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Home My WebLink AboutRESPONSE - RFP - P807 INVESTMENT SAFEKEEPING AND CUSTODIAL SERVICESNOTICE OVERSIZED DOCUMENT DESCRIPTION: PROPOSAL ATTACHMENTS ARCHIVE LOCATION: P-807 INVESTMENT SAFEKEEPING AND CUSTODIAL SERVICES IDENTIFIED AS: RFP/BID#: P807 FILE NAME: TRAVEL DEMAND MODELING TECHNICAL SUPPORT WHAT: PROPOSAL Materials: Bound ANNUAL REPORT 1999 ANNUAL REPORT2000 PROSPECTUS 2000 INVESTING IN MINNESOTA 1999 ANNUAL REPORT1998 Q2 QUARTERLY UPDATE 2001 VENDOR: WELLS FARGO: Winning Vendor S-- <l,., WELLS FARGO MONEY MARKET FUNDS LIPf/ #71 ILF. September 28, 2001 Market Capitalization Citigroup Inc. 2039748900%000 Wells Fargo & Company 769101,0009000 JP Morgan Chase 68986590009000 Bank One Corporation 36975090009000 Who's Vulnerable? U.S. Bancorp 439597,0009000 Wachovia Corporation 309,36190009000 Bank of New York Company 2597819000,000 SunTrust Banks, Inc. 19,221,000,000 State Street Corporation 16910490009000 Mellon Bank Corporation 15919690009000 Northern Trust Corporation 11,68290009000 Key Corporation 10912390009000 Union Bank of California 5,057900%000 Institutional Trust & Custody Page 7 ve expect that Institutional Trust & Custody ll be one of our most rapidlygrouxng sinesses over the next 5 years. We've built a lid reputation in this business and plan to rther our commitment through strategic vstments in technology and people." Dick Kovacevich CEO & Nesident Wells Fargo Institutional Trust & Custody Page 8 InsfitwfionalTrust& Custody, HowDo We f fiat' Ourselves Tailored Approach to Services, Products Consultative Approach; Solution -Driven Quality Staff Product Advantages ❖ Securities Lending ❖ Internet -based Reporting ❖ Performance Measurement ❖ Custom Investment Products Institutional Trust & Custody Page 9 Institutional Trust & Custody Page 10 Management: ❖ Oversees customer relationships & ensures service teams have required resources Relationship Manager: ❖ Point person for service quality, product and service needs, industry trends, and creative solutions Administrator: ❖ Works with you on daily cash transactions, payments & daily activity,, — and trouble shoots inquiries Accountant: ❖ Conducts all transaction reviews and monthly data audits, and manages monthly statements and performance measurement Investment Manager Specialist: ❖ Monitors account activity, daily trade activity, issue resolution and corporate action responses Technical Analyst: ❖ Installs our on-line products and services, creates custom solutions Institutional Trust & Custody Page 11 ➢ Core ➢ Specialized Services Services Industry Specialization Global Custody Custody SerzVices Custom Reporting Trustee/Fiduciary Internet -based Reporting Tools Financial Statements .:. Trust Portfolio Disbursements Al .s Enhanced Trust Reporting Tax Reporting Performance Measurement k Cash Szoeep Analytical Tools ➢ Ancillaru Services Securities Lending Investment Management Cash Management Transition Management Asset Allocation Overlays Foreign Exchange Commission Recapture Institutional Trust & Custody Page 12 oil/ / l >t: 1 tnrrt•ct Us aawtbns Trust Portfolio Reporting :®—a V*h Weis Fargds TTwt ratlao Iyou can view, print, and Search I TiDsdownload both historical and pending financial data for one or more accounts in G1Mars n WewAll your Institutional Trust portfolio. VWh the tick of a mouse you can easily manage and monitor your organization's financial activities - anytime, anywhere. S SWVkla ■ W All at Eladnai• 0111ee A variety of flexible reporting options are customizable and can be exported into endina a I-easina Microsoft ExcelTWor comma separated values (CSV) formats for easy raamerd&Treasury ,, integration into your own in-house systems. it Estate Service f • CQ46Itialm R@pGfftMg - Select the account(s) you wand to view. Manaaament and generate reports for any previous business day, up to 30 calendar ire•wner Services days, or a prior month -end date. Reports can be sorted by account and tamer Suooea Stories include descriptive information. tured Publiestiom j • Aaaat Il p, - Asset summaries, a list of assets by Cost Value or gut C•mmereial Sentoes I Market Value, or Market/Cost Comparison reports are available and can ommmmmmi be sorted by industry class or account within an industry class. • Tragwa ion Mpar" - Hghight historical or pending transaction Is to View All activity; use the "account sort" feature to report on accounts by asset ID, date, or transaction type. Reporting tine periods can be selected for I sage and waik your up to 16 months on historical transactions, and up to 30 days for investment pending transactions. portfolio kdweeW to altraN ? Call your Relationship Manager or call the Trust idyl Online support teams toll -free number at 1-MO-835-2266, ext. 76406, to learn more about Trust Portfolio Reporting. • CUata1r11iOd Reporting - Design and save report templates to meet your company's unique requirements, and run them against any single Institutional Trust & Custody Page 13 Comprehensive Financial Reporting Thorough Review Process Manager Reconciliations Flexible Reporting Options ❖ Daily ❖ Monthly ❖ Customized ❖ Internet -based Reporting Institutional Trust & Custody Page 14 14 Internet -Based Technology in production with over 1000 client users � 10-15 % of Revenues Reinvested 75 % of Systems Budget Goes Into Upgrades/Enhancements Page 75 Dedicated Short -Term Investment Management Nationally Recognized Performance Performance - As of 9128101 *Gross of'Fees Objective: "High Current Income Consistent With Preservation of Capital and Liquidity" Institutional Trust & Custody Page 16 Institutional Trust & Custody MAC N9310-060 801 Nicollet Mall, Suite 700 Minneapolis, MN 55479 October 12, 2001 James B. O'Neill 11 Director of Purchasing and Risk Management City of Fort Collins Purchasing Division 215 North Mason Street, 2nd Floor Fort Collins, CO 80524 Dear Mr. O'Neill, On behalf of Wells Fargo, I am pleased to respond to the request for proposal (RFP-P-807) to provide services for the City of Fort Collins. Thank you for including us in your search. We welcome the opportunity to work with you. We are uniquely positioned to deliver outstanding service, while offering products and additional services that help you accomplish your goals. We fully understand your needs, and are extremely pleased to be able to demonstrate the depth of our services, commitment to our clients, flexible, innovative technology, and ability to deliver outstanding quality from our Denver -based office. As one of the nation's top providers, Wells Fargo has a proven track record of strong earnings generation and consistent growth. We are committed to investing the resources necessary in products, technology and people to excel in our business. Dick Kovacevich, President and CEO of Wells Fargo & Company, was recently quoted: "I1'e expect that Institutional Trust & Custody will be one of our most rapidly growing businesses over the next .i Years. We've built a solid reputation in this business and plan to further our commitment through :>trategic investments in technology and people. " We view this commitment as an investment in our clients and their long- term satisfaction andsuccess. Our response describes our capabilities and work plan we will follow to provide you with customized solutions. We have assembled the best possible combination of people, products, and resources we have to offer. We have enclosed six copies of our response to the request for proposal which includes our Executive Summary, the Proposal Certification Form, responses to the "Scope of Services to be Provided", Exhibit A, Fee Proposal, Exhibit B, sample agreements, sample reports, and other financial statements and related materials. Our response to this request for proposal is firm and irrevocable for the period of the contract. We also acknowledge the receipt of all addendums. We believe we represent the best value to the City of Fort Collins in terms of price (with or without performance measurement services), product offering and attention to service. We will deliver the products, professionals and personal level of service you deserve. We appreciate your interest in Wells Fargo, and look forward to an opportunity to meet with you personally. Any questions that may arise in the review of our services can be directed to me at (612) 667-5237. Sincerely, i� Daniel J. Mruz Vice President - Business Development Institutional Trust & Custody Unused Credit Capacity ❖ Well -Capitalized Bank ❖ Capacity to Lend Securities to Brokers Asset Utilization ❖ Favorable Lending Queue ❖ Not Dominated by Large Funds ❖ Proven Track Record ❖ Portfolio Manager (CFA) on Trading Desk Work Portfolio Harder ❖ Outperforms Industry Averages ❖ Equity Lending Leader ❖ Negotiate Aggressive Term Trades ❖ Lending Professionals with Experience Institutional Trust & Custody Page 17 Safety ❖ Conservative Credit Posture ❖ Professional Credit Analysis Team ❖ Independent Fund Accountants ❖ 100% Acceptable Audits Broker Relationships ❖ Aggressively Market the Portfolio ❖ Pay Competitive Rates ❖ Effectively Manage Asset Mix ❖ Automation Increases Volume Institutional Trust & Custody Page 18 Safeguards Institutional Trust & Custody Page 19 Wells Fargo Drives the Process Relationship Manager Leads the Team No Hand-offs After Conversion Proven Success ❖ Client Testimonials Institutional Trust & custody Page 20 Great People + Strong Technology = Exceptional Service Consultative and Solution Driven Customer Service Focus Local Relationship Delivery Coupled With Strong Centralized Administration, Operations, and Technology Capabilities Leading Edge On -Line Reporting and Query Systems Middle MarketFocus and