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					CLSA AsiaUSA Forum
John Stumpf, Chairman and CEO




March 1, 2010
  Forward-looking statements
  and additional information
In accordance with the Private Securities Litigation Reform Act of 1995, we caution you that this presentation contains forward-looking statements about our future
financial performance and business. We make forward-looking statements when we use words such as “believe,” “expect,” “anticipate,” “estimate,” “should,” “may,”
“can,” “will,” “outlook,” “project” or similar expressions. Forward-looking statements in this presentation include, among others, statements about credit loss trends,
including expected or estimated future losses in our loan portfolios and life-of-loan loss estimates; reduction or mitigation of risk in our loan portfolios; the impact on
our capital of the consolidation of certain off-balance sheet assets under FAS 166 and 167; and revenue synergies and other benefits of the Wachovia merger.
Do not unduly rely on forward-looking statements as actual results could differ materially from expectations. Forward-looking statements speak only as of the date
made, and we do not undertake to update them to reflect changes or events that occur after that date. Several factors could cause actual results to differ materially
from expectations including: current economic and market conditions including the effects of further declines in housing prices and high unemployment rates; our
capital requirements and ability to raise capital on favorable terms; the terms of capital investments or other financial assistance provided by the U.S. government;
financial services reform; the extent of success in our loan modification efforts; our ability to successfully integrate the Wachovia merger and realize the expected
cost savings and other benefits; our ability to realize efficiency initiatives to lower expenses when and in the amount expected; the adequacy of our allowance for
credit losses; recognition of other-than-temporary impairment on securities held in our available-for-sale portfolio; the effect of changes in interest rates on our net
interest margin and our mortgage originations, mortgage servicing rights and mortgages held for sale; hedging gains or losses; disruptions in the capital markets and
reduced investor demand for mortgages loans; our ability to sell more products to our customers; the effect of the economic recession on the demand for our
products and services; the effect of the fall in stock market prices on fee income from our brokerage, asset and wealth management businesses; our election to
provide support to our mutual funds for structured credit products they may hold; changes in the value of our venture capital investments; changes in our accounting
policies or in accounting standards or in how accounting standards are to be applied; mergers and acquisitions; federal and state regulations; reputational damage
from negative publicity, fines, penalties and other negative consequences from regulatory violations; the loss of checking and saving account deposits to other
investments such as the stock market; and fiscal and monetary policies of the Federal Reserve Board. There is no assurance that our allowance for credit losses will
be adequate to cover future credit losses or that the Wachovia loan portfolios will not have higher losses than we projected at closing, especially if credit markets,
housing prices and unemployment do not stabilize or improve. Increases in loan charge-offs or in the allowance for credit losses and related provision expense could
materially adversely affect our financial results and condition. For more information about factors that could cause actual results to differ materially from expectations,
refer to our annual, quarterly and current reports filed with the Securities and Exchange Commission and available on the SEC‟s website at www.sec.gov, including
our Quarterly Reports on Form 10-Q for the periods ended March 31, 2009, June 30, 2009, and September 30, 2009, and our Annual Report on Form 10-K for the
year ended December 31, 2008, as amended by our Current Report on Form 8-K filed on May 11, 2009, including the discussion under “Risk Factors” in each of those
reports. Any factor described above or in our SEC reports could, by itself or together with one or more other factors, adversely affect our financial results and
condition.
Loans that were acquired from Wachovia that were considered credit impaired were written down at acquisition date in purchase accounting to an amount estimated
to be collectible in accordance with FASB ASC 310-30 (formerly SOP 03-3), 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 det erioration, certain ratios of the combined
company are not comparable to a portfolio that does not include purchased credit-impaired loans accounted for under FASB ASC 310–30 (SOP 03-3).
In certain cases, the purchased credit impaired loans may affect portfolio credit ratios and trends. Management believes that the presentation of information adjusted
to exclude the purchased credit-impaired loans provides useful disclosure regarding the credit quality of the non-impaired loan portfolio. Accordingly, certain of the
loan balances and credit ratios in this presentation have been adjusted to exclude the purchased credit-impaired loans. References in this presentation to impaired
loans mean the purchased credit-impaired loans.




