-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, MGgRBctBqnW+MrGKWfuuPsd7kyT0BxscdAOVfX3oa1tVhw56c8qAJhAhC8Dby6vx sxIH+yMvVU0E78OZfZWd/Q== 0000914121-07-000236.txt : 20070129 0000914121-07-000236.hdr.sgml : 20070129 20070129170457 ACCESSION NUMBER: 0000914121-07-000236 CONFORMED SUBMISSION TYPE: FWP PUBLIC DOCUMENT COUNT: 1 FILED AS OF DATE: 20070129 DATE AS OF CHANGE: 20070129 SUBJECT COMPANY: COMPANY DATA: COMPANY CONFORMED NAME: WELLS FARGO ASSET SECURITIES CORP CENTRAL INDEX KEY: 0001011663 STANDARD INDUSTRIAL CLASSIFICATION: ASSET-BACKED SECURITIES [6189] IRS NUMBER: 521972128 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: FWP SEC ACT: 1934 Act SEC FILE NUMBER: 333-131594 FILM NUMBER: 07561787 BUSINESS ADDRESS: STREET 1: 7485 NEW HORIZON WAY CITY: FREDERICK STATE: MD ZIP: 21703 BUSINESS PHONE: 3018468881 MAIL ADDRESS: STREET 1: 7485 NEW HORIZON WAY CITY: FREDERIDK STATE: MD ZIP: 21703 FORMER COMPANY: FORMER CONFORMED NAME: NORWEST ASSET SECURITIES CORP DATE OF NAME CHANGE: 19960717 FILED BY: COMPANY DATA: COMPANY CONFORMED NAME: WELLS FARGO ASSET SECURITIES CORP CENTRAL INDEX KEY: 0001011663 STANDARD INDUSTRIAL CLASSIFICATION: ASSET-BACKED SECURITIES [6189] IRS NUMBER: 521972128 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: FWP BUSINESS ADDRESS: STREET 1: 7485 NEW HORIZON WAY CITY: FREDERICK STATE: MD ZIP: 21703 BUSINESS PHONE: 3018468881 MAIL ADDRESS: STREET 1: 7485 NEW HORIZON WAY CITY: FREDERIDK STATE: MD ZIP: 21703 FORMER COMPANY: FORMER CONFORMED NAME: NORWEST ASSET SECURITIES CORP DATE OF NAME CHANGE: 19960717 FWP 1 we7102164-1c_fwp.txt FREE WRITING PROSPECTUS Filed Pursuant to Rule 433 File No.: 333-131594 [WELLS FARGO LOGO] Wells Fargo & Company Wells Fargo Home Mortgage ------------------------------------ Servicing ------------------------------------ 2007 [WELLS FARGO LOGO] Forward Looking Statements This presentation includes forward-looking statements about Wells Fargo. Broadly speaking, forward-looking statements include o projections of revenues, income, earnings per share, capital expenditures, dividends, capital structure, credit quality or other financial items o descriptions of plans or objectives of management for future operations, products or services, including pending acquisitions o forecasts of future economic performance and o descriptions of assumptions underlying or relating to any of the foregoing. Forward-looking statements discuss matters that are not facts, and often include the word "believe," "expect," "anticipate," "intend," "plan," "estimate," "project", "target," "will," "can," "would," "should," "could" or "may." You should not unduly rely on forward-looking statements. They give our expectations about the future and are not guarantees. Forward-looking statements speak only as of the date they are made, and we do not undertake to update them to reflect changes that occur after the date they are made. There are several factors--many beyond our control--that could cause results to differ significantly from our expectations. Our periodic reports filed with the SEC, Including, our current report on Form 8-K filed on January 17, 2007, our quarterly report on Form 10-Q for the quarter ended September 30, 2006 and our annual report on Form 10-K for the year ended December 31, 2005, describe some of these factors. 2 [WELLS FARGO LOGO] The depositor has filed a registration statement (including prospectus) with the SEC for the offering to which this communication relates. Before you invest, you should read the prospectus in that registration statement and other documents the depositor has filed with the SEC for more complete information about the depositor and this offering. You may get these documents for free by visiting EDGAR on the SEC website at www.sec.gov. Alternatively, the depositor or any underwriter or any dealer participating in the offering will arrange to send you the prospectus if you request it by calling toll-free 1-866-835-1033. 3 [WELLS FARGO LOGO] Overview o Part of AAA-rated bank o Full redundancy and business continuity o High tech customer contact o Superior team member recruiting, training and incentive compensation o Expansive compliance and oversight teams o Extensive automation and highly integrated applications o Recognized for default services o Tier I Hall of Fame Freddie Mac Default Servicing Profile o HUD Tier I - Loss Mitigation 4 [WELLS FARGO LOGO] Rating Agency Servicing Quality