Reputation Commitment to the Business and Customers Exceptional Service + Commitment + Price = Best Value Institutional Trust & Custody Page 21 Trust Operations Guide August 2001 Wells Fargo Bank Minnesota, N.A. TABLE OF CONTENTS SECTION 1..............................................Trade Communications *Facsimile Instructions *Trade Information *Wells Fargo ACCESS Trade Entry • S.W.I.F.T. messages SECTION 2.............................................Trade Settlement . Delivery Instructions •Notification deadlines SECTION 3.............................................Standard Letter of Agreement SECTION 4..............................................Short-Term Cash Management • Same day investments SECTION 5..............................................Income Collection Payment Standards SECTION 6..............................................Corporate Reorganization Policies TRADE SETTLEMENT Processing Standards: All trades are settled on a delivery versus payment basis. Our processing standard is to post all purchases and sales by debiting and crediting cash on the scheduled settlement date. Funds will be available to you for investment on that same basis. This procedure will provide total funds predictability, thereby maximizing investment yield and eliminating fail float accounting. Trade Directive Deadlines: All deadlines are in Central Standard Time DTC: Fed Book Entry: Physical Deliveries PTC: Same day settlements: All settlements: Same day settlement: Other settlements: Same day settlement: Other settlements: Same day settlement: Other settlements: 11:00 on trade date 3:30 on trade date 11:00 on trade date 3:30 on trade date 10:00 on trade date - Sells 11:00 on trade date - Buys 3:30 on trade date - Buys/Sells 11:00 on trade date 3:30 on T+1 THESE DEADLINES ARE FOR PROCESSING OF TRADE DIRECTIVES. PLEASE REFER TO THE SHORT-TERM CASH MANAGEMENT SECTION FOR MONEY MARKET FUND DEADLINES THAT MAY IMPACT CASH MANAGEMENT OF THE PORTFOLIO. Global: All global trades are cleared through our agent, Bank of New York. Delivery instructions for countries are available to our clients who trade in global securities. Please contact your Client Service Associate for details. Mutual Funds: Contact your Client Service Associate for details. Options/Futures: Wells Fargo will settle with brokers your option and future trades. We need clear instructions on how moneys will settle. We can settle vs. fed wire or PPO charge. Wells Fargo MUST receive copies of broker statements verifying all open option/future positions. Statements should be sent to: VERY EVIPORTANT: Wells Fargo Bank Minnesota, N.A. MAC N9306-055 Investors Building, 5th Floor 733 Marquette Avenue Attention: Your Client Service Associate Minneapolis, MN 55479 Prior approval is necessary to process transactions involving ERD (escrow receipt deposits) or Put Guaranty Letters. Do not execute a trade requiring an ERD or put letter without first contacting your Client Service Associate for details on obtaining pre -approval. Customer/Broker Held Securities: Wells Fargo's internal trust policy states, "That when possible, trust account assets shall be registered in the name of the approved nominee of Wells Fargo." Your portfolio may contain assets that can not be held in Wells's position or nominee name. This includes, but is not limited to, broker held securities and securities that are held as collateral. In order to include these securities as part of your Wells Fargo Custody portfolio, we require a signed waiver indemnifying Wells Fargo Bank from safekeeping responsibility. When informing your Client Service Associate that you have customer/broker held securities, the appropriate waiver will be sent to you for completion. These securities will be internally coded as either a "customer -held asset" or a "broker held asset" depending on the actual location of the item. Wells Fargo monitors these types of securities, keeping the original waivers on file, and following for updated waivers every 3 years. Private Placements: Private Placements clear physically through either Bankers Trust in New York or Wells Fargo in Minneapolis. Please complete and fax the following "Private Placement Trade Ticket" for all Private Placement trades and deposits. PRIVATE PLACEMENT TRADE TICKET TO: PHYSICAL SECURITIES SETTLEMENT, WELLS FARGO FROM: DATE: RE: PRIVATE PLACEMENT PURCHASE/SALE PURCHASE/SALE (Please circle one) NEW ISSUE/SECONDARY (Please circle one) ACCOUNT NAME: (If the security is secondary, type the name to be re -registered into) ACCOUNT NUMBER: SECURITY # (PPN): ORIGINAL FACE: PAR: PRICE: TRADE DATE: SETTLEMENT DATE: SECURITY INFORMATION: ISSUER: PRINCIPAL: CREDITOR: INTEREST: DATED DATE: NET: RATE: BROILER: MATURITY DATE: 1 ST INTEREST PAYMENT: PAYMENT FREQUENCY: SPECIAL PAYMENT INSTRUCTIONS LOCATION OF SETTLEMENT: WELLS FARGO MPLS BANKERS TRUST WIRE INSTRUCTIONS FOR PURCHASES: For the Acct of: Acct #: ABA #: ADDITIONAL RELEVANT PARTIES: SERVICER/PAYING AGENT: REQUIRED DOCUMENTS: TRUSTEE: TRANSFER AGENT: AUTHORIZED BY: Our mission is to be the best provider of value-added services in the markets in uiiich up choose to compete. Global Reach, Personal Touch Chy of r , November ►0 Presented by: Daniel Mruz Vice President Institutional Trust & Custody Institutional Trust & Custody DELIVERY INSTRUCTIONS FOR WELLS FARGO BANK MINNESOTA, N.A. QUICK REFERENCE GUIDE TRUST COMPANY DTC Number: 2027 Agent Number: 94866 Institution: _ _ _ _ _ This will be your institution number if you have affirmation responsibility. If Wells Fargo has affirmation responsibility, please use 94866. Wells Fargo Client Account Number: _ _ _ _ _ _ _ _ Wells Fargo Client Account Name: FED BOOK ENTRY MAILING ADDRESS MINNEAPOLIS FED: NW MPLS/TRUST Wells Fargo Bank Minnesota, N.A. ABA: 091000019 MAC N9306-055 Wells Fargo Client Account Number: ........ 733 Marquette Avenue Wells Fargo Client Account Name: Investors Building - 5`h Floor ATTN: ( Your Client Service Assoc.) Minneapolis, MN 55479 Bankers Trust Company 16 Wall Street, 4th Floor Attention: Window 42 A/C Wells Fargo Bank Minnesota Trust Department Account#092192 New York, NY 10015 Wells Fargo Client Account Number: ........ Wells Fargo Client Account Name: Wells Fargo Bank Minnesota, N.A. MAC N9306-059 Investors Building -5'" Floor Security Control and Transfer 733 Marquette Avenue Minneapolis, MN 55479 Wells Fargo Client Account Number: _ _ _ _ _ _ _ _ Wells Fargo Client Account Name: INSTRUCTIONS FOR PARTICIPANTS TRUST CO. DELIVERY PTC BOOK ENTRY DELIVERY PHYSICAL DELIVERY NORWST Wells Fargo Bank Minnesota, N.A. Wells Fargo Client Account Number: _ _ _ _ _ _ _ _ MAC N9306-050 Wells Fargo Client Account Name: 733 Marquette Avenue 5'" Floor Attention: Securities Settlements Minneapolis, MN. 55479 Wells Fargo Bank Minnesota, N.A. ABA: 091000019 BNF= Trust Clearing Mpls BNFA= 0000840245 (*** Please use full 10 digits***) OBI= FFC to: Wells Fargo Client Account Number: _ _ _ _ _ _ _ _ Wells Fargo Client Account Name: and any additional references to assist in wire identification **IMPORTANT**DO NOT DEVIATE FROM THE FORMAT OF THESE INSTRUCTIONS** STANDARD LETTER OF AGREEMENT TO BE PRODUCED ON LETTERHEAD OF AN INVESTMENT MANAGEMENT FIRM Re: Account Name(s) Account Number(s) and ID Agent Bank Number Dear (Name of Bank Officer) The undersigned has been appointed Investment Manager with respect to assets of those accounts referenced above for which you act (Trustee or Custodian). Under the terms of the arrangements, whereby you act as such (Trustee or Custodian) you are required to act in accordance with our written instructions regarding investment of such assets, unless a different method of instruction is agreed upon by us. We have agreed to use an institutional delivery system that will provide us with electronic broker trade confirmations of securities and/or financial transactions that we have entered into on behalf of those accounts referenced above. After comparing our trade data with each confirmation, we shall affirm to an institutional delivery system, as soon after receipt of the confirmation as possible, but no later than trade date plus one (12 noon Eastern time on trade date plus two for cancellations and corrections only), through an acknowledgment procedure acceptable to an institutional delivery system, all trades whose confirmations accurately reflect the trades that we have entered into, such affirmations constituting our deliver and/or receive instructions. Alternatively, we may choose to use the matching facilities of an institutional delivery system, which will effect an automatic comparison of our "institutional instructions" with the broker trade confirmations. All trades whose confirmations accurately thatch the trades we have entered into, as evidenced by our institution instructions, or fall within the tolerance parameters we have set in the institutional delivery system's standing instructions database, shall be affirmed, such thatched affirmations constituting our deliver and/or receive instructions. Upon receipt of our affirmations through the said acknowledgment or matching procedures, an institutional delivery system shall send deliver and/or receive instructions to you in form of an affirmed or matched affirmed confirmation. In the event an institutional delivery system broker trade confirmation does not accurately reflect the transaction in question, we shall not affirm, nor will the institutional delivery system match, the transaction in question and the institutional delivery system shall not send you our deliver and/or receive instructions. Accordingly, this letter is to confirm our understanding and agreement with you that you are authorized to act in accordance with, and