<PAGE>
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 11-K
----------------------------------
[X] Annual Report Pursuant to Section 15(d) of the Securities Exchange Act of
1934 For the Fiscal Year Ended December 31, 1998
OR
[ ] Transition Report Pursuant to Section 15(d) of the Securities Exchange Act
of 1934
Commission file number 001-02979
----------------------------------
A. Full title of the plan and the address of the plan, if different from
that of the issuer named below:
Wells Fargo & Company Tax Advantage and
Retirement Plan
c/o Wells Fargo Bank, N.A.
Human Resources Service Center
MAC: 4101-103
Post Office Box 29781
Phoenix, Arizona 85038-9781
B. Name of issuer of the securities held pursuant to the plan and the
address of its principal executive office:
Wells Fargo & Company
420 Montgomery Street
San Francisco, CA 94163
<PAGE>
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Plan Administrator has duly caused this annual report to be signed on its behalf
by the undersigned thereunto duly authorized.
WELLS FARGO & COMPANY
TAX ADVANTAGE AND RETIREMENT PLAN
/S/ Rodney L. Jacobs
Chairman, President and Chief Executive Officer
WFC Holdings Corporation
Date: June 30, 1999
<PAGE>
EXHIBIT INDEX
Exhibit
- -------
23 Accountant's Consent
<PAGE>
DRAFT 06/29/99
WELLS FARGO & COMPANY
TAX ADVANTAGE AND RETIREMENT PLAN
Financial Statements and Supplemental Schedules
December 31, 1998 and 1997
(With Independent Auditors' Report Thereon)
<PAGE>
INDEPENDENT AUDITORS' REPORT
Retirement Plans Administrative Committee
WFC Holdings Corporation:
We have audited the accompanying statements of net assets available for plan
benefits of Wells Fargo & Company Tax Advantage and Retirement Plan (the Plan)
as of December 31, 1998 and 1997, and the related statements of changes in net
assets available for plan benefits for the years then ended. These financial
statements are the responsibility of the Plan's management. Our responsibility
is to express an opinion on these financial statements based on our audits.
We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free of material
misstatement. An audit includes examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates made by
management, as well as evaluating the overall financial statement presentation.
We believe that our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in
all material respects, the net assets of Wells Fargo & Company Tax Advantage and
Retirement Plan as of December 31, 1998 and 1997, and the changes in net assets
for the years then ended in conformity with generally accepted accounting
principles.
Our audits were performed for the purpose of forming an opinion on the basic
financial statements taken as a whole. The supplemental schedules of Item 27(a)
- - schedule of assets held for investment purposes, Item 27(b) - schedule of
loans or fixed income obligations and Item 27(d) - schedule of reportable
transactions as of or for the year ended December 31, 1998 are presented for the
purpose of additional analysis and are not a required part of the basic
financial statements but are supplementary information required by the
Department of Labor's Rules and Regulations for Reporting and Disclosure under
the Employee Retirement Income Security Act of 1974. These supplemental
schedules are the responsibility of the Plan's management. The Fund Information
in the statements of changes in net assets available for plan benefits is
presented for purposes of additional analysis rather than to present the net
assets available for plan benefits and changes in net assets available for plan
benefits for each fund. The supplemental schedules and Fund Information have
been subjected to the auditing procedures applied in the audits of the basic
financial statements and, in our opinion, are fairly stated in all material
respects in relation to the basic financial statements taken as a whole.
/s/ KPMG LLP
San Francisco, California
June 24, 1999
<PAGE>
WELLS FARGO & COMPANY
TAX ADVANTAGE AND RETIREMENT PLAN
Statements of Net Assets Available for Plan Benefits
December 31, 1998 and 1997
<TABLE>
<CAPTION>
Assets 1998 1997
-------------- -------------
<S> <C> <C>
Investments at fair value:
Tax Advantage and Retirement Plan:
Asset Allocation Fund $ 513,510,933 422,831,432
Bond Index Fund 84,907,447 66,127,262
Growth Stock Fund 148,650,322 150,736,896
Short-Intermediate Term Fund 31,079,832 24,094,829
Money Market Fund 321,307,905 296,117,568
S&P 500 Stock Fund 500,872,039 408,235,985
Guaranteed Income Fund 146,899,267 174,675,823
Real Estate Equity Fund 71,528 478,985
Wells Fargo Stock Fund 972,432,544 827,647,590
Investments at fair value as determined by quoted market price:
Mutual Funds:
EuroPacific Growth Fund 75,029,349 78,986,025
MasterWorks LifePath Funds:
MasterWorks LifePath 2000 9,590,262 9,166,079
MasterWorks LifePath 2010 25,790,529 21,198,198
MasterWorks LifePath 2020 30,051,067 25,821,891
MasterWorks LifePath 2030 24,523,746 19,188,923
MasterWorks LifePath 2040 45,581,929 35,398,706
-------------- -------------
135,537,533 110,773,797
-------------- -------------
Investments at cost, which approximates fair value:
Forfeiture account 518,772 903,034
Participant loans 74,320,277 74,537,880
-------------- -------------
Total assets 3,005,137,748 2,636,147,106
LIABILITIES
Forfeitures due to sponsor for future
contributions 518,772 903,034
-------------- -------------
Total liabilities 518,772 903,034
-------------- -------------
Net assets available for plan benefits $3,004,618,976 2,635,244,072
-------------- -------------
-------------- -------------
</TABLE>
See accompanying notes to financial statements.
2
<PAGE>
WELLS FARGO & COMPANY
TAX ADVANTAGE AND RETIREMENT PLAN
Statement of Changes in Net Assets Available for Plan Benefits
Year ended December 31, 1998
<TABLE>
<CAPTION>
ASSET BOND
FORFEITURE ALLOCATION INDEX
TOTAL ACCOUNT FUND FUND
------------------- ---------- ------------ -----------
<S> <C> <C> <C> <C>
Additions to net assets attributed to:
Investment income:
Interest income $ 33,086,821 86,539 -- --
Net appreciation in fair value
of investments 441,111,207 -- 108,776,145 6,559,542
------------------- ---------- ------------ -----------
474,198,028 86,539 108,776,145 6,559,542
------------------- ---------- ------------ -----------
Contributions:
Employer 93,737,118 -- 12,210,113 2,780,519
Employee 68,163,094 -- 9,705,701 2,040,029
Rollover 4,051,056 -- 157,804 191,748
------------------- ---------- ------------ -----------
165,951,268 -- 22,073,618 5,012,296
------------------- ---------- ------------ -----------
Total additions 640,149,296 86,539 130,849,763 11,571,838
------------------- ---------- ------------ -----------
Deductions from net assets attributed to:
Distributions to participants (269,910,192) (52,678) (31,566,297) (7,756,022)
Forfeitures due to sponsor for
future contributions (518,772) (518,772) -- --
Administrative expenses (345,428) (688) (49,382) (10,233)
------------------- ---------- ------------ -----------
Total deductions (270,774,392) (572,138) (31,615,679) (7,766,255)
------------------- ---------- ------------ -----------
Interfund transfers -- 485,599 (8,554,583) 14,974,602
------------------- ---------- ------------ -----------
Net increase (decrease) 369,374,904 -- 90,679,501 18,780,185
Net assets available for plan benefits:
Beginning of year 2,635,244,072 -- 422,831,432 66,127,262
------------------- ---------- ------------ -----------
End of year $ 3,004,618,976 -- 513,510,933 84,907,447
------------------- ---------- ------------ -----------
------------------- ---------- ------------ -----------
<CAPTION>
GROWTH SHORT- MONEY S&P
STOCK INTERMEDIATE MARKET 500
FUND TERM FUND FUND STOCK FUND
--------------- ------------- ----------- ------------
<S> <C> <C> <C> <C>
Additions to net assets attributed to:
Investment income:
Interest income -- -- 15,942,107 --
Net appreciation in fair value
of investments 18,042,439 2,442,535 -- 112,116,551
--------------- ------------- ----------- ------------
18,042,439 2,442,535 15,942,107 112,116,551
--------------- ------------- ----------- ------------
Contributions:
Employer 9,780,612 1,009,865 22,590,852 16,277,831
Employee 7,796,433 782,998 11,217,553 13,252,581
Rollover 299,036 138,048 2,132,269 749,853
--------------- ------------- ----------- ------------
17,876,081 1,930,911 35,940,674 30,280,265
--------------- ------------- ----------- ------------
Total additions 35,918,520 4,373,446 51,882,781 142,396,816
--------------- ------------- ----------- ------------
Deductions from net assets attributed to:
Distributions to participants (12,536,491) (3,071,876) (65,001,720) (38,440,083)
Forfeitures due to sponsor for
future contributions -- -- -- --
Administrative expenses (27,448) (3,076) (51,635) (56,288)
--------------- ------------- ----------- ------------
Total deductions (12,563,939) (3,074,952) (65,053,355) (38,496,371)
--------------- ------------- ----------- ------------
Interfund transfers (25,441,155) 5,686,509 38,360,911 (11,264,391)
--------------- ------------- ----------- ------------
Net increase (decrease) (2,086,574) 6,985,003 25,190,337 92,636,054
Net assets available for plan benefits:
Beginning of year 150,736,896 24,094,829 296,117,568 408,235,985
--------------- ------------- ----------- ------------
End of year 148,650,322 31,079,832 321,307,905 500,872,039
--------------- ------------- ----------- ------------
--------------- ------------- ----------- ------------
<CAPTION>
GUARANTEED
INCOME
FUND
------------
<S> <C>
Additions to net assets attributed to:
Investment income:
Interest income 9,327,542
Net appreciation in fair value
of investments --
------------
9,327,542
------------
Contributions:
Employer --
Employee --
Rollover --
------------
--
------------
Total additions 9,327,542
------------
Deductions from net assets attributed to:
Distributions to participants (23,622,027)
Forfeitures due to sponsor for
future contributions --
Administrative expenses (22,950)
------------
Total deductions (23,644,977)
------------
Interfund transfers (13,459,121)
------------
Net increase (decrease) (27,776,556)
------------
Net assets available for plan benefits:
Beginning of year 174,675,823
------------
End of year 146,899,267
------------
------------
</TABLE>
See accompanying notes to financial statements.