                                                                                                                                                                              2
Wells Fargo vision



       “We want to satisfy all of our customers‟
    financial needs, help them succeed financially,
    be the premier provider of financial services in
      every one of our markets, and be known as
          one of America‟s great companies.”




                                                       3
     Wells Fargo’s balanced business model
     80+ businesses
            Balanced Loan                                                  Balanced Spread and                                                       Diversified Fee
               Portfolio                                                       Fee Income                                                              Generation
                          4%
                                                                                                                                                           11%        13%
                                                                                                                                                      4%

                                                                                                                51%                                12%
           39%                             57%                                   49%                                                                                          23%


                                                                                                                                                      19%
                                                                                                                                                                        9%
                                                                                                                                                                   9%


     Consumer Loans                                     57%               Net Interest Income                                51%                 Service Charges                    13%
     Commercial Loans                                   39%               Non-interest Income                                49%                 Trust & Investment Fees            23%
     Foreign Loans                                       4%                                                                                      Card Fees                          9%
                                                                                                                                                 Other Banking Fees                 9%
                                                                                                                                                 Mortgage Servicing, net            19%
                                                                                                                                                 Mortgage Orig./Sales, net          12%
                                                                                                                                                 Insurance                          4%
                                                                                                                                                 Other Non-interest income¹         11%

All data as of December 31, 2009.
(1) Other noninterest income includes net gains (losses) on debt securities available for sale and net gains (losses) from equity investments.
                                                                                                                                                                                     4 4
2009 in perspective

 Strongest financial results among U.S. peer banks
 Contributed to U.S. economic welfare
 Continued to build our franchise
 Reduced risk profile
 Rebuilt capital to strong pre-Wachovia levels




                                                      5
Strongest financial results
($ in billions)


        Net Income After Tax                                                                                 ROA

                                                                                     0.97%
$12.3
              $11.7
                                                                                                   0.82%



                                                                                                           0.58%

                            $6.3


                                                                                                                    0.27%     0.26%
                                          $2.2         $2.1




  WFC           JPM          BAC           USB        Peer Avg          C             WFC           USB    JPM     Peer Avg   BAC       C
                                                                                                                                      (0.09%)
                                                                    ($1.6)




Full year 2009
Source: Company earnings releases and SNL
Peer average used throughout this presentation includes BAC, BBT, C, COF, FITB, JPM, PNC, RF, STI, USB

                                                                                                                                         6
Widest net interest margin

                                     NIM
                   4.3

                         3.7
                               3.3
                                           3.1     3.1
                                                             2.7




                   WFC   USB   C           JPM   Peer Avg (1) BAC



Full year 2009
(1) Source: SNL.

                                                                    7
Source of our net interest margin: core deposit base

                                                      Average cost of deposits
                                                                                      1.11%




                                                                            0.83%

                                                                   0.72%
                                                           0.69%


                                                   0.51%
                               0.45%




                                WFC                JPM     BAC     USB     Peer Avg    C


Data as of Q3’09
Average costs of deposits is for total deposits.
Source: SNL from company regulatory filings

                                                                                              8
Relatively low charge-off rate

                                           Net charge-offs/Avg. total loans%                                             (1)
                                                                                                                               4.56%


                                                                                                           3.85%
                                                                     3.65%              3.71%



                                                  2.71%
                               2.30%




                                                             (2)                                                                      (3)
                                 USB               WFC             Peer Avg               BAC                JPM                  C

Fourth quarter 2009 annualized net charge-offs
(1) Does not include charge-offs absorbed by the nonaccretable difference for purchased credit-impaired loans
(2) Wells Fargo’s charge-off rate in part reflects reduced risk in the Wachovia portfolio due to PCI accounting performed for highest risk Wachovia loans. Please
refer to page 30 of the 4Q09 earnings press release for additional information regarding the PCI loans.
(3) Source: SNL. All other data from company reports

