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GLOBAL CUSTODY BUYER'S GUIDE 16TH ANNUAL BUYER'S GUIDE

Wafer-thin margins, unrelentling competition and ever increasing demands from clients are themes that recur year after year in the custody industry. So much consolidation has taken place over the past decade and service providers have expanded their product offerings so dramatically that pure custody is now only a relatively small part of the global custodian's business. The large global players, which together manage assets in excess of $40 trillion, now dominate an industry whose remit has expanded to the point where it now has a role in almost all areas of corporate finance. In what is truly an example of the survival of the fittest, the players that now consider themselves true global custodians are those that fought the hardest to ensure they remained at the cutting edge of technological developments. The range of services they can now provide, enabled by technology, is remarkable. In positioning themselves as asset servicing companies they are oiling the wheels of global commerce, providing corporations with the capabilities to efficiently manage money and assets around the world. Just as importantly, they are enhancing companies' ability to track their assets and to employ them efficiently.

THE BANK OF NEW YORK

Custody assets:

2005: $10.9 trillion

2004: $9.7 trillion

Ratings: (longterm deposits)

Moody's Aa2, S&P

AA-, Fitch AA

Client profile: By location: Americas 68%, Europe (including UK) 26%, Asia/Australia 4%, Middle East/Africa 2%. By investor type: mutual funds/fund managers/ UIT 29.5%; banks, trust companies, central banks 18%; insurance companies 16.5%; government agencies 15%; corporate and pension funds, endowment, foundation and Taft-Hartley 16%; broker/dealers 5%.

Capabilities/Services: Our comprehensive array of innovative and specialized securities services includes custody, investment/fund accounting, fund administration, securities lending, transfer agency, performance and risk analytics, investment compliance monitoring, portfolio transition management, brokerage commission recapture, hedge fund administration, alternative asset reporting, benefit disbursements, clearance and financial adviser services, collateral management, mid- and back-office outsourcing and depositary receipt services. We add additional value for our clients with our treasury management and investment management service offerings that include foreign exchange, electronic funds transfer, asset management and currency overlay.

Top emerging markets: Last year the bank experienced an increase in the volumes in some emerging markets, but there was no demand to expand our market coverage beyond its current breadth of 101 markets.

Business developments: Strategic partnerships with industry specialists continue to fuel the development of innovative and trend-setting technologies and products. Through a 50:50 joint venture, BHF Bank and The Bank of New York established BHF BNY securities Services, which provides global custody to German investment companies and securities custody and settlement services for the national and international direct investments of institutional investors. The bank provides the technology and servicing infrastructure to Nordea's global custody business, supporting Nordea as the premier provider of securities services in the Baltic Sea region. We launched TreasuryAnalyst, a specialized reporting solution for monitoring daily portfolio accounting, compliance, performance and risk for corporate treasury and other operating fund portfolios. We also tackled key issues facing institutional investors and financial institutions through published joint research studies, sponsored forums and active participation in industry working groups.

Outlook: Our ongoing focus is to provide a comprehensive array of essential services that enable institutions and individuals to move and manage their financial assets, successfully navigating the complexities of the world's financial markets.

Contact: Patrick Curtin

Tel: +1 212 635 6460

Fax: +1 212 635 7334

pcurtin@bankofny.com

www.bankofny.com

CITIGROUP

Custody assets:

2005: $8.6 trillion

2004: $7.9 trillion

Ratings: Moody's Aa1, S&PAA, Fitch AA+

Client profile: By location: Clients are domiciled in more than 75 countries in all regions around the globe. By investor type: Banks, broker-dealers, corporations, fund managers, global custodians, insurance companies, mutual funds and pension funds. Foreign 60%, domestic 40%.

