Bank of America Merrill Lynch Future of Financials 2016 Conference

November 15, 2016

© 2016 Wells Fargo & Company. All rights reserved.

Wells Fargo Vision

“We want to satisfy our customers’

financial needs and help them succeed

financially.”

1

Diluted earnings per common share

3Q16 Results

5,796 5,575 5,462 5,558 5,644

3Q15 4Q15 1Q16 2Q16 3Q16

Wells Fargo Net Income($ in millions, except EPS)

$1.05

$1.00 $0.99 $1.01 $1.03

11,457 11,588 11,667 11,733 11,952

10,418 9,998 10,528 10,429 10,376

21,875 21,586 22,195 22,162 22,328

3Q15 4Q15 1Q16 2Q16 3Q16

Net Interest Income Noninterest Income

Revenue ($ in millions)

3Q16 earnings of $5.6 billion and diluted earnings per common share of $1.03

Revenue growth of 2% year-over-year (YoY)

Solid balance sheet growth

Continued strength in credit

Capital and liquidity levels remained strong

2

3Q16 Revenue diversification

Balanced Spread and Diversified Fee Generation (% of noninterest income) Fee Income Deposit Service Charges 13%

Brokerage Advisory, Commissions and Other 23% Trust and Investment Management 8%

Investment Banking 4% Card Fees 10%

Charges and Fees on Loans 3% Cash Network 1%

CRE Brokerage Commissions 1% Letters of Credit Fees 1%

Wire & Remittance and All Other Fees 3% Mortgage Servicing, net 3%

Net Gains on Mortgage Originations/Sales 13% Insurance 3%

Net Gains from Trading 4% Net Gains on Debt Securities 1%

Net Gains from Equity Investments 1% Lease Income 5%

All Other Noninterest Income 3%

46%

54% Net Interest

Income

Noninterest Income

$22.3 billion

Deposit Service Charges 13%

Total Trust & Investment Fees 35%

Card Fees 10%

Total Other Fees 9%

Total Mortgage Banking 16%

Insurance 3%

Net Gains from Trading 4%

Net Gains on Debt Securities 1%

Net Gains from Equity Inv. 1%

Lease Income 5%

All Other Noninterest Income 3%

3

Net interest income

11,457 11,588 11,667 11,733 11,952

3Q15 4Q15 1Q16 2Q16 3Q16

Net Interest Income (NII) ($ in millions)

Net Interest Margin (NIM)

2.96% 2.92% 2.90% 2.86% 2.82%

Net Interest Income Growth Drivers Earning asset growth

Low funding costs

Balance sheet positioning

Net Interest Margin Pressures

Inte

rnal

Exte

rnal

Deposit growth

Growth in high quality liquid assets

Persistent low rate environment

Incremental cost from TLAC

3Q16 Results Net interest income up $495 million, or 4%,

YoY and up $219 million, or 2%, linked quarter (LQ) reflecting earning asset growth and one additional day in the quarter which contributed ~$73 million

- Average earning assets up 3%, LQ - NIM of 2.82% down 4 bps from 2Q16

primarily driven by growth in long-term debt and deposits, partially offset by the benefit of earning asset growth

4

Managing our interest rate sensitivity

Our philosophy:

- Remain conservatively positioned for a range of outcomes

- Be prepared to respond as the environment changes

Current environmental factors to consider:

- Persistent low rates in the U.S. and abroad

- Slow domestic and international economic expansion

- Below target inflation

Wells Fargo Balance Sheet positioning:

- While our Balance Sheet is conservatively positioned to protect against low rates, we remain asset sensitive and will benefit if rates rise

- Our asset sensitivity has been relatively stable since 2Q15

• Implied Net Interest Margin benefit from a 100 bps shock (1) = 5 – 15 bps in the first 12 months

• Implied Net Interest Income benefit from a 100 bps shock = 2 – 5% in the first 12 months

(1) Repricing percentage (bps) is the estimated change in yield over 12 months as a result of an instantaneous 100 bps parallel shift in the yield curve.