3
<PAGE>
WELLS FARGO & COMPANY
TAX ADVANTAGE AND RETIREMENT PLAN
Statement of Changes in Net Assets Available for Plan Benefits
Year ended December 31, 1998
<TABLE>
<CAPTION>
MASTERWORKS
REAL ESTATE WELLS FARGO EUROPACIFIC LIFEPATH 2000
EQUITY FUND STOCK FUND GROWTH FUND FUND
-------------- -------------- -------------- --------------
<S> <C> <C> <C> <C>
Additions to net assets attributed to:
Investment income:
Interest income $ -- -- -- --
Net appreciation in fair value
of investments 78,805 159,088,723 10,927,348 927,429
-------------- -------------- -------------- --------------
78,805 159,088,723 10,927,348 927,429
-------------- -------------- -------------- --------------
Contributions:
Employer -- 17,357,534 4,576,449 298,812
Employee -- 14,144,335 3,745,279 249,195
Rollover -- 145,352 129,327 13,479
-------------- -------------- -------------- --------------
-- 31,647,221 8,451,055 561,486
-------------- -------------- -------------- --------------
Total additions 78,805 190,735,944 19,378,403 1,488,915
-------------- -------------- -------------- --------------
Deductions from net assets
attributed to:
Distributions to participants -- (61,309,559) (6,216,962) (780,933)
Forfeitures due to sponsor for
future contributions -- -- -- --
Administrative expenses -- (89,469) (11,919) (971)
-------------- -------------- -------------- --------------
Total deductions -- (61,399,028) (6,228,881) (781,904)
-------------- -------------- -------------- --------------
Interfund transfers (486,262) 15,448,038 (17,106,198) (282,828)
-------------- -------------- -------------- --------------
Net increase (decrease) (407,457) 144,784,954 (3,956,676) 424,183
Net assets available for plan benefits:
Beginning of year 478,985 827,647,590 78,986,025 9,166,079
-------------- -------------- -------------- --------------
End of year $ 71,528 972,432,544 75,029,349 9,590,262
-------------- -------------- -------------- --------------
-------------- -------------- -------------- --------------
<CAPTION>
MASTERWORKS MASTERWORKS MASTERWORKS MASTERWORKS
LIFEPATH 2010 LIFEPATH 2020 LIFEPATH 2030 LIFEPATH 2040
FUND FUND FUND FUND
-------------- -------------- -------------- --------------
<S> <C> <C> <C> <C>
Additions to net assets attributed to:
Investment income:
Interest income -- -- -- --
Net appreciation in fair value
of investments 3,515,868 4,995,544 4,510,558 9,129,720
-------------- -------------- -------------- --------------
3,515,868 4,995,544 4,510,558 9,129,720
-------------- -------------- -------------- --------------
Contributions:
Employer 985,214 1,372,898 1,434,264 3,062,155
Employee 759,958 1,018,988 1,054,858 2,395,186
Rollover 14,470 26,053 15,526 38,091
-------------- -------------- -------------- --------------
1,759,642 2,417,939 2,504,648 5,495,432
-------------- -------------- -------------- --------------
Total additions 5,275,510 7,413,483 7,015,206 14,625,152
-------------- -------------- -------------- --------------
Deductions from net assets
attributed to:
Distributions to participants (1,719,081) (2,312,672) (1,887,046) (3,879,234)
Forfeitures due to sponsor for
future contributions -- -- -- --
Administrative expenses (2,579) (3,901) (4,924) (9,965)
-------------- -------------- -------------- --------------
Total deductions (1,721,660) (2,316,573) (1,891,970) (3,889,199)
-------------- -------------- -------------- --------------
Interfund transfers 1,038,481 (867,734) 211,587 (552,730)
-------------- -------------- -------------- --------------
Net increase (decrease) 4,592,331 4,229,176 5,334,823 10,183,223
Net assets available for plan benefits:
Beginning of year 21,198,198 25,821,891 19,188,923 35,398,706
-------------- -------------- -------------- --------------
End of year 25,790,529 30,051,067 24,523,746 45,581,929
-------------- -------------- -------------- --------------
-------------- -------------- -------------- --------------
<CAPTION>
PARTICIPANT
LOANS
--------------
<S> <C>
Additions to net assets attributed to:
Investment income:
Interest income 7,730,633
Net appreciation in fair value
of investments --
--------------
7,730,633
--------------
Contributions:
Employer --
Employee --
Rollover --
--------------
--
--------------
Total additions 7,730,633
--------------
Deductions from net assets
attributed to:
Distributions to participants (9,757,511)
Forfeitures due to sponsor for
future contributions --
Administrative expenses --
--------------
Total deductions (9,757,511)
Interfund transfers 1,809,275
--------------
Net increase (decrease) (217,603)
Net assets available for plan benefits:
Beginning of year 74,537,880
--------------
End of year 74,320,277
--------------
--------------
</TABLE>
See accompanying notes to financial statements.
4
<PAGE>
WELLS FARGO & COMPANY
TAX ADVANTAGE AND RETIREMENT PLAN
Statement of Changes in Net Assets Available for Plan Benefits
Year ended December 31, 1997
<TABLE>
<CAPTION>
ASSET BOND GROWTH
FORFEITURE ALLOCATION INDEX STOCK
TOTAL ACCOUNT FUND FUND FUND
--------------- ------------ ------------- ------------- -------------
<S> <C> <C> <C> <C> <C>
Additions to net assets attributed to:
Investment income:
Interest income $ 34,013,403 40,853 -- -- --
Net appreciation in fair value
of investments 396,899,994 -- 76,813,151 5,272,835 6,202,874
--------------- ------------ ------------- ------------- -------------
430,913,397 40,853 76,813,151 5,272,835 6,202,874
--------------- ------------ ------------- ------------- -------------
Contributions:
Employer 101,317,744 (161,842) 15,391,723 3,518,942 12,164,475
Employee 70,603,917 (1,007) 11,014,820 2,351,224 9,678,856
Rollover 2,421,205 -- 335,148 43,305 241,669
--------------- ------------ ------------- ------------- -------------
174,342,866 (162,849) 26,741,691 5,913,471 22,085,000
--------------- ------------ ------------- ------------- -------------
Total additions 605,256,263 (121,996) 103,554,842 11,186,306 28,287,874
--------------- ------------ ------------- ------------- -------------
Deductions from net assets attributed to:
Distributions to participants (266,269,211) (55,781) (25,326,746) (5,344,804) (11,610,515)
Administrative expenses (327,055) (136,344) (27,083) (5,549) (14,701)
--------------- ------------ ------------- ------------- -------------
Total deductions (266,596,266) (192,125) (25,353,829) (5,350,353) (11,625,216)
--------------- ------------ ------------- ------------- -------------
Interfund transfers -- 314,121 8,007,357 8,675,257 1,226,420
--------------- ------------ ------------- ------------- -------------
Net increase (decrease) 338,659,997 -- 86,208,370 14,511,210 17,889,078
Net assets available for plan benefits:
Beginning of year 2,296,584,075 -- 336,623,062 51,616,052 132,847,818
--------------- ------------ ------------- ------------- -------------
End of year $ 2,635,244,072 -- 422,831,432 66,127,262 150,736,896
--------------- ------------ ------------- ------------- -------------
--------------- ------------ ------------- ------------- -------------
<CAPTION>
SHORT- MONEY S&P GUARANTEED
INTERMEDIATE MARKET 500 INCOME
TERM FUND FUND STOCK FUND FUND
------------- ------------- ------------- -------------
<S> <C> <C> <C> <C>
Additions to net assets attributed to:
Investment income:
Interest income -- 14,937,820 -- 11,864,839
Net appreciation in fair value
of investments 1,613,987 -- 93,548,996 --
------------- ------------- ------------- -------------
1,613,987 14,937,820 93,548,996 11,864,839
------------- ------------- ------------- -------------
Contributions:
Employer 1,467,941 19,438,370 16,852,036 (4,960)
Employee 1,054,064 9,157,954 12,896,984 (3,349)
Rollover 33,608 293,725 473,576 --
------------- ------------- ------------- -------------
2,555,613 28,890,049 30,222,596 (8,309)
------------- ------------- ------------- -------------
Total additions 4,169,600 43,827,869 123,771,592 11,856,530
------------- ------------- ------------- -------------
Deductions from net assets attributed to:
Distributions to participants (2,603,889) (60,300,789) (25,379,346) (39,185,458)
Administrative expenses (1,580) (31,505) (26,223) (22,080)
------------- ------------- ------------- -------------
Total deductions (2,605,469) (60,332,294) (25,405,569) (39,207,538)
------------- ------------- ------------- -------------
Interfund transfers 4,376,293 42,588,511 49,426,017 (26,947,631)
------------- ------------- ------------- -------------
Net increase (decrease) 5,940,424 26,084,086 147,792,040 (54,298,639)
Net assets available for plan benefits:
Beginning of year 18,154,405 270,033,482 260,443,945 228,974,462
------------- ------------- ------------- -------------
End of year 24,094,829 296,117,568 408,235,985 174,675,823
------------- ------------- ------------- -------------
------------- ------------- ------------- -------------
</TABLE>
See accompanying notes to financial statements.
5
<PAGE>
WELLS FARGO & COMPANY
TAX ADVANTAGE AND RETIREMENT PLAN
Statement of Changes in Net Assets Available for Plan Benefits
Year ended December 31, 1997
<TABLE>
<CAPTION>
MASTERWORKS MASTERWORKS
Real Estate Wells Fargo EuroPacific LifePath 2000 LifePath 2010
Equity Fund Stock Fund Growth Fund Fund Fund
------------- ------------- ------------- ------------- -------------
<S> <C> <C> <C> <C> <C>
Additions to net assets attributed to:
Investment income:
Interest income $ -- -- -- -- --
Net appreciation of fair value
of investments 181,235 192,203,871 5,386,515 759,003 2,578,511
------------- ------------- ------------- ------------- -------------
181,235 192,203,871 5,386,515 759,003 2,578,511
------------- ------------- ------------- ------------- -------------
Contributions:
Employer (153) 20,086,005 5,484,632 433,121 1,382,653
Employee -- 14,559,301 4,479,583 337,806 1,020,633
Rollover -- 572,179 154,700 1,452 43,542
------------- ------------- ------------- ------------- -------------
(153) 35,217,485 10,118,915 772,379 2,446,828
------------- ------------- ------------- ------------- -------------
Total additions 181,082 227,421,356 15,505,430 1,531,382 5,025,339
------------- ------------- ------------- ------------- -------------
Deductions from net assets attributable to:
Distributions to participants (74) (73,461,180) (5,999,333) (1,185,623) (1,827,771)
Administrative expenses -- (45,681) (6,513) (475) (1,103)
------------- ------------- ------------- ------------- -------------
Total deductions (74) (73,506,861) (6,005,846) (1,186,098) (1,828,874)
------------- ------------- ------------- ------------- -------------
Interfund transfers (2,197,761) (136,836,441) 14,680,298 3,171,155 4,837,622
------------- ------------- ------------- ------------- -------------
Net increase (decrease) (2,016,753) 17,078,054 24,179,882 3,516,439 8,034,087
Net assets available for plan benefits:
Beginning of year 2,495,738 810,569,536 54,806,143 5,649,640 13,164,111
------------- ------------- ------------- ------------- -------------
End of year $ 478,985 827,647,590 78,986,025 9,166,079 21,198,198
------------- ------------- ------------- ------------- -------------
------------- ------------- ------------- ------------- -------------
<CAPTION>
MASTERWORKS MASTERWORKS MASTERWORKS
LifePath 2020 LifePath 2030 LifePath 2040 Participant
Fund Fund Fund Loans
------------- ------------- ------------- -------------
<S> <C> <C> <C> <C>
Additions to net assets attributed to:
Investment income:
Interest income $ -- -- -- 7,169,891
Net appreciation of fair value
of investments 3,727,250 2,982,323 5,629,443 --
------------- ------------- ------------- -------------
3,727,250 2,982,323 5,629,443 7,169,891
------------- ------------- ------------- -------------
Contributions:
Employer 1,679,001 1,309,905 2,275,895 --
Employee 1,223,483 966,944 1,866,621 --
Rollover 68,434 87,893 71,974 --
------------- ------------- ------------- -------------
2,970,918 2,364,742 4,214,490 --
------------- ------------- ------------- -------------
Total additions 6,698,168 5,347,065 9,843,933 7,169,891
------------- ------------- ------------- -------------
Deductions from net assets attributable to:
Distributions to participants (1,498,028) (1,261,467) (1,942,110) (9,286,297)
Administrative expenses (1,749) (1,906) (4,563) --
------------- ------------- ------------- -------------
Total deductions (1,499,777) (1,263,373) (1,946,673) (9,286,297)
------------- ------------- ------------- -------------
Interfund transfers 5,654,202 4,528,668 10,142,790 8,353,122
------------- ------------- ------------- -------------
Net increase (decrease) 10,852,593 8,612,360 18,040,050 6,236,716
Net assets available for plan benefits:
Beginning of year 14,969,298 10,576,563 17,358,656 68,301,164
------------- ------------- ------------- -------------
End of year 25,821,891 19,188,923 35,398,706 74,537,880
------------- ------------- ------------- -------------
------------- ------------- ------------- -------------
</TABLE>
See accompanying notes to financial statements.
