WELLS FARGO & COMPANY/MN (Form: 8-K, Received: 04/12/2019 08:01:23)

Table of contents 1Q19 Results Appendix 1Q19 Highlights Pages 2 Real estate 1-4 family mortgage portfolio 29 1Q19 Earnings 3 Consumer credit card portfolio 30 Year-over-year results 4 Auto portfolios 31 Balance Sheet and credit overview (linked quarter) 5 Student lending portfolio 32 Income Statement overview (linked quarter) 6 Deferred compensation plan investment results 33 Loans 7 Trading-related revenue 34 Commercial loan trends 8 Noninterest expense analysis (reference for slides 16-17) 35 Consumer loan trends 9 Common Equity Tier 1 (Fully Phased-In) 36 Average deposit trends and costs 10 Deposit beta experience 11 Return on average tangible common equity Period-end deposit trends 12 (ROTCE) 37 Net interest income 13 Forward-looking statements and Noninterest income 14 additional information 38 Noninterest expense and efficiency ratio 15 Noninterest expense – linked quarter 16 Noninterest expense – year over year 17 Committed and on track to meet 2019 expense target 18 Investments in the business have increased from Investor Day expectations 19 Actual and projected savings exceeding expectations 20 Community Banking 21 Community Banking metrics 22-23 Wholesale Banking 24 Wealth and Investment Management 25 Credit quality 26 Capital 27 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 March 31, 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 1Q19 Supplement 1

1Q19 Highlights Earnings . Net income of $5.9 billion and diluted EPS of $1.20 . Return on assets (ROA) = 1.26% Returns . Return on equity (ROE) = 12.71% . Return on average tangible common equity (ROTCE) (1) = 15.16% . Positive business momentum with strong customer activity - ‘Customer Loyalty’ and ‘Overall Satisfaction with Most Recent Visit’ branch survey scores reached 3-year highs in March - Year-over-year (YoY) growth in period-end loans • Period-end commercial & industrial loans increased 4% and credit card loans increased 6% - Primary consumer checking customers (2) up 1.1% YoY; the 4Q18 sale of 52 branches reduced the growth rate by 0.5% - Increased debit and credit card usage YoY • Debit card point-of-sale (POS) purchase volume (3) up 6% and consumer general purpose Highlights credit card POS purchase volume up 5% - Higher loan originations in nonconforming mortgage, auto and small business YoY • High quality nonconforming mortgage loan originations of $11.3 billion, up 35% • Consumer auto originations of $5.4 billion, up 24% • Small business (4) originations of $621 million, up 6% . Returned $6.0 billion to shareholders through common stock dividends and net share repurchases, up from $4.0 billion in 1Q18 - Quarterly common stock dividend of $0.45 per share, up 15% YoY and 5% linked quarter (LQ) (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 37 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 February 2019 compared with February 2018. (3) Combined consumer and business debit card purchase volume dollars. (4) Includes credit card, lines of credit and loan products (primarily under $100,000 sold through our retail bank branches). Wells Fargo 1Q19 Supplement 2

1Q19 Earnings . Earnings of $5.9 billion and diluted Wells Fargo Net Income ($ in millions, except EPS) earnings per common share (EPS) of $1.20 included: 6,007 6,064 5,860 - $778 million seasonally higher linked quarter personnel expense (recognized in employee 5,136 5,186 benefits expense, and commission and incentive compensation expense) - $345 million of net equity gains on deferred compensation plan investment results were largely offset by $357 million in employee $1.21 $1.20 $1.13 benefits expense (net gains from equity securities and employee benefits expense) $0.98 • Please see page 33 for additional information $0.96 - $608 million gain on the sale of $1.6 billion of Pick-a-Pay PCI mortgage loans (all other noninterest income) - $150 million reserve build (1) (provision for credit losses) - $148 million gain from the sale of Business 1Q18 2Q18 3Q18 4Q18 1Q19 Payroll Services (all other noninterest income) Diluted earnings per common share - An effective income tax rate of 13.1%, which included $297 million of net discrete income tax benefits (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 1Q19 Supplement 3

Year-over-year results Revenue Noninterest Expense Common Equity Tier 1 Ratio ($ in billions) ($ in billions) (CET1) (fully phased-in) (1) 21.9 21.6 15.0 11.9% 11.9% 13.9 1Q18 1Q19 1Q18 1Q19 1Q18 1Q19 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) 12.2 12.3 741 695 4,873.9 7% 4,511.9 2.84% 2.91% 0.32% 0.30% 1Q18 1Q19 1Q18 1Q19 1Q18 1Q19 (1) 1Q19 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 36 for additional information regarding the Common Equity Tier 1 capital ratio. Wells Fargo 1Q19 Supplement 4

Balance Sheet and credit overview (linked quarter) Loans . Down $4.9 billion - Commercial loans down $1.2 billion as lower commercial & industrial loans and lease financing were partially offset by higher commercial real estate loans - Consumer loans down $3.7 billion as declines in legacy consumer real estate loans including the sale of $1.6 billion of Pick-a-Pay PCI loans, as well as lower other revolving credit and installment loans, credit card loans and auto loans, were partially offset by growth in nonconforming first mortgage loans Cash and short-term . Down $5.9 billion on lower deposits investments Debt and equity . Trading assets up $1.2 billion largely driven by higher equity securities held for securities trading . Debt securities (AFS and HTM) down $1.6 billion on lower investments due to lower long-term interest rates and tighter credit spreads, as well as run-off and sales; ~$4.8 billion of gross purchases in 1Q19 vs. ~$16.9 billion in 4Q18 Deposits . Down $22.2 billion on lower commercial balances primarily reflecting seasonality Short-term borrowings . Up $810 million Long-term debt . Up $7.3 billion as $10.3 billion of new FHLB advances and $6.5 billion of TLAC-eligible issuances were partially offset by maturities Total stockholders’ . Up $1.7 billion to $197.8 billion on higher retained earnings and higher cumulative equity other comprehensive income (OCI) . Common shares outstanding down 69.3 million shares on net share repurchases of $3.9 billion Credit . Net charge-offs of $695 million, or 30 bps of average loans (annualized) . Nonperforming assets of $7.3 billion, up $394 million on higher commercial nonaccrual loans . $150 million reserve build primarily due to a higher probability of slightly less favorable economic conditions Period-end balances. All comparisons are 1Q19 compared with 4Q18. Wells Fargo 1Q19 Supplement 5

Income Statement overview (linked quarter) Total revenue . Revenue of $21.6 billion, up $629 million, or 3% . NII down $333 million on 2 fewer days in the quarter, and balance sheet mix and Net interest income repricing; NIM down 3 bps to 2.91% Noninterest income . Noninterest income up $962 million - Trust and investment fees down $147 million on lower asset-based fees - Mortgage banking up $241 million driven by higher net mortgage servicing income from 4Q18 which included negative valuation adjustments to MSRs - Market sensitive revenue (1) up $1.3 billion and included $793 million higher net gains from equity securities including $797 million higher deferred compensation gains (P&L neutral), as well as higher net gains on trading, and net gains on debt securities • Please see pages 33-34 for additional information on deferred compensation and net trading gains Noninterest expense . Noninterest expense up $577 million - Personnel expense up $1.5 billion; included $778 million in seasonally higher incentive compensation and employee benefits expense, and $785 million higher deferred compensation expense (P&L neutral) - Core deposit and other intangibles amortization expense down $236 million reflecting the end of the 10-year amortization period on Wachovia-related intangibles - Operating losses down $194 million on lower litigation and remediation accruals - Lower 1Q expenses from typically higher 4Q expenses included: • Outside professional services expense down $165 million • Travel and entertainment expense down $21 million • Advertising and promotion expense down $17 million Income tax expense . 13.1% effective income tax rate included $297 million of net discrete income tax benefits mostly related to the results of U.S. federal and state income tax examinations and the accounting for stock compensation activity . 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 1Q19 compared with 4Q18. (1) Consists of net gains from trading activities, debt securities and equity securities. Wells Fargo 1Q19 Supplement 6

