Wells Fargo & Company Releases Results of Its Mid-Cycle Stress Test under the Dodd-Frank Act

Wells Fargo & Company (NYSE:WFC) today released the results of its company-run mid-cycle stress test conducted in accordance with the Dodd-Frank Wall Street Reform and Consumer Protection Act. The results can be found at www.wellsfargo.com/invest_relations/stress-test-reports. The Dodd-Frank Act requires large bank holding companies to perform a mid-year stress test that is separate from the annual Comprehensive Capital Analysis and Review (CCAR) process, and does not include a response from the Federal Reserve.

Wells Fargo’s mid-cycle stress test results are based on a hypothetical severely adverse economic scenario developed by the Company, which contains different economic assumptions than those used in the CCAR process. This scenario assumes an intense recession in the United States due to extreme fiscal tightening domestically and a deep global recession, and does not represent the Company’s forecast. The stress test results should not be interpreted as expected or likely outcomes for the Company, but rather as possible results under hypothetical, severely adverse economic conditions. The disclosure includes Wells Fargo’s minimum projected capital ratios under the scenario for the period from second quarter 2013 through second quarter 2015 calculated using prescribed assumptions about capital distributions.

As reflected in the results, under this severely adverse economic scenario, the Company’s pro forma Tier 1 common equity ratio, calculated under Basel I, is projected to decline from 10.4% at March 31, 2013 to 10.3% at June 30, 2015, the end of the test horizon. All four projected capital ratios remain well above regulatory minimums throughout the nine quarter test horizon.

About Wells Fargo

Wells Fargo & Company (NYSE: WFC) is a nationwide, diversified, community-based financial services company with $1.4 trillion in assets. Founded in 1852 and headquartered in San Francisco, Wells Fargo provides banking, insurance, investments, mortgage, and consumer and commercial finance through more than 9,000 stores, 12,000 ATMs, the Internet (wellsfargo.com), and has offices in more than 35 countries to support the bank’s customers who conduct business in the global economy. With more than 265,000 team members, Wells Fargo serves one in three households in the United States. Wells Fargo & Company was ranked No. 25 on Fortune’s 2013 rankings of America’s largest corporations. Wells Fargo’s vision is to satisfy all our customers’ financial needs and help them succeed financially. More perspectives are available at blogs.wellsfargo.com.

Cautionary Statement About Forward-Looking Statements

This news release contains forward-looking statements about our future regulatory capital levels, which will be an important factor in determining the extent we may pay common stock dividends and repurchase our common stock. Forward-looking statements speak only as of the date made, and we do not undertake to update them. Actual capital levels may vary materially from estimates due to a number of factors, including those described in our reports filed with the Securities and Exchange Commission and available at www.sec.gov. The amount and timing of any future common stock dividends or repurchases will depend on the earnings, cash requirements and financial condition of the Company, market conditions, capital requirements (including under Basel capital standards), common stock issuance requirements, applicable law and regulations (including federal securities laws and federal banking regulations), and other factors deemed relevant by the Company’s Board of Directors, and may be subject to regulatory approval or conditions.