6
<PAGE>
WELLS FARGO & COMPANY
TAX ADVANTAGE AND RETIREMENT PLAN
Notes to Financial Statements
December 31, 1998 and 1997
(1) DESCRIPTION OF PLAN
The following description of the Wells Fargo & Company Tax Advantage and
Retirement Plan (the Plan) provides only general information.
Participants should refer to the Wells Fargo Benefits Book and the Plan
Document for a more complete description of the Plan's provisions.
(a) GENERAL
The Plan is a defined contribution retirement plan with a 401(k)
feature covering eligible salaried and full-commission employees
of WFC Holdings Corporation (WFC Holdings) and its participating
affiliates (the Company). Upon completion of one year of
employment, eligible employees may invest pre-tax dollars which
are eligible for matching Company contributions. The Plan is
subject to the provisions of the Employee Retirement Income
Security Act of 1974 (ERISA), as amended.
(b) CONTRIBUTIONS
There are five types of contributions currently available under the
Plan, which are dependent upon participant eligibility. They are as
follows:
(i) PRE-TAX CONTRIBUTIONS
Effective September 1998, participants may contribute from 1% to
15% (1% to 10% prior to September 1998) of their covered
compensation (as defined by the Plan document) up to a specified
annual maximum of $10,000 in 1998 and $9,500 in 1997. Pre-Tax
contributions may be changed, discontinued, or resumed at any
time. Based on total Plan participation, Pre-Tax contributions
from participants designated as highly compensated may be
limited to less than 15% in order to comply with Internal
Revenue Code (IRC) Section 401(k). Additional limitations on
elective or individual maximum contributions may be imposed
under the IRC.
(ii) ROLLOVER CONTRIBUTIONS
Distributions received by eligible employees from a former
employer's qualified retirement plan can be rolled over as a tax
deferred contribution to the Plan.
(iii) MATCHING COMPANY CONTRIBUTIONS
Participants who make Pre-Tax contributions receive a matching
Company contribution each pay period. For employees with three
or more years of service, the Company Match is the lesser of the
amount of the participants pre-tax contributions or 4% of the
participant's covered compensation. For participants with less
than three years of service, the Company Match is the lesser of
50% of the amount of the pre-tax contribution or 2% of the
covered compensation.
(iv) COMPANY PLUS CONTRIBUTIONS
Participants hired (or with an adjusted service date) prior to
January 1, 1992, receive Company Plus contributions equal to 2%
of their covered compensation each pay period until becoming
fully vested in their retirement contributions.
7
<PAGE>
WELLS FARGO & COMPANY
TAX ADVANTAGE AND RETIREMENT PLAN
Notes to Financial Statements
December 31, 1998 and 1997
(v) RETIREMENT CONTRIBUTIONS
Participants receive Retirement contributions equal to 6% of
their covered compensation each pay period, except for
participants receiving Company Plus contributions. (Participants
who are eligible for Company Plus contributions receive
retirement contributions of 4%. When these participants become
fully vested in their retirement account, Company Plus
contributions are discontinued and retirement contributions are
increased to 6%.)
The IRC limits the total amount of contributions and benefits a
participant can receive. These limitations may restrict the annual
contributions to the Plan. Income taxes on contributions to all Plan
accounts, except the after-tax account, are deferred until
distribution from the Plan.
(c) PARTICIPANT ACCOUNTS
The Plan establishes and maintains pre-tax, rollover, matching,
company plus, retirement, after-tax, qualified nonelective
contribution (effective January 1, 1998) and prior plan accounts in
the name of each participant. The appropriate accounts are credited
with contributions, interest income and net appreciation, and are
debited for withdrawals and distributions.
The prior plan account contains: (1) certain balances from the company
account under the Wells Fargo & Company Incentive and Savings Plan
(I&S), representing participating Company contributions made on behalf
of the participants for Plan years ending prior to January 1, 1984;
(2) certain balances transferred to the Plan from other qualified
predecessor 401(k) plans, as a result of the Company's acquisition of
other institutions; and (3) the cash value of certain participant
balances from the Company's Employee Stock Ownership Plan, terminated
in 1988.
(d) INVESTMENT ELECTIONS
Participants may change their investment elections among the Plan
investment funds on any business day.
(e) VESTING
The retirement account has the following vesting schedule:
Length of service Vesting
--------------------------------- --------------
Less than 3 years 0%
3 years but Less than 4 years 20%
4 years but less than 5 years 40%
5 years but less than 6 years 60%
6 years but less than 7 years 80%
7 years or more 100%
8
<PAGE>
WELLS FARGO & COMPANY
TAX ADVANTAGE AND RETIREMENT PLAN
Notes to Financial Statements
December 31, 1998 and 1997
Participants also become fully vested in their retirement account (1)
at age 65; (2) upon death while in the employ of the Company; (3) if
terminally disabled and taking a terminally disabled withdrawal as
defined by the Plan; and (4) if the employee becomes totally and
permanently disabled as defined by the IRC.
Participants are fully vested in all other Plan accounts.
Forfeitures of account balances are used to reduce future Company
contributions to the Plan. At December 31, 1998 and 1997,
forfeitures available to reduce future employer contributions
totaled approximately $0.5 million and $0.9 million, respectively.
Also, in 1998 and 1997, employer contributions were reduced by
forfeitures of approximately $8.6 million and $10.4 million,
respectively.
(f) DISTRIBUTIONS TO PARTICIPANTS
Upon termination of employment or retirement, participants are
entitled to receive a distribution of the vested portion of their
accounts, at the current market value. Distributions may be
received in a lump sum, or for balances greater than $5,000, in
installment payment or an annuity. For balances greater than
$5,000, participants may defer receiving benefits until the April
1 immediately following the end of the calendar year in which the
participant attains age 70 1/2, whether or not still employed by
the Company and continue to share in investment gains and losses
based on their portion of interest in the Plan. If the participant
is an employee and was born before July 1, 1917 and accrued a
benefit under the Plan before July 1, 1984 and had designated in
writing a method of distribution which would not have disqualified
the trust under certain provisions, distribution need not begin
until his or her employment with the Company ends. However, they
no longer receive Company contributions and may not make further
contributions.
According to the terms of the Plan, withdrawals can be made by
participants from after-tax or rollover contributions, or by
participants aged 59 1/2 or older. With Plan Administrator approval,
withdrawals can be made for hardship cases or terminal disability.
Any distributions from the Plan may be subject to income taxes and
penalties.
(g) PARTICIPANT LOANS
Participant loans are permitted under the Plan. Loan balances are
maintained separately from the other investment funds. The loans
are secured by the portion of the participant's account from which
each respective loan is made. The term of a loan may not exceed
four years, except that a loan for the purpose of acquiring the
participant's principal residence may have a term of up to ten
years. The maximum loan amount allowed is the lesser of $50,000 or
50% of the participant's vested account balance. For loans made
prior to 1996, interest was charged at a fixed rate equal to the
Wells Fargo Bank Prime Rate, at the time the loan was processed,
plus 2%. Starting in 1996, interest charged on loans is based on
the Wall Street Journal Prime Rate, at the time the loan is
processed, plus 2% - fixed for the term of the loan.
9
<PAGE>
WELLS FARGO & COMPANY
TAX ADVANTAGE AND RETIREMENT PLAN
Notes to Financial Statements
December 31, 1998 and 1997
(2) SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
The accounting and reporting policies of the Plan conform to generally
accepted accounting principles. Certain amounts in the 1997 financial
statements have been reclassified to conform to the 1998 presentation.
The preparation of the financial statements in conformity with generally
accepted accounting principles requires management to make certain
estimates and assumptions that affect the reported amounts of assets,
liabilities and changes therein, and disclosure of contingent assets and
liabilities at the date of the financial statements. Actual results could
differ from those estimates.
(a) INVESTMENT VALUATION AND INCOME RECOGNITION
Investments are stated at fair value. Investments in the custom
funds (see note 4) are valued at quoted market prices of the
underlying investments. Unit values are determined by dividing
each investment fund's net assets at market value by the number of
units outstanding on the valuation date. Guaranteed investment
contracts are valued at contract value, which approximates fair
value (note 3). Short-term and temporary investments are valued at
amortized cost, which approximates fair value. Participant loans,
including participant loans in default, are valued at cost which
approximates fair value. Investment transactions are recorded on a
trade date basis. The cost of investments sold is computed on an
average cost basis. Realized and unrealized gains (losses) from
investments are included in net appreciation (depreciation). Money
Market Fund and Guaranteed Income Fund earnings are included in
interest income.
(b) DISTRIBUTIONS TO PARTICIPANTS
Distributions to participants are recorded when paid.
(c) INCOME TAXES
The Internal Revenue Service has determined and informed the
Company by a letter dated July 26, 1995 that the Plan and related
trust are designed in accordance with applicable sections of the
IRC. The Plan has been amended since receiving the determination
letter. However, the plan administrator and the Plan's tax counsel
believe that the Plan is designed and is currently being operated
in compliance with the applicable requirements of the IRC.