                                                                                                                                                                    9
Asset “productivity” and fee income at high end
of industry

      Total Revenue/Earning Assets                                             Fee Income       (1)/Earning             Assets


    8.09%                                                                      3.96%
                                                                                       3.86%

                 6.94%
                              6.54%                                                            3.35%
                                           6.17%            6.09%                                       3.10%
                                                                                                                        2.99%
                                                                    5.27%

                                                                                                                                2.06%




                                                      (2)                (2)                                      (2)                (2)
     WFC          USB          BAC       Peer Avg           JPM      C         BAC     WFC     USB     Peer Avg         JPM      C




Full year 2009
(1) Fee income represents total noninterest income.
(2) Source: SNL

                                                                                                                                           10
And we operate relatively efficiently

                                          Operating Expense/Total Revenue
                               61.4%

                                                  56.4%             55.8%              55.3%
                                                                                                          52.1%
                                                                                                                             50.3%




                                   C           Peer Avg               BAC               WFC                 JPM               USB


Full year 2009
Efficiency ratio is operating expense (noninterest expense) divided by total revenue (net interest income and noninterest income).

                                                                                                                                     11
Wells Fargo continued to supply significant credit
to U.S. economy


         Total credit supplied           $711 billion

         Credit supplied to consumers    $463 billion

         Credit supplied to businesses   $248 billion

         Mortgage originations           $420 billion




Full year 2009


                                                        12
Wells Fargo helped homeowners keep their homes
 Helped 1.7 million American homeowners lower mortgage
  payments or restructure mortgage terms in 2009
  - 471,200 loan modifications, including over 118,000 HAMP trial and
    completed modifications
  - 1.23 million HARP and other re-financings

 15,000 team members dedicated to home retention activities

 Reduced loans subject to negative amortization by $28.2 B
  from 12/31/08 to 12/31/09




                                                                        13
Creating employment opportunities
  281,000 team members
       - 1 in 500 adults employed in U.S. works for Wells Fargo
       - Believe we employ more people in the U.S. than any other U.S.
         bank

  12th largest employer in U.S.*




* Fortune survey of America’s largest corporations, May 2009

                                                                         14
Serving more U.S. communities than any U.S. bank




                                                 6,629 retail stores
                                                 70 million customers bank
                                                  with Wells Fargo
                                                 #1 retail deposit base
                                                 #1 small business lender
    Wells Fargo retail banking stores – 3,327    #1 middle market
    Wachovia retail banking stores – 3,302        commercial lender
    Wells Fargo Advisors offices – 1,359
                                                 #1 mortgage originator
                                                                           15
Distribution breadth and depth


                         Platform banker FTE               30,000

                         Financial advisors                15,000

                         Insurance offices                 175

                         Commercial loan offices           149

                         International offices             40




Series 7 licensed financial advisors as of 4Q09
Insurance data as of 2008. Source: BusinessInsurance.com

                                                                    16
Record cross-sell


                                                               6.40
                                                                                   5.95

                                                                                                    4.65


                                  3.00




                           1998 Norwest                   2009 legacy          2009 legacy       2009 Wachovia
                               retail                     Wells Fargo         Wells Fargo retail      retail
                                                           wholesale



Retail cross-sell refers to retail bank products per household
Wholesale cross-sell refers to products per wholesale customer relationship

                                                                                                                 17
Record regional banking sales volume
Legacy Wells Fargo core product solutions (sales)
(in millions)



                                             26.8


                       22.8




                       2008                  2009




                                                    18
Largest retail deposit base in U.S.

                                                               Retail Deposits

                               $488               $478



                                                                        $331




                                                                                $155
                                                                                          $117
                                                                                                 $100




                                WFC                 BAC                 JPM    Peer Avg    C     USB


Source: SNL
Excludes deposits greater than $500 million in a single banking store
Based on originally reported FDIC data as of June 30, 2009