Capabilities/services: Citigroup Corporate and Investment Banking offers an integrated service for transaction settlement, safekeeping, administration, reporting and analyzing of global investments. Through a single access point for custody and a consistent product offering, we help protect clients from market inefficiencies across all of the world's stock markets and recognized stock exchanges. Our industry-leading global proprietary network, high-quality client service via regional service centers and advanced processing technologies enable us to offer tailored services.

Top emerging markets: By client activity/interest: Brazil, China, India, Korea, Kuwait, Mexico, Poland, Russia, Saudi Arabia and Taiwan. We have also commenced the opening process for Serbia and Tunisia. Other key new markets include Lebanon, Macedonia, Moldova and Palestine. Additional demand exists for Ghana, Kenya, Namibia, Nigeria and Panama.

Business developments: Citigroup Corporate and Investment Banking has developed many strategic business initiatives with its clients, keeping us at the leading edge of client solution development. We have developed solutions for and expect continued growth in alternative investments, separately managed accounts (SMAs), middle-office solutions, service bureaus for messaging, compliance monitoring and reporting and securities/liquidity financing solutions.

Outlook: Citigroup Corporate and Investment Banking continually strives to be a key provider of securities and fund services to sustain future growth for our clients. Our clients will continue to seek providers who have a long-term commitment to the business as well as the scalable global infrastructure to reduce unit cost and expand efficiently. Given Citigroup's global presence and strength, we are uniquely positioned to develop a broad base of solutions for each segment of the investment industry.

Contact: North America:

T. Andrew Smith

Tel: + 1 212 816 3832

andrew.t.smith@citigroup.com

International: Richard Ernesti

Tel: + 1 212 816 0363

richard.mf.ernesti@citigroup.com

www.transactionservices.citigroup.com

EFG EUROBANK

Custody assets:

2005: $55.3 billion

2004: $43.7 biUion

Ratings: Moody's A2, S&P A-, Fitch: A-

Client profile: By

location: Europe and US. By investor type: global custodians, banks, broker/ dealers, mutual funds, insurance companies and asset managers.

Capabilities/services: Eurobank EFG enjoys a leading market share in most areas including custody, derivatives trading and clearing, equity brokerage, equity placements and debt issues and top ratings from credit agencies. Since 1992 the bank's securities Services Division maintained pole position in the custodian market for Greek institutional investors. In 2000 the securities Services division, after a significant investment both in technology and in experienced personnel, was fully restructured in an effort to further accommodate client needs and improve the servicing of Greek and foreign institutional clients. Through the years, the bank has managed to gain impressive market shares for the custodian business. It is the leading custodian for Greek mutual funds and institutional investors. It also leads the way in the derivatives clearing business in all core derivatives products introduced in Greece. Since 2000 the bank has been offering clearing and custody services to foreign institutions and has been able to remarkably increase its market share in this client segment. Eurobank EFG offers a full range of securities services for major investors including settlement, income collection, tax reclaim, corporate actions, proxy voting and customized reporting services for Greek equities and fixed-income securities.

Top emerging markets: Bulgaria, Romania. Russia, Poland

Business developments: Eurobank EFG remains committed to growing its clearing, custody and related portfolio services to financial institutions-by organic growth and geographic expansion. As evidence of this commitment we are currently in the process of enlarging our offer to Romania and Bulgaria. Additionally, we continue to evaluate new markets and opportunities based on the strategy of the Eurobank EFG Group. Our ultimate goal is to offer a regional custody product in all countries in Southeastern Europe where the group has presence.

Outlook: Always striving to find new ways to enhance our clients' satisfaction, Eurobank EFG constantly looks at ways in which to develop new products and thus deliver advanced solutions with excellent client service.

Contact: Andrew Economides

Tel: +30 210 335 7191

Fax: +30 210 335 7185

aeconomides@eurobank. gr

www.eurobank.gr

INVESTORS BANK & TRUST

Custody assets:

2005: $1.8 trillion

2004: $1.4 trillion

Ratings: Counterparty ratings (2005): Moody's A2, S&P A, Fitch A

Client profile: By location: US 76%, Europe 24%. By investor type: Investors Bank provides securities processing for clients including mutual fund complexes, insurance companies, banks, alternative investment managers, endowments, foundations, employee benefit plans, public funds, unit investment trust sponsors and independent investment advisers. Foreign 24%, domestic 76%.