5

Interest rate context

Appropriate Pace of Policy Firming Target Federal Funds Rate at Year-End

0.0%

0.5%

1.0%

1.5%

2.0%

2.5%

3.0%

3.5%

4.0%

4.5%

5.0%

0.0%

0.5%

1.0%

1.5%

2.0%

2.5%

3.0%

3.5%

4.0%

4.5%

5.0% September 2016 Median ResponseJune 2016 Median ResponseDecember 2015 Median ResponseDecember 2014 Median ResponseFutures Market: November 10

2016 2017 2018 2019 Longer Run

Based on Fed funds futures there is an 80% implied probability of a rate hike in December as of 11/10/16 compared to pre-election probability of 84% (1)

Source: Wells Fargo Securities Economics Group, Weekly Economic & Financial Commentary - November 4, 2016. (1) As of November 8, 2016.

6

Current interest rate environment and sensitivity

10 Year Treasury, 1 and 3-month LIBOR Rates 12/31/15 – 11/10/16

Long end of the yield curve has increased from low levels experienced in July

2.27% - While the repricing headwind has

1.78%

1.49% 1.60%

2.15% moderated it still remains, particularly in investment securities

- A steepening yield curve is beneficial to NII over time

3-month LIBOR has continued to 0.90%

0.85% increase since June, which creates a modest benefit

- Most LIBOR sensitivity is in loans and 0.43% 0.44% long-term debt

• After factoring in interest rate swaps and floors, just over 40% of loans were variable rate as of 9/30/16; roughly two-thirds of the variable rate loans were tied to LIBOR, but were skewed 10-Year Treasury 3-month LIBOR 1-month LIBOR to 1-month LIBOR

• Approximately 85% of long-term debt was variable rate as of 9/30/16, nearly 90% of which was tied to LIBOR

0.61% 0.63% 0.65%

0.47% 0.53% 0.54%

7

Credit quality

Provision Expense and Net Charge-offs ($ in millions)

1,086 1,074

703 831 805

703

831 886 924

805

0.31% 0.36% 0.38% 0.39% 0.33%

3Q15 4Q15 1Q16 2Q16 3Q16 Provision Expense Net Charge-offs Net Charge-off Rate

Net charge-offs of $805 million, down $119 million, or 13%, on lower oil and gas, credit card and consumer real estate losses and continued commercial real estate recoveries

No reserve build (1) or release in 3Q16 Nonperforming assets declined $1.1 billion LQ

- Nonaccrual loans decreased $977 million driven by a $732 million decline in consumer nonaccruals

Allowance for credit losses = $12.7 billion - Allowance covered 4.0x annualized 3Q16

net charge-offs

0.29% 0.33% 0.39%

0.46% 0.51%

0.95%

PNC WFC BAC USB JPM C

3Q16 Net Charge-off Rate vs. Peers(Source: SNL)

(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.

8

9

1,375

1,751 1,942

3Q12 3Q15 3Q16

Deposits

Short-termBorrowingsAll Other

Long-termDebtEquity

1,375

1,751 1,942

3Q12 3Q15 3Q16

Cash & STInvestments

Trading Assets& Loans HFS

Other

InvestmentSecurities

Net Loans

Balance Sheet composition continues to evolve

Period-end balances.

Assets($ in billions)

Liabilities & Equity($ in billions)

Cash & Short-term Investments = 16% of Total Assets, up from 8% in 3Q12

Net loans = 49% of Total Assets, down from 56% in 3Q12

Deposits = 66% of Total Liabilities & Equity, down from 69% in 3Q12

Long-term Debt = 13% of Total Liabilities & Equity, up from 10% in 3Q12

69%

66%

4%

6%

6%4%

10%13%

11% 11%

8%

16%

4%

5%

15%

10%

17%

20%

56% 49%

15%

4%10%

20%

51%

69%

5%5%

10%

11%

Highly liquid Balance Sheet

($ in billions)