(3) GUARANTEED INCOME FUND
Guaranteed investment contracts in the Guaranteed Income Fund are
recorded at contract value (which represents contributions made under the
contract, plus interest earned at the contract rate, less funds used to
pay distributions and withdrawals) because they are fully
benefit-responsive. For example, participants may ordinarily direct the
withdrawal or transfer of all or a portion of their investment at
contract value. The contract value of the investment contracts
approximates fair value. Maturity dates of the guaranteed investment
contracts range from June 30, 1999 to January 31, 2000. The total return
for guaranteed investment contracts in 1998 and 1997 were approximately
6.1% and 6.2%, respectively. At December 31, 1998, the crediting interest
rates on the remaining investment contracts ranged from 7.45% to 8.17%
Effective July 1, 1996, participants can no longer make contributions or
interfund transfers into this fund.
10
<PAGE>
WELLS FARGO & COMPANY
TAX ADVANTAGE AND RETIREMENT PLAN
Notes to Financial Statements
December 31, 1998 and 1997
(4) INVESTMENT FUNDS AND INVESTMENTS
Effective January 1, 1998, Merrill Lynch Trust Company FSB became the
Plan's successor trustee replacing Barclays Global Investors, N.A. (BGI),
as a result of the sale of the MasterWorks Division of BGI to Merrill
Lynch, Pierce, Fenner & Smith, Inc.
Effective January 6, 1997, the Asset Allocation, Bond Index, Growth Stock,
Short-Intermediate Term, Money Market, S&P 500 Stock and Wells Fargo Stock
Funds became unregistered separate accounts created for the Plan, investing
in collective funds, except for the Wells Fargo Stock Fund (see note 4(i)),
in accordance with the funds' objectives.
Merrill Lynch manages the custom funds (except the Wells Fargo Stock
Fund), which invest in the collective funds managed by BGI. BGI provides
investment advice for the Asset Allocation Fund, Bond Index Fund, Money
Market Fund, S&P 500 Stock Fund, and Guaranteed Income Fund. For the
Growth Stock Fund and Short-Intermediate Term Fund, BGI receives
investment advice from Wells Fargo Bank. The assets of the Masterworks
LifePath-Registered Trademark- mutual funds are managed by BGI according
to the funds' objectives. Capital Research and Management Company manages
the assets of the EuroPacific Growth Fund (a mutual fund), in accordance
with the Fund's objectives.
Participants may select among the following investment options:
(a) ASSET ALLOCATION FUND
The Asset Allocation Fund seeks to earn a long-term high level of
total return and control risk by pursuing an "asset allocation"
strategy. The fund invests in a mix of three asset classes--common
stocks, long-term U.S. Treasury Bonds and money market
instruments--which is adjusted over time based on the expected risk
and returns of each asset class compared to the others.
(b) BOND INDEX FUND
The Bond Index Fund seeks to match the performance of the Lehman
Brothers Government/Corporate Bond Index, by investing in a portfolio
of U.S. Treasury, U.S. government agencies and high-quality U.S.
corporate bonds. The fund attempts to earn moderate returns with a
moderate level of risk by diversifying among a broad range of issuers
and maturities of approximately three and five years.
(c) GROWTH STOCK FUND
The Growth Stock Fund seeks to outperform the Standard & Poor's 500
Stock Index over periods of three to five years. The fund attempts to
achieve long-term higher returns by investing primarily in small and
medium sized companies whose growth rates in earnings and revenues are
expected to be above average.
- ------------------------
- -Registered Trademark-LifePath, LifePath 2000, LifePath 2010, LifePath 2020,
LifePath 2030 and LifePath 2040 are registered trademarks of Barclay's Global
Investors, N.A.
11
<PAGE>
WELLS FARGO & COMPANY
TAX ADVANTAGE AND RETIREMENT PLAN
Notes to Financial Statements
December 31, 1998 and 1997
(d) SHORT-INTERMEDIATE TERM FUND
The Short-Intermediate Term Fund seeks to provide total returns
higher than those of the Lehman Brothers Intermediate
Government/Corporate Bond Index, by investing in a mix of U.S.
Government and corporate bonds, and other fixed income securities
(e.g., mortgage and asset backed securities, and money market
investments). The fund attempts to earn moderate returns with a
moderate level of risk by diversifying among a broad range of
fixed income securities with maturities of approximately three to
five years.
(e) MONEY MARKET FUND
The Money Market Fund seeks competitive, short-term rates of return
while preserving the value of principal. The fund invests in a broad
range of high-quality, short-term instruments issued by banks,
corporations, and the U.S. government and its agencies (e.g.,
certificates of deposit, commercial paper, corporate notes, loan
participant notes, repurchased agreements and U.S. Treasury bills).
(f) S&P 500* STOCK FUND
The S&P 500 Stock Fund is an index fund that seeks to match the
performance of the S&P 500 Index by investing in most of the same
stocks. The fund attempts to earn long-term high returns by investing
in a broad array of established U.S. companies and most of the largest
companies in the U.S. economy.
(g) GUARANTEED INCOME FUND
The Guaranteed Income Fund was transferred from the Employee Savings
Plan of First Interstate Bancorp and its affiliates. The fund invests
primarily in guaranteed investment contracts issued by insurance
companies. Effective July 1, 1996, participants can no longer make
contributions or interfund transfers into this fund. As contracts
expire, proceeds are placed in the money market funds within the
Guaranteed Income Fund and no new contracts are being issued.
(h) REAL ESTATE EQUITY FUND
The Real Estate Equity Fund invests in units of the Wells Fargo Bank
Real Estate Equity Fund for Employee Benefit Trusts (REEF), a
collective real estate fund that invests primarily in commercial real
estate properties. The fair value of investments in such properties
is generally determined based upon annual independent appraisals.
In 1994, the trustee of REEF determined that it was in the best
interest of all unitholders to begin an orderly liquidation of
REEF's assets. Participants can no longer make contributions or
interfund transfers into or out of the Real Estate Equity Fund.
Accordingly, pro rata distributions are being
- --------
* S&P Corporation (S&P) does not sponsor or promote the fund nor is S&P
affiliated in any way with Barclays Global Investors, N.A. "S&P(R)" and "S&P
500(R)" are service marks of McGraw-Hill, Inc., and have been licensed for use
by Barclays Global Investors, N.A. The fund is not endorsed or sold by S&P, and
S&P makes no representation for warranty, express or implied, regarding the
advisability of investing in the fund.
12
<PAGE>
WELLS FARGO & COMPANY
TAX ADVANTAGE AND RETIREMENT PLAN
Notes to Financial Statements
December 31, 1998 and 1997
made as proceeds become available through the orderly liquidation of
properties held by REEF (except in cases of distributions required by
law which are given priority). The trustee of REEF determines the
monthly pro rata distribution after setting aside appropriate
reserves for expenses, capital expenditures and other cash needs.
It is expected that the Fund will be closed in October 1999, one
year after the sale of the last property which occurred in October
1998.
(i) WELLS FARGO STOCK FUND
The Wells Fargo Stock Fund invests in shares of Wells Fargo & Company
common stock (see note 8).
(j) EUROPACIFIC GROWTH FUND
The EuroPacific Growth Fund seeks long-term growth of capital by
investing in companies based outside of the United States. The Fund
invests in stock of non-U.S. companies which appear to offer
above-average growth potential. Holdings range from small firms to
multinational corporations located in major world markets as well as
in smaller, developing countries.
(k) LIFEPATH FUNDS
Each LifePath Fund name contains a target date and seeks to
maximize returns while maintaining a level of risk appropriate to
its target date. The funds are asset allocation funds that invest
in a mix of domestic and international stocks and bonds, and in
money market instruments, based on the expected risk and return of
the different asset classes. Each fund adjusts its mix of
investments to achieve a balance of short-term stability and
long-term appreciation most appropriate to its target date. Over
time, as it nears its target date, each LifePath Fund will invest
more conservatively by reducing its investment in stocks and
increasing its investment in bonds and money market instruments.
(l) SWEEP ACCOUNT
The Sweep Account serves as a temporary holding account for Plan
assets pending investment or disbursement. The Sweep Account invests
in the BGI Money Market Fund for MasterWorks.
During 1998 and 1997, the Plan's investments, including investments
bought, sold, and held during the year, appreciated (depreciated) as
follows:
<TABLE>
<CAPTION>
NET APPRECIATION (DEPRECIATION)
IN FAIR VALUE
----------------------------
1998 1997
------------ -----------
<S> <C> <C>
Of investments at fair value:
Tax Advantage and Retirement Plan:
Asset Allocation $108,776,145 77,284,195
Bond Index Fund 6,559,542 5,454,757
Growth Stock Fund 8,042,439 6,149,003
Short-Intermediate Term fund 2,442,535 1,648,192
S&P 500 Stock Fund 112,116,551 90,906,891
Wells Fargo Stock Fund 159,088,723 192,203,871
</TABLE>
13
<PAGE>
WELLS FARGO & COMPANY
TAX ADVANTAGE AND RETIREMENT PLAN
Notes to Financial Statements
December 31, 1998 and 1997
<TABLE>
<CAPTION>
NET APPRECIATION (DEPRECIATION)
IN FAIR VALUE
----------------------------
1998 1997
----------- -----------
<S> <C> <C>
Of investments at fair value as determined by
collective fund market prices:
Barclays Global Investors Investment Funds
for Retirement Plans:
Asset Allocation Fund -- (471,044)
Bond Index Fund -- (181,922)
Growth Stock Fund -- 53,871
Short-Intermediate Term Fun -- (34,205)
S&P 500 Stock Fund -- 2,642,105
Of investments at fair value as determined by
quoted market price:
EuroPacific Growth Fund 10,927,348 5,386,515
MasterWorks LifePath Funds:
LifePath 2000 Funds 927,429 759,003
LifePath 2010 Funds 3,515,868 2,578,511
LifePath 2020 Funds 4,995,544 3,727,250
LifePath 2030 Funds 4,510,558 2,982,323
LifePath 2040 Funds 9,129,720 5,629,443
Of investments at estimated fair value:
Tax Advantage and Retirement Plan Real
Estate Equity Fund 78,805 181,235
------------ -----------
Total net appreciation in fair value $441,111,207 396,899,994
------------ -----------
------------ -----------
</TABLE>
(5) COMPANY CONTRIBUTIONS
Company contributions to the Plan were made during the year to participant
accounts as follows (in millions):
1998 1997
------------- -------------
Company Match $ 31.3 37.5
Company Plus 0.3 1.2
Retirement 62.1 62.6
------------- -------------
Total $ 93.7 101.3
------------- -------------
------------- -------------
14
<PAGE>
(6) CONCENTRATION OF INVESTMENTS
The Plan's investment in shares of Wells Fargo & Company common stock
represents 32% and 31% of total assets at December 31, 1998 and 1997,
respectively. Wells Fargo & Company is a bank holding company. Wells
Fargo & Company and subsidiaries is a diversified financial services
company providing banking, mortgage and consumer finance throughout North
America.
