Following are the condensed consolidating financial statements of the Parent and Wells Fargo Financial, Inc. and its owned subsidiaries (WFFI). In 2002, the Parent issued a full and unconditional guarantee of all outstanding term debt securities and commercial paper of WFFI. WFFI ceased filing periodic reports under the Securities Exchange Act of 1934 and is no longer a separately rated company. The Parent also guaranteed all outstanding term debt securities of Wells Fargo Canada Corporation (WFCC), WFFI's wholly owned Canadian subsidiary. WFCC has continued to issue term debt securities and commercial paper in Canada, unconditionally guaranteed by the Parent.

Condensed Consolidating Statement of Income

						Other
						consolidating		Consolidated
(in millions)				Parent	WFFI	subsidiaries	Eliminations	Company
Year ended December 31, 2011
Dividends from subsidiaries:
	Bank		$	11,546	-	-	(11,546)	-
	Nonbank			140	-	-	(140)	-
Interest income from loans				-	2,157	35,367	(277)	37,247
Interest income from subsidiaries				914	-	-	(914)	-
Other interest income				242	109	11,814	-	12,165
		Total interest income		12,842	2,266	47,181	(12,877)	49,412
Deposits				-	-	2,275	-	2,275
Short-term borrowings				209	62	487	(678)	80
Long-term debt				2,469	552	1,470	(513)	3,978
Other interest expense				8	-	308	-	316
		Total interest expense		2,686	614	4,540	(1,191)	6,649
Net interest income				10,156	1,652	42,641	(11,686)	42,763
Provision for credit losses				-	1,181	6,718	-	7,899
Net interest income after provision for credit losses				10,156	471	35,923	(11,686)	34,864
Noninterest income
Fee income – nonaffiliates				-	110	23,320	-	23,430
Other				460	187	14,739	(631)	14,755
		Total noninterest income		460	297	38,059	(631)	38,185
Noninterest expense
Salaries and benefits				(60)	95	27,632	-	27,667
Other				137	652	21,568	(631)	21,726
		Total noninterest expense		77	747	49,200	(631)	49,393
Income (loss) before income tax expense (benefit) and
	equity in undistributed income of subsidiaries			10,539	21	24,782	(11,686)	23,656
Income tax expense (benefit)				(584)	28	8,001	-	7,445
Equity in undistributed income of subsidiaries				4,746	-	-	(4,746)	-
Net income (loss) before noncontrolling interests				15,869	(7)	16,781	(16,432)	16,211
Less: Net income from noncontrolling interests				-	-	342	-	342
Parent, WFFI, Other and Wells Fargo net income (loss)			$	15,869	(7)	16,439	(16,432)	15,869

Condensed Consolidating Statements of Income

						Other
						consolidating		Consolidated
(in millions)				Parent	WFFI	subsidiaries	Eliminations	Company
Year ended December 31, 2010
Dividends from subsidiaries:
	Bank		$	12,896	-	-	(12,896)	-
	Nonbank			21	-	-	(21)	-
Interest income from loans				-	2,674	37,404	(318)	39,760
Interest income from subsidiaries				1,375	-	14	(1,389)	-
Other interest income				304	116	12,616	-	13,036
		Total interest income		14,596	2,790	50,034	(14,624)	52,796
Deposits				-	-	2,832	-	2,832
Short-term borrowings				277	46	586	(817)	92
Long-term debt				2,910	963	1,905	(890)	4,888
Other interest expense				2	-	225	-	227
		Total interest expense		3,189	1,009	5,548	(1,707)	8,039
Net interest income				11,407	1,781	44,486	(12,917)	44,757
Provision for credit losses				-	1,064	14,689	-	15,753
Net interest income after provision for credit losses				11,407	717	29,797	(12,917)	29,004
Noninterest income
Fee income – nonaffiliates				-	107	23,385	-	23,492
Other				363	145	17,111	(658)	16,961
		Total noninterest income		363	252	40,496	(658)	40,453
Noninterest expense
Salaries and benefits				143	150	26,919	-	27,212
Other				1,192	632	22,078	(658)	23,244
		Total noninterest expense		1,335	782	48,997	(658)	50,456
Income (loss) before income tax expense (benefit) and
	equity in undistributed income of subsidiaries			10,435	187	21,296	(12,917)	19,001
Income tax expense (benefit)				(749)	62	7,025	-	6,338
Equity in undistributed income of subsidiaries				1,178	-	-	(1,178)	-
Net income (loss) before noncontrolling interests				12,362	125	14,271	(14,095)	12,663
Less: Net income from noncontrolling interests				-	-	301	-	301
Parent, WFFI, Other and Wells Fargo net income (loss)			$	12,362	125	13,970	(14,095)	12,362

