Good morning. I am Paul Hazen, Chairman of Wells Fargo. I will divide 

my remarks this morning into two parts. First, I will describe what the 

Norwest-Wells Fargo merger will mean for the communities where we do 

business--specifically what values will guide the new company as we 

move forward. Secondly, I will also describe Wells Fargo’s record since 

1852 of keeping its promises to the communities where it does business 

and assure you we will continue our “best practices” with respect to CRA 

lending, services and investments. 

The new Wells Fargo & Co. will have one of the most widely known brand 

names in the financial services industry, a name that has endured for 146 

years. Since the gold rush, Westerners have relied on Wells Fargo for 

honest, reliable banking service. It may surprise you to know that 

Minnesotans, too, once counted on Wells Fargo for express delivery 

services. 

If I may, I’d like to give you a one minute history of Wells Fargo. In 1852, 

Henry Wells and William Fargo, formed Wells Fargo & Co., to provide 

reliable banking and express services to Western pioneers, and opened 

their first office in San Francisco. 

1 
By 1858, as Minnesota became a state, Wells Fargo had established 

seventy-eight offices. These offices and stagecoaches linked mining 

camps and towns all over the West. In May 1869, the completion of the 

transcontinental railroad allowed Wells Fargo express messengers to ride 

the rails. By April 1, 1897, Wells Fargo was operating in the upper 

Midwest aboard the trains of the Chicago Great Western Railroad, and had 

31 offices in Minnesota. The Twin Cities’ locations became part of Wells 

Fargo’s “Ocean to Ocean” express network of offices around the country 

and around the world. By 1910, Wells Fargo had offices in 194 Minnesota 

communities, from Adams to Zumbrota. 

In 1918, Wells Fargo changed abruptly when as a wartime measure the 

federal government took over all the 10,000 offices throughout the U.S. of 

Wells Fargo’s express operations, and the Wells Fargo name disappeared 

from depots and storefronts throughout Minnesota. However, Wells 

Fargo’s banking operations continued in the West, carrying on the most 

famous name in Western banking. 

This year our history adds a new chapter with our merger with Norwest. 

We want to build a strong foundation for the new Wells Fargo that will last 

a long time. We pledge to make the transition as smooth as possible. 

I can assure you that we will take the time to do it right. 

2 
In bringing Norwest and Wells Fargo together, we find that our cultures 

have much in common. These similarities include high performance 

orientation, commitment to customer service, high quality of teammember 

talent and strong records of community involvement. 

One value that we find that Norwest and Wells Fargo share is our belief 

that people are the best competitive advantage we have. At Wells Fargo, 

our employees “do whatever it takes to come through” for the customer. 

Both Wells Fargo and Norwest believe in the strong linkage between a 

diverse workforce and business success in an increasingly competitive 

global economy. For Wells Fargo, nowhere is this more evident than in 

California, a state that is a true mosaic of ethnicities. The new Wells Fargo 

will continue in its efforts to recruit, retain and promote women and minority 

employees in key positions throughout the company in ail our combined 

markets just as we have since the company’s founding in 1852. 

It is true that our banks do have different business models, based on our 

geographic origins and the different types of businesses we are in. For 

example, Norwest grew up here in the Midwest with more community 

banks than Wells Fargo’s predominantly urban markets. But that does not 

mean that the new Wells Fargo would adopt an urban model in areas 

3 
where a community banking model would work better. Both banks have 

been looking for a model to cultivate that other marketplace. We’ll gain by 

sharing our different business models that fit each type of community, and 

combining them into a common operating philosophy. 

Our commitment to all of the communities in which we do business is to 

take “best practices”-- those things that work well in both organizations and 

apply them to the new Wells Fargo. 

First, let me emphasize that the new Wells Fargo will honor all of Wells 

Fargo’s and Norwest’s previous CRA obligations. Wells Fargo is a leader 

in outreach to women and minority-owned small businesses in the West, if 

not the nation. These commitments include a $10 billion, IO-year goal for 

women-owned small businesses, a $1 billion, 6-year goal for providing 

loans to Latino-owned small businesses, and a recently announced $1 

billion, 12.year goal for loans to African-American owned small 

businesses. The new Wells Fargo will continue to aggressively market its 

products to low-income and minority communities to ensure equal access 

to credit and banking services to all citizens. 