(7) ADMINISTRATIVE EXPENSES
Trustee and recordkeeping fees paid to Merrill Lynch are charged to, and
reflected as a reduction in the investment return of the Tax Advantage
and Retirement Plan investment funds, except for the Real Estate Equity
Fund. Certain investment management fees paid to Merrill Lynch are
charged to, and reflected as a reduction in the investment return of, the
Tax Advantage and Retirement Plan custom funds except for the
Short-Intermediate Term Fund, Growth Stock Fund and the Real Estate
Equity Fund. Therefore, such expenses are borne indirectly by
participants. These fees vary between funds and range from 0.11% to 0.95%
of average net assets in 1998 and 0.15% to 0.97% of average net assets in
1997. For mutual funds, operating expenses are borne by the funds and,
therefore, indirectly by participants. Administrative fees related to
participant loans are charged directly to each participant's account.
Administrative expenses such as legal and accounting fees directly related
to the Plan are paid by the Company.
(8) MERGER WITH NORWEST CORPORATION
Effective November 2, 1998, Wells Fargo & Company merged with WFC
Holdings, a wholly-owned subsidiary of Norwest Corporation, and Norwest
Corporation changed its name to Wells Fargo & Company. As such, WFC
Holdings became the administrator and sponsor of the Plan. In addition,
each share of the common stock of Wells Fargo -- premerger held in the
Wells Fargo Stock Fund -- was automatically converted into 10 shares of
the common stock of the new Wells Fargo & Company.
As of December 31, 1998, the employee benefit plans under the pre-merger
Wells Fargo & Company and pre-merger Norwest Corporation remained
separate. Plans under the two companies will be merged in 1999 (see note
10).
15
<PAGE>
(9) PLAN TERMINATION
The Company has the right to terminate the Plan or discontinue
contributions, in accordance with the Plan document and under the
provisions of ERISA, at any time and for any reason. In the event of Plan
termination, participants will become fully vested in their retirement
accounts. The Company plans to merge the Plan with the Norwest
Corporation Savings and Investment Plan in 1999 (see note 10).
(10) SUBSEQUENT EVENT
As a result of the merger between Wells Fargo & Company and Norwest
Corporation, the Company will introduce new benefit programs, including
new retirement plans. In May 1999, the Tax Advantage and Retirement Plan
changed service providers from Merrill Lynch to Wells Fargo Institutional
Trust Group. As part of the entire benefits transition process in
connection with the merger of the two companies, the Plan will merge into
the new Wells Fargo & Company 401(k) Plan in July 1999. With this
transition, some investment funds are being eliminated and some new
investment funds are being introduced. Participants' account balances
will be transferred automatically into the new plan.
16
<PAGE>
SCHEDULE 1
WELLS FARGO & COMPANY
TAX ADVANTAGE AND RETIREMENT PLAN
Item 27(a) - Schedule of Assets Held for Investment Purposes
Year ended December 31, 1998
<TABLE>
<CAPTION>
HISTORICAL MARKET
ISSUER DESCRIPTION UNIT VALUE* UNITS COST VALUE
- ------------------------- -------------------------------------------------- ----------- ------------ ------------- -------------
<S> <C> <C> <C> <C> <C>
Wells Fargo & Company Participant loans (11,876 loans-- interest rates
Tax Advantage and ranging from 6.98% to 13.00%) $ -- -- $ 74,320,277 74,320,277
Retirement Plan**
Tax Advantage and Retirement Plan:
Barclays Global Investors Asset Allocation Fund 27.93 18,385,640 345,369,815 513,510,933
Barclays Global Investors Bond Index Fund 16.76 5,066,077 75,453,680 84,907,447
Barclays Global Investors Growth Stock Fund 24.27 6,124,859 127,601,247 148,650,322
Barclays Global Investors Short-Intermediate Term Fund 15.74 1,974,702 28,145,747 31,079,832
Barclays Global Investors Money Market Fund 1.00 321,307,905 321,307,905 321,307,905
Barclays Global Investors S&P 500 Stock Fund 34.61 14,471,888 323,845,423 500,872,039
Wells Fargo & Company** Guaranteed Income Fund 11.62 12,638,018 146,899,267 146,899,267
Wells Fargo & Company** Real Estate Equity Fund 18.15 3,941 37,951 71,528
Wells Fargo & Company** Wells Fargo Stock Fund 82.73 11,754,292 530,747,713 972,432,544
The American Funds Group EuroPacific Growth Fund 28.40 2,641,878 70,315,191 75,029,349
MasterWorks LifePath Funds:
Barclays Global Investors LifePath 2000 Fund 11.64 823,906 9,416,287 9,590,262
Barclays Global Investors LifePath 2010 Fund 14.40 1,791,009 23,155,467 25,790,529
Barclays Global Investors LifePath 2020 Fund 16.48 1,823,487 25,484,107 30,051,067
Barclays Global Investors LifePath 2030 Fund 18.73 1,309,330 19,891,890 24,523,746
Barclays Global Investors LifePath 2040 Fund 20.33 2,242,102 36,621,804 45,581,929
------------- -------------
$2,158,613,771 3,004,618,976
------------- -------------
------------- -------------
</TABLE>
* Unit value is rounded
** Party in interest
See accompanying independent auditors' report.
17
<PAGE>
SCHEDULE 2
WELLS FARGO & COMPANY
TAX ADVANTAGE AND RETIREMENT PLAN
Line 27(b) - Schedule of Loans or Fixed Income Obligations
Year ended December 31, 1998
<TABLE>
<CAPTION>
ORIGINAL* PRINCIPAL INTEREST
LOAN RECEIVED RECEIVED UNPAID**
OBLIGOR AMOUNT 1998 1998 BALANCE
- -------------------------------------- ------------------- ----------------- ------------------ -----------------
<S> <C> <C> <C> <C>
Jocelyn L Brown $ 2,638 -- -- 2,130
108 Hilltop Dr
Vallejo, CA 94591
Jocelyn L Brown 5,174 -- -- 5,174
108 Hilltop Dr
Vallejo, CA 94591
Roland E Cooley 12,000 -- -- 9,346
2717 Humboldt Avenue
Oakland, CA 94602
Roland E Cooley 6,000 -- -- 5,896
2717 Humboldt Avenue
Oakland, CA 94602
Lilly R Humphrey 4,000 490 339 3,148
3218 Deering Street
Oakland, CA 94601
Erlinda M Beltran 1,422 204 78 1,218
132 Bertita St.
San Francisco, CA 94112
Erlinda M Beltran 1,221 6 15 1,216
132 Bertita St.
San Francisco, CA 94112
D James Lindholm 5,444 739 185 2,900
1344 La Playa #3
San Francisco, CA 94122-1019
D James Lindholm 2,500 138 68 2,362
1344 La Playa #3
San Francisco, CA 94122-1019
Cheri Griffith 5,050 -- -- 2,479
13872 Olive Grove Pl
Poway, CA 92064-0000
Cheri Griffith 11,717 -- -- 9,236
13872 Olive Grove Pl
Poway, CA 92064-0000
Frank H Trieu 13,000 2,027 682 5,344
P.O. Box 424106
San Francisco, CA 94142
<CAPTION>
DATE OF INTEREST MATURITY
OBLIGOR NOTE RATE (%) DATE
- ----------------------------------------- -------------------- ----------------- -------------------