Year ended December 31, 2009
Dividends from subsidiaries:
	Bank		$	6,974	-	-	(6,974)	-
	Nonbank			528	-	-	(528)	-
Interest income from loans				-	3,467	38,140	(18)	41,589
Interest income from subsidiaries				2,126	-	-	(2,126)	-
Other interest income				424	111	14,150	-	14,685
		Total interest income		10,052	3,578	52,290	(9,646)	56,274
Deposits				-	-	3,774	-	3,774
Short-term borrowings				174	38	782	(772)	222
Long-term debt				3,391	1,305	2,458	(1,372)	5,782
Other interest expense				-	-	172	-	172
		Total interest expense		3,565	1,343	7,186	(2,144)	9,950
Net interest income				6,487	2,235	45,104	(7,502)	46,324
Provision for credit losses				-	1,901	19,767	-	21,668
Net interest income after provision for credit losses				6,487	334	25,337	(7,502)	24,656
Noninterest income
Fee income – nonaffiliates				-	148	22,815	-	22,963
Other				738	169	19,135	(643)	19,399
		Total noninterest income		738	317	41,950	(643)	42,362
Noninterest expense
Salaries and benefits				320	129	26,018	-	26,467
Other				521	711	21,964	(643)	22,553
		Total noninterest expense		841	840	47,982	(643)	49,020
Income (loss) before income tax expense (benefit) and
	equity in undistributed income of subsidiaries			6,384	(189)	19,305	(7,502)	17,998
Income tax expense (benefit)				(164)	(86)	5,581	-	5,331
Equity in undistributed income of subsidiaries				5,727	-	-	(5,727)	-
Net income (loss) before noncontrolling interests				12,275	(103)	13,724	(13,229)	12,667
Less: Net income from noncontrolling interests				-	1	391	-	392
Parent, WFFI, Other and Wells Fargo net income (loss)			$	12,275	(104)	13,333	(13,229)	12,275

Condensed Consolidating Balance Sheets

							Other
							consolidating		Consolidated
(in millions)					Parent	WFFI	subsidiaries	Eliminations	Company
December 31, 2011
Assets
Cash and cash equivalents due from:
	Subsidiary banks			$	19,312	211	-	(19,523)	-
	Nonaffiliates				30	355	63,422	-	63,807
Securities available for sale					7,427	1,670	213,516	-	222,613
Mortgages and loans held for sale					-	-	49,695	-	49,695

Loans					6	26,735	759,794	(16,904)	769,631
Loans to subsidiaries:
	Bank				3,885	-	-	(3,885)	-
	Nonbank				46,987	-	-	(46,987)	-
Allowance for loan losses					-	(1,775)	(17,597)	-	(19,372)
		Net loans			50,878	24,960	742,197	(67,776)	750,259
Investments in subsidiaries:
	Bank				135,155	-	-	(135,155)	-
	Nonbank				17,294	-	-	(17,294)	-
Other assets					7,573	1,255	219,945	(1,280)	227,493
			Total assets	$	237,669	28,451	1,288,775	(241,028)	1,313,867
Liabilities and equity
Deposits				$	-	-	939,593	(19,523)	920,070
Short-term borrowings					759	15,503	79,682	(46,853)	49,091
Accrued expenses and other liabilities					7,052	1,603	70,290	(1,280)	77,665
Long-term debt					77,613	9,746	46,914	(8,919)	125,354
Indebtedness to subsidiaries					12,004	-	-	(12,004)	-
		Total liabilities			97,428	26,852	1,136,479	(88,579)	1,172,180
Parent, WFFI, Other and Wells Fargo stockholders' equity					140,241	1,599	150,850	(152,449)	140,241
Noncontrolling interests					-	-	1,446	-	1,446
		Total equity			140,241	1,599	152,296	(152,449)	141,687
			Total liabilities and equity	$	237,669	28,451	1,288,775	(241,028)	1,313,867

