April 22, 2013 Mr.

Liam Higgins Vice President Wells Fargo Government & Institutional Banking MAC N9307-231 7900 Xerxes Avenue South Suite 2300 Bloomington, MN 55431 Dear Liam: As you know, during this academic year we have been participating in discussions on our campus related to our business relationship with Wells Fargo. Those discussions were begun by a group of our students who were particularly concerned about the situation in some neighborhoods in Minneapolis and St. Paul that have been hit hard by the effects of the residential mortgage problems of the past 7-8 years. They have expressed concern to us about the difficulties that are faced by the residents of those areas, both those who have faced difficulties with meeting their obligations under their mortgage documents and those who are secondarily affected by the problems faced by the friends and neighbors. Our students engagement with us on this subject has flowed from the small business relationship that we have with Wells Fargo. We think that this is a complex issue. In some ways, the unusual level of difficulty for all of the participants has some roots in public policy decisions made a decade ago that encouraged a directive from the federal government intended to broaden the base of home ownership across the U.S. This directive was fueled by the product response of established and new participants in the mortgage industry. That response included some product types that were poorly matched to the financial circumstances of the borrowers and a regulatory response that did not help rein in those product offerings. We have heard from representatives of Wells Fargo and have appreciated their willingness to spend time with campus administrators and students to help us understand the banks perspective. We have also spent some time with people who are working to alleviate these difficulties in the affected communities. Finally, we have done quite a bit of background reading offering different perspectives on this issue. What has emerged from this work is a variety of perspectives. It seems obvious to us that there were some market participants whose practices were very poorly conceived. By all accounts Wells Fargo engaged in very little if any of the worst structuring practices, although some of the more problematic loans are now found in your servicing portfolios through purchases of blocks of loans or through corporate combinations, most notably the Wachovia transaction. We heard concerns about continuing difficulties for some homeowners who may have been frustrated in their ability to find some relief from their obligations despite their best efforts to address them. We also heard from a couple of community leaders whose organizations work directly in these neighborhoods about the successful work that they have seen in partnership with Wells Fargo over many years and about the underlying complexity of the residential mortgage issue.

You have pointed out that the recovering economy and the recovering housing market have brought some relief to large segments of the country. Your effort to work with some of the most problematic loan structures in your portfolio is a positive step. The unit that is working with the so called Pick a Pay loans is an example of a valuable process that can help many homeowners. Yet there are still numerous homeowners and families who are unable to move forward due to the difficulties related to this issue. Wells Fargo has a very large footprint in this industry. As such, the bank also has an important voice in the ongoing solutions. You have pointed out the difficulties with the practices at Fannie Mae and Freddie Mac with respect to mitigation strategies. Were not in a position to know if principal reduction or payment modification offers a better path to a successful outcome for all parties over time. We think that complex issues often benefit from a diversified set of strategies and would hope that you would pursue all options that can be beneficial to homeowners and to the bank. We have been asked by our students to sever our relationship with Wells Fargo as a way to make visual our interest in seeing your organization expand its efforts to continue to mitigate the homeowner difficulties. At this stage, we are not planning to end our purchasing card relationship as a symbolic statement regarding this issue. The nuances of this very complex matter do not lead us to a clear direction in and of themselves. This is particularly true since the likely new provider would probably be directly or indirectly - another large player in this market with its own challenges related to the mortgage issue. Having said all of this, as a leader in our market segment of higher education in the U.S., we have also come to understand the responsibility and the opportunity - that leadership carries within industries and among peers. We understand that you cannot correct the effects of these excesses by yourselves. We do think that your market position gives you an unusual opportunity to have an important seat at the table as policy is made locally and nationally and practices of market participants evolve on this important issue. Given the common interest that we have in the economic and social fortunes of the Twin Cities area, we would urge you to continue your efforts to address the fallout from the residential mortgage in a variety of ways. Finally, we understand that you have economic interests in this process, but that you also understand the long-term value that flows to you from the success of the communities that you serve. You have built a business strategy around relationships not transactions. We think that strategy has led to your significant success over the past 15 years under the Wells Fargo name and for decades before that under other names and structures emphasizes this concept. We hope that philosophy guides your thinking in responding to the needs of this important part of your customer base. Best regards, David Wheaton Vice President of Administration and Finance Kate Walker Assistant Vice President for Finance