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Nay-22-02 15:01 From-ECHO BAY NINES <br />3037148695 <br />T-087 P.02/OT F-366 <br />Independent Auditors' Report <br /> <br />The Board of llirettocs and Sronldtolders of Wells Fargo & Company: <br />We have audited she accompanying consolidated batanec sheet of Wells pargo & Company and Subsidiaries as of <br />Deecmbar 31, 20DI and 2000, and dse relaxed consolidated scacemcnu of income, changes in srockl+oldets' cQUiry <br />and compxeheasive income, and cash flows for each of the years in the three-year period ended December 31, 2001. <br />These consolidatcd financial sratemrnrs arc dse cnponaibil;ry of the Company's management. Our responsibility is <br />m express as opinion on these consolidated Cmancial smtemenu based on out audits. <br />We conducted our audio ;n accordance with audiring sraaduda generally accepted in the United Srasts of <br />America. Those standards require char we plan and pctform the audit m obtain reasoaablc assurance about whether <br />the finantsal swcemenu are hce of material misstacemenc. An audit indudea examining, on a ccsc basis, evidence <br />supporting the atnouau and disclosures in the 5nancial sraterueau. An audit also includes assessing the aaouming <br />principles used and significant escitnams made by managcaletu, as well as evaluating the overall financial srarunens <br />presentation. We believe that our audits provide a rcasonab(e basis for our opinion. <br />la our opinion, [he consolidated 5nattdal statements referred ro above present fairly, in all matuial respects, the <br />finattcisl posirion of Wells Fargo & Company and Subsidiaries as of Deccmbac 3I, 2007 and 2000, and the resuln <br />of their operatiotu and their crib flows for each of the yesre in the three-ytar period coded Doccmbe[ 31, 2001, in <br />conformity with accounting principea Generally scccpud in the Urtitcd States of America. <br /> <br />San Fratacism, California <br />January 75, 3002 <br />RECE~ QED <br />1UN 01 2002 <br />Division of Minerals and Geology <br /> <br />,NDEVENDENT AUDITORS' REPORT 97 <br />