shall be entitled to rely on, and be protected in acting on those deliver and/or receive instructions received by you as affirmed confirmations or matched affirmed confirmations through an institutional delivery system that contain one of the above -referenced bank account numbers in the defined "agent internal account number" field, to the same extent as if the information contained in such instructions was given in written form, signed by us. In the event that an institutional delivery system for any reason does not furnish you an affirmed or matched affirmed confirmation, we shall provide you with instructions in written form as to trades that said confirmation would otherwise have contained. This letter will constitute written instructions to you in accordance with the terms of the arrangements referenced in the first paragraph above. The agreement shall not preclude our use of written instructions for security transactions and/or other matters when we deem them necessary or advisable. You are authorized to act in accordance with, and shall be entitled to rely on, and be protected in acting on, such written instructions. However, in the event a broker trade confirmation is affirmed or an institutional instruction is matched affirmed by the institutional delivery system, said affirmation shall take precedent over the written authorization received for that trade. This agreement shall become effective with the transactions entered into by us on Trade Date If the foregoing is acceptable to you, please execute and return a copy of this letter agreement, upon which it will become effective. This agreement may be canceled by either party upon written notice to the other party. Bank Name Name of Investment Management Finn Bank Department Authorized Signature Authorized Signature SHORT-TERM CASH MANAGEMENT Wells Fargo can provide an Automated Cash Management System (ACM) which will invest your anticipated cash balances daily into a designated Money Market Fund. ACM will calculate anticipated cash balances and invest the funds into your designated Money Market Fund up to the penny. This means your pending trades, maturity proceeds, as well as projected income will be invested or divested from the Money Market Fund to provide same day cash management. Any trade directives or cash movements that are given during the business day, must be communicated before the designated deadlines to ensure full investment or divestment from the chosen Money Market Fund. Contact your account manager for information regarding specific ACM products and deadlines. Communications received after money market deadlines will be on a best effort basis Note: Daily cash balances may be obtained from your Wells Fargo contact. INCOME COLLECTIONS STANDARDS All items pay in fed funds. The table below addresses specific security types. �xt h 'rtr � Series H/HH Interest Within 48 hrs of Receipt Savings/CD Interest Within 48 hrs of Receipt Savings/CD Reinvest Within 48 hrs of Receipt of Statement Equities (Announced) Payable Date Equities — Paying on pre -split shares Payable Date Equities — Paying on post -split shares Ex -Date of Split Equities (Unannounced) On Receipt Preferred Stock (Announced) Payable Date Preferred Stock (Unannounced) On Receipt Bank Certificate of Deposit Within 48 hrs of Receipt Fixed Rate Domestic Bonds Payable Date Floating Rate Domestic Bonds Payable Date or Receipt of Rate Floating Rate Foreign Bonds On Receipt of U.S. Funds Fed Book -Entry Issues (Treasuries/SLGS) Payable Date Mortgage -Backed (interest & principal) GNMA I & H FHLMC FNMA Payable Date CMO/Asset-Backed (interest & principal) Includes REMICs, Multiclasses, FHA Pass Thru, SBA, Gold Pools Held @ FED / DTC Held @ Bankers Trust Held Physically Payable Date or Receipt of Factor Payable Date + 1 or Receipt of Factor On Receipt Unit Investment Trusts Payable Date Private Placements On Receipt CORPORATE ACTIONS POLICY Corporate Actions: Wells Fargo Bank Minnesota will timely process domestic and international corporate actions which are reported by any of the following: Depository Trust Company, Xcitek, Bankers Trust Company, Bank of New York, Financial Information, Inc., Wall Street Journal, Minneapolis Star Tribune and St. Paul Pioneer Press. Corporate action information received from other sources will be processed on a best efforts basis. Best efforts means that Wells Fargo will take reasonable steps to execute a customer's instructions regarding a corporate action. However, Wells Fargo will not be liable for missed expiration dates and times. Voluntary Actions: • Wells Fargo will send out notification of a corporate action as soon as good information is received. The deadline for responding with instructions is two business days (48 hours) prior to the expiration of an action. Instructions received after the 48 hours deadline will be processed on a best efforts basis and the customer is required to verbally confirm receipt of instructions by Wells Fargo. • Wells Fargo will act upon instructions received from Investment Officers duly authorized to make investment decisions on behalf of the trust customer. • Wells Fargo will make a reasonable effort to process corporate actions on restricted securities. However, Wells Fargo assumes no liability for missed expiration times and dates for securities that require the removal of a restriction prior to participation in a corporate action. • For pending buys with a settlement date before the expiration of a corporate action on the security, Wells Fargo will follow normal processing procedures. If the buy will settle on or after the expiration date of a corporate action, Wells Fargo will process any instructions received from the customer on a best efforts basis. • For valid trades with settlement after expiration date, Wells Fargo will secure a protect for corporate actions if such instructions are received from the customer. If the trade fails, Wells Fargo will not assume any liability for not covering the protect. • Wells Fargo will not assume any liability for securities that are simultaneously tendered and sold per customer's instructions. Wells Fargo retains the right to purchase securities to fulfill either the sale or tender. The customer will be liable for any financial loss that may occur through these. Voluntary Actions (cont.): When there are withdrawal rights on an offer, Wells Fargo will process withdrawals of securities from corporate actions upon receiving instructions from the customer. Withdrawals that are requested after the 48 hours deadline will be handled on a best efforts basis. Free Receives: • If it is determined that an incoming security is subject to a past corporate action, Wells Fargo will submit the security to the paying agent. • Wells Fargo will not assume any liability for customer loss resulting from these corporate actions. • Wells Fargo will process corporate actions on securities received in good delivery form by Wells Fargo at least 48 hours prior to expiration of the action. Wells Fargo will process on a best efforts basis for securities received after the 48 hours deadline. Called Bonds: Wells Fargo retains the right to restrict all activity on securities involved in partial calls. This restriction may remain in effect from publication date through payable date. Any financial loss resulting from a failure to complete the transfer of a security which is the subject of a call is strictly the responsibility of the customer (i.e., the customer must cover the short). Class Actions: • Wells Fargo will identify and solicit response to file claims on behalf of eligible open accounts at the time of the class publication. Wells Fargo will not assume responsibility for notifying customers on closed accounts. • Information received after a filing deadline will be handled on a best efforts basis. TRUST OPERATIONS November 8, 2001 TRUST OPERATIONS SERVICE TEAM TRUST CLIENT SERVICES: We service the outside money managers that trust clients have hired to make investment decisions on their accounts. We work with over 700 different money managers from around the country investing assets for more than 5000 trust accounts. Listed below are services provided by our team. • Trade Processing -Monitor broker billings -Match faxed trade instructions against broker confirms -Monitor affirmation rates -Resolve trade related issues -Provide failed trade reporting -Work to resolve factor changes on trades • Corporate Actions -Communicate corporate action information e.g.; tender offers, exchanges, consents full and partial call notification -Follow for responses by designated deadlines/expiration dates -Respond to any questions/issues pertaining to actions by working with Corp. Reorg. • Communicate cash balance information • Fax daily transaction reports upon request or per standing instructions a Communicate /resolve any overdrafts or uninvested funds in accounts • Communicate contributionstdisbursements • Act as liaison for issues regarding dividend, interest or principal payments TRADE SETTLEMENTS: Responsible for settlements of DTC, Fed, New York physicals, PTC, options/futures, and miscellaneous trading activity. Monthly volumes are: • DTC - 1419000. • Fed - 7,400. • NY Physicals - 60. • PTC - 19000. • Options/Futures - 350. • Miscellaneous- 1,000. SECURITIES SUPPORT: Responsible for asset set-up, asset pricing, and receiving /sending wire transfers. Monthly volumes are: • Asset Set-up - 69300 • Pricing - 90,000 (8,000. manually) • Wires - 13,200 (total over $121 billion) INCOME COLLECTIONS: Responsible for receipt and posting of all income including dividend, interest and principal payments on equities, corporate and municipal bonds, savings