WHO IS WELLS FARGO?

Wells Fargo & Company

Wells Fargo & Company, founded in 1852, is a publicly held bank holding company that conducts business principally through its subsidiaries, including Wells Fargo Bank N. A. It is the seventh largest U. S. Bank holding company and one of the most profitable and financially sound banks in the country.

Wells Fargo & Company is a diversified financial services company with $272 billion in assets, providing banking, insurance, investments, mortgage and consumer finance from about 5,400 stores, the industry's Internet (wellsfargo.com) and other distribution channels across North America and elsewhere internationally. Our corporate headquarters is in San Francisco but we are decentralized so that every Wells Fargo store is a headquarters for satisfying all our customer's needs and helping them succeed financially. With 19 million customers, we are one of the largest, strongest, and most highly recognized financial services companies in this nation. Wells Fargo & Company is a Fortune 100 company with a team of 117,000 very talented people. We are the product of over 140 years of financial services history.

Service Culture

Our trademark, the stagecoach, is the symbol of Wells Fargo's role in the development of the Western United States and stands for our pride in "coming through" for our customers, a hallmark of our company since 1852.

Our approach to customer satisfaction is evidenced by our recent rankings by Fortune "as the most admired commercial bank in the country" and #1 for customer satisfaction in the banking industry.

Investments and Institutional Trust Group

The main subsidiary of Wells Fargo & Company, Wells Fargo Bank, N. A. is divided into three core businesses. Wholesale Banking, and Community Banking and Wells Fargo Financial. Wholesale Banking has three components. Institutional Investment Services, Commercial Banking and Real Estate. The Institutional Trust Group is a part of the Institutional Investment Services organizational structure which is headed by Michael J. Niedermyer, Executive Vice President. As the fastest growing division within the number one growth area in Wells Fargo, the Institutional Trust Group has the firm commitment of service management to make the technological and personal investments necessary to continue our high level of customer service and controlled growth.

Flex Benefits Group

The Flex Benefits Group is part of the ever-growing Institutional Trust Group. In November 2000, Wells Fargo acquired First Security Bank and Cost Control Advocates. The acquisition significantly expanded our presence in several western states in addition to adding the Flex Benefits product to our menu of financial services available to meet our clients needs.

First Security and Cost Control Advocates has been processing flex claims since 1967 and currently processes between $35,000 and $100,000 in reimbursements each day. 94% of these reimbursement claims are processed within two days of receiving them - a service quality statistic that we are proud to share with our clients and prospects. We have also been processing 132(f) transportation and car-pooling expenses since the benefits became available over a year ago.

We currently have 510 clients of which 295 are full flex administration clients. Our average group size is about 40 employees and our clients have employees located nearly in all 50 states.