It is worth noting that in 1990, Wells Fargo was the first major bank in the 

country to announce a multi-year CRA lending goal and the first bank to 

4 
exceed its goal. Our CRA goals and lending results are shared with the 

communities we serve on an ongoing basis. You can find state-by-state 

results of our lending, service and investment programs at our website, 

which is www.wellsfargo.com. 

Some have asked, how can the new Wells Fargo set goals when no one 

knows what will happen 10 years from now? We can’t predict the future. 

But we do know that we will be there to meet credit needs of communities 

and consumers, however those needs change. We know that from our 

past experience with our CRA program. It is flexible and can 

accommodate new or special local programs as needed. 

Wells Fargo’s most current CRA lending goal which is $45 billion over 10 

years was announced in December 1995 at the time of our merger with 

First Interstate. This goal is a public commitment to provide community 

lending and investments through a comprehensive and focused CRA 

strategy that capitalizes on the Bank’s unique small business and 

community development lending strengths. We will continue to honor this 

commitment. 
To date, Wells Fargo has accomplished over $16 billion of this goal 

resulting in the creation of over 340.000 jobs and over 13.000 affordable 

living spaces. 

Wells Fargo and Norwest intend through our current and future community 

reinvestment programs to be the unrivaled banking leader in CRA lending 

throughout our new 21-state territory. Wells Fargo has achieved 

“Outstanding” CRA ratings from its primary regulator and will continue to 

do so. 

Let me give you examples from two areas, small business and community 

development lending, where Wells Fargo has exemplified community 

reinvestment “best practices.” 

Small Business 

Since 1996, Wells Fargo has lent over $11 billion to small businesses and 

small farms. According to the most current public data available. Wells 

Fargo provided more small business loan dollars to low- and moderateincome communities in the US. than any other bank in both 1996 and 

1997. With Norwest’s expertise in small farm lending, Wells Fargo 

6 
expects to “Out Local the Nationals” and become the premier small 

business and small farm bank in the nation. - 

Communitv Development Lending 

Wells Fargo is already a national leader in community development 

financing for both the construction of multi-family housing units and 

financing to middle-market businesses for job creation. We believe that 

the creation of a Community Development Corporation (CDC) will further 

enhance our community programs. Through the creation of a new national 

CDC, Wells Fargo will lend to non-profit organizations that develop 

affordable housing or provide technical assistance to micro and very small 

businesses in low-income communities. 

Additionally, Wells Fargo has developed a portfolio of diverse and 

innovative CRA investments to meet local community financing needs. 

Currently Wells Fargo has a CRA investment portfolio of $213 million 

towards its $500 million, IO-year CRA Investment goal. 

A significant portion of Wells Fargo’s investments are focused on rural 

markets. Wells Fargo is the largest bank investor in the Rural Community 

Assistance Corporation (RCAC), a non-profit agency dedicated to 
improving the lives of low-income, rural Americans. RCAC provides 

technical assistance, loans, grants, and operational support for 

organizations in rural communities. 

When it comes to CRA contributions, both Wells Fargo and Norwest have 

solid records of making grants throughout their markets. In 1995 Wells 

Fargo pledged that 75% of our contributions would support credit 

counseling, affordable housing, job training programs, schools serving lowto-moderate income students, and programs that provide social services in 

low-income and rural communities. Last year, mof our contribution 

dollars funded such activities. 

We will not decrease our contribution levels in the communities where we 

do business. We intend to continue to be the leader in a wide range of 

crucial community reinvestment-related issues. 

Now, on to the business aspects of this merger. The new Wells Fargo has 

nine of the 10 fastest growing state economies in our markets. In 73 of our 

cities, we will be in first, second or third position for deposit market share, 

which represents 80% of our customer base. To serve our customers, the 

new Wells Fargo will have a strong delivery system across the new 2lstate territory, including traditional branches, supermarket branches, 
business centers, ATMs, 24-hour telephone customer service, Internet 

banking, and PC banking. 

One reason we are so convinced about the synergies of this merger is that 

the retail networks of both Wells Fargo and Norwest had already begun to 

evolve toward each other. Wells Fargo had looked for an effective 

community banking model and identified Norwest. Norwest had looked for 

an effective urban model and identified Wells Fargo. In our integrated 

retail network, services will continue to be expanded and customers will 

have the benefit of the widest choices possible. 

These choices cover all income segments. In our major metropolitan 

areas, approximately half of Wells Fargo’s branches are located within a 

mile of a low-income community. In fact, to be where our customers want 

and need us, we expanded our network. In the past two years, we added 

506 new staffed offices which includes 353 supermarket offices. 

