From: jeffrey E. <[email protected]> Sent: Wednesday, June 8, 2016 2:09 PM To: Richard Kahn Subject: Re: New Issue $25 Par Wells Fargo & Company (WFC) Perpetual Preferred Stock; 5.625% Area; Fixed-for-Life no On Wed, Jun 8, 2016 at 10:08 AM, Richard Kahn wrote: Currently you own 3,000,000 of wells preferred in southe=n trust with 5.7•%o coupon. I am being told t=is will sell out by 12pm if you are interested. Please advise. Thank you.4> Sent from my iPhone Begin forwarded message: From: "Atlas, Andrew = ate: une , at= :02:47 AM EDT To: "Richard Kahn <=richardkahnl2=gmail.com < Subject: New Issue $25 Par: Wells Fargo &am=; Company (WFC) Perpetual Preferred Stock; 5.625% Area; Fixed-for-Life=br> Good Morning Rich, Morgan Stanley is pricing a new issue WFC $25 par=preferred today. Details: $25 Par New Issue Syndicate Offering:</=> EFTA_R1_01567043 EFTA02461161

Wells Fargo & Company (WFC) 4, * Q * 40 . Q 40 Issuer: Wells Fargo & Company (Ticker: =FC) 40 Securities Offered: 4> Depositary shares each representing 1/1,000th interest i= a share of non- cumulative perpetual Class A Preferred Stock Series X4e 4) 41 </=> Format: 40 SEC Registered 40 = * Expected Ratings: 4o Baa2/BBB/BBB (St/St/St) 40 Size: $2S0mm (10mm =hares) 40 4, </=> Maturity: 40 Perpetual * Price Guidance: 4> 5.625% Area; Fixed for =ife 4> Q </=> Offer Price: I> $25 per depositary share 40 4> Q </=> Dividends 40 Quarterly, in arrears on the 15th of March, June, Sep=ember, and December I> 4, </=> First Payment: September 15, 2016 Q * 4> </=> Optional Redemption: In whole, or in part, =n September 15, 2021, or any dividend payment date thereafter, at a redemp=ion price equal to $25,000 per share of Series X Preferred Stock (equivalent to $25 per depositary share), plus an amount equal to any decl=red and unpaid dividends, without accumulation of any undeclared dividends= The Series X Preferred Stock may also be redeemed by us at our option in =hole, but not in part, prior to September 15, 2021, upon the occurrence of a "regulatory capital t=eatment event," as described herein, at a redemption price equal t= $25,000 per share of Series X Preferred Stock (equivalent to $25 per depo=itary share), plus an amount equal to any declared and unpaid dividends, without accumulation of any undeclared dividends. (S=e Red) 2 EFTA_R1_01567044 EFTA02461162

Use of Proceeds: * GCP * * * </=> QDI/DRD Eligible: * Yes, See Red for tax and withholding details.* Subject to U.S. Tax Withholding for NRA Clients:* Ye=* Expected Listing: 40 NYSE under the symbol WFCprX 4> Timing: 4, Today's Business<=u> Let me know if you have any questions.<=u> Best, Andrew Andrew S. Atlas<=u> First Vice Presiden= Equit= Sales/Middle Markets Group =/u> Finan=ial Advisor <tel:%2B1° Mor:an Stanle =Wealth Mana:ement 3 EFTA_R1_01567045 EFTA02461163

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