<S> <C> <C> <C>
Jocelyn L Brown 12/11/96 10.25 12/15/00
108 Hilltop Dr
Vallejo, CA 94591
Jocelyn L Brown 12/8/97 10.5 11/30/01
108 Hilltop Dr
Vallejo, CA 94591
Roland E Cooley 8/27/96 10.25 8/31/00
2717 Humboldt Avenue
Oakland, CA 94602
Roland E Cooley 7/15/97 10.5 7/15/01
2717 Humboldt Avenue
Oakland, CA 94602
Lilly R Humphrey 6/11/97 10.5 6/15/01
3218 Deering Street
Oakland, CA 94601
Erlinda M Beltran 12/29/97 10.5 12/31/00
132 Bertita St.
San Francisco, CA 94112
Erlinda M Beltran 4/3/98 10.5 3/31/01
132 Bertita St.
San Francisco, CA 94112
D James Lindholm 5/20/96 10.25 5/15/00
1344 La Playa #3
San Francisco, CA 94122-1019
D James Lindholm 3/26/98 10.5 3/31/01
1344 La Playa #3
San Francisco, CA 94122-1019
Cheri Griffith 12/15/95 10.75 12/15/98
13872 Olive Grove Pl
Poway, CA 92064-0000
Cheri Griffith 7/16/96 10.25 7/15/00
13872 Olive Grove Pl
Poway, CA 92064-0000
Frank H Trieu 11/10/95 10.75 11/15/99
P.O. Box 424106
San Francisco, CA 94142
<CAPTION>
AMOUNT AMOUNT
OVERDUE OVERDUE
OBLIGOR PRINCIPAL INTEREST
- -------------------------------------- ------------------ -----------------
<S> <C> <C>
Jocelyn L Brown 684 246
108 Hilltop Dr
Vallejo, CA 94591
Jocelyn L Brown 1,100 602
108 Hilltop Dr
Vallejo, CA 94591
Roland E Cooley 3,667 1,254
2717 Humboldt Avenue
Oakland, CA 94602
Roland E Cooley 1,692 814
2717 Humboldt Avenue
Oakland, CA 94602
Lilly R Humphrey 459 26
3218 Deering Street
Oakland, CA 94601
Erlinda M Beltran 204 59
132 Bertita St.
San Francisco, CA 94112
Erlinda M Beltran 234 81
132 Bertita St.
San Francisco, CA 94112
D James Lindholm 721 149
1344 La Playa #3
San Francisco, CA 94122-1019
D James Lindholm 380 125
1344 La Playa #3
San Francisco, CA 94122-1019
Cheri Griffith 2,479 368
13872 Olive Grove Pl
Poway, CA 92064-0000
Cheri Griffith 4,014 1,372
13872 Olive Grove Pl
Poway, CA 92064-0000
Frank H Trieu 1,958 40
P.O. Box 424106
San Francisco, CA 94142
</TABLE>
18 (Continued)
<PAGE>
SCHEDULE 2
WELLS FARGO & COMPANY
TAX ADVANTAGE AND RETIREMENT PLAN
Line 27(b) - Schedule of Loans or Fixed Income Obligations
Year ended December 31, 1998
<TABLE>
<CAPTION>
ORIGINAL* PRINCIPAL INTEREST
LOAN RECEIVED RECEIVED UNPAID**
OBLIGOR AMOUNT 1998 1998 BALANCE
- -------------------------------------- ------------------- ----------------- ------------------ -----------------
<S> <C> <C> <C> <C>
Frank H Trieu 14,185 1,949 1,157 10,159
P.O. Box 424106
San Francisco, CA 94142
Evelyn S Acosta 1,934 507 45 320
1301 W Mariposa S
Phoenix, AZ 85013
Tamya L Walker 13,000 -- -- 10,107
20 Debussy
Ventura, CA 93003
Tamya L Walker 5,000 -- -- 4,680
20 Debussy
Ventura, CA 93003
Diane C Camacho 1,600 390 50 259
4703 Ivy Street
Pico Rivera, CA 90660
Diane C Camacho 1,300 289 67 478
4703 Ivy Street
Pico Rivera, CA 90660
Janice F Triplett 14,142 2,332 615 5,172
2314 Glen Way
Palo Alto, CA 94303
Janice F Triplett 17,300 2,360 1,246 11,096
2314 Glen Way
Palo Alto, CA 94303
Thelma Parker 3,200 697 298 2,497
1337 66th St
Berkeley, CA 94702
Patrick J Santini 3,000 220 315 2,063
19 Camino Del Oro
Rancho Santa Ma, CA 92688
Patrick J Santini 4,000 109 454 3,819
19 Camino Del Oro
Rancho Santa Ma, CA 92688
Wendy P. Chin 14,700 5,740 2,576 11,241
38 Perita Drive
Daly City, CA 94015
<CAPTION>
DATE OF INTEREST MATURITY
OBLIGOR NOTE RATE (%) DATE
- -------------------------------------- -------------------- ----------------- -------------------
<S> <C> <C> <C>
Frank H Trieu 2/28/97 10.25 2/28/01
P.O. Box 424106
San Francisco, CA 94142
Evelyn S Acosta 12/8/95 10.75 11/30/98
1301 W Mariposa S
Phoenix, AZ 85013
Tamya L Walker 11/4/96 10.25 10/31/00
20 Debussy
Ventura, CA 93003
Tamya L Walker 7/23/97 10.5 7/15/01
20 Debussy
Ventura, CA 93003
Diane C Camacho 2/10/95 11 2/15/99
4703 Ivy Street
Pico Rivera, CA 90660
Diane C Camacho 11/9/95 10.75 11/15/99
4703 Ivy Street
Pico Rivera, CA 90660
Janice F Triplett 11/9/95 10.75 11/15/99
2314 Glen Way
Palo Alto, CA 94303
Janice F Triplett 10/21/96 10.25 10/15/00
2314 Glen Way
Palo Alto, CA 94303
Thelma Parker 7/28/97 10.5 7/31/01
1337 66th St
Berkeley, CA 94702
Patrick J Santini 8/16/96 10.25 8/15/00
19 Camino Del Oro
Rancho Santa Ma, CA 92688
Patrick J Santini 8/18/97 10.5 8/15/01
19 Camino Del Oro
Rancho Santa Ma, CA 92688
Wendy P. Chin 10/20/97 10.5 10/15/01
38 Perita Drive
Daly City, CA 94015
<CAPTION>
AMOUNT AMOUNT
OVERDUE OVERDUE
OBLIGOR PRINCIPAL INTEREST
- -------------------------------------- ------------------ -----------------
<S> <C> <C>
Frank H Trieu 1,655 80
P.O. Box 424106
San Francisco, CA 94142
Evelyn S Acosta 320 10
1301 W Mariposa S
Phoenix, AZ 85013
Tamya L Walker 3,324 1,118
20 Debussy
Ventura, CA 93003
Tamya L Walker 1,185 532
20 Debussy
Ventura, CA 93003
Diane C Camacho 197 2
4703 Ivy Street
Pico Rivera, CA 90660
Diane C Camacho 140 4
4703 Ivy Street
Pico Rivera, CA 90660
Janice F Triplett 1,488 40
2314 Glen Way
Palo Alto, CA 94303
Janice F Triplett 2,259 86
2314 Glen Way
Palo Alto, CA 94303
Thelma Parker 251 21
1337 66th St
Berkeley, CA 94702
Patrick J Santini 660 15
19 Camino Del Oro
Rancho Santa Ma, CA 92688
Patrick J Santini 939 121
19 Camino Del Oro
Rancho Santa Ma, CA 92688
Wendy P. Chin 83 --
38 Perita Drive
Daly City, CA 94015
</TABLE>
19 (Continued)
<PAGE>
SCHEDULE 2
WELLS FARGO & COMPANY
TAX ADVANTAGE AND RETIREMENT PLAN
Line 27(b) - Schedule of Loans or Fixed Income Obligations
Year ended December 31, 1998
<TABLE>
<CAPTION>
ORIGINAL* PRINCIPAL INTEREST
LOAN RECEIVED RECEIVED UNPAID**
OBLIGOR AMOUNT 1998 1998 BALANCE
- -------------------------------------- ------------------- ----------------- ------------------ -----------------
<S> <C> <C> <C> <C>
Neldred Cummins 10,000 100 30 6,983
339 Amelia St.
Vallejo, CA 94589
Neldred Cummins 10,000 96 34 7,873
339 Amelia St.
Vallejo, CA 94589
Isabelle Prugh 6,150 10 69 2,224
30473 Mulholland Hwy #48
Agoura, CA 91301
Isabelle Prugh 18,000 -- 235 13,123
30473 Mulholland Hwy #48
Agoura, CA 91301
Sandra E. Hawkins 21,000 -- -- 8,820
124 Fushia Ct.
Martinez, CA 94550
Sandra E. Hawkins 20,000 -- -- 17,965
124 Fushia Ct.
Martinez, CA 94550
Penny L Martin 20,787 5,185 736 3,837
9744 Pinon Way
Kelseyville, CA 95451
Billie R Martinez 3,408 542 105 2,689
3900 Lutheran Circle
Sacramento, CA 95826
Billie R Martinez 730 243 26 487
3900 Lutheran Circle
Sacramento, CA 95826
Susan L Smith 10,223 1,062 402 7,983
3622 Mt. Diabio
Lafayette, CA 94549
Nannette F Kurth 6,600 -- -- 3,559
935 Cambert Street
Laverne, CA 91750
<CAPTION>
DATE OF INTEREST MATURITY
OBLIGOR NOTE RATE (%) DATE
- -------------------------------------- -------------------- ----------------- -------------------
<S> <C> <C> <C>
Neldred Cummins 8/6/96 10.25 7/31/00
339 Amelia St.
Vallejo, CA 94589
Neldred Cummins 12/19/96 10.25 12/15/00
339 Amelia St.
Vallejo, CA 94589
Isabelle Prugh 12/14/94 10.5 12/15/98
30473 Mulholland Hwy #48
Agoura, CA 91301
Isabelle Prugh 5/17/96 10.25 5/15/00
30473 Mulholland Hwy #48
Agoura, CA 91301
Sandra E. Hawkins 1/24/95 10.5 1/31/99
124 Fushia Ct.
Martinez, CA 94550
Sandra E. Hawkins 5/16/97 10.5 5/51/01
124 Fushia Ct.
Martinez, CA 94550
Penny L Martin 1/30/95 10.5 1/31/99
9744 Pinon Way
Kelseyville, CA 95451
Billie R Martinez 10/9/97 10.5 10/15/99
3900 Lutheran Circle
Sacramento, CA 95826
Billie R Martinez 12/10/97 10.5 12/15/98
3900 Lutheran Circle
Sacramento, CA 95826
Susan L Smith 2/19/97 10.25 2/15/01
3622 Mt. Diabio
Lafayette, CA 94549
Nannette F Kurth 8/23/95 10.75 8/15/99
935 Cambert Street
Laverne, CA 91750
<CAPTION>
AMOUNT AMOUNT
OVERDUE OVERDUE
OBLIGOR PRINCIPAL INTEREST
- -------------------------------------- ------------------ -----------------
<S> <C> <C>
Neldred Cummins 2,423 706
339 Amelia St.
Vallejo, CA 94589
Neldred Cummins 2,333 798
339 Amelia St.
Vallejo, CA 94589
Isabelle Prugh 2,224 235
30473 Mulholland Hwy #48
Agoura, CA 91301
Isabelle Prugh 5,911 1,562
30473 Mulholland Hwy #48
Agoura, CA 91301
Sandra E. Hawkins 8,279 1,326
124 Fushia Ct.
Martinez, CA 94550
Sandra E. Hawkins 4,763 1,956
124 Fushia Ct.
Martinez, CA 94550
Penny L Martin 3,304 20
9744 Pinon Way
Kelseyville, CA 95451
Billie R Martinez 1,217 201
3900 Lutheran Circle
Sacramento, CA 95826
Billie R Martinez 487 33
3900 Lutheran Circle
Sacramento, CA 95826
Susan L Smith 1,892 481
3622 Mt. Diabio
Lafayette, CA 94549
Nannette F Kurth 2,304 480
935 Cambert Street
Laverne, CA 91750
</TABLE>
20 (Continued)
<PAGE>
SCHEDULE 2
WELLS FARGO & COMPANY
TAX ADVANTAGE AND RETIREMENT PLAN
Line 27(b) - Schedule of Loans or Fixed Income Obligations
Year ended December 31, 1998
<TABLE>
<CAPTION>
ORIGINAL* PRINCIPAL INTEREST
LOAN RECEIVED RECEIVED UNPAID**
OBLIGOR AMOUNT 1998 1998 BALANCE
- -------------------------------------- ------------------- ----------------- ------------------ -----------------
<S> <C> <C> <C> <C>
Nannette F Kurth 6,183 -- -- 4,817
935 Cambert Street
Laverne, CA 91750
Ruiko M Hoshida 1,500 230 140 1,228
17350 Temple Ave #316
La Puente, CA 91744
Jueline Bleavins 17,186 1,816 398 8,310
1159 Keniston Avenue
Los Angeles, CA 90019
Jueline Bleavins 23,700 1,079 783 22,621
1159 Keniston Avenue
Los Angeles, CA 90019
Juanita Dallas 2,500 722 34 13
2155 S Myrtle Ave
Monrovia, Ca 91016
Juanita Dallas 6,291 1,404 544 4,036
2155 S Myrtle Ave
Monrovia, Ca 91016
Veronica Llewellyn 2,200 366 161 1,452
7131 Santa Barbara Ct.
Fontana, CA 92336
Diane R Lassor 6,000 -- -- 5,774
4530 Blum Rd
Martinez, CA 94553
Atyeh Sohrabzadeh 2,636 964 154 902
429 Eastgate Lane
Martinez, CA 94553
Melinda Acton 3,700 767 359 2,718
3217 Mcnutt Ave
Walnut Creek, CA 94596
Mark T Ito 2,600 500 275 1,935
737 W Lemon Ave
Arcadia, CA 91007
Cindy K. Jukich 500 -- -- 500
1844 Scott Road
Concord, CA 94521
<CAPTION>
DATE OF INTEREST MATURITY
OBLIGOR NOTE RATE (%) DATE
- -------------------------------------- -------------------- ----------------- -------------------