- -------------------------------------------------------------------------------------------------------- Moody's Fitch S & P - -------------------------------------------------------------------------------------------------------- Prime Subprime Prime Subprime Alt-A Prime Subprime - -------------------------------------------------------------------------------------------------------- SQ1 SQ1 RPS1 RPS1 RPS1 Strong/Stable Strong/Stable - --------------------------------------------------------------------------------------------------------
- -------------------------------------------------------------------------------- Rating Agency Servicer Quality Rating Scale - -------------------------------------------------------------------------------- Moody's Rates servicers SQ1- SQ5 ; SQ1 being strong combined servicing ability and servicing stablitily SQ5 being weak combined servicing ability and servicing stability - -------------------------------------------------------------------------------- Fitch Rates residential mortgage servicers on a scale of 1-5, with 1 being the highest - -------------------------------------------------------------------------------- S & P Rates residential mortgage servicers as; Strong, Above Average, Average, Below Average, Weak - -------------------------------------------------------------------------------- 5 [WELLS FARGO LOGO] Top Servicer Volume Data ($ Blns.) 3Q:06 - -------------------------------------------------------------------------------- Rank Servicer Volume Market Change 2Q06-3Q06 - -------------------------------------------------------------------------------- 1 Wells Fargo Home Mortgage, IA $1,312.44 13.0% 17.5% - -------------------------------------------------------------------------------- 2 Countrywide Financial, CA $1,244.31 12.4% 4.0% - -------------------------------------------------------------------------------- 3 Washington Mutual, WA $757.00 7.5% 0.1% - -------------------------------------------------------------------------------- 4 Chase Home Financial, NJ $655.53 6.5% 2.5% - -------------------------------------------------------------------------------- 5 CitiMortgage Inc, MO $504.17 5.0% 4.9% - -------------------------------------------------------------------------------- 6 Bank of America Mtg & Affiliates, NC $405.56 4.0% 3.7% - -------------------------------------------------------------------------------- 7 GMAC Residential Holding Corp, PA $316.00 3.1% 3.3% - -------------------------------------------------------------------------------- 8 ABN AMRO Mortgage Group, MI $224.30 2.2% 2.1% - -------------------------------------------------------------------------------- 9 National City Mortgage Group, MI $170.32 1.7% 0.4% - -------------------------------------------------------------------------------- 10 PHH Mortgage, NJ $160.20 1.6% 0.6% - -------------------------------------------------------------------------------- Source: Inside Mortgage Finance, November 10, 2006 6 [WELLS FARGO LOGO] Servicing Locations Alaska Campus: Anchorage, AK - 127 Employees California Campus: San Bernardino, CA - 761 Employees Carolina Campus: Fortmill, SC - 1,154 Employees Des Moines Campus: Des Moines, IA - 1,762 Employees Maryland Campus: Frederick, MD - 1,008 Employees Milwaukee Campus: Milwaukee, WI - 599 Employees Minnesota Campus: Eagan, MN; Minneapolis, MN - 1,203 Employees Staffing numbers as of December 31, 2006 * Employee counts do not include temps or outsource employees. 7 [WELLS FARGO LOGO] MARYLAND CAMPUS Servicing Functions: o Cash Management o Client 106 o Customer Service o Data Integrity Group o DIMA o File Management/New Loan Management o HR o Land Transactions and Legal Support (SOS/DOS) o Project Management o QCMS o REO, Premiere Asset Services o Sales and Acquisitions o The Academy o Year End o CAST o CEMA o Collateral Analysis o Deficiency Resolution - Docs & Checks o Direct Bill o File Management o HUD Analysis o Imaging o Investor Sales o New Loan Management o Specialty Products CAROLINA CAMPUS o Servicing Functions: o Borrower Counseling Services (BCS) o Customer Contact o DIMA o Default Bankruptcy o Default Foreclosure