November 23, 2004

Wells Fargo Chairman and CEO Richard Kovacevich to Represent San Francisco Federal Reserve District In Washington D.C.

San Francisco, November 23, 2004 – Directors of the Federal Reserve Bank of San Francisco announced today that Richard M. Kovacevich, chairman and chief executive officer of Wells Fargo & Company, was selected to serve as the Twelfth District representative on the Federal Advisory Council in Washington, D.C. for 2005. Mr. Kovacevich succeeds Michael O’Neill, former chairman, chief executive officer, and president of Bank of Hawaii and Bank of Hawaii Corporation.

The Federal Advisory Council, a body created by the Federal Reserve Act, consists of one member—traditionally a commercial banker—from each of the twelve Reserve Bank Districts. The council is required by law to meet four times each year with the Board of Governors in Washington, D.C., to discuss economic and banking matters.

Mr. Kovacevich became president and CEO of Wells Fargo & Company in 1998 after the Wells Fargo-Norwest merger. In April 2001 he was designated chairman. Prior to these appointments, Mr. Kovacevich served as Norwest’s president and COO in 1989, before being named Norwest’s CEO in 1993 and chairman in 1995. Before joining Norwest Corporation, he was a group executive and a member of the Policy Committee at Citicorp and a division manager at General Mills. Among Mr. Kovacevich’s numerous professional and civic affiliations, he is a member of the board of directors of Cargill, Inc. and Target Corporation, chairman of the San Francisco Committee on JOBS and the California Business Roundtable, and a member of Governor Schwarzenegger’s California Commission for Jobs and Economic Growth. Mr. Kovacevich is vice president and a member of the board of governors of the San Francisco Symphony and vice chairman and a member of the board of trustees of the San Francisco Museum of Modern Art.

He graduated from Stanford University where he earned his M.B.A., as well as his bachelor’s and master’s degrees in industrial engineering.

The Federal Reserve Bank of San Francisco provides wholesale banking services to financial institutions in the nine western states through its head office in San Francisco, branch offices in Los Angeles, Portland, Salt Lake City, and Seattle, and a cash processing office in Phoenix. As the nation's central bank, the Federal Reserve System formulates monetary policy, serves as a bank regulator, administers consumer protection laws, and is fiscal agent for the U.S. government.

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