instruments, treasuries, and mortgage backed securities. Monthly volumes are: • Dividends - 609000 • Bond Interest - 23,000 • Mtg. Backed - 99000 • CMO/Privates - 89000 CORPORATE REORG/PROXY: Responsible for processing mandatory and/or voluntary corporate actions, capital actions for both domestic and global, maturities, calls. In addition, this area distributes all proxy materials. Monthly volumes are: • Bond Maturities - 8,000 • Calls - 1,500 • Corp. Actions - 7,000 (4,000 Voluntary) • Proxies - 1,500 SECURITY CONTROL AND TRANSFER: Responsible for all DTC free activity, registrations of securities and physical certificate activity. Monthly volumes are: • Free Receives - 900 • Free Delivers - 400 • Re -registrations - 500 TRUST VAULT Responsible for processing and managing all vault held asset positions and performing annual vault audit on those positions. GLOBAL CUSTODY SERVICES Global Client Service Representatives work directly with clients to process global trades, income and tax reclaims. This unit also handles the foreign exchanges done internally and externally for trades, income, and reorg conversions to USD. Wells Fargo is custodian for over 2.5 billion in assets and processes over 1500 trades per month in over 99 different countries. Trust Operations Guide August 2001 Wells Fargo Bank Minnesota, N.A. Our mission is to be the best provider of value-added services in the markets in which ur choose to compete. Global Reach: Wells Fargo Company at a Glance Personal Touch: Institutional Trust & Custody Timely Solutions: Client Service Team Full Service: Broad Vision: Transition: Questions: Demo: Broad Product Offerings Securities Lending Hands Off Trust Portfolio Reporting Institutional Trust & Custody Page I TABLE OF CONTENTS SECTION1..............................................Trade Communications *Facsimile Instructions *Trade Information •Wells Fargo ACCESS Trade Entry • S. W I.F.T. messages SECTION 2.............................................Trade Settlement • Delivery Instructions •Notification deadlines SECTION 3.............................................Standard Letter of Agreement SECTION 4..............................................Short-Term Cash Management • Same day investments SECTION 5..............................................Income Collection Payment Standards SECTION 6..............................................Corporate Reorganization Policies TRADE COMMUNICATIONS Facsimile Instructions: Wells Fargo will accept faxed trade instructions so that we may expedite the settlement process. We request you to use a directive that includes the name of the person to whom you are faxing information as well as the number of pages being sent. If preferred, you may also contact your Client Service Associate to confirm that your fax has been received. Trade Information: When communicating trade information to Wells Fargo, please be sure to include the following information including an authorized signature on your trade directive: * Your Name * Your Company's Name * Your Wells Fargo Account #/name * Trade Date * Settlement Date * Purchase or Sale * Number of Shares or Par Value * Security Description * Rate & Maturity Date * Dated Date * Cusip Number/Sedol/ ISN # * Currency * Price * Principal * Interest * Commission * SEC Fees * Miscellaneous Fees * Net Amount * Broker Name * Broker Account Number * DTC Number or Other Delivery Instructions * FX Instructions If you are trading a mortgage -backed security, we will also need the following: * Original Face Value * Factor * Current Face Value Note: Brokerage accounts should not be set up in the name of Wells Fargo. Wells Fargo ACCESS Trade Entry: If you are a Wells Fargo ACCESS user and are authorized to use ACCESS Trade Entry, you can inform Wells Fargo of executed trades on your accounts electronically. Contact your account manager for more information. S. W.I.F. T. Messages. If you are a S. W.I.F.T. user please contact your Client Service Associate for information about message types we currently receive and our BIC code. TRADE SETTLEMENT Processing Standards: All trades are settled on a delivery versus payment basis. Our processing standard is to post all purchases and sales by debiting and crediting cash on the scheduled settlement date. Funds will be available to you for investment on that same basis. This procedure will provide total funds predictability, thereby maximizing investment yield and eliminating fail float accounting. Trade Direcdve Deadlines. All deadlines are in Central Standard Time DTC: Same day settlements All settlements: Fed Book Entry: Same day settlement: Other settlements: Physical Deliveries: Same day settlement: Other settlements: PTC: Same day settlement: Other settlements: 11:00 on trade date 3:30 on trade date 11:00 on trade date 3:30 on trade date 10:00 on trade date - Sells 11:00 on trade date - Buys 3:30 on trade date - Buys/Sells 11:00 on trade date 3:30 on T+1 THESE DEADLINES ARE FOR PROCESSING OF TRADE DIRECTIVES. PLEASE REFER TO THE SHORT-TERM CASH MANAGEMENT SECTION FOR MONEY MARKET FUND DEADLINES THAT MAY IMPACT CASH MANAGEMENT OF THE PORTFOLIO. Global. All global trades are cleared through our agent, Bank of New York. Delivery instructions for countries are available to our clients who trade in global securities. Please contact your Client Service Associate for details. Mutual Funds: Contact your Client Service Associate for details. Options/Futures: Wells Fargo will settle with brokers your option and future trades. We need clear instructions on how moneys will settle. We can settle vs. fed wire or PPO charge. Wells Fargo MUST receive copies of broker statements verifying all open option/future positions. Statements should be sent to: Wells Fargo Bank Minnesota, N.A. MAC N9306-055 Investors Building, 5th Floor 733 Marquette Avenue Attention: Your Client Service Associate Minneapolis, MN 55479 VERYIMPORTANT: Prior approval is necessary to process transactions involving ERD (escrow receipt deposits) or Put Guaranty Letters. Do not execute a trade requiring an ERD or put letter without first contacting your Client Service Associate for details on obtaining pre -approval. CustomerBroker Held Securities: Wells Fargo's internal trust policy states, "That when possible, trust account assets shall be registered in the name of the approved nominee of Wells Fargo." Your portfolio may contain assets that can not be held in Wells's position or nominee name. This includes, but is not limited to, broker held securities and securities that are held as collateral. In order to include these securities as part of your Wells Fargo Custody portfolio, we require a signed waiver indemnifying Wells Fargo Bank from safekeeping responsibility. When informing your Client Service Associate that you have customer/broker held securities, the appropriate waiver will be sent to you for completion. These securities will be internally coded as either a "customer -held asset" or a "broker held asset" depending on the actual location of the item. Wells Fargo monitors these types of securities, keeping the original waivers on file, and following for updated waivers every 3 years. Private Placements: Private Placements clear physically through either Bankers Trust in New York or Wells Fargo in Minneapolis. Please complete and fax the following "Private Placement Trade Ticket" for all Private Placement trades and deposits. PRIVATE PLACEMENT TRADE TICKET TO: PHYSICAL SECURITIES SETTLEMENT, WELLS FARGO FROM: DATE: RE: PRIVATE PLACEMENT PURCHASE/SALE PURCHASE/SALE (Please circle one) NEW ISSUEISECONDARY (Please circle one) ACCOUNT NAME: (If the security is secondary, type the name to be re -registered into) ACCOUNT NUMBER: SECURITY # (PPN): ORIGINAL FACE: PAR: PRICE: TRADE DATE: I D SETTLEMENT DATE: SECURITY INFORMATION: ISSUER: PRINCIPAL: CREDITOR: INTEREST: DATED DATE: NET: RATE: BROKER: MATURITY DATE: 1 ST INTEREST PAYMENT: PAYMENT FREQUENCY: SPECIAL PAYMENT INSTRUCTIONS LOCATION OF SETTLEMENT: WELLS FARGO MPLS BANKERS TRI ICT WIRE INSTRUCTIONS FOR PURCHASES: ECC the Acct of:t #: ABA #: ADDITIONAL RELEVANT PARTIES: SERVICER/PAYING AGENT: REQUIRED DOCUMENTS: TRUSTEE: TRANSFER AGENT: AUTHORIZED BY: DTC Number: 2027 Agent Number: 94866 Institution: DELIVERY INSTRUCTIONS FOR WELLS FARGO BANK MINNESOTA, N.A. QUICK REFERENCE GUIDE This will be your institution number if you have affirmation responsibility. If Wells Fargo has affirmation responsibility, please use 94966. Wells Fargo Client Account Number: Wells Fargo Client Account Name: FED BOOK ENTRY MAILING ADDRESS MINtVEAPOLIS FED: NW MPLSITRUST Wells Fargo Bank Minnesota, N.A. ABA: 091000019 MAC N9306-055 Wells Fargo Client Account Number: -------- 733 Marquette Avenue Wells Fargo Client Account Name: Investors Building - 5th Floor ATTN: ( Your Client Service Assoc.) Minneapolis, MN 55479 PHYSICAL DELIVERY INSTRUCTIONS NEW YORK MINNEAPOLIS Bankers Trust Company Wells Fargo Bank Minnesota, N.A. 16 Wall Street, 4th Floor MAC N9306-059 Attention: Window 42 Investors Building -5'h Floor A/C Wells Fargo Bank Minnesota Trust Department Security Control and Transfer Account #092192 733 Marquette Avenue New York, NY 10015 Minneapolis, MN 55479 Wells Fargo Client Account Number: ....... Wells Fargo Client Account Number: Wells Fargo Client Account Name: Wells Fargo Client Account Name: -------- DELIVERY I PHYSICAL NORWST Wells Fargo Bank Minnesota, N.A. Wells Fargo Client Account Number: -------- MAC N9306-050 Wells Fargo Client Account Name: 733 Marquette Avenue 5'" Floor Attention: Securities Settlements Minneapolis, MN. 55479 Wells Fargo Bank Minnesota, N.A. ABA: 091000019 BNF= Trust Clearing Mpls BNFA= 0000840245 (*** Please use full 10 