December 31, 2010
Assets
Cash and cash equivalents due from:
	Subsidiary banks			$	30,240	154	-	(30,394)	-
	Nonaffiliates				9	212	96,460	-	96,681
Securities available for sale					2,368	2,742	167,544	-	172,654
Mortgages and loans held for sale					-	-	53,053	-	53,053

Loans					7	30,329	742,807	(15,876)	757,267
Loans to subsidiaries:
	Bank				3,885	-	-	(3,885)	-
	Nonbank				53,382	-	-	(53,382)	-
Allowance for loan losses					-	(1,709)	(21,313)	-	(23,022)
		Net loans			57,274	28,620	721,494	(73,143)	734,245
Investments in subsidiaries:
	Bank				133,867	-	-	(133,867)	-
	Nonbank				14,904	-	-	(14,904)	-
Other assets					8,363	1,316	192,821	(1,005)	201,495
			Total assets	$	247,025	33,044	1,231,372	(253,313)	1,258,128
Liabilities and equity
Deposits				$	-	-	878,336	(30,394)	847,942
Short-term borrowings					2,412	14,490	86,523	(48,024)	55,401
Accrued expenses and other liabilities					6,819	1,685	62,414	(1,005)	69,913
Long-term debt					99,745	15,240	55,476	(13,478)	156,983
Indebtedness to subsidiaries					11,641	-	-	(11,641)	-
		Total liabilities			120,617	31,415	1,082,749	(104,542)	1,130,239
Parent, WFFI, Other and Wells Fargo stockholders' equity					126,408	1,618	147,153	(148,771)	126,408
Noncontrolling interests					-	11	1,470	-	1,481
		Total equity			126,408	1,629	148,623	(148,771)	127,889
			Total liabilities and equity	$	247,025	33,044	1,231,372	(253,313)	1,258,128

Condensed Consolidating Statements of Cash Flows

						Year ended December 31,
						2011				2010
								Other				Other
								consolidating				consolidating
								subsidiaries/	Consolidated			subsidiaries/	Consolidated
(in millions)						Parent	WFFI	eliminations	Company	Parent	WFFI	eliminations	Company
Cash flows from operating activities:
		Net cash provided (used)
			by operating activities		$	15,049	1,563	(2,947)	13,665	14,180	1,774	2,818	18,772
Cash flows from investing activities:
Securities available for sale:
	Sales proceeds					11,459	1,946	9,657	23,062	2,441	796	5,431	8,668
	Prepayments and maturities					-	294	52,324	52,618	-	229	47,690	47,919
	Purchases					(16,487)	(1,086)	(103,662)	(121,235)	(119)	(1,037)	(52,310)	(53,466)
Loans:
	Loans originated by banking
		subsidiaries, net of principal
		collected				-	(596)	(35,090)	(35,686)	-	(206)	16,075	15,869
	Proceeds from sales (including
		participations) of loans
		originated for investment by
		banking subsidiaries				-	-	6,555	6,555	-	-	6,517	6,517
	Purchases (including participations)
		of loans by banking
		subsidiaries				-	-	(8,878)	(8,878)	-	-	(2,297)	(2,297)
	Principal collected on nonbank
		entities' loans				-	9,984	(202)	9,782	-	10,829	4,731	15,560
	Loans originated by nonbank entities					-	(7,520)	(2)	(7,522)	-	(6,336)	(4,500)	(10,836)
	Net repayments from
		(advances to) subsidiaries				1,318	(81)	(1,237)	-	(5,485)	(842)	6,327	-
	Capital notes and term loans
		made to subsidiaries				(1,340)	-	1,340	-	-	-	-	-
	Principal collected on notes/loans
		made to subsidiaries				5,779	-	(5,779)	-	11,282	-	(11,282)	-
Net decrease (increase) in
	investment in subsidiaries					(610)	-	610	-	1,198	-	(1,198)	-
Net cash paid for acquisitions						-	-	(353)	(353)	-	-	(36)	(36)
Other, net						230	210	46,173	46,613	15	64	(31,652)	(31,573)
		Net cash provided (used)
			by investing activities			349	3,151	(38,544)	(35,044)	9,332	3,497	(16,504)	(3,675)
Cash flows from financing activities:
Net change in:
	Deposits					-	-	72,128	72,128	-	-	23,924	23,924
	Short-term borrowings					(242)	1,013	(7,002)	(6,231)	1,860	4,118	5,330	11,308
Long-term debt:
	Proceeds from issuance					7,058	513	4,116	11,687	1,789	-	1,700	3,489
	Repayment					(31,198)	(6,029)	(13,328)	(50,555)	(23,281)	(9,478)	(30,558)	(63,317)
Preferred stock:
	Proceeds from issuance					2,501	-	-	2,501	-	-	-	-
	Cash dividends paid					(844)	-	-	(844)	(737)	-	-	(737)
Common stock warrants repurchased						(2)	-	-	(2)	(545)	-	-	(545)
Common stock:
	Proceeds from issuance					1,296	-	-	1,296	1,375	-	-	1,375
	Repurchased					(2,416)	-	-	(2,416)	(91)	-	-	(91)
	Cash dividends paid					(2,537)	-	-	(2,537)	(1,045)	-	-	(1,045)
Excess tax benefits related to
	stock option payments					79	-	-	79	98	-	-	98
Net change in noncontrolling interests:
	Other					-	(11)	(320)	(331)	-	1	(593)	(592)
		Net cash provided (used) by
			financing activities			(26,305)	(4,514)	55,594	24,775	(20,577)	(5,359)	(197)	(26,133)
			Net change in cash and
				due from banks		(10,907)	200	14,103	3,396	2,935	(88)	(13,883)	(11,036)
Cash and due from banks
	at beginning of year					30,249	366	(14,571)	16,044	27,314	454	(688)	27,080
Cash and due from banks
	at end of year				$	19,342	566	(468)	19,440	30,249	366	(14,571)	16,044