700

600

500

400

300

200

100

0

29% 29% 28%

272

222 198

15% 16%

19%

22%

25%

27% 28%

572 522

484503

442

379

326

1Q12 3Q12 1Q13 3Q13 1Q14 3Q14 1Q15 3Q15 1Q16 3Q16

30%

25%

20%

15%

10%

5%

0%

Liqu

id a

sset

s to

tot

al a

sset

s

Government and Agency MBS Cash and Short-term Investments Liquid Assets to Total Assets (%)

LCR: Exceeds requirement with an internal buffer

NSFR: Not expected to be an issue due to balance sheet structure

Period-end balances. 10

Loans

10.4%

7.6% 7.0%

2.6% 2.0% 2.0%

JPM USB WFC BAC PNC C

895.1 912.3 927.2 950.8 957.5

3Q15 4Q15 1Q16 2Q16 3Q16 Total average loan yield

Average Loans($ in billions)

3Q16 vs. 3Q15 Average Loan Growth vs. Peers (Source: SNL)

4.11% 4.08% 4.16% 4.16% 4.17%

Total average loans of $957.5 billion up $62.4 billion, or 7%, YoY and $6.7 billion, or 1%, LQ

- Commercial loans up $51.2 billion YoY and $3.1 billion LQ

- Consumer loans up $11.2 billion YoY and $3.6 billion LQ

Total average loan yield of 4.17%, up 1 bp LQ

11

Period-end deposit balances

857.0 883.7 898.4

341.9 353.0 363.1

1,198.9 1,236.7 1,261.5

3Q15 2Q16 3Q16

Interest-bearing deposits Noninterest-bearing deposits

Consumer and Small Business Banking Deposits (Period-end) ($ in billions)

Period-end Deposits($ in billions)

727.0 744.7 751.2 686.7

Sept-15 16-Jun 16-Aug Sept-16

3Q16 Period-end Total period-end deposits up $73.8 billion, or 6%,

YoY and up $30.4 billion, or 2%, LQ - Non-interest bearing deposits up 6% YoY and

3% LQ

- Interest-bearing deposits up 4% YoY and 2% LQ

Consumer and Small Business Banking Deposits Consumer and small business banking balances

(1) increased: - $64.5 billion, or 9%, YoY

- $24.2 billion, or 3%, LQ

- $6.5 billion, or 1%, from August 2016

Primary consumer checking customers (2) in September up 4.5% YoY

(1) Total deposits excluding mortgage escrow and wholesale deposits. (2) Customers who actively use their checking account with transactions such as debit card purchases, online bill payments, and direct deposits.

12

Deposits remain a significant competitive advantage

Deposit Funding (3Q16) Deposits fund 66% of our

74% Balance Sheet70% 66%

56% Grew deposits $346 billion 55% 52% since 1Q12

Average deposit cost = 11 bps in 3Q16

1,400

1,200

1,000

800

600

400

200

0

USB PNC WFC BAC JPM C

Total Deposits (3Q16, $ in billions) Wells Fargo Deposits

($ in billions)

0.20%

0.15%

0.11% 0.09% 0.11%

JPM

WFC

BAC

C

USB

PNC

1,376

1,276

1,233

940

335

260 1Q12 3Q12 1Q13 3Q13 1Q14 3Q14 1Q15 3Q15 1Q16 3Q16

Average deposit cost

Period-end balances. Peer data source: SNL.

13

Long-term debt continues to increase as we prepare for TLAC

Parent Long-term Debt (1)

($ in billions)

133.8 138.8 124.8

117.6

97.2 31.7

27.4 28.8

108.0

30.9

74.6 90.2 96.0 102.1

22.6

2014 2015 1Q16 2Q16 3Q16

Senior Subordinated and Junior Subordinated

Total year-to-date (2) parent debt issuance of $30.6 billion, all of which is estimated to be TLAC-eligible:

- 4Q16 to date (2) = $6.3 billion

(1) Period-end balances. (2) Notional amounts through October 31, 2016.