digits***) OBI= FFC to: Wells Fargo Client Account Number: Wells Fargo Client Account Name: and any additional references to assist in wire identification ..I__ ...ATA uUiv"A "Z1vI^ic ravM I"M PUKMAI UP-711ASEINSTRUCTIONS" STANDARD LETTER OF AGREEMENT TO BE PRODUCED ON LETTERHEAD OF AN INVESTMENT MANAGEMENT FIRM Re: Account Name(s) Account Number(s) and ID Agent Bank Number Dear (Name of Bank Officer) The undersigned has been appointed Investment Manager with respect to assets of those accounts referenced above for which you act (Trustee or Custodian). Under the terms of the arrangements, whereby you act as such (Trustee or Custodian) you are required to act in accordance with our written instructions regarding investment of such assets, unless a different method of instruction is agreed upon by us. We have agreed to use an institutional delivery system that will provide us with electronic broker trade confirmations of securities and/or financial transactions that we have entered into on behalf of those accounts referenced above. After comparing our trade data with each confirmation, we shall affirm to an institutional delivery system, as soon after receipt of the confirmation as possible, but no later than trade date plus one (12 noon Easter time on trade date plus two for cancellations and corrections only), through an acknowledgment procedure acceptable to an institutional delivery system, all trades whose confirmations accurately reflect the trades that we have entered into, such affirmations constituting our deliver and/or receive instructions. Alternatively, we may choose to use the matching facilities of an institutional delivery system, which will effect an automatic comparison of our "institutional instructions" with the broker trade confirmations. All trades whose confirmations accurately match the trades we have entered into, as evidenced by our institution instructions, or fall within the tolerance parameters we have set in the institutional delivery system's standing instructions database, shall be affirmed, such matched affirmations constituting our deliver and/or receive instructions. Upon receipt of our affirmations through the said acknowledgment or matching procedures, an institutional delivery system shall send deliver and/or receive instructions to you in form of an affirmed or matched affirmed confirmation. In the event an institutional delivery system broker trade confirmation does not accurately reflect the transaction in question, we shall not affirm, nor will the institutional delivery system match, the transaction in question and the institutional delivery system shall not send you our deliver and/or receive instructions. Accordingly, this letter is to confirm our understanding and agreement with you that you are authorized to act in accordance with, and shall be entitled to rely on, and be protected in acting on those deliver and/or receive instructions received by you as affirmed confirmations or matched affirmed confirmations through an institutional delivery system that contain one of the above -referenced bank account numbers in the defined "agent internal account number" field, to the same extent as if the information contained in such instructions was given in written form, signed by us. In the event that an institutional delivery system for any reason does not furnish you an affirmed or matched affirmed confirmation, we shall provide you with instructions in written form as to trades that said confirmation would otherwise have contained. This letter will constitute written instructions to you in accordance with the terms of the arrangements referenced in the first paragraph above. The agreement shall not preclude our use of written instructions for security transactions and/or other matters when we deem them necessary or advisable. You are authorized to act in accordance with, and shall be entitled to rely on, and be protected in acting on, such written instructions. However, in the event a broker trade confirmation is affirmed or an institutional instruction is matched affirmed by the institutional delivery system, said affirmation shall take precedent over the written authorization received for that trade. This agreement shall become effective with the transactions entered into by us on Trade Date If the foregoing is acceptable to you, please execute and return a copy of this letter agreement, upon which it will become effective. This agreement may be canceled by either party upon written notice to the other party. Name Name of Investment Management Finn Bank Department Authorized Signature Authorized Signature SHORT-TERM CASH MANAGEMENT Wells Fargo can provide an Automated Cash Management System (ACM) which will invest your anticipated cash balances daily into a designated Money Market Fund. ACM will calculate anticipated cash balances and invest the funds into your designated Money Market Fund up to the penny. This means your pending trades, maturity proceeds, as well as projected income will be invested or divested from the Money Market Fund to provide same day cash management. Any trade directives or cash movements that are given during the business day, must be communicated before the designated deadlines to ensure full investment or divestment from the chosen Money Market Fund. Contact your account manager for information regarding specific ACM products and deadlines. Communications received after money market deadlines will be on a best effort basis. Note: Daily cash balances may be obtained from your Wells Fargo contact. INCOME COLLECTIONS STANDARDS All items pay in fed funds. The table below addresses specific security types. ecei TRADE COMMUNICATIONS Facsimile Instructions: Wells Fargo will accept faxed trade instructions so that we may expedite the settlement process. We request you to use a directive that includes the name of the person to whom you are faxing information as well as the number of pages being sent. If preferred, you may also contact your Client Service Associate to confirm that your fax has been received. Trade Information: When communicating trade information to Wells Fargo, please be sure to include the following information including an authorized signature on your trade directive: * Your Name * Your Company's Name * Your Wells Fargo Account #/name * Trade Date * Settlement Date * Purchase or Sale * Number of Shares or Par Value * Security Description * Rate & Maturity Date * Dated Date * Cusip Number/Sedoll ISN # * Currency * Price * Principal * Interest * Commission * SEC Fees * Miscellaneous Fees * Net Amount * Broker Name * Broker Account Number * DTC Number or Other Delivery Instructions * FX Instructions If you are trading a mortgage -backed security, we will also need the following: * Original Face Value * Factor * Current Face Value Note: Brokerage accounts should not be set up in the name of Wells Fargo. Wells Fargo ACCESS Trade Entry: If you are a Wells Fargo ACCESS user and are authorized to use ACCESS Trade Entry, CORPORATE ACTIONS POLICY Corporate Actions. - Wells Fargo Bank Minnesota will timely process domestic and international corporate actions which are reported by any of the following: Depository Trust Company, Xcitek, Bankers Trust Company, Bank of New York, Financial Information, Inc., Wall Street Journal, Minneapolis Star Tribune and St. Paul Pioneer Press. Corporate action information received from other sources will be processed on a best efforts basis. Best efforts means that Wells Fargo will take reasonable steps to execute a customer's instructions regarding a corporate action. However, Wells Fargo will not be liable for missed expiration dates and times. Voluntary Actions: • Wells Fargo will send out notification of a corporate action as soon as good information is received. The deadline for responding with instructions is two business days (48 hours) prior to the expiration of an action. Instructions received after the 48 hours deadline will be processed on a best efforts basis and the customer is required to verbally confirm receipt of instructions by Wells Fargo. • Wells Fargo will act upon instructions received from Investment Officers duly authorized to make investment decisions on behalf of the trust customer. • Wells Fargo will make a reasonable effort to process corporate actions on restricted securities. However, Wells Fargo assumes no liability for missed expiration times and dates for securities that require the removal of a restriction prior to participation in a corporate action. • For pending buys with a settlement date before the expiration of a corporate action on the security, Wells Fargo will follow normal processing procedures. If the buy will settle on or after the expiration date of a corporate action, Wells Fargo will process any instructions received from the customer on a best efforts basis. • For valid trades with settlement after expiration date, Wells Fargo will secure a protect for corporate actions if such instructions are received from the customer. If the trade fails, Wells Fargo will not assume any liability for not covering the protect. • Wells Fargo will not assume any liability for securities that are simultaneously tendered and sold per customer's instructions. Wells Fargo retains the right to purchase securities to fulfill either the sale or tender. The customer will be liable for any financial loss that may occur through these. Voluntary Actions (cons): • When there are withdrawal rights on an offer, Wells Fargo will process withdrawals of securities from corporate actions upon receiving instructions from the customer. Withdrawals that are requested after the 48 hours deadline will be handled on a best efforts basis. Free Receives: • If it is determined that an incoming security is subject to a past corporate action, Wells Fargo will submit the security to the paying agent. 