Condensed Consolidating Statement of Cash Flows

							Other
							consolidating
							subsidiaries/	Consolidated
(in millions)					Parent	WFFI	eliminations	Company
Year ended December 31,2009
Cash flows from operating activities:
		Net cash provided by operating activities		$	7,356	1,655	19,602	28,613
Cash flows from investing activities:
Securities available for sale:
	Sales proceeds				1,184	925	50,929	53,038
	Prepayments and maturities				-	290	38,521	38,811
	Purchases				(463)	(1,667)	(93,155)	(95,285)
Loans:
	Loans originated by banking subsidiaries, net of principal collected				-	(981)	53,221	52,240
	Proceeds from sales (including participations) of loans
		originated for investment by banking subsidiaries			-	-	6,162	6,162
	Purchases (including participations) of loans by banking subsidiaries				-	-	(3,363)	(3,363)
	Principal collected on nonbank entities' loans				-	11,119	3,309	14,428
	Loans originated by nonbank entities				-	(5,523)	(4,438)	(9,961)
	Net repayments from (advances to) subsidiaries				11,369	(138)	(11,231)	-
	Capital notes and term loans made to subsidiaries				(497)	(1,000)	1,497	-
	Principal collected on notes/loans made to subsidiaries				12,979	-	(12,979)	-
Net decrease (increase) in investment in subsidiaries					(1,382)	-	1,382	-
Net cash paid for acquisitions					-	-	(138)	(138)
Other, net					22,513	355	(7,015)	15,853
		Net cash provided by investing activities			45,703	3,380	22,702	71,785
Cash flows from financing activities:
Net change in:
	Deposits				-	-	42,473	42,473
	Short-term borrowings				(19,100)	2,158	(52,166)	(69,108)
Long-term debt:
	Proceeds from issuance				8,297	1,347	(1,248)	8,396
	Repayment				(22,931)	(8,508)	(34,821)	(66,260)
Preferred stock:
	Redeemed				(25,000)	-	-	(25,000)
	Cash dividends paid				(2,178)	-	-	(2,178)
Common stock:
	Proceeds from issuance				21,976	-	-	21,976
	Repurchased				(220)	-	-	(220)
	Cash dividends paid				(2,125)	-	-	(2,125)
Excess tax benefits related to stock option payments					18	-	-	18
Net change in noncontrolling interests:
	Purchase of Prudential's noncontrolling interest				-	-	(4,500)	(4,500)
	Other				-	(4)	(549)	(553)
Other, net					(140)	-	140	-
		Net cash used by financing activities			(41,403)	(5,007)	(50,671)	(97,081)
			Net change in cash and due from banks		11,656	28	(8,367)	3,317
Cash and due from banks at beginning of year					15,658	426	7,679	23,763
Cash and due from banks at end of year				$	27,314	454	(688)	27,080