Hello, this is Bob Strickland. Thank you for calling into the Wells Fargo fourth quarter 2008 earnings review pre-recorded call. Before we discuss our fourth quarter results, we need to make the standard securities law disclosure. In this call we will make forward-looking statements about specific income statement and balance sheet items and other measures of future results of operations and financial conditions including generally statements about future credit quality and losses and the expected financial and other benefits and opportunities of the Wachovia merger including assumed cost savings, revenue synergies, internal rate of return and GAAP earnings accretion and specifically statements that the risk reduction or de-risking actions taken in the fourth quarter will reduce the likelihood of future losses, that the acquisition of Wachovia will add significantly to the Wells Fargo earnings run rate upon full integration and that we expect the additional revenue opportunities from adding long-term loans and securities during the current credit cycle to last longer than the higher charge offs because of the duration of the loans and securities that as we reduce the higher risk and lower return assets of Wachovia we expect the combined net interest margin to move somewhat towards the Wells Fargo historic stand-along margin, that we are on track for similar or higher mortgage application volume for the first quarter of 2009 compared with the fourth quarter 2008, that as customers refinance their mortgages at par we expect to recoup some of the mortgage warehouse write down, that we believe the combined Wells Fargo/Wachovia platform provides us with the ability to generate profitable growth, that until home prices stabilize we continue to expect higher losses in the home equity portfolio and that we feel good about our financial assumptions. Forward-looking statements give our expectations about the future. They are not guarantees and results may differ from expectations. Forward-looking statements speak only as of the date they are made and we do not undertake any obligation to update them to reflect changes that occur after that date. For a discussion of some of the factors that may cause actual results to differ from expectations, refer to our SEC filings including the 8K filed today which includes the press release announcing our fourth quarter results and the slides that accompany these pre-recorded comments. Also refer to our most recent annual report on form 10K and quarterly report on form 10Q filed with the SEC and to the information incorporated into those documents. John Stumpf, our CEO, will make some concluding comments but first Howard Atkins, our CFO will review the company’s financial performance. A slide presentation to go along with Howard’s comments is available on our website.

Thanks, Bob. 2008 was a year in which the financial landscape was fundamentally reshaped. The environment in which Wells Fargo operates continued to be challenging in the fourth quarter and if anything became even more difficult with the unexpected, abrupt and sharp decline in economic activity late in the quarter. Our fourth quarter results were impacted by the economy and dysfunctional markets, in some cases like higher charge offs adversely impacted and in other cases like higher mortgage applications positively impacted. In addition, we took numerous actions in the fourth quarter to reduce the risk, or as we like to say de-risk, the combined new balance sheet in preparation for the Wachovia acquisition. While some of these actions adversely impacted fourth quarter earnings, this de-risking will reduce the likelihood of losses in the future, improving the level and consistency of our performance going forward. To put the fourth quarter in context I’d like to cover several topics. First, the fourth quarter represented a continuation of the same profitable growth in lending and deposit gathering that Wells Fargo has always been successful at and which, if anything, accelerated since the start of the credit crisis in mid-2007. Second, I will go over with you the balance sheet actions we took in the fourth quarter of 2008 to prepare for the next exciting stage of our growth; the acquisition of Wachovia which will create the premier coast to coast financial services organization and which we continue to believe will add significantly to the Wells Fargo earnings run rate upon full integration. I will then go over fourth quarter results and how the actions taken in the fourth quarter to de-risk the balance sheet impacted fourth quarter earnings and the resultant capital position of the new company. I will conclude with color on…

Thanks Howard. I just wanted to reiterate how enthusiastic we are about the future for Wells Fargo. With the completion of the Wachovia merger, we are one team, twice as strong. I feel better about this deal now than I did when it was first announced. I have met with thousands of Wachovia team members and customers all over the East Coast and the Southeast. These are really great people in really great markets. This merger is coming together better than we ever could have expected. While the economy is worse, no question about that, than when we announced the merger, we feel very good about our financial assumptions including 20% IRR and at least 20% accretive to GAAP earnings in year three, 30% on a cash basis. I also believe that our cost save projections were low and our conversion cost projections were high. The weakened economy is in many ways a benefit for bringing these companies together. Wachovia’s talented team members are choosing to stay with the company in greater numbers than we anticipated. These are really terrific team members who are among the very best at serving their customers and customers that left Wachovia prior to the merger are coming back and are excited about giving Wells Fargo their business. Remember, we didn’t include any revenue synergies in our models. So, while economic conditions are still uncertain we couldn’t feel better about the future for Wells Fargo. I’m also happy to report that today the Board of Directors declared a common dividend of $0.34 per share consistent with our prior dividend. Thank you for listening. If you have any questions, please call Bob Strickland, Director of Investor Relations, at (415) 396-0523, or Jim Rowe, Associate Director, at (415) 396-8216.