<S> <C> <C> <C>
Nannette F Kurth 8/26/96 10.25 8/31/00
935 Cambert Street
Laverne, CA 91750
Ruiko M Hoshida 9/10/97 10.5 9/15/01
17350 Temple Ave #316
La Puente, CA 91744
Jueline Bleavins 2/14/96 10.25 2/15/00
1159 Keniston Avenue
Los Angeles, CA 90019
Jueline Bleavins 2/3/98 10.5 1/31/02
1159 Keniston Avenue
Los Angeles, CA 90019
Juanita Dallas 9/20/94 9.75 9/15/98
2155 S Myrtle Ave
Monrovia, Ca 91016
Juanita Dallas 12/10/96 10.25 12/15/00
2155 S Myrtle Ave
Monrovia, Ca 91016
Veronica Llewellyn 1/28/97 10.25 1/31/01
7131 Santa Barbara Ct.
Fontana, CA 92336
Diane R Lassor 5/12/97 10.5 5/15/01
4530 Blum Rd
Martinez, CA 94553
Atyeh Sohrabzadeh 2/14/97 10.25 2/15/99
429 Eastgate Lane
Martinez, CA 94553
Melinda Acton 5/29/97 10.5 4/30/00
3217 Mcnutt Ave
Walnut Creek, CA 94596
Mark T Ito 5/12/97 10.5 5/15/01
737 W Lemon Ave
Arcadia, CA 91007
Cindy K. Jukich 9/29/97 10.5 9/30/01
1844 Scott Road
Concord, CA 94521
<CAPTION>
AMOUNT AMOUNT
OVERDUE OVERDUE
OBLIGOR PRINCIPAL INTEREST
- ---------------------------------------- ------------------ -----------------
<S> <C> <C>
Nannette F Kurth 1,890 646
935 Cambert Street
Laverne, CA 91750
Ruiko M Hoshida 130 10
17350 Temple Ave #316
La Puente, CA 91744
Jueline Bleavins 2,676 498
1159 Keniston Avenue
Los Angeles, CA 90019
Jueline Bleavins 3,044 1,408
1159 Keniston Avenue
Los Angeles, CA 90019
Juanita Dallas 13 --
2155 S Myrtle Ave
Monrovia, Ca 91016
Juanita Dallas 586 32
2155 S Myrtle Ave
Monrovia, Ca 91016
Veronica Llewellyn 178 12
7131 Santa Barbara Ct.
Fontana, CA 92336
Diane R Lassor 1,859 883
4530 Blum Rd
Martinez, CA 94553
Atyeh Sohrabzadeh 716 5
429 Eastgate Lane
Martinez, CA 94553
Melinda Acton 854 81
3217 Mcnutt Ave
Walnut Creek, CA 94596
Mark T Ito 239 16
737 W Lemon Ave
Arcadia, CA 91007
Cindy K. Jukich 130 69
1844 Scott Road
Concord, CA 94521
</TABLE>
21 (Continued)
<PAGE>
SCHEDULE 2
WELLS FARGO & COMPANY
TAX ADVANTAGE AND RETIREMENT PLAN
Line 27(b) - Schedule of Loans or Fixed Income Obligations
Year ended December 31, 1998
<TABLE>
<CAPTION>
ORIGINAL* PRINCIPAL INTEREST
LOAN RECEIVED RECEIVED UNPAID**
OBLIGOR AMOUNT 1998 1998 BALANCE
- -------------------------------------- ------------------- ----------------- ------------------ -----------------
<S> <C> <C> <C> <C>
Venita Commer 700 372 34 150
1618 Revere Avenue
San Francisco, CA 94124
Alisa C Douglas 2,500 244 42 1,778
3274 Morcom Avenue
Oakland, CA 94619
Alisa C Douglas 6,000 -- -- 6,000
3274 Morcom Avenue
Oakland, CA 94619
Daniel E Acevedo 2,000 99 191 1,941
1653 253rd St
Harbor City, CA 90710
Judy L Allen 2,340 102 50 2,210
935 14th Street
Fortuna, CA 95540
Sukoji C Wade 919 112 58 846
4701 Woodbridge Way
Antioch, CA 94509
Sharon L Lekas 580 133 40 318
P.O. Box 345
Mira Loma, CA 91752
Sharon L Lekas 798 139 73 659
P.O. Box 345
Mira Loma, CA 91752
Ahmed M Arikat 980 209 65 581
260 Merrydale
San Rafael, CA 94903
Ahmed M Arikat 3,347 212 271 3,165
260 Merrydale
San Rafael, CA 94903
Lori J Vosekalns 3,400 217 139 3,183
6103 Estrella Ave
San Diego, CA 92120
Deborah M Smith 40,600 4,073 3,366 36,897
1668 Cloverleaf Dr
Sparks, NV 89434
<CAPTION>
DATE OF INTEREST MATURITY
OBLIGOR NOTE RATE (%) DATE
- -------------------------------------- -------------------- ----------------- -------------------
<S> <C> <C> <C>
Venita Commer 1/6/97 10.25 12/31/98
1618 Revere Avenue
San Francisco, CA 94124
Alisa C Douglas 7/11/97 10.5 7/15/99
3274 Morcom Avenue
Oakland, CA 94619
Alisa C Douglas 3/18/98 10.5 3/15/01
3274 Morcom Avenue
Oakland, CA 94619
Daniel E Acevedo 1/22/98 10.5 1/15/00
1653 253rd St
Harbor City, CA 90710
Judy L Allen 11/12/97 10.5 11/15/01
935 14th Street
Fortuna, CA 95540
Sukoji C Wade 5/13/98 10.5 5/15/99
4701 Woodbridge Way
Antioch, CA 94509
Sharon L Lekas 11/25/96 10.25 11/30/00
P.O. Box 345
Mira Loma, CA 91752
Sharon L Lekas 1/23/98 10.5 1/15/02
P.O. Box 345
Mira Loma, CA 91752
Ahmed M Arikat 3/27/97 10.25 3/31/00
260 Merrydale
San Rafael, CA 94903
Ahmed M Arikat 3/2/98 10.5 2/28/02
260 Merrydale
San Rafael, CA 94903
Lori J Vosekalns 1/8/98 10.5 12/31/01
6103 Estrella Ave
San Diego, CA 92120
Deborah M Smith 2/19/98 10.5 2/15/02
1668 Cloverleaf Dr
Sparks, NV 89434
<CAPTION>
AMOUNT AMOUNT
OVERDUE OVERDUE
OBLIGOR PRINCIPAL INTEREST
- -------------------------------------- ------------------ -----------------
<S> <C> <C>
Venita Commer 150 1
1618 Revere Avenue
San Francisco, CA 94124
Alisa C Douglas 1,030 149
3274 Morcom Avenue
Oakland, CA 94619
Alisa C Douglas 1,256 507
3274 Morcom Avenue
Oakland, CA 94619
Daniel E Acevedo 796 14
1653 253rd St
Harbor City, CA 90710
Judy L Allen 408 189
935 14th Street
Fortuna, CA 95540
Sukoji C Wade 474 6
4701 Woodbridge Way
Antioch, CA 94509
Sharon L Lekas 1 --
P.O. Box 345
Mira Loma, CA 91752
Sharon L Lekas 8 3
P.O. Box 345
Mira Loma, CA 91752
Ahmed M Arikat 128 4
260 Merrydale
San Rafael, CA 94903
Ahmed M Arikat 335 26
260 Merrydale
San Rafael, CA 94903
Lori J Vosekalns 440 198
6103 Estrella Ave
San Diego, CA 92120
Deborah M Smith 2,986 311
1668 Cloverleaf Dr
Sparks, NV 89434
</TABLE>
22 (Continued)
<PAGE>
SCHEDULE 2
WELLS FARGO & COMPANY
TAX ADVANTAGE AND RETIREMENT PLAN
Line 27(b) - Schedule of Loans or Fixed Income Obligations
Year ended December 31, 1998
<TABLE>
<CAPTION>
ORIGINAL* PRINCIPAL INTEREST
LOAN RECEIVED RECEIVED UNPAID**
OBLIGOR AMOUNT 1998 1998 BALANCE
- -------------------------------------- ------------------- ----------------- ------------------ -----------------
<S> <C> <C> <C> <C>
Wilma J Glatz 23,055 416 681 21,983
1148 Coral Desert Dr.
Las Vegas, NV 89123
Anita M Dehghani 1,000 -- -- 1,000
24135 Jagger St.
Lake Forest, CA 92630
Anita M Dehghani 2,688 -- -- 2,688
24135 Jagger St.
Lake Forest, CA 92630
Gerald L Charette 1,500 3,000 135 1,500
2144 E Nighthawk Way
Phoenix, AZ 85048
Gerald L Charette 3,296 6,592 211 3,296
2144 E Nighthawk Way
Phoenix, AZ 85048
Sandra A Venable 650 8 7 642
17602 N Cave Crk Rd
Phoenix, AZ 85032
Max Saclayan 6,000 1,298 586 4,759
234 Elizabeth Lane
Upland, CA 91786
Breneda K Madden 8,700 1,753 627 4,846
P.O. Box 91052
Pasadena, CA 91109
Wanda L Harman 2,536 -- -- 2,536
14900 Memorial Dr
Houston, TX 77079
Carmen R Sanchez 3,000 -- -- 2,763
2011 N 29th St
Phoenix, AZ 85008
Carmen R Sanchez 3,000 -- -- 2,966
2011 N 29th St
Phoenix, AZ 85008
<CAPTION>
DATE OF INTEREST MATURITY
OBLIGOR NOTE RATE (%) DATE
- -------------------------------------- -------------------- ----------------- -------------------