                                                                                                        19
Mortgage servicing
($ in trillions)



                                  $2.1

                                                 $1.8


                                                        $1.4




                                                               $0.7




                                  BAC            WFC    JPM     C




Source: Inside Mortgage Finance, November 2009
                                                                      20
Broad-based revenue growth
($ in billions)




                                       2008         2009        %
                                    Fee Income   Fee Income   Change

        Trust and Investment Fees     $2.9         $9.7       233%

        Insurance Fees                $1.8         $2.1       16%

        Credit/Debit Card Fees        $2.3         $3.7       58%




2008 results exclude Wachovia

                                                                       21
2009 risk reduction
 Wrote down $98.2 billion in loans by $41.0 billion at close of
  Wachovia acquisition
   - $22.9 billion „reserve‟ for life-of-loan losses remained at year-end 2009

 Reduced non-strategic/higher-risk consumer loan portfolio from
  $123.8 billion to $104.9 billion at year-end 2009

 Reduced legacy Wachovia purchased credit impaired (PCI) CRE
  portfolio by $5.6 billion

 Marked-to-market Wachovia‟s securities portfolio at close of Wachovia
  acquisition and, in 2009, wrote down combined securities portfolio by
  $1.7 billion through other-than-temporary impairment

 $109 billion of Wachovia‟s high-rate CDs matured, retained 57% in
  lower-rate deposits; re-priced Wachovia‟s deposit base




                                                                                 22
Built credit reserves
($ in billions)




                                             $25.0      $25 billion reserve = 3.2% of
                                  $21.7                  total loans

                                                        $22.9 billion remaining non-
                                                         accretable difference for PCI
                                                         loans


            $4.0



         Mid-2007                Year-end   Year-end
                                  2008       2009



2007 does not include Wachovia

                                                                                         23
Improving credit quality
                                         Portfolios that experienced relatively flat to improving credit trends in Q4


                                                                   Early Stage Delinquencies
                                            Nonaccrual Loans               (30+ DPD)               Net Charge-offs

Liquidating home equity
                                                                                                       
Credit card
                                                   NR
                                                                                                       
Revolving credit/installment
                                                                             NA                        
     Auto
                                                                                                      
     Student loans
                                                   NR                                                  
     Personal credit management
                                                                              
Commercial & Industrial
                                                                             NR                        
     Business Direct (1)
                                                                             
Lease financing
                                                                              NR
                                                                                                        
Foreign
                                                                             NR
                                                                                                        
(1) Legacy Wells Fargo loan portfolio.
NA= Not applicable
NR=Not relevant

                                                                                                                     24
Pick-a-Pay mortgage portfolio

 $85.2 billion outstanding, down $10 billion from 12/31/08

 $28.2 billion reduction in Pick-a-Pay loans having negative amortization
  potential from 12/31/08 (1)

 Over 52,600 modifications completed

      - Reduced average monthly payment by 25%
      - Redefault rates of the most seasoned modifications are approximately half the
        redefault rate of industry option ARM modifications with equal aging (2)

 Current to 30+ days past due roll rates continued to improve in 4Q09
 First time delinquents continued to improve in 4Q09




(1) Based on unpaid principal balances which totaled $103.7 billion as of 12/31/09
(2) Source: OCC and OTS Mortgage Metrics Report, Third Quarter 2009

                                                                                     25
Combination with Wachovia has reduced our
overall risk profile

 Broader geographic diversification

 Better balance between commercial and consumer businesses

 Better balance between fee and spread income sources

 Broader product set, e.g., retail brokerage

 Impaired Wachovia loan portfolio already written down for
  estimated life-of-loan losses




                                                              26
Capital now consistent with Wells Fargo’s
strong historical ratios


12%

10%                                                                   9.3% Tier 1
                                                               7.8%         Capital
8%
                                                                  6.5% Tier 1
6%                                                                          Common

4%
                                                               3.1%
2%

0%
             `97(1) `98 `99 `00 `01 `02 `03 `04 `05 `06 `07 `08(2) 09(2)



(1) Norwest only
(2) Wachovia consolidated
December 31, 2009 capital ratios are preliminary.
See table on page 30 for more information on Tier 1 Common.