o Default Reporting o File Management / New Loan Management o Prime & Subprime Collections o Quality Review & Procedures o Reverse Mortgage Servicing o Special Loans o Servicing Process Communications o The Academy MINNESOTA CAMPUS o Servicing Functions: o Collections o Communications o Customer Service o Escrow Analysis o DIMA o File Management / New Loan Management o FHA Mortgage Insurance o Lien Release o Insurance Services o MI o Optional Services o PMI o The Academy o Client Relations o Collateral Delivery Document Management o Final Document Services o Government Insuring o Servicing Transition o Special Loan Services o Technology teams - STAR, DSR, Imaging Support, Test Team and SDG DES MOINES CAMPUS o Servicing Functions: o Automated Cash Processing o Business Process Support Services (BPSS) o Claims / Property Preservation o Critical Field Maintenance o Customer Service o Default Vendor Management o Investor Services o Marketing o Print Vendor Management o Sales and Acquisitions o Servicing Project Management o The Academy o Wells Fargo Real Estate Tax Services MILWAUKEE CAMPUS o Servicing Functions: o Bankruptcy o Borrower Counseling/Loss Mitigation o Collections o Foreclosures o Quality Review/Compliance o Claims o Property Preservation o Regional Customer Care o Lien Release o Escrow Analysis/Insurance o Various support functions o The Academy CALIFORNIA CAMPUS Servicing Functions: o Assumptions o Centralized Reporting Unit o Collections o Customer Service (CORE and Client 936) o DIMA o Escrow Analysis o Exception Cash Processing o Executive Communications o File Management o Home Asset Management Account o Insurance o Lien Release o Loss Drafts o Loss Mitigation o Quality and Compliance Management Services o REO o Subprime Collections o Taxes o The Academy ALASKA CAMPUS Servicing Functions: o All Servicing functions for the AK Housing loans on Client 106 except for: Investor Services, Claims, and Default Reporting o Alaska Bond Loans 8 [WELLS FARGO LOGO] Capacity Management o Flexible capacity model that features: o Activity-level productivity drivers to calculate staffing needs o Staffing 90 days ahead of volume projections allows for both strategic and opportunistic growth o Vendor relationships to supply outsourcing support for peak volumes or capacity shifts o Technology that allows us to leverage our entire servicing employee base and quickly re-route work to available resources o Seasoned management staff averaging 20 years of industry experience o New facilities are currently under construction in Frederick, MD, San Bernardino, CA, and Des Moines, IA, to replace and upgrade existing structures. 9 [WELLS FARGO LOGO] Technology Default/Retention Operations is regarded as a pioneer of new technologies and business design that changes the landscape of default servicing: o Aspect (Optimizer; Dialer): A predictive dialer system designed to automate the selection of customers to be automatically called. o Collections Compliance Program: Application that permits targeted frequency to ensure 100 percent file penetration based on call attempts per account. o Early Resolution: Web-based desktop decisioning application with client specified management controls used to identify optimum workout options in the early stages of delinquency. 10 [WELLS FARGO LOGO] Technology (Continued) Default/Retention Operations is regarded as a pioneer of new technologies and business design that changes the landscape of default servicing: o IEX Inbound Technology: Inbound call forecasting and scheduling application o Vendorscape: Software designed to allow data communication with foreclosure and bankruptcy attorneys, eliminating the need for telephone calls and faxes o Verint Digital Call Recording: Digital call recording of all inbound and outbound calls for collections and loss mitigation call units 11 [WELLS FARGO LOGO] Training o New Hire Training through The Academy: The Academy is a centralized learning function that provides consistent learning opportunities for all Wells Fargo Home Mortgage team members. The Academy is dedicated to quickly adapt and respond to changing market conditions. o Expert Collector: A program designed to allow collectors to continuously learn specific skills; knowledge and call resolution processes o ALEX Courses (Academy Learning Exchange): A Wells Fargo Home Mortgage Learning web site dedicated to providing team members with easy, online access to all learning programs, including registration and record-keeping. o Academy Courses: ALEX on-line, Classroom, External, Self Study, Web Conferencing 12 [WELLS FARGO LOGO] Coaching o One-on-One: Individual coaching session between team member and manager or supervisor to discuss employee performance, career path, etc. o Side-by-Side: Observation of team member performing their duties in order for management to identify areas of improvement for both the team member and the process observed. o Floor Walking: Manager or supervisors will walk the collections floor throughout the day to be available on an immediate basis for any calls requiring their immediate attention. o Service Observe: Silent observation of team member calls by a manager or supervisor from the manager/supervisor's desk. The team member is unaware that their call is being monitored. o e*Talk / Call Recording: System used to record collectors on demand or monitor their activity. Calls may be played back and used for performance feedback purposes. 13 [WELLS FARGO LOGO] Premiere Asset Services o Commenced REO operations in 1997 and added a valuation business line in 2001 o Operate from three sites o 10,942 total properties sold in 2006 ($1.121B) o Portfolio of 16,360 properties under management o Investing in our technology and infrastructure to be scalable to 25,000 properties by 2Q:07 o Utilize web based secure workflow system o Provide customized portals for our clients and real estate agents o Client portal is a repository for scheduled reports, portfolio summaries and asset data o Agent portal is a bi-directional task-based workflow tool we provide our agent community to ensure critical steps and timelines are met o Part of Wells Fargo Home Mortgage 14 [WELLS FARGO LOGO] Loan Reset Strategy o Identification of adjustable rate loan reset volumes by month o Analysis to determine impact of payment adjustment on borrower payment behavior o Proactive calling prior to reset on high-risk loans to assess consumer affordability o Staffing plans and models adjusted to account for increased volumes o Limited loss mitigation retention options available o Created segmented team focused on liquidation 15 [WELLS FARGO LOGO] Wells Fargo Mortgage [GRAPHIC OMMITTED] [Omitted Graphic repersented by a table below] Acquisition Portfolio as a Percentage of Total Portfolio Year End Figures ($'s in Billions)
2001 2002 2003 2004 2005 Q3 2006* --------- --------- --------- --------- --------- --------- Change Change Change Change Change -------- -------- -------- -------- -------- Other Mortgage Portfolio $484 17% $567 16% $657 18% $751 29% $933 23% $1,039 - ------------------------------------------------------------------------------------------------------------------------------------ Acquisition Portfolio $3 $3 $7 4% $31 7% $73 10% $137 - ------------------------------------------------------------------------------------------------------------------------------------ WAMU Acquisition $137(1) - ------------------------------------------------------------------------------------------------------------------------------------
* Q3 growth has been adjusted to annualize the growth (1) 4th quarter transfer with staff and facility 16 [WELLS FARGO LOGO] Wells Fargo Mortgage [GRAPHIC OMMITTED] [Omitted Graphic repersented by a table below] Subprime Portfolio as a Percentage of Total Portfolio Year End Figures ($'s in Billions)
2001 2002 2003 2004 2005 Q3 2006* --------- --------- --------- --------- --------- --------- Change Change Change Change Change -------- -------- -------- -------- -------- Other Mortgage Portfolio $484 17% $564 16% $651 18% $740 29% $943 23% $1,084 - ------------------------------------------------------------------------------------------------------------------------------------ Subprime $3 1% $6 2% $13 5% $42 6% $62 7% $92 - ------------------------------------------------------------------------------------------------------------------------------------ WAMU Acquisition $137(1) - ------------------------------------------------------------------------------------------------------------------------------------