<S> <C> <C> <C>
Wilma J Glatz 4/24/97 10.5 4/30/07
1148 Coral Desert Dr.
Las Vegas, NV 89123
Anita M Dehghani 7/24/97 10.5 7/31/99
24135 Jagger St.
Lake Forest, CA 92630
Anita M Dehghani 8/7/97 10.5 7/31/01
24135 Jagger St.
Lake Forest, CA 92630
Gerald L Charette 4/6/98 10.5 6/30/99
2144 E Nighthawk Way
Phoenix, AZ 85048
Gerald L Charette 5/20/98 10.5 5/15/02
2144 E Nighthawk Way
Phoenix, AZ 85048
Sandra A Venable 2/4/98 10.5 1/31/00
17602 N Cave Crk Rd
Phoenix, AZ 85032
Max Saclayan 7/22/97 10.5 7/15/01
234 Elizabeth Lane
Upland, CA 91786
Breneda K Madden 9/5/96 10.25 8/31/00
P.O. Box 91052
Pasadena, CA 91109
Wanda L Harman 8/1/97 10.5 7/31/01
14900 Memorial Dr
Houston, TX 77079
Carmen R Sanchez 8/1/97 10.5 7/31/98
2011 N 29th St
Phoenix, AZ 85008
Carmen R Sanchez 8/26/97 10.5 8/31/01
2011 N 29th St
Phoenix, AZ 85008
<CAPTION>
AMOUNT AMOUNT
OVERDUE OVERDUE
OBLIGOR PRINCIPAL INTEREST
- -------------------------------------- ------------------ -----------------
<S> <C> <C>
Wilma J Glatz 1,131 1,785
1148 Coral Desert Dr.
Las Vegas, NV 89123
Anita M Dehghani 679 159
24135 Jagger St.
Lake Forest, CA 92630
Anita M Dehghani 781 419
24135 Jagger St.
Lake Forest, CA 92630
Gerald L Charette 830 116
2144 E Nighthawk Way
Phoenix, AZ 85048
Gerald L Charette 358 216
2144 E Nighthawk Way
Phoenix, AZ 85048
Sandra A Venable 256 54
17602 N Cave Crk Rd
Phoenix, AZ 85032
Max Saclayan 563 39
234 Elizabeth Lane
Upland, CA 91786
Breneda K Madden 687 39
P.O. Box 91052
Pasadena, CA 91109
Wanda L Harman 734 400
14900 Memorial Dr
Houston, TX 77079
Carmen R Sanchez 2,763 373
2011 N 29th St
Phoenix, AZ 85008
Carmen R Sanchez 799 395
2011 N 29th St
Phoenix, AZ 85008
</TABLE>
23 (Continued)
<PAGE>
SCHEDULE 2
WELLS FARGO & COMPANY
TAX ADVANTAGE AND RETIREMENT PLAN
Line 27(b) - Schedule of Loans or Fixed Income Obligations
Year ended December 31, 1998
<TABLE>
<CAPTION>
ORIGINAL* PRINCIPAL INTEREST
LOAN RECEIVED RECEIVED UNPAID**
OBLIGOR AMOUNT 1998 1998 BALANCE
- -------------------------------------- ------------------- ----------------- ------------------ -----------------
<S> <C> <C> <C> <C>
Darlene F Smyer 3,500 315 139 2,992
4045 E Nancy Ln
Phoenix, AZ 85040
Stacy L Lauderbaugh 5,000 1,119 435 3,601
1291 Slide Mtn Dr
Carson City, NV 89706
David S Burnett 2,000 10 3 700
7111 SW 12th Dr
Portland, OR 97219
David S Burnett 8,500 81 29 6,624
7111 SW 12th Dr
Portland, OR 97219
Shannon R Anderson 11,500 437 1,037 10,370
38888 S Nowlens Br Rd
Scott Mills, OR 97375
Judith K Cogger 499 -- -- 499
310 Ne 106th
Portland, OR 97220
Linda J Cook 3,000 243 111 2,678
8347 Malachite Avenue
Ranch Cucamnga, CA 91730
Debra L Asato 11,803 1,943 836 7,370
3546 N Strang Ave
Rosemead, CA 91770
Dora Mo 2,500 487 170 1,460
1700 S Third St
Alhambra, CA 91803
Dora Mo 2,000 172 190 1,846
1700 S Third St
Alhambra, CA 91803
Jian C Hou 5,000 520 265 4,205
1318 Coronado Ter
Los Angeles, CA 90026
Deborah K Hightower 3,000 201 74 2,220
3906 Saint Andrews
Boise, ID 83705
<CAPTION>
DATE OF INTEREST MATURITY
OBLIGOR NOTE RATE (%) DATE
- -------------------------------------- -------------------- ----------------- -------------------
<S> <C> <C> <C>
Darlene F Smyer 8/26/97 10.5 8/31/01
4045 E Nancy Ln
Phoenix, AZ 85040
Stacy L Lauderbaugh 4/29/97 10.5 4/30/01
1291 Slide Mtn Dr
Carson City, NV 89706
David S Burnett 8/31/90 10 8/31/00
7111 SW 12th Dr
Portland, OR 97219
David S Burnett 12/10/96 10.25 12/15/00
7111 SW 12th Dr
Portland, OR 97219
Shannon R Anderson 10/22/96 10.25 10/15/06
38888 S Nowlens Br Rd
Scott Mills, OR 97375
Judith K Cogger 3/30/98 10.5 3/31/02
310 Ne 106th
Portland, OR 97220
Linda J Cook 9/15/97 10.5 9/15/01
8347 Malachite Avenue
Ranch Cucamnga, CA 91730
Debra L Asato 11/26/96 10.25 11/30/00
3546 N Strang Ave
Rosemead, CA 91770
Dora Mo 2/28/97 10.25 2/29/00
1700 S Third St
Alhambra, CA 91803
Dora Mo 1/14/98 10.5 1/15/02
1700 S Third St
Alhambra, CA 91803
Jian C Hou 8/11/97 10.5 8/15/01
1318 Coronado Ter
Los Angeles, CA 90026
Deborah K Hightower 9/27/96 10.25 9/30/00
3906 Saint Andrews
Boise, ID 83705
<CAPTION>
AMOUNT AMOUNT
OVERDUE OVERDUE
OBLIGOR PRINCIPAL INTEREST
- -------------------------------------- ------------------ -----------------
<S> <C> <C>
Darlene F Smyer 465 186
4045 E Nancy Ln
Phoenix, AZ 85040
Stacy L Lauderbaugh 393 30
1291 Slide Mtn Dr
Carson City, NV 89706
David S Burnett 215 60
7111 SW 12th Dr
Portland, OR 97219
David S Burnett 1,963 671
7111 SW 12th Dr
Portland, OR 97219
Shannon R Anderson 393 87
38888 S Nowlens Br Rd
Scott Mills, OR 97375
Judith K Cogger 73 40
310 Ne 106th
Portland, OR 97220
Linda J Cook 457 191
8347 Malachite Avenue
Ranch Cucamnga, CA 91730
Debra L Asato 1,026 59
3546 N Strang Ave
Rosemead, CA 91770
Dora Mo 379 11
1700 S Third St
Alhambra, CA 91803
Dora Mo 230 15
1700 S Third St
Alhambra, CA 91803
Jian C Hou 643 223
1318 Coronado Ter
Los Angeles, CA 90026
Deborah K Hightower 736 234
3906 Saint Andrews
Boise, ID 83705
</TABLE>
24 (Continued)
<PAGE>
SCHEDULE 2
WELLS FARGO & COMPANY
TAX ADVANTAGE AND RETIREMENT PLAN
Line 27(b) - Schedule of Loans or Fixed Income Obligations
Year ended December 31, 1998
<TABLE>
<CAPTION>
ORIGINAL* PRINCIPAL INTEREST
LOAN RECEIVED RECEIVED UNPAID**
OBLIGOR AMOUNT 1998 1998 BALANCE
- -------------------------------------- ------------------- ----------------- ------------------ -----------------
<S> <C> <C> <C> <C>
Deborah K Hightower 600 54 21 441
3906 Saint Andrews
Boise, ID 83705
David Cox 2,200 225 39 1,219
14 Pond Rd.
Searsmont, ME 4973
David Cox 3,350 211 139 3,139
14 Pond Rd.
Searsmont, ME 4973
Gloria D Litonjua 14,884 2,156 1,270 10,995
2139 W Sta Ynez St
Los Angeles, CA 90026
Maura M Lopez 3,500 1,239 287 2,292
2345 Highbury Ave.
Los Angeles, CA 90032
Linda D Brown 750 152 40 419
432 NE Hemlock
Redmond, OR 97756
Ralph I Finfrock Jr 3,000 409 149 2,591
95 Cedar Drive
Camarillo, CA 93010-0000
<CAPTION>
DATE OF INTEREST MATURITY
OBLIGOR NOTE RATE (%) DATE
- -------------------------------------- -------------------- ----------------- -------------------
<S> <C> <C> <C>
Deborah K Hightower 10/21/96 10.25 10/15/00
3906 Saint Andrews
Boise, ID 83705
David Cox 6/30/96 7 6/30/00
14 Pond Rd.
Searsmont, ME 4973
David Cox 1/5/98 10.5 12/31/01
14 Pond Rd.
Searsmont, ME 4973
Gloria D Litonjua 4/1/97 10.5 3/31/01
2139 W Sta Ynez St
Los Angeles, CA 90026
Maura M Lopez 11/20/97 10.5 11/15/99
2345 Highbury Ave.
Los Angeles, CA 90032
Linda D Brown 7/31/97 10.5 1/31/99
432 NE Hemlock
Redmond, OR 97756
Ralph I Finfrock Jr 2/27/98 10.5 8/31/99
95 Cedar Drive
Camarillo, CA 93010-0000
<CAPTION>
AMOUNT AMOUNT
OVERDUE OVERDUE
OBLIGOR PRINCIPAL INTEREST
- -------------------------------------- -- ------------------ -----------------
<S> <C> <C>
Deborah K Hightower 134 41
3906 Saint Andrews
Boise, ID 83705
David Cox 322 46
14 Pond Rd.
Searsmont, ME 4973
David Cox 434 195
14 Pond Rd.
Searsmont, ME 4973
Gloria D Litonjua 1,631 90
2139 W Sta Ynez St
Los Angeles, CA 90026
Maura M Lopez 595 18
2345 Highbury Ave.
Los Angeles, CA 90032
Linda D Brown 373 8
432 NE Hemlock
Redmond, OR 97756
Ralph I Finfrock Jr 1,156 87
95 Cedar Drive
Camarillo, CA 93010-0000
</TABLE>
*The collateral for the loan is the participant's vested Wells Fargo & Company
Tax Advantage and Retirement Plan balance, which is not subject to withdrawal.
**Unpaid balance represents principal.
See accompanying independent auditors' report.
25 (Continued)
<PAGE>
SCHEDULE 3
WELLS FARGO & COMPANY
TAX ADVANTAGE AND RETIREMENT PLAN
Item 27(d) - Schedule of Reportable Transactions
Year ended December 31, 1998
<TABLE>
<CAPTION>
PURCHASES SALES
---------------------------- -----------------------------------------------------------
NUMBER NUMBER NET
OF OF COST OF SALES REALIZED
TRANSACTIONS AMOUNT TRANSACTIONS ASSETS PROCEEDS GAIN
------------ -------------- ------------ -------------- --------------- ------------
<S> <C> <C> <C> <C> <C> <C>
Tax Advantage and Retirement Plan:
Money Market Fund 120 163,684,631 132 138,494,293 138,494,293 --
S&P 500 Stock Fund 105 60,110,628 147 79,502,137 58,289,604 21,212,533
Wells Fargo Stock Fund 132 128,717,950 120 142,875,658 84,752,694 58,122,964
-------------- -------------- --------------- -----------
$ 352,513,209 $ 360,872,088 281,536,591 79,335,497
-------------- -------------- --------------- -----------
-------------- -------------- --------------- -----------
</TABLE>
See accompanying independent auditors' report.
26
<PAGE>
CONSENT OF INDEPENDENT AUDITORS
Retirement Plans Administrative Committee
WFC Holdings Corporation:
We consent to incorporation by reference in the registration statements (No.
333-68093 and 333-74643) on Form S-8 of Wells Fargo & Company of our report
dated June 24, 1999 relating to the statements of net assets available for plan
benefits of the Wells Fargo & Company Tax Advantage and Retirement Plan as of
December 31, 1998, and 1997, the related statements of changes in net assets
available for plan benefits for the years then ended and the related
supplemental schedules, which report appears in the December 31, 1998 annual
report on Form 11-K of Wells Fargo & Company Tax Advantage and Retirement Plan.
S/ KPMG LLP
San Francisco, California
June 24, 1999
