Wells Fargo Institutional Trust Services Expands Retirement Capabilities

MINNEAPOLIS, MN, January 3, 2005 -- Wells Fargo & Company has completed the acquisition of $29 billion in assets under management from Strong Financial Corporation. Included in the acquisition is most of the Strong Financial Retirement Plan Service business, which is becoming part of Wells Fargo Institutional Trust Services.

"As Strong team members join us, we'll be able to combine their recognized expertise in participant communications and adult learning principles with Wells Fargo's total retirement solutions and breadth of financial services," said Laurie Nordquist, executive vice president and business director for Wells Fargo Institutional Trust Services. "The complementary strengths of our team members will create a truly outstanding high-touch business."

This acquisition will expand the capabilities of Wells Fargo Institutional Trust Services by 15 percent - administering $345 billion in assets, managing more than 5,000 plans and serving more than 1.2 million retirement plan participants.

Wells Fargo & Company is a diversified financial services company with $422 billion in assets, providing banking, insurance, investments, mortgage and consumer finance to more than 23 million customers from more than 6,000 stores and the internet (wellsfargo.com) across North America and elsewhere internationally. Wells Fargo Bank, N.A. is the only "Aaa"- rated bank in the United States.

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