Just as Wells Fargo historically expanded its delivery system from 

stagecoach to the railroad lines, we are embracing new banking 

technology and new formats for branch offices. Wells Fargo’s leadership 

in alternative delivery systems is a perfect complement to Norwest’s 

leadership in community banking. 

9 
Wells Fargo recognizes the challenges posed by technology. 

Demographic studies show that it is a consumer’s attitude, not their income 

that determines the acceptance of technology. The new Wells Fargo will 

continue to work with non-profits and providers of credit counseling and 

banking services education to increase low-income consumers’ 

understanding of how to access banking and financial services through 

technology. 

So today, in a sense we are where we first started in 1852 - we are 

spanning the Western territories and back to serving Minnesota 

communities. 

Wells Fargo looks forward to merging with a strong partner, Not-west, and 

continuing our historic leadership role as a community reinvestment bank. 

We pledge to become the best financial institution in this marketplace and 

in every community we serve. 

### 

9/15/98-5:25 p.m. - 10 minutes 

IO 
Facts regarding Wells Fargo’s Relationshio with Oregon Steel Mills, Inc. 

. 

. 

-. 

l 

. 

. 

The labor dispute has nothing to do with Wells Fargo. It is between Oregon 

Steel and some of its employees who a~< members of the United Steelworkers 

of America (union). 

Wells Fargo is one of many bank lenders to this company and we also handle 

some of its deposit accounts. We have had a lending relationship with Oregon 

Steel since 1976. 

The most recent financing was done in syndication with eight other banks and 

has been in place since June 1996. Wells Fargo and The Bank of Nova Scotia 

are co-agents of this syndication. Other bank members include: Key Bank, 

U.S. Bank, NationsBank, First National Bank of Chicago, Union Bank of 

California, PNC Bank, and Bank of Tokyo-IvIitsubishi. 

The financing provides for working capital and general corporate purposes. It 

does not specifically provide financing related to the union strike, which 

ended December 1997, or for the continuing dispute between Oregon Steel 

and the union. 

Wells Fargo is not a shareholder of Oregon Steel, as some literature that has 

been distributed suggests. We act as fiduciary trustee for certain Oregon Steel 

Mills shareholders, including employees of the mill, but Wells Fargo has no 

investment for our own account in the company’s stock. 

Finally, it would be against our business principles to deny service to one 

customer, be it a large company, an individual or a union, simply because 

another customer urges us to do so. If the shoe were on the other foot and a 

company asked us to withdraw credit from an employee because of a dispute, 

we would also turn down such a request. From the very beginning of this 

labor dispute, Wells Fargo has maintained that there is no role we can play in 

the negotiations between the union workers and Oregon Steel. 
Contact: Tom Unger 

FOR IMMEDIATE RELEASE 

Monday, April 27, 1998 

Wells Fargo Reasserts it Plays No Role in Union Dispute with Steel Company 

PORTLAND, Ore. - Responding to the United Steelworkers of America’s series of recent 

protests against Wells Fargo, the bank reasserts that it plays no role whatsoever in the dispute 

between the union and Portland-based Oregon Steel. 

The protests are due to the union’s continuing quarrel with the management of the mill 

operated by Oregon Steel in Pueblo, Cola. Union members struck the mill in October 1997 but 

settled the strike in December 1997. Because Oregon Steel has not re-hired all of the workers 

who were on strike, the union decided to target Wells Fargo, one of many lenders to the steel 

company. 

The union campaign against Wells Fargo is aimed at forcing the bank to abandon a 22- 

year customer relationship to pressure the steel company into accepting the union’s demands, 

Wells Fargo’s business principals do not allow it to deny service to one customer, be it a large 

company, individual or union, simply because another customer urges it to do so. If positions 

were reversed and a company asked Wells Fargo to withdraw credit from an employee or union 

because of a dispute, the bank would likewise turn down such a request. 

Not only do Wells Fargo’s business principles require that it honor its commitments, the 

bank also has a legal obligation to Oregon Steel. 

At issue with the union is a $125 million loan made to Oregon Steel by Wells Fargo 

along with eight other major banks in June 1996. The loan is for working capital and general 

corporate purposes. It was not made to provide financing related to the strike, as alleged by the 

union. 

Wells Fargo is not a shareholder in Oregon Steel, as also alleged. The bank acts as 

fiduciary trustee for certain Oregon Steel shareholders, including Oregon Steel employees, but 

Wells Fargo has no direct investment in the company’s stock. 

###