) anticipated under Basel III (4)(5) (B) $ 1,248.2 1,243.1 1,247.2 1,250.2 1,276.3 Common Equity Tier 1 to total RWAs anticipated under Basel III (Fully Phased-In) (5) (A)/(B) 12.0 % 11.9 11.7 11.9 12.0 (1) Basel III capital rules, adopted by the Federal Reserve Board on July 2, 2013, revised the definition of capital, increased minimum capital ratios, and introduced a minimum Common Equity Tier 1 (CET1) ratio. The rules are being phased in through the end of 2021. Fully phased-in capital amounts, ratios and RWAs are calculated assuming the full phase-in of the Basel III capital rules. Beginning January 1, 2018, the requirements for calculating CET1 and tier 1 capital, along with RWAs, became fully phased-in. (2) Represents goodwill and other intangibles on nonmarketable equity securities, which are included in other assets. (3) Applicable deferred taxes relate to goodwill and other intangible assets. They were determined by applying the combined federal statutory rate and composite state income tax rates to the difference between book and tax basis of the respective goodwill and intangible assets at period end. (4) The final Basel III capital rules provide for two capital frameworks: the Standardized Approach, which replaced Basel I, and the Advanced Approach applicable to certain institutions. Under the final rules, we are subject to the lower of our CET1 ratio calculated under the Standardized Approach and under the Advanced Approach in the assessment of our capital adequacy. Because the final determination of our CET1 ratio and which approach will produce the lower CET1 ratio as of June 30, 2019, is subject to detailed analysis of considerable data, our CET1 ratio at that date has been estimated using the Basel III definition of capital under the Basel III Standardized Approach RWAs. The capital ratio for March 31, 2019, and December 31, September 30 and June 30, 2018, was calculated under the Basel III Standardized Approach RWAs. (5) The Company’s June 30, 2019, RWAs and capital ratio are preliminary estimates. Wells Fargo 2Q19 Supplement 35

Return on average tangible common equity (ROTCE) Wells Fargo & Company and Subsidiaries TANGIBLE COMMON EQUITY (1) Quarter ended (in millions, except ratios) Jun 30, 2019 Return on average tangible common equity (1): Net income applicable to common stock (A) $ 5,848 Average total equity 199,685 Adjustments: Preferred stock (23,023 ) Additional paid-in capital on ESOP preferred stock (78 ) Unearned ESOP shares 1,294 Noncontrolling interests (939 ) Average common stockholders’ equity (B) 176,939 Adjustments: Goodwill (26,415 ) Certain identifiable intangible assets (other than MSRs) (505 ) Other assets (2) (2,155 ) Applicable deferred taxes (3) 780 Average tangible common equity (C) $ 148,644 Return on average common stockholders' equity (ROE) (annualized) (A)/(B) 13.26 % Return on average tangible common equity (ROTCE) (annualized) (A)/(C) 15.78 (1) Tangible common equity is a non-GAAP financial measure and represents total equity less preferred equity, noncontrolling interests, and goodwill and certain identifiable intangible assets (including goodwill and intangible assets associated with certain of our nonmarketable equity securities but excluding mortgage servicing rights), net of applicable deferred taxes. The methodology of determining tangible common equity may differ among companies. Management believes that return on average tangible common equity, which utilizes tangible common equity, is a useful financial measure because it enables investors and others to assess the Company's use of equity. (2) Represents goodwill and other intangibles on nonmarketable equity securities, which are included in other assets. (3) Applicable deferred taxes relate to goodwill and other intangible assets. They were determined by applying the combined federal statutory rate and composite state income tax rates to the difference between book and tax basis of the respective goodwill and intangible assets at period end. Wells Fargo 2Q19 Supplement 36

Forward-looking statements This document contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. In addition, we may make forward-looking statements in our other documents filed or furnished with the SEC, and our management may make forward-looking statements orally to analysts, investors, representatives of the media and others. Forward-looking statements can be identified by words such as “anticipates,” “intends,” “plans,” “seeks,” “believes,” “estimates,” “expects,” “target,” “projects,” “outlook,” “forecast,” “will,” “may,” “could,” “should,” “can” and similar references to future periods. In particular, forward-looking statements include, but are not limited to, statements we make about: (i) the future operating or financial performance of the Company, including our outlook for future growth; (ii) our noninterest expense and efficiency ratio; (iii) future credit quality and performance, including our expectations regarding future loan losses and allowance levels; (iv) the appropriateness of the allowance for credit losses; (v) our expectations regarding net interest income and net interest margin; (vi) loan growth or the reduction or mitigation of risk in our loan portfolios; (vii) future capital or liquidity levels or targets and our estimated Common Equity Tier 1 ratio under Basel III capital standards; (viii) the performance of our mortgage business and any related exposures; (ix) the expected outcome and impact of legal, regulatory and legislative developments, as well as our expectations regarding compliance therewith; (x) future common stock dividends, common share repurchases and other uses of capital; (xi) our targeted range for return on assets, return on equity, and return on tangible common equity; (xii) the outcome of contingencies, such as legal proceedings; and (xiii) the Company’s plans, objectives and strategies. Forward-looking statements are not based on historical facts but instead represent our current expectations and assumptions regarding our business, the economy and other future conditions. Investors are urged to not unduly rely on forward-looking statements as actual results could differ materially from expectations. Forward-looking statements speak only as of the date made, and we do not undertake to update them to reflect changes or events that occur after that date. For more information about factors that could cause actual results to differ materially from expectations, refer to the “Forward-Looking Statements” discussion in Wells Fargo’s press release announcing our second quarter 2019 results and in our most recent Quarterly Report on Form 10-Q, as well as to Wells Fargo’s other reports filed with the Securities and Exchange Commission, including the discussion under “Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2018. Wells Fargo 2Q19 Supplement 37