Loans Average Loans Outstanding Average ($ in billions) . Total average loans of $950.1 billion, down $876 951.0 944.1 939.5 946.3 950.1 million YoY and up $3.8 billion LQ - Commercial loans up $6.4 billion LQ driven by higher commercial & industrial loans - Consumer loans down $2.6 billion LQ as growth in high quality nonconforming first mortgage loans and credit card loans was more than offset by declines in legacy consumer real estate portfolios including 4.64% 4.72% 4.79% 4.84% 4.50% Pick-a-Pay and junior lien mortgage loans due to run-off and sales, as well as lower other revolving credit and installment loans, and auto loans . Total average loan yield of 4.84%, up 5 bps LQ 1Q18 2Q18 3Q18 4Q18 1Q19 and 34 bps YoY reflecting the repricing impacts of Total average loan yield higher interest rates Period-end Loans Outstanding Period-end ($ in billions) . Total period-end loans of $948.2 billion, up $941 million YoY as growth in high quality 953.1 948.2 947.3 944.3 942.3 nonconforming first mortgage loans, commercial and industrial loans, and credit card loans was largely offset by declines in legacy consumer real estate portfolios including Pick-a-Pay and junior lien mortgages, as well as all other major loan categories - Strategic sales of Pick-a-Pay PCI loans and Reliable Financial Services Inc. (Reliable) consumer auto loans totaled $6.6 billion from 2Q18 – 1Q19 . Total period-end loans down $4.9 billion LQ on lower consumer and commercial loans 1Q18 2Q18 3Q18 4Q18 1Q19 - Please see pages 8 and 9 for additional information Wells Fargo 1Q19 Supplement 7

Commercial loan trends Commercial loans up $8.8 billion YoY and down $1.2 billion LQ: ($ in billions, Period-end balances) B= billion, MM = million Commercial and industrial (C&I) loans down $1.1 billion LQ from a strong 4Q18 370 Commercial and Industrial Including declines… …partially offset by growth: . $3.0B in Corporate & Investment . $2.1B in Commercial Capital 350 Banking including: - $1.1B in Commercial - $4.0B decline in Asset Backed Distribution Finance on 330 Finance reflecting the rebound in seasonal strength the capital markets in 1Q19 - $1.3B in Capital Finance on 310 - Partially offset by $1.1B increase in customers’ origination activity Corporate Banking driven by and working capital needs 290 growth in industrials and energy . $1.6B in the Credit Investment . $1.0B in Commercial Banking driven 270 Portfolio driven by purchases of by lower Government & Institutional collateralized loan obligations Banking, and Business Banking 250 (CLOs) in loan form 1Q18 4Q18 1Q19 . $160MM in WF Auto – Commercial on seasonally lower dealer floor plan utilization Commercial Real Estate 160 150 140 Commercial real estate loans up $460 million LQ primarily driven by slower run-off of previously purchased loan portfolios 130 . CRE mortgage up $1.1 billion due to slower run-off/amortization of portfolios 120 purchased in prior years, as well as modest origination growth . CRE construction down $639 million reflecting cyclicality of commercial real 110 estate construction projects and continued credit discipline 100 1Q18 4Q18 1Q19 Wells Fargo 1Q19 Supplement 8

Consumer loan trends Consumer loans down $7.9 billion YoY and included $6.6 billion of strategic sales of Pick-a-Pay PCI loans and Reliable consumer auto loans; down $3.7 billion LQ and included $1.6 billion of Pick-a-Pay PCI loan sales ($ in billions, Period-end balances) B= billion, MM = million . First mortgage loans up $1.9B . Consumer Real Estate YoY and down $520MM LQ Credit Card Credit card up 1-4 Family First & - High quality nonconforming 40 $2.2B YoY reflecting Junior Lien Mortgage loan growth of $4.2B LQ driven purchase volume 300 by $10.5B of originations; 36 and customer 250 excludes $776MM of growth, and down originations designated as held 32 $746MM LQ on 200 for sale in anticipation of future seasonality 150 securitizations 28 100 - Partially offset by a $2.3B LQ decline in Pick-a-Pay mortgage 24 50 loans which included $1.6B of 0 PCI loan sales 20 1Q18 4Q18 1Q19 . Junior lien mortgage loans down 1Q18 4Q18 1Q19 $4.8B YoY and down $1.3B LQ as 1-4 Family First Nonconforming (Primarily Jumbo) continued paydowns more than 1-4 Family First All Other offset new originations Junior Lien . Other revolving credit and installment loans Other Revolving Credit Automobile down $2.5B YoY and 50 . Auto loans down $4.6B YoY 40 and Installment down $961MM LQ on and $156MM LQ as paydowns lower margin loans 36 45 were predominantly offset by and other securities- originations based lending - Originations of auto loans 32 reflecting higher 40 up 24% YoY and 16% LQ 28 short-term rates and . Currently expect loan market volatility, as 35 balances to grow by mid-year 24 well as lower personal 2019 loans and lines, and 30 20 student loans 1Q18 4Q18 1Q19 1Q18 4Q18 1Q19 Wells Fargo 1Q19 Supplement 9

Average deposit trends and costs Average Deposits and Rates Average ($ in billions) . Average deposits of $1.3 trillion, down $35.1 billion, or 3%, YoY reflecting lower Wholesale 1,297.2 1,268.9 1,262.1 Banking deposits including actions taken in the first half of 2018 to manage to the asset cap, as well as lower Wealth and Investment 358.9 354.6 338.8 Management (WIM) deposits as customers continued to allocate more cash into higher yielding liquid alternatives . Average deposits down $6.8 billion, or 1%, LQ as 938.3 914.3 923.3 lower Wholesale Banking deposits driven by seasonality from typically high 4Q levels were partially offset by higher consumer and small 0.65% business banking deposits (1) 0.55% - Noninterest-bearing deposits down $20.1 billion, or 0.34% 6%, YoY and $15.8 billion LQ - Interest-bearing deposits down $15.0 billion, or 1Q18 4Q18 1Q19 2%, YoY and up $9.0 billion LQ . Noninterest-bearing deposits Interest-bearing deposits Average deposit cost of 65 bps, up 10 bps LQ; and up 31 bps YoY driven by increases in Average deposit cost Wholesale Banking and WIM deposit rates (1) Total deposits excluding mortgage escrow and wholesale deposits (Wholesale Banking, and Corporate Treasury including brokered CDs). Wells Fargo 1Q19 Supplement 10