                                                                                      27
Across a multitude of risks, Wells Fargo operates
at less risk than our large peers

     Credit exposures                                       Credit card concentration(3)                           Derivatives exposures
    Charge off ratio (1), Q4 ‘09                            Card balances/total loans                              Notional derivatives/tier 1 capital
    Percent                                                 Percent                                                Q3 ‘09
                                                                                                                   Multiple (x)
                                       (2)
     WFC                         2.7                        WFC               3                                    WFC         40x
     JPM                                     3.9            JPM                                           12
                                                                                                                   JPM                                      635x
     BAC                                 3.7                BAC                             8
                                                                                                                   BAC                         390x
     C                                             4.6      C                                        10
                                                                                                                   C                     269x



     Cross-border risk                                      Liquidity                                              Market risk

     Foreign loans/Total loans,                             Total deposits/total liabilities                       VAR, 1-day 99%, Q3 ‘09
     Q3'09                                                  Q4 ‘09                                                 $ Millions
     Percent                                                Percent

     WFC         4                                          WFC                                           73       WFC           42
     JP                  9                                  JPM                                 50                 JPM                                206
         M
     BAC             7                                      BAC                                 50                 BAC                          159

     C                                              43      C                                   49                 C                                         264


Source: SNL and company reports
(1) Does not include charge-offs absorbed by the nonaccretable difference for purchased credit-impaired loans.
(2) Wells Fargo’s charge-off rate in part reflects reduced risk in the Wachovia portfolio due to PCI accounting performed for highest risk Wachovia loans. Please
       refer to page 30 of the 4Q09 earnings press release for additional information regarding the PCI loans.
(3) Credit card balances as of Q4 ‘09 for WFC, JPM and BAC, and as of Q3 ‘09 for C. Card balances are those held on balance sheet; managed card balances /
       average loans was unchanged for WFC, 23% for JPM, 18% for BAC, and 23% for C.

                                                                                                                                                                    28
Pre-tax pre-provision profit

($ in billions)


                                                                                              PTPP to Net Charge-offs                                (1)        2009
                                              10.8
                          9.8                                        9.9
     9.2
                                                                                              Wells Fargo                                                        2.2x

                                                                           5.4
                                                                                              JPM                                                                2.1x
                                                      5.1
                                4.4
           3.3                                                                                BAC                                                                1.6x
                                                                                              C                                                                  1.1x
      1Q09                  2Q09                 3Q09                  4Q09

                Pre-tax pre-provision profit (PTPP)
                Net charge-offs

Source: Company reports
PTPP is total revenue less noninterest expense. Management believes that PTPP is a useful measure because it enables investors and others to assess the Company’s
    ability to generate capital to cover credit losses through a credit cycle. Provision expense for 1Q09, 2Q09, 3Q09 and 4Q09 was $4.6 billion, $5.1 billion, $6.1 billion
    and $5.9 billion, respectively. PTPP times net charge-offs is total revenue less noninterest expense divided by total net charge-offs. Net charge-offs for 1Q09,
    2Q09, 3Q09 and 4Q09 were $3.3 billion, $4.4 billion, $5.1 billion and $5.4 billion, respectively.
(1) Wells Fargo’s charge-offs in part reflect reduced risk in the Wachovia portfolio due to PCI accounting performed for highest risk Wachovia loans. Please refer to
    page 30 of the 4Q09 earnings press release for additional information regarding the PCI loans.
                                                                                                                                                                        29
Wachovia merger update
Delivering on the promise

  Initiative                       Original Expectation                                   4Q09 Update
  Credit Costs                     $40 billion of estimated purchase                      In line with expectations
                                   accounting life-of-loan losses
  Annual Expense                   $5 billion                                             Re-confirmed, full run rate expected
  Savings                                                                                 in 2011