0 Wells Fargo will not assume any liability for customer loss resulting from these corporate actions. !07f, �' # Daniel Mruz - Vice President, IT&C National Sales Daphne Mettler - Vice President, IT&C Relationship Manager Sue Wagner - Senior Vice President, Business Banking Manager Institutional Trust & Custody Page 2 • Wells Fargo will process corporate actions on securities received in good delivery form by Wells Fargo at least 48 hours prior to expiration of the action. Wells Fargo will process on a best efforts basis for securities received after the 48 hours deadline. Called Bonds: • Wells Fargo retains the right to restrict all activity on securities involved in partial calls. This restriction may remain in effect from publication date through payable date. Any financial loss resulting from a failure to complete the transfer of a security which is the subject of a call is strictly the responsibility of the customer (i.e., the customer must cover the short). Class Actions: • Wells Fargo will identify and solicit response to file claims on behalf of eligible open accounts at the time of the class publication. Wells Fargo will not assume responsibility for notifying customers on closed accounts. • Information received after a filing deadline will be handled on a best efforts basis. Norwest Bank Minnesota, National Association Examination Profile The scope of our examination included an analysis of the bank's 1994 and 1995 CRA performance. We reviewed information prepared by bank management and obtained through contacts with community groups and government offices. Home Mortgage Disclosure Act Federal law requires Norwest to gather home loan data for the Minneapolis/St. Paul MSA. Individuals may obtain this information from the following office: Thomas Smisek Tech/Sci/Docs Minneapolis Public Library 300 Nicollet Mall Minneapolis, MN 55401-1992 612/372-6643 612/372-6623 (Fax) The Office of the Comptroller of the Currency (OCC) is the regulatory agency responsible for the supervision of this bank. If you should have comments regarding this bank's performance under the CRA or questions regarding the Act, contact the OCC Midwestern District Office, 2345 Grand Avenue, Suite 700, Kansas City, Missouri 64108. 15 WelisNetsm Trust Portfolio Quick Reference Guide WeIlsNet Trust Portfolio is available via Wells Fargo's Commercial Electronic Offices"" (CEO) business portal. Simplify your business life with easy access to Trust account information through your web browser. With just a few mouse clicks view, print, or export standard cash, asset, and transaction reports. You can also subscribe to ad hoc reporting and custom data extract creation. Here's What You'll Need: PC equipped with standard browser - Internet Explorer 5.01 SP2, Netscape Navigator 4.08, or Netscape Communicator 4.61 - or higher (Netscape 6.0 currently incompatible), 128 bit encryption plus Adobe Acrobat 4.05b. Account with Internet Service Provider (ISP) or LAN connection to corporate Internet service. 28.8 baud or faster modem and phone line if not connected through LAN. Our Internet Address: httr)s://wellsoffice.welisfargo.com/ceo Authorizations: Enter your Company ID, User ID, and Password to obtain your personalized desktop. In addition to Trust Portfolio you may subscribe to a variety of Wells Fargo electronic services and access them all via the CEO. Changing Passwords: You can change your password any time by selecting the Change Password option at the top of the CEO page. The system will require you to change your password at set intervals. Enter your Current Password 2. Enter the New Password 3. Re-enter the New Password WeIlsNet Trust Portfolio delivers 20 standard reports — 4 with drill down features - in PDF (default) or HTML format. Reports may also be exported in Excel (default) or comma delimited format. From the left hand navigation bar simply select the high level report class you want and receive a menu of corresponding report types and sorts. Press the Select Options button to further customize your reports. On the Report Customization screen select account(s) or account groups(s) and set date parameters. Check Long Description box for complete security or transaction display. Check Include Criteria box to display selected report parameters. Specify desired output Format and press either Open Browser or Export Report button to generate your report or data. Ad hoc reporting users may refer to the WeIlsNet M Trust Portfolio Ad Hoc Reporting Quick Reference Guide. ® The Workspace The WeIlsNet workspace displays the User and Company ID for the current logon session at the top. Your navigational path appears directly below, with the current screen in red. Trust Reporting>Financial>Transaction Using Help WeIlsNet Trust Portfolio functions are covered in the context sensitive online help text available with the service. If you need help on any screen or would like overview information, click the Help tab at the top margin of the workspace. Additional Help If you require additional assistance of any type in using WeIlsNet Trust Portfolio, please contact our Support Specialists at: 612-667-6406 or 800-835-2265 ext. 76406 Via e-mail at wellsfargoaccess@wellsfargo.com June 2001 WellsNet Trust Portfolio Reports Cash Balance Report The Cash Balance Report, sorted by account (default) or by asset type, provides uninvested income and principal cash balances, daily cash settlement amounts, cash sweep and other very liquid asset holdings. Select from the following Date Types: Previous Business Day (default) Up to 30 previous business days available* Month End Up to 13 prior month ends available* Month End With Pricing' Up to 13 prior month ends available* accumulation begins at the time Trust Portfolio Reporting is implemented. Asset Reports There are four Asset Reports available with a variety of sorts. Choose from the following report types and sorts: Report Type Asset Summary List of Assets: Cost Value List of Assets: Market Value Market/Cost Comparison (default) Select from the following Date Types: Previous Business Day (default) Month End Month End With Pricing* Sort Major Asset Group Minor Asset Class Industry Asset ID Asset lD Account By Industry Class Industry Class (default) DD** DD** (for multiple accounts) DD** (default) DD** Up to 30 previous business days available*** Up to 13 prior month ends available*** Up to 13 prior month ends available*** Month End With Pricing is month end asset or cash position with final pricing adjustments applied up to three business days after month and. DD** Drill down capabilities available. *'* History accumulation begins at the time Trust Portfolio Reporting is implemented. Transaction Reports Transaction reports include both Transaction History and Pending Transaction reports. Transaction History sorted by Date is the overall default report. For either type of Transaction report choose from these sorts: Account By Asset ID (for multiple accounts) Account By Date (for multiple accounts) Account By Tran Type (for multiple accounts) Asset ID Date (default for History and Pending) Tran Type For Transaction History, select from the following Date Types: Post Date (default) From: Previous Business Day (default) Through: Previous Business Day (default) Settlement Date From: Previous Business Day (default) Through: Previous Business Day (default) Based on service inception, date ranges for Transaction History may be entered for up to 18 previous months.* For Pending Transactions, Date Type is expected Posting Date.** From: Previous Business Day (default) Through: Previous Business Day + 6 days " History accumulation begins at the time Trust Portfolio Reporting is implemented. *' Date ranges for Pending Transactions may be entered between Previous Business Day and Previous Business Day + 30. Pending securities purchases or sales with settlement dates exceeding through date are displayed to accommodate forward contracts and TBA's. June 2001 WellsNetsm Trust Portfolio Quick Reference Guide WeIlsNet Trust Portfolio is available via Wells Fargo's Commercial Electronic Offices"" (CEO) business portal. Simplify your business life with easy access to Trust account information through your web browser. With just a few mouse clicks view, print, or export standard cash, asset, and transaction reports. You can also subscribe to ad hoc reporting and custom data extract creation. Here's What You'll Need: PC equipped with standard browser - Internet Explorer 5.01 SP2, Netscape Navigator 4.08, or Netscape Communicator 4.61 - or higher (Netscape 6.0 currently incompatible), 128 bit encryption plus Adobe Acrobat 4.05b. Account with Internet Service Provider (ISP) or LAN connection to corporate Internet service. 28.8 baud or faster modem and phone line if not connected through LAN. Our Internet Address: httos://wellsoffice welisfaroo com/ceo Authorizations: Enter your Company ID, User ID, and Password to obtain your personalized desktop. In addition to Trust Portfolio you may subscribe to a variety of Wells Fargo electronic services and access them all via the CEO. Changing Passwords: You can change your password any time by selecting the Change Password option at the top of the CEO page. The system will require you to change your password at set intervals. 