Deposit beta experience . Deposit costs have trended higher with the increase in the Fed Funds rate and the repricing lag from prior rate moves . The cumulative beta over the last year (1Q18-1Q19) of 43% increased from the prior twelve months’ (4Q17-4Q18) cumulative beta of 38% 3.00 100% 90% and Fed 2.50 Fed 80% Funds bearing Deposit - Rate 70% 2.00 43% cumulative beta 60% since 1Q18 bearing Deposit Cost - 1.50 50% 40% 1.00 Funds TargetRate (%) 30% 35% cumulative beta Cost/ Change in Fed Funds TargetRate since the start of the cycle 20% 0.50 0.89 WFC Interest- 10% 0.47 Bearing 0.23 Deposit Cumulative ChangeBeta = (%) WFC Interest in Quarterly Average WFC Interest WFC Average Quarterly 0.11 0.14 Cos t - 0% 4Q15 1Q16 1Q17 1Q18 1Q19 Fed Funds Target Rate WFC Interest-bearing Deposit Cost Wells Fargo 1Q19 Supplement 11

Period-end deposit trends Period-end Deposits Period-end ($ in billions) . Period-end deposits of $1.3 trillion, down $39.7 1,303.7 1,286.2 1,264.0 billion, or 3%, YoY . Period-end deposits down $22.2 billion, or 2%, LQ - Wholesale Banking deposits down $37.0 billion, 433.6 429.7 392.7 or 9%, primarily reflecting seasonality from typically high 4Q levels 72.8 88.3 91.7 - Corporate Treasury deposits including brokered CDs, 22.8 21.1 19.1 up $3.4 billion, or 4% - Mortgage escrow deposits up $2.0 billion, or 10%, LQ primarily reflecting seasonality of tax payments (1) 774.5 749.1 758.5 - Consumer and small business banking deposits up $9.4 billion, or 1%, LQ and included: • Higher retail banking deposits reflecting seasonality as well as growth in CDs and high-yield savings • Lower Wealth and Investment Management deposits 1Q18 4Q18 1Q19 driven by our clients shifting cash into investments during the quarter, as well as continued reallocation of Wholesale Banking cash into other higher yielding liquid alternatives Corporate Treasury including brokered CDs Mortgage Escrow Consumer and Small Business Banking Deposits (1) (1) Total deposits excluding mortgage escrow and wholesale deposits (Wholesale Banking, and Corporate Treasury including brokered CDs). Wells Fargo 1Q19 Supplement 12

Net interest income Net Interest Income . Net interest income increased $73 million, or 1%, ($ in millions) YoY, and decreased $333 million, or 3%, LQ; linked quarter decrease reflected: 12,541 12,572 12,644 12,238 12,311 - ~$160 million lower NII from 2 fewer days in the quarter - Balance sheet mix and repricing, including the impact of a flattening yield curve - Hedge ineffectiveness accounting results (1) stable LQ . Average earning assets down $2.1 billion LQ: - Equity securities down $4.3 billion - Mortgage loans held for sale down $3.1 billion 2.93% 2.94% 2.94% 2.91% - Short-term investments/fed funds sold down 2.84% $1.9 billion - Loans up $3.8 billion - Debt securities up $3.2 billion . NIM of 2.91% down 3 bps LQ on the impacts of balance sheet mix and repricing, including higher deposit costs 1Q18 2Q18 3Q18 4Q18 1Q19 Net Interest Margin (NIM) (1) Total hedge ineffectiveness accounting (including related economic hedges) of $56 million in the quarter included $85 million in net interest income and $(29) million in other income. In 4Q18 total hedge ineffectiveness accounting (including related economic hedges) was $28 million and included $85 million in net interest income and $(57) million in other income. Wells Fargo 1Q19 Supplement 13

Noninterest income . Deposit service charges down $82 million LQ reflecting vs vs ($ in millions) 1Q19 4Q18 1Q18 ~$35 million in fee waivers for customers including those Noninterest income affected by our data center system outage in February, Service charges on deposit accounts $ 1,094 (7) % (7) and the government shutdown in January, as well as Trust and investment fees: seasonally lower commercial and consumer deposit service Brokerage advisory, commissions charges and other fees 2,193 (6) (9) - Consumer was 56% and commercial was 44% of total Trust and investment management 786 (1) (8) deposit service charges - Earnings credit rate (ECR) offset (results in lower fees for Investment banking 394 4 (8) commercial customers) was up $4 million LQ and $26 Card fees 944 (4) 4 million YoY Other fees 770 (13) (4) . Trust and investment fees down $147 million Mortgage banking 708 52 (24) - Brokerage advisory, commissions and other fees down on Insurance 96 (12) (16) lower retail brokerage advisory fees (priced at the Net gains from trading activities 357 n.m. 47 beginning of the quarter) Net gains on debt securities 125 n.m. n.m. - Investment banking fees up $15 million on higher advisory Net gains from equity securities 814 n.m. 4 and debt underwriting Lease income 443 10 (3) . Card fees down $37 million as seasonality was partially Other 574 (24) (5) offset by lower rewards redemption costs Total noninterest income $ 9,298 12 % (4) . Other fees down $118 million driven by seasonally lower commercial real estate brokerage commissions and lower loan fees 9,696 . Mortgage banking up $241 million 9,369 9,298 9,012 - Servicing income up $255 million from 4Q18 which 8,336 included negative valuation adjustments to MSRs - Net gains on mortgage loan originations down $14 million as seasonally lower origination volumes were partially offset by a higher residential HFS production margin . Trading gains up $347 million on stronger credit and asset-backed products (Please see page 34 for additional information) . Net gains on debt securities up $116 million on the sale of non-agency residential mortgage-backed securities (RMBS) . Net gains from equity securities up $793 million driven by $797 million higher deferred compensation gains (P&L 1Q18 2Q18 3Q18 4Q18 1Q19 neutral) (Please see page 33 for additional information) . Other income down $179 million Wells Fargo 1Q19 Supplement 14

Noninterest expense and efficiency ratio (1) vs vs . Noninterest expense up $577 million LQ ($ in millions) 1Q19 4Q18 1Q18 - Personnel expense up $1.5 billion Noninterest expense • Salaries down $120 million primarily on two fewer Salaries $ 4,425 (3) % 1 payroll days in the quarter Commission and incentive compensation 2,845 17 3 Employee benefits 1,938 n.m. 21 • Commission and incentive compensation up $418 million and included seasonally elevated equity awards, Equipment 661 3 7 partially offset by lower revenue-related incentive Net occupancy 717 (2) 1 compensation Core deposit and other intangibles 28 (89) (89) • Employee benefits expense up $1.2 billion on $785 FDIC and other deposit assessments 159 4 (51) (2) million higher deferred compensation expense (P&L Outside professional services 678 (20) (17) neutral), and $498 million of seasonally higher payroll (2) Operating losses 238 (45) (84) taxes and 401(k) matching expenses (2) Other 2,227 (14) 6 (Please see page 33 for additional information) Total noninterest expense $ 13,916 4 % (7) - Core deposit and other intangibles expense down $236 million on lower amortization expense reflecting the end of the 10-year amortization period on Wachovia intangibles 15,042 - Outside professional services (2) down $165 million 13,982 13,916 from typically higher 4Q levels 13,763 13,339 - Operating losses (2) down $194 million on lower litigation and remediation accruals 68.6% - Other expense (2) down $364 million from 4Q18 64.9% 64.4% which included a pension plan settlement expense, 62.7% 63.6% as well as lower operating lease expense, and typically lower travel and entertainment, and advertising and promotion expense . 1Q19 efficiency ratio of 64.4% 1Q18 2Q18 3Q18 4Q18 1Q19 Efficiency Ratio (1) Efficiency ratio defined as noninterest expense divided by total revenue (net interest income plus noninterest income). (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 1Q19 Supplement 15