Capabilities/services: Services include global custody, multicurrency fund accounting, fund administration, transfer agency, trade operations management, middle- and back-office outsourcing, investment adviser custody services, trustee services, master trust accounting, securities lending, foreign exchange, cash management, transition management, benefit payment services, performance measurement, strategic consulting and product development.

Top emerging markets: Korea, Taiwan, South Africa, Mexico, Brazil, Turkey, Poland and India

Business developments: Assets under administration increased 29%; 2005 net operating revenue up 14%. Opened new London office in January 2006 followed by planned opening of Luxembourg office in 2006. Renewed US asset administration outsourcing agreement with Barclays Global Investors.

Outlook: With increased competition in the asset management industry, more complex investment products and higher operating risks, we will continue to focus our business on delivering a premiumquality service that mitigates operational risk and enhances our industry-leading middle- and back-office outsourcing services in North America and Europe.

Contact: Rob Mancuso

Tel: +1 617 937 6226

Fax: +1 617 937 6033

info@ibtco.com

www.ibtco.com

JPMORGAN

Custody assets:

2005: $11.2 trillion

2004: $9.3 trillion

Ratings: S&P AA-, Moody s Aa2

Client profile: By location: North America 75%, UK 9.4%, continental Europe 6.2%, Asia/Pacific 5.1%, other 3.2%, Central and South America 1.1%. By investor type: asset managers 28.7%, banks & broker/dealers 27.9%, insurance companies 17.2%, corporate pensions & treasuries 13.5%, other 6.6%, public/government agencies 5.7%, not-for-profit 0.4%. Domestic $8.634 trillion in-country. Foreign $2.615 trillion cross-border.

Capabilities/services: JPMorgan helps investors optimize efficiency, enhance revenues and mitigate risks with a complete set of solutions, including custody and accounting, performance measurement and analytics, securities lending, transition management, short-term investments, benefit payments, fund administration and compliance and backoffice outsourcing.

Top emerging markets: Key markets include the China A-Shares market, the Gulf-region and Eastern European markets, particularly Russia, Ukraine and Romania; in Latin America we have just opened Panama in response to client demand.

Business developments: JPMorgan Worldwide securities Services created a Separately Managed Account solution that streamlines communication between managers and sponsors, automates account opening, portfolio rebalancing and tax optimization and offers performance measurement and management reporting tools. JPMorgan Worldwide securities Services also created a new business unit, JPMorgan Private Equity Fund Services, to deliver fund administration services to private equity firms and institutional limited partners. JPMorgan acquired Tranaut, a privately owned hedge fund administration services company, expanding on the range of services currently provided to long-only funds. To help our clients manage and process derivatives, JPMorgan is also launching a Global Derivatives Servicing hub that will provide independent valuations for clients who require it, featuring the bank's expertise and resources as one of the world's leading derivative houses. A significant upgrade to our reporting platform integrates accounting, custody, compliance and performance measurement information into a single business intelligence toolset. Features include a customizable dashboard and home page, folders for grouping and filing of report templates, quick inquiry functions and advanced report delivery capabilities.

Outlook: The custody industry has grown from its original purpose as a provider of core securities movement and control functions; today, investors seek support from an organization that understands their complex investment structures and strategies. The scale, depth and breadth of JPMorgan offers clients access to world-class capabilities, customized and forward-looking solutions and personal attention that cannot be matched by single-product providers. These are powerful competitive differentiators; we know it, and our clients know it. We know our clients and understand how to couple service and solutions to help them optimize efficiency, mitigate risk and enhance revenue. We are uniquely positioned to offer a suite of global securities services products backed by the flexibility and strength of a leading financial powerhouse. We have built a strong global servicing platform and are committed and positioned to drive the evolution of the industry and support the growth of our clients.

