X0201 4 2004-03-18 0000922612 SCHMITT INDUSTRIES INC SMIT 0000072971 WELLS FARGO & CO/MN 420 MONTGOMERY STREET SAN FRANCISCO CA 94163 0 0 1 0 0000740906 WELLS FARGO BANK N A 101 NORTH PHILLIPS STREET SIOUX FALLS SD 57104 0 0 1 0 Common Stock 2004-03-18 4 S 0 2800 1.9539 D 530531 I See footnote 1. Common Stock 2004-03-19 4 S 0 1000 1.882 D 529531 I See footnote 1. Wells Fargo Bank, National Association (the "Bank") is an indirectly wholly-owned subsidiary of the Reporting Person and a joint filer to this Form 4. The Bank may be deemed to have acquired these shares when it gave notice to insiders of the Issuer of the Bank's intent to dispose of such shares pledged by the insiders to the Bank (the "Notice") to secure loan(s) by the Bank, following the insiders' default on such loan. Although the Reporting Person and the Bank may each be deemed the beneficial owner of the shares under Section 13d-1(b) of the Securities Exchange Act of 1934 (the "Exchange Act"), the Reporting Person and the Bank each dislcaim beneficial ownership of these shares as they are attrituable to such insiders under Section 16 of the Exchange Act. Laurel A. Holschuh, Senior Vice President and Secretary, Wells Fargo & Company 2004-03-19 Michael C. Chacon, Senior Vice President, Wells Fargo Bank, National Association 2004-03-19