14

Estimated TLAC requirement

The following preliminary estimates are based upon the Federal Reserve Board’s Notice of Proposed Rulemaking (NPR) issued on 10/30/2015 and rely upon certain interpretations and assumptions including those listed below

External TLAC LTD Requirement

($ in billions) 9/30/16

Actual % of RWA 9/30/16

Actual % of RWA

Total Risk Weighted Assets

Common Equity Tier 1 Qualifying Tier 1 instruments Qualifying Tier 2 instruments Senior unsecured debt Total TLAC

29.1

42.9

Required TLAC / LTD

Estimated Shortfall

Estimated Shortfall with 100 bps Buffer

$ 1,380.0 $ 1,380.0

147.8 10.7 % 23.1 1.7 25.2 1.8 25.2 1.8 % 71.4 5.2 66.7 4.8

267.6 19.4 92.0 6.7

21.5 8.0

2.1 18.4 1.3 %

$ 3.1 %

Current interpretation of the NPR assumes: - Structured notes do not qualify as TLAC - Final rule will provide for the grandfathering of existing long-term debt instruments for a meaningful length

of time Changes to 3Q16 estimated eligible TLAC since 6/30/16 TLAC estimate include:

- Total TLAC grew by approximately $9.6 billion relative to our 6/30/16 TLAC estimate and the estimated shortfall decreased by approximately $8.0 billion

4Q16 activity includes $6.3 billion in LTD issuance to date (1) and ~$3 billion of long-term debt rolling into the <1 year maturity bucket

We expect to meet the required minimums on 1/1/19 and 1/1/22 through measured issuance over the phase-in period

(1) Fourth quarter notional amounts through October 31, 2016.

15

Strong capital levels while continuing to return to shareholders

Common Equity Tier 1 Ratio (Fully Phased-In) (1)

Capital Position Common Equity Tier 1 ratio well above

the regulatory minimum and buffers and our internal buffer 10.6% 10.8% 10.6% 10.6% 10.7%

3Q15 4Q15 1Q16 2Q16 3Q16

Capital Return

Period-end common shares outstanding down 24.6 million LQ

- Repurchased 38.3 million common shares

- Issued 13.7 million common shares

Our strong capital levels allowed us to continue to return capital to shareholders

- Returned $3.2 billion to shareholders in 3Q16 through common stock dividends and net share repurchases

- Net payout ratio (3) of 61% in 3Q16

4,013 3,757

3,000

2,159

1,133 767

JPM WFC C BAC USB PNC

3Q16 Gross Payout Dollars (2) vs. Peers ($ in millions; Source: Company reports)

(1) Fully phased-in capital ratios are calculated assuming the full phase-in of the Basel III capital rules. See page 23 for additional information regarding capital ratios.

(2) Gross payout is common stock dividends plus share repurchases. (3) Net payout ratio means the ratio of (i) common stock dividends and share

repurchases less issuances and stock compensation-related items, divided by (ii) net income applicable to common stock.

16

Strong capital position in excess of internal target

Basel III Capital, Fully Phased-In (1)

Target Structure (2) As of 9/30/16 15.3%15.0% (Standardized Approach)

(Advanced Approach)

2.2% 2.9% 13.5%

2.0% 1.7% 1.7%

1.5%

CET1 Internal Target =

10%

4.5%

2.5%

2.0%

1.0% Internal Buffer

GSIB Surcharge (3)

Capital Conservation Buffer

Minimum Capital Ratio

CET1 of 10.7% (Standardized

Approach) exceeded internal target by 71 bps at

9/30/16

4.5%

2.5%

2.0%

1.7%

4.5%

2.5%

2.0%

2.1%

Common Equity Tier 1 (CET1) Tier 1 Capital Tier 2 Capital

Our targets are established through a robust capital planning and stress testing (CCAR) process. (1) Capital ratios are calculated assuming the full phase-in of the Basel III capital rules. Under the Basel III capital rules, we are subject to the lower of each of our

capital ratios calculated under the Standardized Approach and under the Advanced Approach in the assessment of our capital adequacy. See page 24 for additional information regarding our capital ratios. See the Capital Management section in our Third Quarter 2016 Form 10-Q for additional information on our capital requirements. (2) Estimated long-term targets; subject to change. (3) Reflects Method 2 GSIB surcharge.

