Wells Fargo & Company: Rating Report

Ratings

• Central Fidelity Capital Trust I

  Date Issued	Debt Rated	Rating	Trend	Action	Attributesi US = Lead Analyst based in USA CA = Lead Analyst based in Canada EU = Lead Analyst based in EU UK = Lead Analyst based in UK E = EU endorsed U = UK endorsed Unsolicited Participating With Access Unsolicited Participating Without Access Unsolicited Non-participating
  20-Sep-17	Trust Preferred Securities	A (high)	Stb	Downgraded	US U E

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• Corestates Capital Trust II

  Date Issued	Debt Rated	Rating	Trend	Action	Attributesi US = Lead Analyst based in USA CA = Lead Analyst based in Canada EU = Lead Analyst based in EU UK = Lead Analyst based in UK E = EU endorsed U = UK endorsed Unsolicited Participating With Access Unsolicited Participating Without Access Unsolicited Non-participating
  20-Sep-17	Trust Preferred Securities	AA (low)	Stb	Downgraded	US U E

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• Corestates Capital Trust III

  Date Issued	Debt Rated	Rating	Trend	Action	Attributesi US = Lead Analyst based in USA CA = Lead Analyst based in Canada EU = Lead Analyst based in EU UK = Lead Analyst based in UK E = EU endorsed U = UK endorsed Unsolicited Participating With Access Unsolicited Participating Without Access Unsolicited Non-participating
  20-Sep-17	Trust Preferred Securities	AA (low)	Stb	Downgraded	US U E

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• First Union Capital II

  Date Issued	Debt Rated	Rating	Trend	Action	Attributesi US = Lead Analyst based in USA CA = Lead Analyst based in Canada EU = Lead Analyst based in EU UK = Lead Analyst based in UK E = EU endorsed U = UK endorsed Unsolicited Participating With Access Unsolicited Participating Without Access Unsolicited Non-participating
  20-Sep-17	Trust Preferred Securities	A (high)	Stb	Downgraded	US E

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• Wachovia Capital Trust II

  Date Issued	Debt Rated	Rating	Trend	Action	Attributesi US = Lead Analyst based in USA CA = Lead Analyst based in Canada EU = Lead Analyst based in EU UK = Lead Analyst based in UK E = EU endorsed U = UK endorsed Unsolicited Participating With Access Unsolicited Participating Without Access Unsolicited Non-participating
  20-Sep-17	Trust Preferred Securities	A (high)	Stb	Downgraded	US U E

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• Wells Fargo & Company

  Date Issued	Debt Rated	Rating	Trend	Action	Attributesi US = Lead Analyst based in USA CA = Lead Analyst based in Canada EU = Lead Analyst based in EU UK = Lead Analyst based in UK E = EU endorsed U = UK endorsed Unsolicited Participating With Access Unsolicited Participating Without Access Unsolicited Non-participating
  20-Sep-17	Long-Term Issuer Rating	AA (low)	Stb	Downgraded	US U E
  20-Sep-17	Short-Term Issuer Rating	R-1 (middle)	Stb	Confirmed	US U E
  20-Sep-17	Long-Term Senior Debt	AA (low)	Stb	Downgraded	US U E
  20-Sep-17	Market Linked Notes	AA (low)	Stb	Downgraded	US U E
  20-Sep-17	Short-Term Instruments	R-1 (middle)	Stb	Confirmed	US U E
  20-Sep-17	Subordinated Debt	A (high)	Stb	Downgraded	US U E
  20-Sep-17	Preferred Stock	A (low)	Stb	Downgraded	US U E

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• Wells Fargo Bank, N.A.

  Date Issued	Debt Rated	Rating	Trend	Action	Attributesi US = Lead Analyst based in USA CA = Lead Analyst based in Canada EU = Lead Analyst based in EU UK = Lead Analyst based in UK E = EU endorsed U = UK endorsed Unsolicited Participating With Access Unsolicited Participating Without Access Unsolicited Non-participating
  20-Sep-17	Long-Term Issuer Rating	AA	Stb	Downgraded	US U E
  20-Sep-17	Short-Term Issuer Rating	R-1 (high)	Stb	Confirmed	US U E
  20-Sep-17	Long-Term Deposits	AA	Stb	Downgraded	US U E
  20-Sep-17	Long-Term Senior Debt	AA	Stb	Downgraded	US U E
  20-Sep-17	Short-Term Instruments	R-1 (high)	Stb	Confirmed	US U E
  20-Sep-17	Subordinated Debt	AA (low)	Stb	Downgraded	US U E

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• Wells Fargo Canada Corporation

  Date Issued	Debt Rated	Rating	Trend	Action	Attributesi US = Lead Analyst based in USA CA = Lead Analyst based in Canada EU = Lead Analyst based in EU UK = Lead Analyst based in UK E = EU endorsed U = UK endorsed Unsolicited Participating With Access Unsolicited Participating Without Access Unsolicited Non-participating
  20-Sep-17	Issuer & Senior Debt (Guaranteed by Wells Fargo & Company)	AA (low)	Stb	Downgraded	US U E
  20-Sep-17	Short-Term Instruments (Guaranteed by Wells Fargo & Company)	R-1 (middle)	Stb	Confirmed	US U E

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• Wells Fargo Capital II

  Date Issued	Debt Rated	Rating	Trend	Action	Attributesi US = Lead Analyst based in USA CA = Lead Analyst based in Canada EU = Lead Analyst based in EU UK = Lead Analyst based in UK E = EU endorsed U = UK endorsed Unsolicited Participating With Access Unsolicited Participating Without Access Unsolicited Non-participating
  20-Sep-17	Trust Preferred Securities	Discontinued	--	Disc.-Repaid	US

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