  Merger Costs                     $7.9 billion                                           Expected to be less than $5 billion

  Wachovia                         21% deposit run-off between                            Better deposit retention and spreads
  Deposit Run-Off                  12/31/08 and 12/31/09                                  than modeled with better than
                                                                                          expected deposit mix (more DDA)
  Revenue                          None assumed in acquisition                            Already realizing synergies across our
  Synergies                        pricing                                                businesses


  Risk Reduction                   Exiting non-strategic businesses                       Reduced structured products exposure,
                                                                                          proprietary trading positions and other
                                                                                          higher risk securities

                                   Loan portfolio risk reduction                          $18.9 billion decline in non-strategic
                                                                                          consumer loan outstandings (1) from
                                                                                          12/31/08

(1) Includes Pick-a-Pay mortgage, liquidating home equity and legacy WFF indirect auto.

                                                                                                                                   30
2009 in perspective

 Strongest financial results among U.S. peer banks
 Contributed to U.S. economic welfare
 Continued to build our franchise
 Reduced risk profile
 Rebuilt capital to strong pre-Wachovia levels




                                                      31
Appendix




           32
Tier 1 common equity reconciliation
         Wells Fargo & Company and Subsidiaries
         TIER 1 COMMON EQUITY (1)

                                                                                                                                     Quarter ended
                                                                                                                   Dec. 31,                  Dec. 31,
         (in billions)                                                                                                2009                      2008
         Total equity                                                                                            $ 114.4                       102.3
         Less: Noncontrolling interests                                                                                (2.6)                     (3.2)
             Total Wells Fargo stockholders' equity                                                                  111.8                       99.1
         Less: Preferred equity                                                                                        (8.1)                   (30.8)
                  Goodwill and intangible assets (other than MSRs)                                                   (37.7)                    (38.1)
                  Applicable deferred tax assets                                                                        5.3                       5.6
                  Deferred tax asset limitation                                                                        (1.0)                     (6.0)
                  MSRs over specified limitations                                                                      (1.6)                     (1.5)
                  Cumulative other comprehensive income                                                                (3.0)                      6.9
                  Other                                                                                                (0.2)                     (0.8)
                     Tier 1 common equity                                                       (A)              $     65.5                      34.4
         Total risk-weighted assets (2)                                                         (B)              $ 1,012.6                   1,101.3
         Tier 1 common equity to total risk-weighted assets                                     (A)/(B)                6.47 %                    3.13

         (1) Tier 1 common equity is a non-GAAP financial measure that is used by investors, analysts and bank regulatory agencies, including the
             Federal Reserve in the Supervisory Capital Assessment Program, to assess the capital position of financial services companies. Tier 1
             common equity includes total Wells Fargo stockholders' equity, less preferred equity, goodwill and intangible assets (excluding MSRs),
             net of related deferred taxes, adjusted for specified Tier 1 regulatory capital limitations covering deferred taxes, MSRs, and cumulative
             other comprehensive income. Management reviews Tier 1 common equity along with other measures of capital as part of its financial
             analyses and has included this non-GAAP financial information, and the corresponding reconciliation to total equity, because of
             current interest in such information on the part of market participants.
         (2) Under the regulatory guidelines for risk-based capital, on-balance sheet assets and credit equivalent amounts of derivatives and off-
             balance sheet items are assigned to one of several broad risk categories according to the obligor or, if relevant, the guarantor or the
             nature of any collateral. The aggregate dollar amount in each risk category is then multiplied by the risk weight associated with that
             category. The resulting weighted values from each of the risk categories are aggregated for determining total risk-weighted assets. The
             Company's December 31, 2009, preliminary risk-weighted assets reflect estimated on-balance sheet risk-weighted assets of $837.4
             billion and derivative and off-balance sheet risk-weighted assets of $175.2 billion.




                                                                                                                                                         33