17

Potential CCAR and capital requirement changes Federal Reserve Board (FRB) Governor Daniel Tarullo delivered a speech on September 26, 2016

previewing several potential changes to the annual Comprehensive Capital Analysis and Review (CCAR) exercise and bank capital requirements

The following is based solely on our interpretation of the framework described in Governor Tarullo’s speech. It is possible future capital and stress testing requirements could differ substantially from our

Background

Str

ess

Cap

ital

Bu

ffer

Proposed 2017 CCAR Revisions

Impact on Minimum

Capital Ratio

CC

AR

NP

R

initial interpretations A Stress Capital Buffer (SCB) is expected to replace the Capital Conservation Buffer (CCB) and to be

calculated on an annual basis as part of the CCAR exercise The FRB is expected to modify CCAR modeling assumptions to hold RWA flat over the 9-quarter horizon

vs. the current approach which assumes RWA growth A Notice of Proposed Rulemaking (NPR) on the SCB is expected in early 2017

- Implementation is expected for the 2018 stress test cycle, or later

The SCB would be equal to the greater of the maximum decline in a bank’s CET1 ratio under the Supervisory Severely Adverse scenario (inclusive of four quarters of constant dividends and excluding repurchases) or 2.5%

Countercyclical Regulatory Estimated SCB G-SIB Method 2 Effective CET1bufferMinimum (floor of 2.5%) Surcharge Minimum (currently 0.0%)Current Assumptions for Wells Fargo include:

9.0% +4.5% 2.5% + 2.0% 0.0%

- Standardized Approach remains our binding constraint - There are no material changes in RWA or capital actions - Changes in FRB scenario design or FRB applied idiosyncratic risk assumptions could impact

future results

The NPR would reduce the de minimis threshold for all CCAR-participating banks from 1.0% to 0.25% of Tier 1 Capital

- A blackout period on the request of capital distributions under the de minimis exemption would be implemented during the stress test (second quarter of each year)

18

13.5%

11.6% 10.2%

8.7% 7.3% 6.8%

USB WFC JPM PNC BAC C

1.36%

1.17% 1.10%

1.01% 0.90%

0.83%

USB WFC PNC JPM BAC C

3Q16 ROA vs. Peers (Source: SNL)

3Q16 ROE vs. Peers (Source: Company reports)

3Q16 Efficiency Ratio (1) vs. Peers 2016 YTD Net Payout Ratio vs. Peers (YTD through 9/30/2016, Source: Company reports)

Performance targets remain at industry leading levels

54.9%

58.6% 59.4% 59.5%

62.3% 62.5%

USB JPM WFC C BAC PNC

(Source: SNL)

39%

PNC USB JPM WFC C BAC Represents Wells Fargo target ranges set at 2016 Investor Day.

81% 72%

68% 61%

52%

(1) Efficiency ratio defined as noninterest expense divided by total revenue (net interest income plus noninterest income). Noninterest expense and our efficiency ratio may be affected by a variety of factors, including business and economic cyclicality, seasonality, changes in our business composition and operating environment, growth in our business and/or acquisitions, and unexpected expenses relating to, among other things, litigation and regulatory matters.

19

20

Appendix Appendix

Basel III capital components and ratios (Fully Phased-In)

Wells Fargo & Company and Subsidiaries COMMON EQUITY TIER 1 UNDER BASEL III (FULLY PHASED-IN) (1)

(in billions, except ratio) Sep 30,

2016 Jun 30,

2016 Mar 31,

2016 Dec 31,

2015 Sep 30,

2015 Total equity $ 204.0 202.7 198.5 193.9 194.0

Adjustments: Preferred stock (24.6) (24.8) (24.1) (22.2) (22.4) Additional paid-in capital on ESOP

preferred stock (0.1) (0.2) (0.2) (0.1) (0.1)

Unearned ESOP shares 1.6 1.9 2.3 1.3 1.5 Noncontrolling interests (1.0) (1.0) (1.0) (0.9) (0.9)

Total common stockholders' equity 179.9 178.6 175.5 172.0 172.1

Adjustments: Goodwill (26.7) (27.0) (27.0) (25.5) (25.7) Certain identifiable intangible assets (other than