* Q3 growth has been adjusted to annualize the growth (1) 4th quarter transfer with staff and facility ** Subprime includes all Wells Fargo subprime product including America's Servicing Company subprime portfolio. 17 [WELLS FARGO LOGO] [GRAPHIC OMMITTED] [Omitted Graphic repersented by a table below] Servicing Acquisition Volumes ($'s in Billions) 2003 2004 2005 2006 ---- ---- ---- ---- Change Change Change ------ ------ ------ Co-Issue $0 $25 586% $44 117% $20 - -------------------------------------------------------------------------------- Non Co-Issue $3 $7 $48 $104 - -------------------------------------------------------------------------------- Total $3 967% $32 188% $92 35% $124 - -------------------------------------------------------------------------------- 18 [WELLS FARGO LOGO] Appendix: Wells Fargo & Company Wells Fargo Home Mortgage Additional Information 19 [WELLS FARGO LOGO] A Unique Company o The 13th largest financial services company in the world o Wells Fargo Bank, N.A. is the only Aaa** rated bank in the U.S. Our Vision "We want to satisfy all of our customer's financial needs, help them succeed financially, be the premier provider of financial services in every one of our markets, and be known as one of America's great companies." Market Cap (US$bn) Citigroup 274 Ind & Comm Bk 253 Bank of America 240 HSBC 211 AIG 186 Berkshire Hathaway 170 JPMorgan Chase 168 Bank of China 167 China Const Bank 146 Mitsubishi UFJ 133 UBS 128 Royal Bank of Scotland 124 - ------------------------------------ Wells Fargo & Co. 120 - ------------------------------------ Market date as of 1/24/07 **By Moody's 20 [WELLS FARGO LOGO] [GRAPHIC OMMITTED] [Omitted Graphic repersented by a table below] Broad and Diverse Geographic Presence o Strong retail banking positions in 23 states across the U.S. including some of the nation's highest growth markets o National businesses in mortgage, consumer finance, wholesale banking and private client services 2005-2010 Growth Estimates WF US Markets Average - ------------------------------------------------- Population 8.2% 6.3% Household 8.2% 6.5% Household Income 19.3% 17.4% - ------------------------------------------------- Deposit Market Rank - ------------------- AK #1 AZ #3 CA #3 CO #1 IA #1 ID #1 IL #84 IN #12 MI #25 MN #1 MT #2 ND #1 NE #2 NM #1 NV #2 OR #2 SD #1 TX #4 UT #3 WA #5 WI #6 WY #4 Source: SNL Data, June 2005 21 [WELLS FARGO LOGO] Power Distribution Network [GRAPHIC OMMITTED] [Omitted Graphic repersented by a table below] The omitted graphic displays a map of the continental United States dotted with yellow circles representing the concentration of Wells Fargo Banking Stores in a particular area. The dots show significant concentrations in the following states: Arizona California Colorado Idaho Iowa Minnesota New Mexico Oregon Texas Utah Washington Wisconsin US Ranking - ---------- #3 Banking Stores (3,213) #1 Mortgage Stores (1,062) #3 ATMs (6,700) 11 Million Consumer Households 150 Insurance Agency Offices 8.3 Million Active Online Customers #1 Prime Home Equity Lender in Footprint 22 [WELLS FARGO LOGO] [GRAPHIC OMMITTED] [Omitted Graphic repersented by a table below] Fully Diversified Financial Services Company 2000 2005 ---- ---- Commercial Real Estate 4% 4% Consumer Finance 6% 7% Wholesale Banking 10% 7% Home Mortgage/Home Equity 11% 20% Specialized Lending 12% 14% Investment/Insurance 15% 15% Community Banking 42% 33% Net Income* $4.5bn $7.1bn * Represents net income excluding "other" segment 23 [WELLS FARGO LOGO] WFHM Originations - -------------------------------------------------------------------------------- 24 [WELLS FARGO LOGO] WFHM Originations [GRAPHIC OMMITTED] [Omitted Graphic repersented by a table below] #2 Mortgage Originator - --------------------- (US$bn) 00 76.5 01 194.4 02 333.4 03 470.1 04 298.5 05 392.2 06 397.6 25 [WELLS FARGO LOGO] 2006 Funding Mix [GRAPHIC OMMITTED] [Omitted Graphic repersented by a table below] Retail: $159B 40% Correspondent: $189B 47% Wholesale: $50B 13% (1) Market data as of 1/16/07 26 [WELLS FARGO LOGO] WFHM Origination Channels - -------------------------------------------------------------------------------- Retail Originates loans directly to consumers via more than 10,000 mortgage consultants located in over 1,000 Mortgage Stores. Loans are processed