Contact: Christopher E. Lynch

Tel: +1 718 242 7555

Fax: +1 718 242 6700

chris.e.lynch@jpmorgan.com

www.jpmorgan.com/WSS

MELLON GROUP

Custody assets:

2005: $3.97 trillion

2004: $3.19 trillion

Ratings: Mellon Financial Corporation: Moody s Aa3, S&P AA-, Fitch AA

Client profile: Mellon Global securities Services: corporate/public pension funds 22%, insurance 9%, investment managers 4%, mutual funds 6%, endowments/foundations 5%, other 11%, assets under management 18%, joint ventures 26%. CIBC Mellon: pensions 22%, banks/brokers 8%, insurance 12%, mutual/pooled funds 44%, governments 4%, corporate/other 10%. ABNAMRO Mellon: pension funds 49%, banks 13%, insurance 13%, investment managers 22%, foundations 2%, investment funds 1%.

Capabilities/services: Mellon's goal is simple: We enhance our clients' ability to process, monitor and measure investment data from around the world. Delivering innovative products worldwide, we develop solution-oriented tools to support the entire investment process for public and private pension funds, asset managers, mutual funds, insurance companies and other financial institutions. We offer premium worldwide trust, custody and value-added services for the institutional marketplace. Our services include global custody, trust, global securities settlement, corporate action processing, multi-currency accounting and reporting, benefit disbursement services, ERISA reporting, regulatory reporting, managed accounts outsourcing, back-office out-sourcing, mutual fund accounting and administration, cash management, foreign exchange, transition management, global securities lending, hedge fund administration, investment fund services, Depotbank services, sub-custody and broker clearing services, offshore fund services, global performance measurement and analytics, transition management and online reporting.

Top emerging markets: Recently added Bulgaria, Latvia and Lithuania. The following countries are currently under research for appointing as sub-custodian: United Arab Emirates, Malta, Cyprus, Serbia and Ecuador.

Business developments: Mellon acquired DPM, a Somerset, NJ-based hedge fund administrator that serves 91 clients with assets of approximately $30 billion. The hedge fund administrator operates as DPM Mellon within Mellon's Asset Servicing business. DPM Mellon's services for hedge funds include middle- and back-office outsourcing, complex portfolio valuations, risk analysis and transparency. Mellon also acquired Russell's 50% share of the firms' successful joint venture-Russell/Mellon-and renamed the business' performance-related products and services Mellon Analytical Solutions (MAS).

Outlook: Invest in core services, new and enhanced products and grow our assets under custody, administration and related services by leveraging our strengths and capabilities as a premier global asset servicing provider-focusing on key market segments and geographies.

Contact:

Mellon Global securities Services:

James J. Flannery

Tel: +1 800 597 1459

Fax: +1 215 553 1808

flannery.jj@mellon.com

www.mellon.com/assetservicing

CIBC Mellon:

David Linds

Tel: +1 416 643 5300

Fax:+1 416 643 6360

david_linds@cibcmellon.com

www.cibcmellon.com

ABN AMRO Mellon:

Barry Halpin

Tel: +44 20 7163 5210

Fax: +44 7770234 614

barry.halpin@abnamromellon.com

www.abnamromellon.com

NATIONAL BANK OF GREECE

Custody assets:

2005: Over euro50 billion

2004: euro50 billion

Ratings: Moody's

bank deposits LT A2, S&P foreign currency LT BBB+, Fitch A-

Client profile: By location: Europe and US (mainly). By investor type: Global custodians, commercial banks, mutual funds, investment companies, insurance companies, pension funds, broker/dealers and other institutional investors. Foreign 25%, domestic 75%.