MSRs) (3.0) (3.4) (3.8) (3.2) (3.5)

Other assets (2) (2.2) (2.0) (2.1) (2.1) (1.7) Applicable deferred taxes (3) 1.8 1.9 2.0 2.1 2.2 Investment in certain subsidiaries and other (2.0) (2.5) (1.9) (0.9) (1.6)

Common Equity Tier 1 (Fully Phased-In) under Basel III (A) 147.8 145.6 142.7 142.4 141.8

Total risk-weighted assets (RWAs) under Basel III (4) (B) $ 1,380.0 1,372.9 1,345.1 1,321.7 1,331.8

Common Equity Tier 1 to total RWAs under Basel III (Fully Phased-In) (A)/(B) 10.7% 10.6 10.6 10.8 10.6

(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. These rules established a new comprehensive capital framework for U.S. banking organizations that implements the Basel III capital framework and certain provisions of the Dodd-Frank Act. 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. Fully phased-in regulatory capital amounts, ratios and RWAs are considered non-GAAP financial measures that are used by management, bank regulatory agencies, investors and analysts to assess and monitor the Company’s capital position.

(2) Represents goodwill and other intangibles on nonmarketable equity investments, 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. The CET1 ratio for September 30, June 30 and March 31, 2016 and December 31, September 30, 2015, was calculated under the Basel III Standardized Approach RWAs.

22

Basel III capital components and ratios (Fully phased-in)

Risk-Based Capital Calculation, Components and Ratios (Fully Phased-In) (1)

September 30, 2016

Advanced Standardized (in millions) Approach Approach

Total equity $ 203,958 203,958 Adjustments:

Preferred stock (24,594) (24,594) Additional paid-in capital on ESOP preferred stock (130) (130) Unearned ESOP shares 1,612 1,612 Noncontrolling interests (930) (930)

Total common stockholders' equity 179,916 179,916 Adjustments:

Goodwill (26,688) (26,688) Certain identifiable intangible assets (other than MSRs) (3,001) (3,001) Other assets (2) (2,230) (2,230) Applicable deferred taxes (3) 1,832 1,832 Investment in certain subsidiaries and other (1,999) (1,999)

Common Equity Tier 1 (Fully Phased-In) (A) 147,830 147,830 Adjustments:

Preferred stock 24,594 24,594 Additional paid-in capital on ESOP preferred stock 130 130 Unearned ESOP shares (1,612) (1,612) Other (414) (414)

Total Tier 1 capital (Fully Phased-In) (B) 170,528 170,528 Adjustments:

Long-term debt and other instruments qualifying as Tier 2 27,687 27,687 Qualifying allowance for credit losses (4) 1,468 12,694 Other (323) (323)

Total Tier 2 capital (Fully Phased-In) (C) 28,832 40,058 Total qualifying capital (Fully Phased-In) (B)+(C) $ 199,360 210,586

Total RWAs (Fully Phased-In) (D) $ 1,332,796 1,380,006

Common Equity Tier 1 capital ratio (A/D) 11.09% 10.71 Tier 1 capital ratio (B/D) 12.79 12.36

Total capital ratio (B+C)/(D) 14.96 15.26 (1) Fully phased-in regulatory capital amounts, ratios and RWAs are considered non-GAAP financial measures that are used by management, bank regulatory agencies,

investors and analysts to assess and monitor the Company’s capital position. (2) Represents goodwill and other intangibles on nonmarketable equity investments, 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) Under the Advanced Approach the allowance for credit losses that exceeds expected credit losses is eligible for inclusion in Tier 2 Capital, to the extent the excess

allowance does not exceed 0.6% of Advanced credit RWAs, and under the Standardized Approach, the allowance for credit losses is includable in Tier 2 Capital up to 1.25% of Standardized credit RWAs, with any excess allowance for credit losses being deducted from total RWAs.

23

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 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 and return on 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 third quarter 2016 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, 2015.

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 page 31 of the press release announcing our 3Q16 results for additional information regarding the purchased credit-impaired loans.

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