Noninterest expense – linked quarter ($ in millions) $1,665 $15,000 ($241) Revenue- ($219) $0 $14,000 related: Third Party $13,916 Lower Services: Infrastructure commission Lower ($580) ($48) $13,339 and incentive outside “Running the “Running the Compensation compensation professional Business” – Business” – $13,000 & Benefits: in WIM and services and Non Discretionary: $785 million Community contract Discretionary: Lower travel higher deferred Banking, and services Lower core and compensation lower expense deposit and entertainment expense operating other expense and $12,000 and $778 lease expense intangibles advertising and million amortization, promotion seasonally lower operating expense from higher expense losses, and a typically higher $11,000 4Q18 pension 4Q levels, as plan settlement well as lower expense postage, stationary and supplies $10,000 expense $9,000 $8,000 4Q18 1Q19 For analytical purposes, we have grouped our noninterest expense into these six categories. Please see page 35 for additional information. Wells Fargo 1Q19 Supplement 16

Noninterest expense – year over year ($ in millions) $16,000 $578 $15,042 ($134) ($22) $15,000 Compensation Revenue- Third Party & Benefits: related: Services: $353 million Lower Lower higher deferred commission professional $59 $47 $13,916 $14,000 compensation and incentive services compensation Infrastructure: expense and expense, “Running the in WIM and Higher higher salaries partially offset ($1,654) Business” – Community equipment expense by higher “Running the Discretionary: Banking and expense and $13,000 including annual contract Business” – Higher lower occupancy salary/wage services Non advertising and operating expense increases expense Discretionary: promotion lease expense $1.2 billion expense due to $12,000 lower operating marketing losses, $237 campaign million lower volumes, core deposit partially offset $11,000 and other by lower intangibles postage, amortization, stationary and and lower FDIC supplies expense expense $10,000 $9,000 $8,000 1Q18 1Q19 For analytical purposes, we have grouped our noninterest expense into these six categories. Please see page 35 for additional information. Wells Fargo 1Q19 Supplement 17

Committed to and on track to meet 2019 expense target . We are currently on track to meet our 2019 expense target of $52.0-$53.0 billion provided at our 2018 Investor Day . Our 2019 expense target excludes annual operating losses in excess of $600 million, such as litigation and remediation accruals and penalties Total Noninterest Expense - 2018 Actual and 2019 Target ($ in billions) 56.1 2.5 52.0 – 53.0 53.6 2018 Actual 2019 Target 2019 target excludes annual Represents operating losses in operating losses in excess of $600 excess of $600 million million, such as litigation and remediation accruals and penalties Wells Fargo 1Q19 Supplement 18

Investments in the business have increased from Investor Day expectations . Actual and anticipated investment spend for 2018 – 2019 has increased $1.4 billion from our expectations at our 2018 Investor Day - Most significant increase is in the Regulatory Compliance and Operational Risk category . High priority enterprise investment spend (1) by major category Regulatory Compliance and Technology Transformation Other including Enterprise & Operational Risk and Data Management Business Model Transformation 2018 Actual 2019 Expectation 2018 Actual 2019 Expectation 2018 Actual 2019 Expectation Expectation provided at 2018 Investor Day Incremental actual expense or anticipated increase to expectation since 2018 Investor Day, as of 1Q19 (1) Management defines these as current high priority projects. What management defines as high priority projects may change in future periods. Wells Fargo 1Q19 Supplement 19

Actual and projected savings exceeding original expectations Continued focus on efficiency has resulted in actual and anticipated savings exceeding 2018 Investor Day expectations Actual Savings and Updated Expectations Compared with Expected Expense Savings by Major Category Savings as of 2018 Investor Day 2018 Actual 2019 Expectation 2018 2019 Governance / Controls Expected Savings as of 2018 Investor Day Running the Business Actual / Updated Expected Savings Centralization/Optimization . 2019 expected expense savings come from over 200 distinct new and ongoing savings initiatives. Monthly tracking and reporting by initiative drives accountability. - Drivers of largest expected savings in 2019 by category include: • Centralization and optimization: Process mapping and optimization; staff function rationalization; contact center of the future • Running the business: Mortgage operations streamlining, restructuring Wholesale Banking businesses, WIM brokerage channel alignment, auto lending transformation, and branch staffing efficiencies • Governance and controls: Continued reduction in third party services spend, consistent approach to manager span of control, further rollout of activity based expense inspection protocol (essential expense), and real estate location/hiring guidelines for non-customer facing team members Wells Fargo 1Q19 Supplement 20

Community Banking . Net income of $2.8 billion, up 48% YoY primarily vs vs ($ in millions) 1Q19 4Q18 1Q18 due to lower operating losses and lower income Net interest income $ 7,248 (1) % 1 tax expense, and down 11% LQ on seasonally Noninterest income 4,502 9 (3) higher personnel expense Provision for credit losses 710 33 n.m. Key metrics Noninterest expense 7,689 9 (12) . See pages 22 and 23 for additional information Income tax expense 424 (33) (48) . 5,479 retail bank branches reflects 40 branch Segment net income $ 2,823 (11) % 48 consolidations in 1Q19 . ($ in billions) Consumer auto originations of $5.4 billion, up Avg loans, net $ 458.2 - (3) 16% LQ and 24% YoY reflecting high quality Avg deposits 765.6 1 2 origination growth following transformational changes made to the business 1Q19 4Q18 1Q18 . Mortgage originations of $33 billion (held-for- Key Metrics: sale = $22 billion and held-for-investment = $11 Total Retail Banking branches 5,479 5,518 5,805 billion), down 13% LQ and 23% YoY - 70% of originations were for purchases, compared ($ in billions) 1Q19 4Q18 1Q18 with 78% in 4Q18 and 65% in 1Q18 Auto Originations $ 5.4 4.7 4.4 - Correspondent channel was 55% of total Home Lending originations vs. 55% in 4Q18 and 63% in 1Q18 Applications $ 64 48 58 • Correspondent channel has lower production Application pipeline 32 18 24 margins than retail originations Originations 33 38 43 - 1.05% residential held for sale production Residential HFS production margin (1) 1.05 0.89 % 0.94 margin (1), up 16 bps LQ primarily due to an improvement in secondary market conditions • Current expectations are for the 2Q19 production margin to be in the range realized over the prior two quarters (1) Production margin represents net gains on residential mortgage loan origination/sales activities divided by total residential held-for-sale mortgage originations. Wells Fargo 1Q19 Supplement 21

Community Banking metrics Customers and Active Accounts vs. vs. (in millions) 1Q19 4Q18 3Q18 2Q18 1Q18 4Q18 1Q18 Digital (o nline and mo bile) Active Custo mers (1) (2) 29.8 29.2 29.0 28.9 28.8 2% 3% Mo bile Active Custo mers (1) (2) 23.3 22.8 22.5 22.0 21.8 2% 7% Primary Consumer Checking Customers (1) (3) 23.9 23.9 24.0 23.9 23.7 0.3% 1.1% Consumer General Purpose Credit Card Active Accounts (4)(5) 7.8 8.0 7.9 7.8 7.7 -2% 2% . Digital (online and mobile) active customers (1) (2) of 29.8 million, up 2% LQ and 3% YoY reflecting growth in the customer base and ease of digital payment options . Mobile active customers (1) (2) of 23.3 million, up 2% LQ and 7% YoY driven by growth in the customer base and increased adoption . Primary consumer checking customers (1) (3) of 23.9 million, up modestly LQ and 1.1% YoY. The sale of 52 branches in 4Q18 reduced the YoY growth rate by 0.5% . Consumer general purpose credit card active accounts (4) (5) of 7.8 million, down 2% LQ on seasonality and up 2% 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) 1Q19 4Q18 3Q18 2Q18 1Q18 4Q18 1Q18 Customer Loyalty 64.1% 60.2% 58.5% 56.7% 59.2% 383 bps 486 Overall Satisfactio n with Mo st Recent Visit 80.2% 78.7% 77.9% 76.6% 78.2% 151 199 . ‘Customer Loyalty’ and ‘Overall Satisfaction with Most Recent Visit’ branch survey scores reached 3-year highs in March (1) Metrics reported on a one-month lag from reported quarter-end; for example, 1Q19 data as of February 2019 compared with February 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 1Q19 Supplement 22