Capabilities/services: Local and global custody: safekeeping of securities, trade settlement, corporate action processing, income collection, proxy voting, tax reclamation, securities lending, full SWIFT capabilities, daily pricing, performance and compliance reporting, cash planning tools, custody newsletters, treasury and foreign exchange, brokerage, as well as other banking services.

Top emerging markets: Mexico

Business developments: National Bank of Greece represents the Greek banking community in the discussions for the harmonization of the European clearing and settlement field. It is also actively participating in all market and European working groups (Giovannini, SEPA, etc.) for the industry. On its own initiative, NBG frequently proposes new market processes, and upon their official adoption it is the first bank applying them. The most recent example is the new process for dividend payments exclusively through a paying agent, where NBG was the first bank that acted as such, with extremely positive results. In 2005 we adapted our systems to comply with the Bank of Greece's new real-time gross settlement system (RTGS) for commercial transactions on Greek State debt securities and with the recently introduced dividend payment process, exclusively through paying agents and not at the discretion of each issuing company. At the same time, we have started analyzing system changes needed for the adoption of record date concept in proxy voting and the abolition of share blocking system, as well as the electronic pre-matching of client instructions between local counterparties.

Outlook: Further expansion of the product list with new items, such as the custody of third-party mutual funds we distribute in Greece and provision of sub-custody services in Southeastern Europe. Firm commitment in offering quality custody services and providing solutions that maximize customer satisfaction. Continuous upgrades of systems to comply with changing market regulations and meet increasing client needs. Compliance with ISO 15022 (SR 2006). Ongoing development of automation and STP.

Contact: John D. Avgoustis

Tel: +30 210 3340 222

Fax: +30 210 3340 656, 3340 311

jdavg@nbg.gr

www.nbg.gr

NORTHERN TRUST

Custody assets:

2005: $2.9 trillion

2004: $2.6 trillion

Ratings: Moody's Aa3, S&P AA-, Fitch AA-

Client profile: By location: 39 countries. By investor type: international/fund services 35%, US corporate ERISA 31%, foundations/endowments 16%, US public funds/Taft-Hartley (union) 10%, insurance 8%.

Capabilities/services: Northern Trust offers safekeeping and settlement in 90 markets, income collection, contractual settlement and income policies, tax reclamation, cash management, corporate actions, proxy voting, foreign exchange, securities lending, investment risk and analytical services, cross-border pension pooling, commission recapture, fund administration, trade execution analysis, consolidated online/Internet reporting.

Top emerging markets: South Korea, Taiwan, South Africa, Brazil,Turkey, Mexico, Thailand, Poland, Malaysia and India

Business developments: in 2005 Northern Trust purchased and began the integration of Baring Financial Services Group (FSG), the institutional fund administration, custody and trust services arm of Baring Asset Management. Northern Trust developed the first proprietary solution to allow multinational companies to commingle US ERISA defined benefit retirement plan assets with assets from non-US subsidiaries in a single pooled offshore pooling vehicle. We continued to focus on the further development of our investment operations outsourcing services, having grown our relationships with some key clients in this space. In addition to opening a representative office in Beijing, we expanded our operations in Singapore and began the process of building a Northern Trust facility in Bangalore.

Outlook: In the coming year we will continue to focus on the further development of our cross-border pooling solutions, as we have recently launched tax-transparent pooling vehicles for investment managers. We are in the process of opening our Amsterdam office to provide increased local expertise and servicing for our client base in the Netherlands. We will complete the integration of Baring Financial Services Group. Our investment operations outsourcing model will continue to be enhanced as we deepen our existing relationships and take on additional opportunities. We will continue to focus on growing our presence in the Asia/Pacific marketplace.