and underwritten atbranches or one of 48 MAP centers. Service Delivery Connection (SDC) operation centers. - -------------------------------------------------------------------------------- Centralized Centralized platform for Relocation Borrowers, Affinity Retail Relationships, Joint Ventures, Retention Programs, Employee and Internet originations. - -------------------------------------------------------------------------------- Wholesale Originates loans that are referred from mortgage brokers that sell and process loans to consumers. Mortgage broker clients tend to be smaller in scale, concentrating on sales and marketing functions that require interaction with customers in most cases, Wells Fargo Home Mortgage underwrites and closes loans at one of its 32 Wholesale Processing Centers. - -------------------------------------------------------------------------------- Correspondent Purchases loans from ~1,000 larger mortgage banking and bank clients that originate, underwrite and close mortgage banking and bank clients that originate, underwrite and close mortgage loans before selling them to Wells Fargo. - -------------------------------------------------------------------------------- 27 [WELLS FARGO LOGO] Wells Fargo Home Mortgage Products o Responsible lending - Wells Fargo does not make, purchase or service negative amortization mortgage loan products, including option ARMs or payment option products. - Wells Fargo created Steps To Success(SM) to provide tools and advice to nonprime borrowers to help them manage and improve their credit - Loan origination - complete spectrum of products o Government (FHA / VA) o Fannie Mae / Freddie Mac eligible o Non-Agency Prime o ALT-A o Subprime 28 [WELLS FARGO LOGO] WFHM Servicing - -------------------------------------------------------------------------------- 29 [WELLS FARGO LOGO] WFHM Servicing [GRAPHIC OMMITTED] [Omitted Graphic repersented by a table below] #1 Mortgage Servicer - ----------------------- (US$bn) 00 383 01 462 02 581 03 710 04 805 05 989 06 1366 30 [WELLS FARGO LOGO] Loan Servicing Overview o Portfolio size: $1.3 trillion o Represents more than 5 million homeowners nationwide o Resources to invest in "state-of-the-art" servicing tools o Dedicated subprime collectins and loss mitigation o Recognized leader in servicing industry: - - Freddie Mac - "Tier 1 Platinum Servicer" Rating Agency Reviews Moody's S&P Fitch ------- --- ----- Primary Servicer of Prime Loans SQ1 Strong RPS1 Primary Servicer of ALT-A Loans SQ1 n/a RPS1 Primary Servicer of Subprime Loans SQ1 Strong RPS1 Special Servicer SQ2 Above Average RSS2 Master Servicer (1) Strong RMS1 (1) Wells Fargo Bank, N.A.-Corporate Trust Services - -------------------------------------------------------------------------- Moody's SQ RATINGS DEFINED: Ratings Definition SQ1 Strong combined servicing ability and servicing stability SQ2 Above average combined Servicing ability and servicing stability - -------------------------------------------------------------------------- 31 [WELLS FARGO LOGO] Product Distribution [GRAPHIC OMMITTED] [Omitted Graphic repersented by a table below] % of Non-agency Sales - --------------------- 2002 2003 2004 2005 2006 Prime ARMs 23% 23% 40% 55% 55% Prime Fixed 70% 74% 43% 26% 25% Subprime 6% 2% 10% 13% 7% Alt-A 1% 1% 7% 6% 12% 32 [WELLS FARGO LOGO] Wells Fargo Securitization Programs Distinct Shelf Registrations By Product* o WFMBS - Numeric Series - Prime Fixed Rate - AR Series - ARM o WFALT - PA Series - Prime Alt-A - AM Series - Alt-A Minus o WFHET - Subprime *Wells Fargo Asset Securities Corporation is the securitization depositor and the securities represent rights in the underlying collateral and are not obligations of, or guaranteed by, Wells Fargo Bank, N.A. 33 [WELLS FARGO LOGO] SecuritiesLink(TM) o Data and information for Wells Fargo MBS - Data availability through SecuritiesLink(TM) - Customized SecuritiesLink(TM) profile and reporting - Options for data delivery -- Internet or CD-ROM - Customer service and expertise o Over 11+ years experience in providing MBS data to the market o 24/7 availability - Data and information for Wells Fargo MBS - Static pool reports - www.SecuritiesLink.com ---------------------- 34 Wells Fargo The Next Stage(R) -----END PRIVACY-ENHANCED MESSAGE-----