Note: The +1 notch of support reflects ALAC and applies only to the issuer credit rating on the operating companies. Leading market positions in numerous U.S. banking businesses Longstanding, very strong deposit franchise Robust earnings generation with substantial contribution from fee income Loan asset quality that should remain steady, although the net charge-off rate is likely at a cyclical low High exposure to the national residential mortgage market on its balance sheet and in its very large origination and servicing activities Recent substantial loan growth, including portfolio purchases, may slightly elevate asset risk Our stable rating outlook on Wells Fargo&Co.'s (WFC) main operating subsidiaries reflects Standard&Poor's Ratings Services' expectation for continued solid credit fundamentals. The outlook
