For information please contact:
                                                     Steve Hoefer, Agway/Telmark
                                                                  (315) 449-6474


FOR IMMEDIATE RELEASE


           WELLS FARGO FINANCIAL LEASING TO ACQUIRE ASSETS OF TELMARK,
                       LEASE FINANCING SUBSIDIARY OF AGWAY


DES MOINES,  IA and  SYRACUSE,  NY (December  23, 2002) - Wells Fargo  Financial
Leasing,  Inc.,  Telmark  LLC and Agway Inc.  today  announced  the signing of a
definitive agreement in which Wells Fargo Financial Leasing, Inc. would purchase
substantially  all of the  assets of Telmark  LLC,  Agway's  agricultural  lease
financing subsidiary. The purchase is expected to close by March 1, 2003.

The acquisition includes  approximately $650 million in lease receivables and is
subject to obtaining appropriate approvals,  including the approval of the U. S.
Bankruptcy  Court for the  Northern  District  of New York.  On October 1, 2002,
Agway Inc.  and  certain  of its  subsidiaries  filed  voluntary  petitions  for
reorganization  under Chapter 11 of the U.S.  Bankruptcy  Code.  Telmark was not
included in Agway's Chapter 11 filing.

Telmark, based in Syracuse, NY, offers lease financing for equipment,  buildings
and vehicles  within the  contiguous 48 states and serves  approximately  20,000
farmers, related agricultural businesses and numerous segments of the commercial
business  marketplace.  Telmark is a wholly owned  subsidiary of  Syracuse-based
Agway   Inc.,   an   agricultural   cooperative   owned  by   69,000   Northeast
farmer-members.

Wells Fargo Financial  Leasing,  Inc. is a subsidiary of Wells Fargo  Financial,
Inc.,  an $18 billon  company  providing  consumer  installment  and home equity
lending, automobile financing,  consumer and private label credit cards, leasing
to businesses and the medical  community and receivables  financing to consumers
and businesses in 47 U. S. states, the 10 provinces of Canada, the Caribbean and
the Pacific Islands.  Both companies are headquartered in Des Moines, IA and are
subsidiaries of Wells Fargo & Company.

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