San Francisco — March 10, 2004
Wells Fargo Funds Management, LLC - part of Wells Fargo & Company (NYSE: WFC) - announced today an agreement to adopt all three Cooke & Bieler mutual funds, whose assets totaled $500 million as of February 29, 2004. Cooke & Bieler will continue to be responsible for the investment management of the three adopted mutual funds through a sub-advisory agreement with Wells Fargo Funds Management, LLC, under the terms of the agreement. The funds to be adopted are the C&B Large Cap Value Fund, the C&B Mid Cap Value Fund and the C&B Tax-Managed Value Fund. Shareholders in the adopted mutual funds will benefit from the same investment strategy and discipline that has established Cooke & Bieler's 50-year-old reputation as a value-style equity manager. The adoption is expected to be finalized in mid-2004, subject to the approval of the shareholders of the Cooke & Bieler Funds. "This adoption offers a tremendous opportunity to leverage the synergies between Wells Fargo Funds and Cooke & Bieler," said Karla Rabusch, President of Wells Fargo Funds. "Cooke & Bieler's expertise in managing value-style equity funds will broaden and deepen our already extensive investment capabilities and product offerings. In turn, we're pleased to offer Cooke & Bieler investors broader access to the investment management experience and product choices of Wells Fargo Funds." Based in Philadelphia, Pennsylvania, Cooke & Bieler is a conservative manager of equity portfolios whose investment objective is to provide superior long-term returns in a low-risk manner. Key to the company's "high quality, low risk" philosophy is its emphasis on investing in high quality companies that are distinguished by sound financial health, strong profitability, effective management, and the demonstrated ability to consistently deliver above-average earnings and dividend growth. "We are excited to be partnering with such a highly regarded mutual fund family as Wells Fargo Funds," said Kermit Eck, a managing partner at Cooke & Bieler. "Their commitment to doing what's right for the investor is a natural fit with our own investment discipline. This partnership will allow our shareholders' investment needs to be well served. And through Wells Fargo Funds, we'll be able to extend our portfolio management experience to a much broader investment audience." Wells Fargo Funds Management, LLC is the investment advisor to Wells Fargo Funds. The Fund company is the 28th largest mutual fund manager in the U.S., with over $74 billion in mutual fund assets under management, as of January 31, 2004. NOT FDIC INSURED o NO BANK GUARANTEE o MAY LOSE VALUE For more complete information about the Wells Fargo Funds, obtain a current prospectus by calling 800-222-8222 or by contacting your investment professional. Consider the investment objectives, risks, charges and expenses of the investment carefully before investing. This and other information about Wells Fargo Funds can be found in a current prospectus. Please read the prospectus carefully before investing. Wells Fargo Funds Management, LLC, a wholly owned subsidiary of Wells Fargo & Company, provides investment advisory and administrative services for the Wells Fargo Funds®. Other affiliates of Wells Fargo & Company provide subadvisory and other services for the Funds. The Funds are distributed by Stephens Inc., Member NYSE/SIPC. Wells Fargo & Company and its affiliates are not affiliated with Stephens Inc. The Cooke & Bieler Funds are distributed by SEI, which is not affiliated with Stephens, Inc.