Page 519 -

CASE 11 • WELLS FARGO CORPORATION — 2009 115

EXHIBIT 3 Wells Fargo’s Income Statements (all numbers in thousands)
PERIOD ENDING 31-Dec-08 31-Dec-07 31-Dec-06

Total Revenue $52,389,000 $53,593,000 $47,998,000
Cost of Revenue 4,521,000 8,152,000 7,174,000
Gross Profit 47,868,000 45,441,000 40,824,000
Operating Expenses
Research Development — — —
Selling General and Administrative 22,661,000 22,824,000 20,742,000
Non Recurring — — —
Others 16,716,000 4,939,000 2,223,000
Total Operating Expenses — — —
Operating Income or Loss 8,491,000 17,678,000 17,859,000
Income from Continuing Operations
Total Other Income/Expenses Net — — —
Earnings Before Interest and Taxes 8,491,000 17,678,000 17,859,000
Interest Expense 5,234,000 6,051,000 5,114,000
Income Before Tax 3,257,000 11,627,000 12,745,000
Income Tax Expense 602,000 3,570,000 4,263,000
Minority Interest — — —
Net Income from Continuing Ops 2,655,000 8,057,000 8,482,000
Non-recurring Events
Discontinued Operations — — —
Extraordinary Items — — —
Effect of Accounting Changes — — —
Other Items — — —
Net Income 2,655,000 8,057,000 8,482,000
Preferred Stock and Other Adjustments (286,000) — —
Net Income Applicable
To Common Shares $ 2,369,000 $ 8,057,000 $ 8,482,000

Source: www.wellsfargo.com.

EXHIBIT 4 Wells Fargo’s Balance Sheets (all numbers in thousands)
PERIOD ENDING 31-Dec-08 31-Dec-07 31-Dec-06
Assets
Current Assets
Cash and Cash Equivalents $ 23,763,000 $ 22,484,000 $ 20,635,000
Short Term Investments 49,433,000 2,754,000 6,078,000
Net Receivables 28,854,000 13,890,000 10,195,000
Inventory — — —
Other Current Assets — — —
Total Current Assets — — —
Long Term Investments 1,110,195,000 502,358,000 415,326,000
Property Plant and Equipment 13,520,000 5,771,000 8,212,000
Goodwill 22,627,000 13,106,000 11,275,000
Intangible Assets 15,515,000 435,000 383,000
Accumulated Amortization — — —
Other Assets 45,732,000 14,644,000 9,892,000
Deferred Long Term Asset Charges — — —
Total Assets $1,309,639,000 $575,442,000 $481,996,000
continued