Community Banking metrics Balances and Activity vs. vs. (in millions, exc ept where noted) 1Q19 4Q18 3Q18 2Q18 1Q18 4Q18 1Q18 Consumer and Small Business Banking Deposits (Average) ($ in billions) $ 739.7 736.3 743.5 754.0 755.5 0% -2% Teller and ATM Transactio ns (1) 313.8 334.8 343.6 351.4 343.3 -6% -9% Co nsumer and Small Business Digital Payment Transactions (2) 138.2 135.5 137.0 135.0 130.6 2% 6% [Purchase] Volume ?? #DIV/0! #DIV/0! Debit Cards (3) POS Transactions 2,165 2,249 2,235 2,222 2,071 -4% 5% POS Purchase Volume (billions) $ 86.6 89.8 87.5 87.5 81.9 -4% 6% Consumer General Purpose Credit Cards (4) ($ in billions) POS Purchase Volume $ 18.3 20.2 19.4 19.2 17.4 -9% 5% Outstandings (Average) 30.7 30.2 29.3 28.5 28.8 1% 7% . Average consumer and small business banking deposit balances up modestly LQ, and down 2% YoY as consumers moved excess liquidity to higher rate cash alternatives . Teller and ATM transactions (1) of 313.8 million in 1Q19, down 6% LQ and down 9% YoY reflecting continued customer migration to digital channels . Consumer and small business digital payment transactions (2) of 138.2 million, up 2% LQ and 6% YoY reflecting increased usage and continued increases in digital adoption . Debit cards (3) and consumer general purpose credit cards (4): - Point-of-sale (POS) debit card transactions down 4% LQ on seasonality, and up 5% YoY on stronger usage per account - POS debit card purchase volume down 4% LQ due to seasonality, and up 6% YoY on higher transaction volume - POS consumer general purpose credit card purchase volume down 9% LQ from 4Q holiday spend, and up 5% YoY on higher transaction volume - Consumer general purpose credit card average balances of $30.7 billion, up 1% LQ and up 7% YoY on higher POS purchase volume (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, 1Q19 data includes December 2018, January 2019 and February 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 1Q19 Supplement 23

Wholesale Banking . Net income of $2.8 billion, down 4% YoY on vs vs ($ in millions) 1Q19 4Q18 1Q18 lower noninterest income, and up 4% LQ reflecting higher noninterest income and lower Net interest income $ 4,534 (4) % - noninterest expense Noninterest income 2,577 18 (6) . Net interest income flat YoY and down 4% LQ Provision for credit losses 134 n.m. n.m. . Noninterest income up 18% LQ as higher market Noninterest expense 3,838 (5) (4) sensitive revenue, investment banking fees and Income tax expense 369 46 (18) other income was partially offset by lower loan Segment net income $ 2,770 4 % (4) fees and commercial real estate brokerage fees . Provision for credit losses increased $162 million ($ in billions) LQ reflecting a reserve build on higher Avg loans, net $ 476.5 1 2 nonaccrual loans, as well as lower recoveries Avg deposits 409.8 (3) (8) . Noninterest expense down 5% LQ driven by lower operating lease expense, core deposit and vs vs ($ in billions) 1Q19 4Q18 1Q18 other intangibles amortization, and project- Key Metrics: related expenses, partially offset by seasonally (1) Commercial card spend volume $ 8.5 (2) % 5 higher personnel expense U.S. investment banking market (2) Treasury Management share 3.5 % . Treasury management revenue down 3% YoY on lower new sales and down 3% LQ on seasonality . Commercial card spend volume (1) of $8.5 billion, up 5% YoY on increased transaction volumes, and down 2% LQ Investment Banking . 1Q19 U.S. investment banking market share of 3.5%(2) vs. 1Q18 of 3.1% (2) and full year 2018 of 3.2% (2) on higher market share in debt underwriting, as well as advisory (1) Includes commercial card volume for the entire company. (2) Source: Dealogic U.S. investment banking fee market share. Wells Fargo 1Q19 Supplement 24

Wealth and Investment Management . Net income of $577 million, down 19% YoY and down vs vs 16% LQ primarily driven by lower asset-based fees and ($ in millions) 1Q19 4Q18 1Q18 higher seasonal personnel expenses Net interest income $ 1,101 (1) % (1) . Net interest income down 1% LQ Noninterest income 2,978 5 (5) . Noninterest income up 5% LQ largely driven by higher Reversal of provision for net gains from equity securities on deferred credit losses 4 n.m. n.m. compensation plan investments of $307 million (P&L neutral), partially offset by lower asset-based fees Noninterest expense 3,303 9 - . Noninterest expense up 9% LQ primarily driven by $307 Income tax expense 192 (17) (20) million higher deferred compensation plan expense (P&L Segment net income $ 577 (16) % (19) neutral), and seasonally higher personnel expenses, partially offset by lower broker commissions and lower ($ in billions) core deposit and other intangibles amortization expense Avg loans, net $ 74.4 (1) 1 Avg deposits 153.2 (1) (14) WIM Segment Highlights . WIM total client assets of $1.8 trillion, down 2% YoY vs vs ($ in billions, except where noted) 1Q19 4Q18 1Q18 driven primarily by net outflows, partially offset by Key Metrics: higher market valuations (1) WIM Client assets ($ in trillions) $ 1.8 7 % (2) . Average loan balances up 1% YoY largely due to growth in nonconforming mortgage loans Retail Brokerage . 1Q19 closed referred investment assets (referrals Client assets ($ in trillions) 1.6 8 (1) resulting from the WIM/Community Banking partnership) Advisory assets 547 9 1 of $2.4 billion were up 10% from 4Q18 Financial advisors 13,828 (1) (4) Retail Brokerage Wealth Management . Advisory assets of $547 billion, up 1% YoY driven Client assets $ 232 4 (4) primarily by higher market valuations, partially offset by Wells Fargo Asset Management net outflows Total AUM (2) 476 2 (4) Wells Fargo Asset Management Wells Fargo Funds AUM 195 1 (2) . Total AUM (2) of $476 billion, down 4% YoY primarily due Retirement to equity and fixed income net outflows and the sale of IRA assets 404 8 - WFAM’s ownership stake in RockCreek and removal of Institutional Retirement the associated AUM, partially offset by higher market Plan assets 379 4 (2) valuations and higher money market fund net inflows (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. Wells Fargo 1Q19 Supplement 25