1. Enter your Current Password 2. Enter the New Password 3. Re-enter the New Password WeIlsNet Trust Portfolio delivers 20 standard reports — 4 with drill down features - in PDF (default) or HTML format. Reports may also be exported in Excel (default) or comma delimited format. From the left hand navigation bar simply select the high level report class you want and receive a menu of corresponding report types and sorts. Press the Select Options button to further customize your reports. On the Report Customization screen select account(s) or account groups(s) and set date parameters. Check Long Description box for complete security or transaction display. Check Include Criteria box to display selected report parameters. Specify desired output Format and press either Open Browser or Export Report button to generate your report or data. Ad hoc reporting users may refer to the WeIlsNet M Trust Portfolio Ad Hoc Reporting Quick Reference Guide. ® The Workspace The WeIlsNet workspace displays the User and Company ID for the current logon session at the top. Your navigational path appears directly below, with the current screen in red. Trust Reporting>Financiai>Transoction Using Help WeIlsNet Trust Portfolio functions are covered in the context sensitive online help text available with the service. If you need help on any screen or would like overview information, click the Help tab at the top margin of the workspace. Additional Help If you require additional assistance of any type in using WeIlsNet Trust Portfolio, please contact our Support Specialists at: 612-667-6406 or 800-835-2265 ext. 76406 Via e-mail at wellsfargoaccess@wellsfargo.com June 2001 Enhanced Trust Reporting offers audited financial and performance measurement information through a secure Internet connection. With Enhanced Trust Reporting you can view, customize and download audited trust account information directly to your desktop. Convenient, comprehensive online reporting options are available, including multi -currency and performance measurement information. Enhanced Trust Reporting allows you to access your trust portfolio information — anytime, anywhere! Flexible Reporting Enhanced Trust Reporting features several options to customize your reporting to suit your needs. Asset and transaction data can be exported into Microsoft Exce1TM for easy integration with your in-house systems. This comprehensive suite of reports also offers investment performance, daily valuations, and dynamic reporting periods. Reports include lists of positions, zed gains and losses, market values, and I and earned income per security. Transaction Reports are available by asset class, transaction type, and trade date. Set your own account and date parameters to produce brmance Reports provide standard and omized benchmarking, flexible categorization, extensive detail, including P/E ratios and Easy to Use There is no need to purchase, install, or upgrade software; simply use your existing browser technology to enable multi-user access and eliminate the need for complex user networks. Simple screen layouts and intuitive navigation provide easy report access. Easy -to -use buttons, drop -down menus, online "Help" screens and online reference tables make this product effortless to use! A few simple steps take you from one report to the next. Secure Information Your account information is secured through user identification codes, password combinations, and state -or -the -art 128-bit Secure Socket Layer (SSL) data encryption. Each user's identification lets them access data only for the accounts they are authorized to view. Consultants and other third -party service providers may also be authorized to view specific account data. You have total control over who sees your portfolio information, through the use of your company ID, user ID, and password. Our customers tell us that this Future Enhancements product is so effortless to use — Future no traitdng is needed! product developments include customer -designed ad hoc reporting and attribution analysis. For more information or to speak so an Ins6mdonal Trust & Custody representative about this pustoc roduct/se ice, please call (6I2)667-004. n<,a;� I Institutional Trust & Cy IR1:1111MI.54 q d111!1111i11i1198 Available through Wells Fargo's Commercial Electronic Offices"' (CEO), Trust Portfolio Reporting offers users an Internet solution for their trust and custody reporting needs. Together, Trust Portfolio Reporting and the CEO portal provide Wells Fargo trust clients with access to multiple bank services and flexible reporting options — all with a single sign -on! Trust Portfolio Reporting simplifies your business life with instant web access to your trust account information and other vital business functions. Daily and Monthly Information Trust Portfolio Reporting can give you a day-by-day snapshot of essential account information, including asset lists, account balances, pending transactions, and transaction history. Cash and asset reports can be created for the past 30 days or up to 13 prior month ends.* Transaction reports can be requested for up to eighteen months of history.* Pending transactions and cash projections are available for 30 days in the future. Easy to Use Making the movement between various functions easier and more efficient is the heart of the Trust Portfolio Reporting service. You issue commands through easy to use buttons and drop down menus. A few simple clicks take you from one report to the next. Learning to navigate the various features is so easy and intuitive, that even new users can accomplish this independently. If questions should arise, convenient context - sensitive "Help" screens and useful reference tables are instantly available at the click of a mouse. Flexible and Convenient Twenty-one standard reports are available for viewing or exporting in standard HTML, PDF (Portable Data Format), ExcelTM, or comma delimited formats. Select any number of accounts for consolidated reporting. You can also create and customize your own reports using our flexible ad hoc reporting capabilities, or create custom data extracts for use in other applications. Customize reporting for your own unique needs with our flexible ad hoc reporting or custom data extract capabilities. For added convenience, Trust Portfolio Reporting also offers Account Group and Account Break capabilities. Account Groups allow you to save your most frequently selected account combinations for ongoing use when generating reports. Account Breaks allow you to run a single report for multiple accounts, with discrete "breaks" between separate account information. Secure Information Trust Portfolio Reporting offers a direct, secure connection to your account data. No special software or equipment is required. Use your Internet browser for access to all of the report functionality and up-to-date information Trust Portfolio Reporting offers. You have total control over who is allowed to view your portfolio information, through the use of your unique company ID, user ID, and password combinations. Each user's identification lets them access data only for the accounts they are authorized to view. With your consent, consultants and outside investment managers may also be given access to view data from specified accounts. Timely Enhancements One additional benefit to offering Trust Portfolio Reporting over the Internet is the ease of introducing new features. Ongoing enhancements can be released to all users quickly and easily, without disrupting service. Our commitment to Trust Portfolio users extends even beyond our dedicated support team to include ongoing user -driven development initiatives. * History accumulation begins at the time Trust Portfolio Reporting is implemented. For more ht formadon or to speak to an Institutional 7Yust & Custody representative about this producilservice, please call (612)667-4804. 1rc 001 Institutional Trust & Custody K CONVERSION PLAN Party Start Due Completion Description of Task Responsible Date Date Date Comments/Status 1. Preparation for Conversion =Conlhm tp�r, aAdai -Gat6om acwimt apaei, s -Gustamd's TB�t ��pgbar;, 1.2 Notify Affected Wells Fargo Parties of Relationship Wells Fargo -Account Manager and Service Team -Trust Asset Services -Trust Payment Processing -Securities Lending -Short Term Investments -ACCESS service team 1.0 rrepare imumeo Lonversron xttwule Wells Fargo 1.7 Update Conversion Schedule Weekly Wells Fargo 1.8 Update Customer Weekly Wells Fargo 2. Document Analysis 2.1 Review Plan Documents (if appropriate) Wells Fargo 2.2 Review Investment Manager Agreements Wells Fargo 2.3 Review Existing Master Trust Agreement Wells Faro 2.4 ObtaWCamraoeRaso a&ep"%WelbFargo Cityt Fcr C{'1 2.5 Obtain IRS i etanaloado t s eta ra Citygff Fit Ct a 2.6 Obtain Statement of Investment Policy Wells Fargo 2.7 Obtain Liu of Authorized Signatures Wells 2.8 tilttecuteMasser That Aareermet _Fargo _ I I We9iFWZQOtyofFortCfjipra - 2.9 Execute Acceptance of Trust Wells Faro 2.10Execute SaanideaLending Ataeetnent W ,tdFgsCdGas 2.11Execal:ACC>3,SSUcemeA reemm W s tSrofFatCoDais 3. Coordination with Prior Trustee/Custodian 3.1 Notify Prior Trustee be'Chnrp City Of Pat COMM 3.2 Provide Lester of Acceptance Wells Fargo 3.3 Obtain Current List of Assets including CUSIP, location, carry/book value, original face, etc., in diskette format (or hard copy) Prior Trustee(Wells Fargo 3.4 Establish Cut-off Dates for Trading Payments Wells Fargo 3.5 Provide Delivery Instruction for Assets Wells Fargo 3.6 Request Weekly Advice of Activity and Copies of all Subsequent Trust Reports Prior Trustee/Wells Fargo 4. Account Set -Up at Wells Fargo 4.1 Complete account opening checklist Wells Fargo 4.2 Establish account numbers Wells Fargo 4.3 Determine coding for critical fields -investment objectives -investment authority -proxy voting authority -cash sweep vehicle Wells Fargo 4.4 Open and Co-sign Account Set-up Wells Fargo 4.5 Determine On -Going Cash