Thank you for calling in to Wachovia’s third quarter 2008 pre-recorded earnings review call. This is Alice Lehman, Director of Investor Relations. Before you listen to the rest of this call, you may want to go to our website at wachovia.com/investor, and download the slide presentation we’ll be referring to throughout. Also on our website, you can obtain a copy of today’s earnings press release and tables and our supplemental quarterly earning report. In this call, we’ll review our third quarter financial highlights deck. In addition, this call will be available on our website through January 16, 2009, at 800-642-1687 for U.S. callers and 706-645-9291 for international callers - Conference ID: 69710892. The call is also available on the Internet at wachovia.com/investor. Our CEO Bob Steel will kick things off; he'll be followed by CFO David Zwiener, and our Chief Risk Officer, Kenneth Phelan. Before we begin, I have a few reminders: First, any forward-looking statements made during this call are subject to risks and uncertainties. Factors that could cause Wachovia's results to differ materially from any forward-looking statements are set forth in Wachovia's public documents filed with the SEC, including Wachovia's current report on Form 8-K filed today. Second, some of the discussion about our company’s performance today will include references to non-GAAP financial measures. Information that reconciles those measures to GAAP measures can be found in our filings with the SEC and in the news release and supplemental material located at Wachovia.com/investor. Third, Wachovia’s proposed merger with Wells Fargo will be addressed in a definitive proxy statement/prospectus to be filed with the SEC, and we urge you to read that document when it becomes available because it will contain important information. Information regarding the participants in the proxy solicitation is contained in our annual proxy material filed with the SEC, and will also be contained in the definitive proxy statement/prospectus. That document and other SEC filings can be obtained for free at the SEC’s website and from Wachovia and Wells Fargo. Now let me turn things over to Bob Steel.

Thank you, Alice. Hello, and thank you for joining us today. I will turn it over in a moment to David Zwiener, our CFO and Ken Phelan, our Chief Risk Officer, to discuss our third quarter, but first let me say a few introductory words on our pending combination with Wells Fargo. Clearly, these are extraordinary times. While we are disappointed that Wachovia will not remain independent, we are enthusiastic about the prospects that lie ahead for a combination with Wells Fargo. When I arrived at Wachovia about three months ago, we immediately got to work addressing the well-known challenges on our balance sheet. We cut the dividend and were working hard to make adjustments to the balance sheet and reduce our expenses. While we were making progress on these initiatives, as everyone now knows, the market environment changed more precipitously than anyone had expected and we had to move quickly and in a different direction to act in the best interests of, and preserve value for all of our constituencies Our board approved the combination with Wells Fargo, and it’s an exciting combination. Wachovia’s shareholders will be owners of one of the world’s strongest financial institutions. It represents good value under the circumstances for our shareholders; it gives them upside in a stronger combined company; and it preserves the best of what is Wachovia and our culture. Wells Fargo is strong and stable and active in 80 different financial services businesses. Wells is number 1 in many areas including small business lending, agricultural lending and commercial real estate brokerage. It is number 2 in mortgage origination and servicing and debit cards and has the largest bank-owned insurance brokerage. In many ways, Wachovia is the mirror image of Wells Fargo. We are one of the nation’s largest diversified financial service…

Thanks, Bob. Today, I’ll review our financial highlights, and then our Chief Risk Officer Ken Phelan, will discuss our loan portfolio and credit-related material. First let me say that, while I’ve been at Wachovia only a short time, it’s been long enough to understand the potential of this franchise, with its exceptional people, commitment to customer service and cross-sell excellence, compelling geographic and demographic footprint, and attractive product set. Because of our shared values, we’re enthusiastic about the opportunities ahead as we plan to join with our merger partner, Wells Fargo. Beginning with Slide 1, it is clear that our results this quarter were greatly impacted by increasing credit costs, market disruption losses, lower overall asset valuations and subdued market activity. Additionally, our GAAP results included the recognition of $18.8 billion pretax of noncash goodwill impairment, which reflected declining market valuations and the terms of the merger with Wells Fargo. On an operating basis we reported a loss of $4.8 billion, representing a loss of $2.23 per common share. In an attempt to provide clarity around the core trends driving these results, I will speak to our results excluding goodwill impairment, merger-related and restructuring expenses, intangible amortization, market disruption-related losses, our second quarter ’08 non-cash SILO charge and our principal investing results. On that basis, our revenue was down 8% on a linked quarter basis. Net interest income, which historically accounted for approximately 50% of our revenue, was down 5%, largely due to pressure from our capital and liquidity strategies, a deposit mix shift and higher non-performing assets, primarily in our Golden West Pick-a-Pay portfolio. Fees were down 10% excluding the principal investing and market disruption losses and while we saw growth in our traditional banking fees during the quarter, all market-related fees were lower on reduced origination activity and…

Thanks, Dave. First off, I want to point out that while our credit costs are up significantly, reflecting continued weakness in the residential market and particular weakness in our Golden West portfolio, the balance of our portfolios appear fairly solid given the backdrop of the market and the rapid deterioration in the credit markets. As you can see from slide 13, total credit costs for the quarter were $6.6 billion, consisting of net charge-offs of $1.87 billion and an increase in our reserve of $4.8 billion. Of the total credit costs, nearly two-thirds or $4.2 billion related to the Golden West Pick-a-Pay portfolio: $810 million from charge-offs, and $3.4 billion of reserve build. I will discuss the Golden West Pick-a-Pay portfolio after first going over the core consumer and commercial loan portfolio, which we’ve broken out on the right-hand side of the table on page 13. Our core loan portfolio performance is in line with expectations given the economic environment. NPAs on this portfolio are up $1.1 billion, or 32 basis points, to $6 billion or 1.65% of loans. The core loan portfolio provision of $2.4 billion includes a reserve build of $1.3 billion. This reserve build included an increase of $576 million for the largely branch-originated consumer real estate portfolio, $132 million for autos, $214 million for commercial, and an unallocated increase of $440 million. We leave the quarter with $7 billion allowance for credit losses on this portfolio, or 1.92% of loans, up $1.2 billion from the second quarter. Moving away from provisions to performance, on slide 14 we focus on the performance of the core consumer loan portfolio, where NPAs were up $371 million to 1.23% of loans, due to increased stress in the consumer real estate. Charge-offs were up $169 million or 45 basis points of…

Thanks, Ken. Once again, this was a very challenging quarter in unprecedented times, but one thing remained clear: Wachovia has an exceptionally attractive franchise, footprint and set of businesses. The dedication of our teammates in putting their customers’ needs above their own is unmatched. We look forward to being able to leverage this great franchise with our merger partner, Wells Fargo. Thank you for your interest today, and if you have questions on our third quarter results, our Investor Relations officers Alice Lehman, Ellen Taylor and Tanya Quinn stand ready to help you as always.