Credit quality Provision Expense and Net Charge-offs . Net charge-offs of $695 million, down $26 ($ in millions) million LQ on lower consumer losses driven by 845 seasonality 741 721 680 695 . 0.30% net charge-off rate, stable LQ 602 580 521 - Commercial losses of 11 bps, up 1 bp LQ driven 452 by lower recoveries - Consumer losses of 51 bps, down 2 bps LQ on 191 seasonally lower automobile and other revolving credit and installment loan losses 0.32% 0.26% 0.29% 0.30% 0.30% . NPAs increased $394 million LQ 1Q18 2Q18 3Q18 4Q18 1Q19 - Nonaccrual loans (1) increased $409 million on a Provision Expense Net Charge-offs Net Charge-off Rate $609 million increase in commercial nonaccruals driven in part by a borrower in the utility sector, as well as increases in oil and gas, partially offset by a $200 million decline in consumer Nonperforming Assets nonaccruals driven predominantly by consumer ($ in billions) real estate 7.9 7.6 7.2 0.6 7.0 7.3 - Foreclosed assets decreased $15 million 0.5 0.5 0.4 0.5 . $150 million reserve build primarily due to a higher probability of slightly less favorable 7.3 7.1 6.7 6.5 6.9 economic conditions, as well as higher commercial nonaccruals . Allowance for credit losses = $10.8 billion 1Q18 2Q18 3Q18 4Q18 1Q19 (1) - Allowance covered 3.8x annualized 1Q19 Nonaccrual loans Foreclosed assets net charge-offs (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, $360 million, and $380 million at September 30, June 30, and March 31, 2018, respectively. Wells Fargo 1Q19 Supplement 26

Capital Common Equity Tier 1 Ratio Capital Position (Fully Phased-In) (1) . Common Equity Tier 1 ratio (fully phased-in) of 11.9% at 3/31/19 (1) was well above both the regulatory minimum of 9% and our current 11.9% 12.0% 11.9% 11.9% 11.7% internal target of 10% Capital Return . Period-end common shares outstanding down 69.3 million shares, or 2%, LQ - Settled 97.4 million common share repurchases - Issued 28.1 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 $6.0 billion to shareholders in 1Q19, up 49% YoY • Net share repurchases of $3.9 billion, 1.9x net share repurchases in 1Q18 • Quarterly common stock dividend of $0.45 per 1Q18 2Q18 3Q18 4Q18 1Q19 share, up 5% from $0.43 per share in 4Q18, Estimated and up 15% YoY Total Loss Absorbing Capacity (TLAC) Update . As of 3/31/2019, our eligible external TLAC as a percentage of total risk-weighted assets was 23.9% (2) compared with the required minimum of 22.0% (1) 1Q19 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 36 for additional information regarding the Common Equity Tier 1 capital ratio. (2) 1Q19 TLAC ratio is a preliminary estimate. Wells Fargo 1Q19 Supplement 27

Appendix

Real estate 1-4 family mortgage portfolio ($ in millions) 1Q19 4Q18 1Q18 Linked Quarter Change Year-over-Year Change Real estate 1-4 family first mortgage loans: $ 284,545 285,065 282,658 $ (520) - % $ 1,887 1 % Nonaccrual loans 3,026 3,183 3,673 (157) (5) (647) (18) as % of loans 1.06 % 1.12 1.30 (6) bps (24) bps Net charge-offs/(recoveries) $ (12) (22) (18) $ 10 (45) $ 6 (33) as % of average loans (0.02) % (0.03) (0.03) 1 bps 1 bps Real estate 1-4 family junior lien mortgage loans: $ 33,099 34,398 37,920 $ (1,299) (4) $ (4,821) (13) Nonaccrual loans 916 945 1,087 (29) (3) (171) (16) as % of loans 2.77 % 2.75 2.87 2 bps (10) bps Net charge-offs/(recoveries) $ (9) (10) (8) $ 1 (10) % $ (1) 13 % as % of average loans (0.10) % (0.11) (0.09) 1 bps (1) bps . First lien mortgage loans down $520 million LQ . Pick-a-Pay portfolios due to paydowns and $1.6 billion of Pick-a-Pay - Non-PCI loans of $10.7 billion, down 4% LQ PCI loan sales ($608 million gain), partially offset primarily reflecting loans paid-in-full by nonconforming mortgage loan growth - Nonaccrual loans decreased $91 million, or - High quality nonconforming mortgage loans 11%, LQ increased $4.2 billion to $215.6 billion (1) - PCI loans of $3.1 billion, down $1.8 billion LQ - First lien home equity lines of $11.4 billion, down driven by $1.6 billion of loan sales $427 million • 1Q19 accretable yield percentage of 11.49% - High quality nonconforming mortgage loan expected to increase to ~11.56% in 2Q19 originations of $776 million designated as HFS . Junior lien mortgage loans down $1.3 billion, or 4%, LQ as paydowns more than offset originations Loan balances as of period-end. (1) Nonconforming mortgages originated post February 2009. Wells Fargo 1Q19 Supplement 29

Consumer credit card portfolio ($ in millions, except where noted) 1Q19 4Q18 1Q18 Linked Quarter Change Year-over-Year Change Credit card outstandings $ 38,279 39,025 36,103 $ (746) (2) % $ 2,176 6 % Net charge-offs 352 338 332 14 4 20 6 as % of avg loans 3.73 % 3.54 3.69 19 bps 4 bps 30+ days past due $ 945 1,017 905 $ (72) (7) $ 40 4 as % of loans 2.47 % 2.61 2.51 (14) bps (4) bps Key Metrics: Purchase volume $ 20,062 22,252 19,106 $ (2,190) (10) $ 956 5 POS transactions (millions) 299 329 286 (30) (9) 13 5 New accounts (1) (thousands) 507 449 397 58 13 110 28 POS active accounts (thousands) (2) 8,663 8,879 8,481 (216) (2) % 182 2 % . Credit card outstandings down 2% LQ on seasonality, but up 6% YoY reflecting purchase volume growth - General purpose credit card outstandings down 1% LQ, but up 8% YoY - Purchase dollar volume down 10% LQ driven by seasonality of 4Q holiday spend, but up 5% YoY on higher transaction volume - New accounts (1) up 13% LQ due to seasonality, and up 28% YoY reflecting the July 2018 launch of the new Propel American Express® card, as well as expansion in direct mail and digital channels • 44% of new accounts were originated through digital channels, up from 43% in 4Q18 and 1Q18 • 20% of new accounts were originated through direct mail channels, up 91% YoY . Net charge-offs up $14 million, or 19 bps, LQ on seasonality as well as a moderate underlying increase in delinquency roll rates seen over the course of last year, and up $20 million, or 4 bps, YoY . 30+ days past due decreased $72 million, or 14 bps, LQ on seasonality, and increased $40 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 1Q19 Supplement 30