Contact: Americas: Griff Ehrenstrom

Tel: +1 312 630 6442

Fax: + 1 312 630 1735

gme@ntrs.com

Europe, Middle East, Africa:

Anne Lise Winge

Tel: +44 207 982 2205

Fax: +44 207 982 3623

alw8@ntrs.com

Asia Pacific: Lawrence Au

Tel: +65 6437 6601

Fax: +65 6437 6609

la16@ntrs.com

www.northerntrust.com

PFPC

Custody assets:

2005: $476 billion

2004: $450.6 billion

Ratings: Moody's A2, S&P A-, Fitch A

Client profile: By location: Americas 95%, Europe & Asia 5%. By investor type: mutual funds 81%, international funds 6%, institutional 8%, other 5%.

Capabilities/services: For more than 30 years PFPC has been a leading provider of global custody services to a broad base of clients, including mutual funds, investment advisers, partnerships, institutions, insurance companies and trusts. With a complete set of custodial services and connections to major depositories, PFPC accommodates virtually any security processing requirement. From investment securities to income collection to corporate actions, we provide an array of global services in a straight-through-processing environment. PFPC also offers a personalized, global securities lending program to the investment management industry. Our securities lending capabilities focus on enhancing revenues and maintaining a low risk profile, offering clients the opportunity to generate incremental income on portfolio securities.

Top emerging markets: Brazil, India, South Korea, Mexico and Taiwan

Business developments: Strategic development of our Global Enterprise Platform, our open, flexible technology architecture, to provide further integration across various products while expanding web-based information delivery solutions through our data repository and analytics suite.

Outlook: PFPC emphasizes operational enhancements including expanded SWIFT utilization as well as corporate actions and reconcilement. These capabilities provide end-to-end, straight-through-processing (STP) solutions to investment managers as they continue to outsource more middle- and back-office functions to custodians.

Contact: Bill Salus

Tel: +1 302 791 2000

information@pfpc.com

www.pfpc.com

STATE STREET

Custody assets:

2005: $10.1 trillion

2004: $9.5 trillion

Ratings: Moody's Aa3, S&P AA-, Fitch AA-

Client profile: By location: North America 84%, Europe 13%, Asia/Pacific 3%. By investor type: mutual funds/investment and asset managers 50%, corporations and pension funds 29%, banks 10%, insurance companies 7%, other 4%.

Capabilities/Services: Our services include global custody, multicurrency accounting, insurance accounting, fund administration, daily pricing, investment manager operations outsourcing, hedge fund servicing, brokerage and transition management, investment management, multi-asset-class research and trading, securities lending and performance measurement and analytics.

Top emerging markets: State Street's global custody network spans 103 markets, offering customers flexibility to invest in a variety of emerging opportunities. We have experienced recent increases in activity and customer interest in India, Indonesia, Lebanon, Morocco, the Philippines, Republic of Korea, Russia, Taiwan and Thailand. Our current market expansion efforts include Bosnia, Dubai International Financial Exchange (DIFX), Kuwait and Montenegro.

Business developments: State Street continues to develop industry-leading products and services that help institutional investors stay ahead of changing market regulations. In 2005 we added a Corporate Governance Portfolio Analysis capability to our performance measurement and analytics product suite. This tool gives our customers a better understanding of the portfolio risk and return potential associated with corporate governance. We also enhanced our Headquarters Reporting capabilities with an expanded data acquisition feature. The Headquarters Reporting tool provides our multinational customers with a comprehensive, consolidated view of their worldwide investment assets.

Outlook: Faced with increasing pressures on their resources, more and more institutional investors are seeking to outsource time-consuming and costly operations functions such as fund accounting, administration and reporting. State Street is well positioned to support their needs. We continue to provide comprehensive solutions that help our customers deliver on their operational and administrative responsibilities, leaving them free to focus on their core competencies.

Contact: Scott FitzGerald

Tel: +l 6176648207

srfitzgerald@statestreet.com

www.statestreet.com

UNION BANK OF CALIFORIA

Custody assets:

2005: $209 billion

2004: $204 billion

Ratings: Moody's A1.S&P A+, Fitch A+

Client profile: By location: Americas 76%, Asia/Pacific 19%, Europe/Middle East/Africa 3%. By investor type: banks 53%, investment managers 25%, mutual funds 21%, other 1%. Foreign 3%, domestic 97%.