Levels Wells Fargo 4.6 Complete Client Profilelinitial Review Wells Fargo 5. Coordination with Investment Managers 5.1 NotityMansgersofChange ' I It __IFott.Collins 5.2 Assign Trade Communication Representative Wells Fargo 5.3 Provide Effective Date of Change for Trades Wells Fargo 5.4 Provide Customer Operations Manual Wells Fargo 5.5 Obtain Standard Lester of Agreement Wells Fargo 5.6 Determine On -Line Information Needs Wells Fargo 5.7 Determine Reporting Needs (package, frequency) Wells Fargo 6. Transfer of Assets to Wells Farylo 6.1 Determine if CUSIP numbers exist for each asset Wells Fargo 6.2 Set Up CUSIPS for Assets not currently on books Wells Fargo i Party Start Due Completion Description of Task Responsible Date Date Date Comments/Status 6.3 Process Free Receipts via diskette (or hard copy) Wells Fargo 6.4 Process Cmh(Wire Transfer Wells Fargo 6.5 Track each assets for receipt of income Wells Famo 6.6 Reconcile nendine trade activity at point of chanee Wells Fareo 7. Financial Reporting to Customer 7.1 Determine Reporting Needs (type, freq, recipients) Wells Fargo 7.2 Determine Unique Reporting Needs Wells Fargo 7.3 Estabhsh Accounting Methodology Wells Fargo 7.4 Define Custom Reports Wells Fargo 7.5 Establish Delivery Timefmrnes Wells Fargo 7.6 Inform Master Trost Accountant Wells Fargo S. Performance Reporting 8.1 Determine Reporting Needs (type, frog, recipients) Wells Fargo 8.2 Establish Time Periods to be Measured Wells Fargo 8.3 Establish Benchmark Indices for Comparison Wells Fargo 8.4 Establish Securities Characteristics Wells Fargo 8.5 Determine Unique Reporting Needs Wells Fargo _ -universe comparisons Wells Fargo _ -net of fees calculations Wells Fargo 8.6 Determine if Back History is Needed Wells Fargo 8.7 Inform Master Trust Accountant Wells Fargo 9.2 Provide Accountant with List of Assets Wells Fargo 9.3 Identify Assets Requiring Special Handling Wells Fargo 9.4 Receive Statement from Ptior Trustee Prior Tmstee/Wells Fargo 9.5 Receive Daily (or Weekly) Advice of Activity Prior Trustee/Wells Fargo 9.6 Break Down Each Wire Trawfer Received Prior TmsteetWells Fargo 9.7 Reconcile Prior Trustee Statement to Wells Fargo Wells Fargo 10. Wells Faro ACCESS 10.1 Detemine products to be used Welk F WOOty of Fortcol6ns 10.2 Determine Equipment Requirements at client site Wells Fargo 10.3 Complete ACCESS set-up foam Wells Fargo 10.4 Review ACCESS installation guide Wells Fargo 10.5 Schedule installation and trainine Wells Fargo 11. Securities Lending 11.1 Notify Securities Lending group of conversion date Wells Fargo 11.2 Establish Investment Guidelines for Collateral Wells Fargo 11.4 Determine Reporting Needs Wells Fargo Account # XXXXXXXX Account Name Report Name - Consolidated Account Sample Rep #1 Gross or Net of Fees Ending MM/DD/YY Account Title Market Value % of Mort Quarter Fiscal 1 Year 3 Years 5 Years Total YTD CONSOLIDATED ACCOUNT SHORT NAME 142,459,306 100.00 -2.80 1.14 -1.59 8.92 7.95 x- Accounts 12345678, FAYEZ SAROFIM & C(PRI) 36,472,179 25.60 -6.44 -6.98 -6.25 -0.46 7.54 16.93 23456789, PIMCO(PRI) 28,025,961 19.67 0.97 4.53 2.44 14.01 7.63 8.25 34567890, FIRST AMER ASSET(PRI) 4,312,449 3.03 -4.42 0.04 -3.80 -1.31 7.08 10.41 45678901, INSTITUTIONAL CAP(PRI) 50,615,835 35.53 -1.26 5.45 0.94 1624 -x- -x- 56789012, JL KAPLAN(PRI) 12,018,482 8.44 -2.48 11.38 1.24 34.86 -x- -x- 67890123, CASH ACCOUNT(PRI) 2,980,433 2.09 0.46 1.59 1.01 6.72 6.02 -x- 78901234, NICHOLAS-APPLEGAT(PRI) 8,069,168 5.66 -7.86 -8.02 -10.79 -x- -x- -x- Index 50/690DAY T-BILL, 300/*LEHMAN GC, 55% -5.52 -1.65 -3.15 -1.69 6.98 12.52 CONSUMER PRICE INDEX 0.29 0.51 0.40 3.14 2.68 2.52 90 DAY T BILL RATE 0.37 1.21 0.76 5.75 5.13 5.11 SALOMON BRS HI GRADE LT CORP 1.27 11.40 8.47 21.55 7.58 8.42 LEHMAN BROTHERS GOVT/CORP 1.03 4.75 2.73 13.52 6.74 7.14 NASDAQ - OVER THE COUNTER -22.35 -17.04 -12.84 -53.82 3.19 12.25 S & P 500 (WILSHIRE) -9.11 -5.43 -5.87 -8.19 7.13 15.93 EAFE X JAPAN -8.36 -1.89 -8.10 -14.00 3.27 10.58 DOW JONES INDUSTRIAL -3.38 1.16 -2.41 4.73 8.61 15.80 E a Strengths e• Market Capitalization • 2nd Largest in the U.S. (9101) ❖ Assets • 4th Largest in assets among our peers (9101) e• $298 billion in assets ❖ $135 billion of assets under management e• 5,700+ "Stores" ❖ Top Performer • Client Service, revenue growth • Technology, efficiency Strategy e• Double the Contribution of the Trust, Insurance, and Investment Businesses ❖ "Out Local the Nationals and Out National the Locals" e• Offer Unsurpassed Customer Service - 1st in Client Satisfaction Among Banks Nationwide by Fortune Magazine ❖ # 1 Most Admired Among All Super -Regional Banks Institutional Trust & custody Page 3 Account # XXXXXXXX Account Name Report Name - Consolidated Account Sample Rep #2 Gross or Net of Fees Ending MM/DD/YY Account Title Market Value % of Quarter Fiscal 1 Year 2 Years 3 Years 5 Years Total YTD CONSOLIDATED ACCOUNT SHORT NAME 239,266,453 100.00 5.30 -2.03 -6.17 3.66 6.37 11.56 CPI + 4% 2.06 4.06 7.15 7.31 7.09 6.68 SALOMON BROAD INVESTMENT GO 0.51 3.61 11.26 7.83 6.23 7.50 Acat Type 11223344, NBM CASH MNGT(PRI) 342,725 0.14 12.73 x- -x- -x- -x- x- CPI + 4"/0 2.06 4.06 7.15 7.31 7.09 6.68 Acct Type 22334455, JANUS CAPITAL CORP(PRI) 31,152,723 13.02 7.84 -12.55 -29.93 -2.16 6.87 18.36 33445566, NTGI S&P 500 EQUITY FD(PRI) 17,616,379 7.36 5.85 -6.66 -14.81 -4.19 3.99 14.43 44556677, TEMPLETON PORTFOLIO(PRI) 32,599,340 13.62 3.31 -7.06 -12.40 -2.84 0.96 7.27 55667788, NTGI S&P 500BARRA VALUE(PRI) 41,948,808 17.53 4.41 -2.97 7.24 0.78 5.76 -x- 66778899, LAZARD ASSET MGMT(PRI) 21,196,052 8.86 13.83 9.83 23.32 9.75 9.38 -x- 77889900, J & W SELIGMAN & CO(PRI) 20,163,801 8.43 19.86 -2.72 -18.41 5.63 4.12 x- MSCI EAFE GDP ADJUSTED -1.85 -13.82 -25.06 -5.77 -1.25 4.49 RUSSEL 2000 VAL 11.70 12.79 30.85 13.85 4.18 11.61 RUSSELL 2000 GROWTH 18.12 0.15 -23.26 -0.74 2.19 4.79 S & P 500 (WILSHIRE) 5.87 -6.68 -14.82 -4.36 3.92 14.50 Acct Type 88990011, DEUTSCHE ASSET MANAGEMEN(PRI) 38,582,801 16.13 0.74 3.63 11.80 8.25 6.42 7.84 99001122, STRONG CAPITAL MGMT INC(PRI) 35,662,116 14.90 1.03 4.36 12.51 8.70 7.39 x- LEHMAN BROTHERS GOVT/CORP 0.30 3.51 11.14 7.67 5.99 7.38 LEHMAN BROTHERS INTERM G/C 0.67 4.08 11.03 7.57 6.43 7.00 SALOMON BROAD INVESTMENT GO 0.51 3.61 11.26 7.83 6.23 7.50 Acct Type 00112233, HAWAIIAN ASSETS(PRI) 1,707 0.00 1.23 x- x- -x- x- x- CPI + 4% 2.06 4.06 7.15 7.31 7.09 6.68 Account # XXXXXXXX Account Name Report Name - Consolidated Account Sample Rep #3 Gross or Net of Fees Ending MM/DD/YY Account Title Market Value % of Month Quarter Fiscal 1 Year 3 Years 5 Years Total YTD CONSOLIDATED ACCOUNT SNORT NAME 186,663,153.83 100.00 -3.44 -2.29 -2.29 -2.51 -8.18 3.07 U OF ST THOMAS COMPOSITE -3.85 -5.94 -10.64 -12.21 X. x- Acct Type 15915915, IDS ADVISORY GROUP INC(PRI) 36,977,954.41 19.81 -8.57 -10.59 -10.59 -19.99 5.55 15.71 S & P + 1% -5.35 -9.06 -16.90 -16.70 -x- -x- 35735735, PUTNAM TOTAL RETURN FUND(PRI) 51,003,563.98 27.32 0.48 3.03 3.03 12.69 6.18 7.06 LEHMAN BROTHERS AGGREGATE 0.50 3.04 10.62 12.54 6.87 7.48 14714714, PEREGRINE CAPITAL MANAGE(PRI) 25,749,825.60 13.79 -8.10 -7.57 -7.57 -18.75 -8.12 4.26 RUSSELL 2000 GROWTH -9.09 -16.21 -35.03 -39.82 -5.18 2.52 36936936, ARK ASSET MANAGEMENT(PRI) 25,133,830.78 13.46 -2.92 -2.79 -2.79 11.13 1.56 x- S & P + I % -5.35 -9.06 -16.90 -16.70 x- x- 25625825, THE CLIFTON GROUP(PRI) 5,969,491.67 3.20 -6.41 -15.30 -15.30 -21.55 -7.24 x- MSCI EAFE GDP ADJUSTED -6.65 -12.95 -23.65 -27.08 0.54 5.25 84284284, D.L. BABSON & COMPANY(PRI) 26,029,501.23 13.96 1.01 3.95 3.95 17.35 -x- -x- RUSSELL 2000 + 1 % -3.89 -3.60 -3.61 -4.41 x- x- Acct Type 26826826, TREAS INFLATION PROTECT(PRI) 13,705,215.16 7.34 0.44 4.59 4.59 15.57 -x- -x- Account # XXXXXXXX Account Name Security Level Performance - Sample Report Ending MM/DD/YY Security Name Market Value % of Mort Quarter Fiscal 1 Year 2 Years 3 Years Total YTD BERGER OMNI SMALL CAP VAL 1,258,055 23.51 11.63 11.36 -x- -x- -x- x- KOPP FDS EMERGING GROWTH 1,360,013 25.41 5.20 -35.91 -1.48 -x- -x- -x- PRINCASH 6,209 0.12 -x- -x- -x- -x- -x- -x- SIT NEW BEGINNING GROWTH 1,445,044 27.00 6.46 -23.00 -4.51 -x- -x- x- WELLS FARGO READY CASH 4,334 0.08 0.53 1.58 11.64 -x- -x- -x- WEITZ SER FD INC VALUE PO 1,278,501 23.89 11.97 10.06 19.62 -x- -x- -x- Account # XXXXXXXX Account Name Segment Performance Returns - Sample Report Ending MM/DD/YY Segment Market Value % of Month Quarter Fiscal 1 Year 2 Years 3 Years Total YTD Total Fund 6,996,894 100.00 1.36 5.32 1.36 13.46 6.11 6.67 Cash Equivalents 22,430 0.32 0.49 1.55 0.49 6.24 5.59 5.53 Fixed Income 7,128,870 101.89 1.31 5.20 1.31 13.30 5.98 6.61 Cash -154,406 -2.21 0.00 0.00 0.00 0.00 0.00 0.00 Index CONSUMER PRICE INDEX 0.11 0.43 0.11 3.45 3.06 2.56 90 DAY T BILL RATE 0.39 1.34 0.39 5.85 5.37 5.16 LEHMAN BROTHERS GOUT/CORP 1.68 5.46 1.66 13.76 5.12 8.26 LEHMAN BROTHERS INTERM G/C 1.64 4.92 1.64 12.33 5.70 7.58 LEHMAN BROTHERS AGGREGATE 1.64 5.23 1.64 13.84 5.69 8.31 SALOMON BRS HI GRADE LT CORP 7.11 12.90 7.11 21.13 5.13 9.97 DOW JONES INDUSTRIAL 1.00 -0.36 1.00 0.46 9.20 21.16 S & P 500 (WILSHIRE) 3.56 -4.16 3.56 -0.81 4.60 21.54 Wells Fargo & Company holds over $510 Billion in Assets Under Administration Nearly 120,000 Employees Nationwide; 6,000 Trust Staff Professionals Supporting our Business Needs Over 400 U.S. and Global Investment Advisor Relationships Customers in 38 States Institutional Trust & Custody Offices in 10 Locations Nationally Competitive Capabilities Institutional Trust & Custody Page 4 f JLA t�, Over $236 Billion in Assets Under Custody 483 Client Relationships in 38 States Vertical Markets Served Effective Niche Player Successful Record of Growth Institutional Trust & Custody Page 5 Deutsche Bank Rl Institutional Trust & custody Page 6