Auto portfolios ($ in millions) 1Q19 4Q18 1Q18 Linked Quarter Change Year-over-Year Change Consumer: Auto outstandings $ 44,913 45,069 49,554 $ (156) - % $ (4,641) (9) % Indirect outstandings 43,918 44,008 48,198 (90) - (4,280) (9) Direct outstandings 995 1,061 1,356 (66) (6) (361) (27) Nonaccrual loans 116 130 117 (14) (11) (1) (1) as % of loans 0.26 % 0.29 0.24 (3) bps 2 bps Net charge-offs $ 91 133 208 $ (42) (32) $ (117) (56) as % of avg loans 0.82 % 1.16 1.64 (34) bps (82) bps 30+ days past due $ 1,040 1,505 1,456 $ (465) (31) $ (416) (29) as % of loans 2.32 % 3.34 2.94 (102) bps (62) bps Commercial: Auto outstandings $ 11,088 11,281 11,043 $ (193) (2) $ 45 - Nonaccrual loans 15 15 1 - - 14 n.m. as % of loans 0.14 % 0.13 0.01 1 bps 13 bps Net charge-offs $ 2 2 1 $ - - % $ 1 - % as % of avg loans 0.07 % 0.06 0.05 1 bps 2 bps Consumer Portfolio Commercial Portfolio . Auto outstandings of $44.9 billion, flat LQ and down . Loans of $11.1 billion, down 2% LQ on 9% YoY seasonality and stable YoY - 1Q19 originations of $5.4 billion, up 16% LQ and 24% YoY reflecting our focus on growing high quality auto loans following the transformational changes we made to the business . Nonaccrual loans decreased $14 million LQ due to seasonality and were flat YoY . Net charge-offs down $42 million LQ due to seasonality and down $117 million YoY predominantly driven by lower loan outstandings and lower early losses from higher quality originations . 30+ days past due decreased $465 million LQ largely driven by seasonality, and decreased $416 million YoY largely driven by higher quality originations Loan balances as of period-end. Wells Fargo 1Q19 Supplement 31

Student lending portfolio ($ in millions) 1Q19 4Q18 1Q18 Linked Quarter Change Year-over-Year Change Private outstandings $ 11,139 11,220 11,879 $ (81) (1) % $ (740) (6) % Net charge-offs 27 36 27 (9) (25) - - as % of avg loans 0.94 % 1.26 0.90 (32) bps 4 bps 30+ days past due $ 176 190 184 $ (14) (7) % $ (8) (4) % as % of loans 1.58 % 1.69 1.55 (11) bps 3 bps . $11.1 billion private loan outstandings, down 1% LQ and 6% YoY on higher paydowns - Average FICO of 763 and 80% of the total outstandings have been co-signed - Originations decreased 2% YoY . Net charge-offs decreased $9 million LQ due to seasonality of repayments and were stable YoY . 30+ days past due decreased $14 million LQ and $8 million YoY on lower loan balances Loan balances as of period-end. Wells Fargo 1Q19 Supplement 32

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) 1Q19 4Q18 3Q18 2Q18 1Q18 4Q18 1Q18 Net interest income $ 13 23 14 13 10 $ (10) 3 Net gains (losses) from equity securities 345 (452) 118 37 (6) 797 351 Total revenue (losses) from deferred compensation plan investments 358 (429) 132 50 4 787 354 Employee benefits expense 357 (428) 129 53 4 785 353 Income (loss) before income tax expense $ 1 (1) 3 (3) (0) $ 2 1 Wells Fargo 1Q19 Supplement 33

Trading-related revenue ($ in millions) 1Q19 4Q18 1Q18 Linked Quarter Change Year-over-Year Change Trading-related revenue Net interest income $ 795 789 652 $ 6 1 % $ 143 22 % Net gains on trading activities 357 10 243 347 n.m. 114 47 Trading-related revenue $ 1,152 799 895 $ 353 44 % $ 257 29 % . Trading-related revenue of $1.2 billion was up $353 million, or 44%, LQ: - Net interest income increased $6 million, or 1% - Net gains on trading activities increased $347 million primarily driven by credit and asset- backed products on strong trading volumes, as well as increased equity trading on tighter credit spreads, and higher municipal bond trading activity . Trading-related revenue was up $257 million, or 29%, YoY: - Net interest income up $143 million, or 22%, largely driven by higher average trading assets predominantly reflecting increased customer demand for RMBS, and U.S. Treasury and agency bonds, as well as higher yields • NII associated with the carry income on the RMBS book has offsetting losses in net gains on trading activities (neutral to total trading-related revenue) - Net gains on trading activities up $114 million reflecting increased trading in asset-backed securities driven by higher RMBS trading volumes, as well as stronger credit trading Wells Fargo 1Q19 Supplement 34

Noninterest expense analysis (reference for slides 16-17) 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 1Q19 Supplement 35

Common Equity Tier 1 (Fully Phased -In) Wells Fargo & Company and Subsidiaries COMMON EQUITY TIER 1 UNDER BASEL III (FULLY PHASED-IN) (1) Estimated Mar 31, Dec 31, Sep 30, Jun 30, Mar 31, (in billions, except ratio) 2019 2018 2018 2018 2018 Total equity $ 198.7 197.1 199.7 206.1 205.9 Adjustments: Preferred stock (23.2 ) (23.2) (23.5 ) (25.7 ) (26.2) Additional paid-in capital on ESOP preferred stock (0.1 ) (0.1) (0.1 ) (0.1 ) (0.1) Unearned ESOP shares 1.5 1.5 1.8 2.0 2.6 Noncontrolling interests (0.9 ) (0.9) (0.9 ) (0.9 ) (1.0) Total common stockholders' equity 176.0 174.4 177.0 181.4 181.2 Adjustments: Goodwill (26.4 ) (26.4) (26.4 ) (26.4 ) (26.4) Certain identifiable intangible assets (other than MSRs) (0.5 ) (0.6) (0.8 ) (1.1 ) (1.4) Other assets (2) (2.1 ) (2.2) (2.1 ) (2.2 ) (2.4) Applicable deferred taxes (3) 0.8 0.8 0.8 0.9 0.9 Investment in certain subsidiaries and other 0.2 0.4 0.4 0.4 0.4 Common Equity Tier 1 (Fully Phased-In) under Basel III (A) 148.0 146.4 148.9 153.0 152.3 Total risk-weighted assets (RWAs) anticipated under Basel III (4)(5) (B) $ 1,238.9 1,247.2 1,250.2 1,276.3 1,278.1 Common Equity Tier 1 to total RWAs anticipated under Basel III (Fully Phased-In) (5) (A)/(B) 11.9 % 11.7 11.9 12.0 11.9 (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 March 31, 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 December 31, September 30, June 30 and March 31, 2018, was calculated under the Basel III Standardized Approach RWAs. (5) The Company’s March 31, 2019, RWAs and capital ratio are preliminary estimates. Wells Fargo 1Q19 Supplement 36

Return on average tangible common equity (ROTCE) Wells Fargo & Company and Subsidiaries TANGIBLE COMMON EQUITY (1) Quarter ended (in millions, except ratios) Mar 31, 2019 Return on average tangible common equity (1): Net income applicable to common stock (A) $ 5,507 Average total equity 198,349 Adjustments: Preferred stock (23,214 ) Additional paid-in capital on ESOP preferred stock (95 ) Unearned ESOP shares 1,502 Noncontrolling interests (899 ) Average common stockholders’ equity (B) 175,643 Adjustments: Goodwill (26,420 ) Certain identifiable intangible assets (other than MSRs) (543 ) Other assets (2) (2,159 ) Applicable deferred taxes (3) 784 Average tangible common equity (C) $ 147,305 Return on average common stockholders' equity (ROE) (annualized) (A)/(B) 12.71 % Return on average tangible common equity (ROTCE) (annualized) (A)/(C) 15.16 (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 1Q19 Supplement 37

Forward-looking statements and additional information 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 first 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. Purchased credit-impaired loan portfolios: Loans acquired that were considered credit impaired at acquisition were written down at that 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 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. Accordingly, certain of the loan balances and credit ratios in this document have been adjusted to exclude the purchased credit-impaired loans. References in this document to impaired loans mean the purchased credit-impaired loans. Please see the “Risk Management—Credit Risk Management—Purchased Credit-Impaired (PCI) Loans” section and Note 1 (Summary of Significant Accounting Policies) and Note 6 (Loans and Allowance for Credit Losses) to Financial Statements in our Annual Report on Form 10-K for the year ended December 31, 2018, for additional information regarding purchased credit-impaired loans. Wells Fargo 1Q19 Supplement 38



Delaware	001-02979	No. 41-0449260
(State or Other Jurisdiction of Incorporation)	(Commission File Number)	(IRS Employer Identification No.)