Capabilities/Services: Include fully integrated securities processing and controls for US and foreign markets, with a single point of contact for processing and inquiry needs; flexible information delivery including direct access and electronic delivery from real-time integrated processing and accounting system, supporting US and global processing on a single platform.

Top emerging markets: Brazil, Korea, Malaysia, Taiwan, Thailand

Business developments: We introduced our new Online Trust & Custody system, a comprehensive, web-based account information management service that features advanced security, access to essential account information, and user-customized reports and downloads. Demo available at uboc.com/trustandcustody.

Outlook: Continued commitment to securities processing, securities custody and securities lending.

Contact: Kevin Galvin

Tel: +1 415 705 5021

Fax: +1 415 705 5052

kevin.galvin@uboc.com

www.uboc.com

WELLS FARGO

Custody assets:

2005: $791 billion

2004: $654 billion

Ratings: Moody's Aaa, S&P AA, Fitch AA+

Client profile: By location :The majority of our clients are US-based. We also have clients domiciled in Ireland and the UK. Our global custody clients are currently invested in 42 countries with plans for entering eight more. By investor type: fund managers, pension funds, corporations, insurance companies, foundations & endowments, public/government agencies, Taft-Hartley, partnerships and foreign entities. Our client base is nearly 100% domestic.

Capabilities/services: Wells Fargo provides global and domestic custody, foreign exchange, comprehensive securities processing services, SWIFT capabilities, investment guideline monitoring, securities lending, benefit payments, tax optimization, performance measurement and analytics, commission recapture, asset allocation overlays, portfolio liquidation and treasury management services. Through our award-winning Commercial Electronic Office Internet portal, we've helped our customers simplify the way they do business by offering them a full suite of financial services online-over 45 services including treasury, credit, international, investing and purchasing. CEO users can easily move from one task to another in a seamlessly integrated and secure environment. We also offer clients investment management, retirement-plan and benefits consulting solutions.

Top emerging markets: Brazil, South Korea, Thailand, Malaysia, Taiwan, China, India, Mexico, Poland, Russia, Turkey, South Africa, Indonesia and Greece. Future expansions to include China, Jordan, Pakistan, Morocco, Colombia andVenezuela.

Business developments: Wells Fargo is working on an advanced global technology platform to integrate successful straight-through-processing (STP) capabilities that include automated foreign exchange execution with two separate foreign exchange desks. A robust new Investment Guideline Monitoring solution is being rolled out via our CEO Internet portal to offer real-time reporting of alerts and warnings, in addition to a comprehensive suite of reports, daily manager alerts summary, position level reporting and customized reporting capabilities.

Outlook: As America's only Aaa-rated financial services institution, Wells Fargo is one of the largest, strongest and most highly recognized financial services companies in the nation. Our diversity of business lines makes us much more than a bank: We are a diversified financial services company. Our diversity helps us weather downturns that inevitably affect any one segment of our industry. Investment-related businesses are a key element of this diversity strategy. In fact, growing investments, trust, brokerage, private banking and insurance is Wells Fargo's top strategic initiative. Wells Fargo is a client-driven organization. The Wells Fargo Strategic Relationship Management program is a disciplined, proactive and consultative approach to serving our clients. Our goal is to give our clients increased access to Wells Fargo's resources. Clients have access to a range of expertise-from investment and product technical specialists to benefits consultants. Our team becomes the client's most trusted adviser.

Contact: Robert S. Poferl

Tel: +1 612 667 0752

Fax: +1 612 667 5248

Robert.S.Poferl@wellsfargo.com

www.wellsfargo.com/com

Copyright Global Finance Media Inc. Apr 2006
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