[ ]	Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

[ ]	Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

[ ]	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

[ ]	Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))




Exhibit No.	Description	Location

99.1	Press Release dated April 12, 2019	Filed herewith

99.2	Quarterly Supplement dated April 12, 2019	Furnished herewith



Dated:	April 12, 2019	WELLS FARGO & COMPANY

		By:	/s/ RICHARD D. LEVY
			Richard D. Levy
			Executive Vice President and Controller
			(Principal Accounting Officer)



(in millions)	Mar 31, 2019			Dec 31, 2018	Sep 30, 2018		Jun 30, 2018		Mar 31, 2018
Commercial	$	512,226		513,405	501,886		503,105		503,396
Consumer	436,023			439,705	440,414		441,160		443,912
Total loans	$	948,249		953,110	942,300		944,265		947,308
Change from prior quarter	$	(4,861	)	10,810	(1,965	)	(3,043	)	(9,462	)


◦	Net income of $5.9 billion , compared with $5.1 billion in first quarter 2018


◦	Diluted earnings per share (EPS) of $1.20 , compared with $0.96


◦	Average deposits of $1.3 trillion , down $35.1 billion , or 3%


◦	Return on assets (ROA) of 1.26% , return on equity (ROE) of 12.71% , and return on average tangible common equity (ROTCE) of 15.16% ¹


◦	Provision expense of $845 million , up $654 million from first quarter 2018


▪	Net charge-offs of 0.30% of average loans (annualized), down from 0.32%


•	Reserve build ² of $150 million, compared with $550 million reserve release ²


◦	Nonaccrual loans of $6.9 billion , down $434 million , or 6%


▪	Strong capital position while returning more capital to shareholders:


◦	Returned $6.0 billion to shareholders through common stock dividends and net share repurchases, up 49% from $4.0 billion in first quarter 2018


•	Net share repurchases of $3.9 billion, up 86% from $2.1 billion in first quarter 2018


•	Period-end common shares outstanding down 362 million shares, or 7%


•	Quarterly common stock dividend increased to $0.45 per share, compared with $0.43 per share in fourth quarter 2018 and $0.39 per share in first quarter 2018



				Quarter ended
	Mar 31, 2019			Dec 31, 2018	Mar 31, 2018
Earnings
Diluted earnings per common share	$	1.20		1.21	0.96
Wells Fargo net income (in billions)	5.86			6.06	5.14
Return on assets (ROA)	1.26		%	1.28	1.09
Return on equity (ROE)	12.71			12.89	10.58
Return on average tangible common equity (ROTCE) (a)	15.16			15.39	12.62
Asset Quality
Net charge-offs (annualized) as a % of average total loans	0.30		%	0.30	0.32
Allowance for credit losses as a % of total loans	1.14			1.12	1.19
Allowance for credit losses as a % of annualized net charge-offs	384			374	376
Other
Revenue (in billions)	$	21.6		21.0	21.9
Efficiency ratio (b)	64.4		%	63.6	68.6
Average loans (in billions)	$	950.1		946.3	951.0
Average deposits (in billions)	1,262.1			1,268.9	1,297.2
Net interest margin	2.91		%	2.94	2.84


(b)	The efficiency ratio is noninterest expense divided by total revenue (net interest income and noninterest income).


•	Trust and investment fees were $3.4 billion , down from $3.5 billion in fourth quarter 2018, driven by lower asset-based fees on retail brokerage advisory assets, reflecting lower market valuations at December 31, 2018.


•	Real estate 1-4 family junior lien mortgage loans decreased $1.3 billion , as paydowns continued to exceed originations


•	Credit card loans decreased $746 million primarily due to seasonality


•	Automobile loans declined $156 million , as paydowns outpaced originations of $5.4 billion



	Quarter ended
	March 31, 2019					December 31, 2018					March 31, 2018
($ in millions)	Net loan charge- offs			As a % of average loans (a)		Net loan charge- offs			As a % of average loans (a)		Net loan charge- offs			As a % of average loans (a)
Commercial:
Commercial and industrial	$	133		0.15	%	$	132		0.15	%	$	85		0.10	%
Real estate mortgage	6			0.02		(12		)	(0.04	)	(15		)	(0.05	)
Real estate construction	(2		)	(0.04	)	(1		)	(0.01	)	(4		)	(0.07	)
Lease financing	8			0.17		13			0.26		12			0.25
Total commercial	145			0.11		132			0.10		78			0.06
Consumer:
Real estate 1-4 family first mortgage	(12		)	(0.02	)	(22		)	(0.03	)	(18		)	(0.03	)
Real estate 1-4 family junior lien mortgage	(9		)	(0.10	)	(10		)	(0.11	)	(8		)	(0.09	)
Credit card	352			3.73		338			3.54		332			3.69
Automobile	91			0.82		133			1.16		208			1.64
Other revolving credit and installment	128			1.47		150			1.64		149			1.60
Total consumer	550			0.51		589			0.53		663			0.60
Total	$	695		0.30	%	$	721		0.30	%	$	741		0.32	%


(a)	Quarterly net charge-offs (recoveries) as a percentage of average loans are annualized.


(a)	Financial information for periods prior to December 31, 2018, has been revised to exclude mortgage loans held for sale (MLHFS), loans held for sale (LHFS) and loans held at fair value. For additional information, see the "Five Quarter Nonperforming Assets" table on page 32.


•	Revenue was $11.8 billion , up $289 million , or 3% , driven by higher market sensitive revenue ⁴ reflecting higher deferred compensation plan investment results (P&L neutral, largely offset by higher employee benefits expense) and higher mortgage banking income, partially offset by lower other income and net interest income


•	Noninterest expense of $7.7 billion increased $657 million , or 9% , predominantly driven by seasonally higher personnel expense and higher deferred compensation expense (P&L neutral, largely offset by net gains from equity securities), partially offset by lower other expense, operating losses, and core deposit and other intangibles amortization expense


•	Provision for credit losses increased $176 million , primarily due to a reserve build ² in first quarter 2019, reflecting a higher probability of slightly less favorable economic conditions, compared with a reserve release ² in fourth quarter 2018, partially offset by lower net charge-offs in the first quarter


•	Net income was up $910 million , or 48% , driven in part by a lower effective income tax rate in first quarter 2019


•	Revenue declined $80 million , or 1% , predominantly due to lower mortgage banking income and trust and investment fees, partially offset by higher other income and net interest income


•	Noninterest expense decreased $1.0 billion , or 12% , driven by lower operating losses and core deposit and other intangibles amortization expense, partially offset by higher personnel expense


•	Provision for credit losses increased $492 million , due to a reserve build ² in first quarter 2019, reflecting a higher probability of slightly less favorable economic conditions, compared with a reserve release ² in first quarter 2018


•	Primary consumer checking customers ⁷ ^, ⁸ of 23.9 million, up 1.1% from a year ago. The sale of 52 branches and $1.8 billion of deposits which closed in fourth quarter 2018 reduced the growth rate by 0.5%