From: jeffrey E. <[email protected]> Sent: Wednesday, June 8, 2016 2:14 PM To: Richard Kahn Subject: Re: New Issue $25 Par Wells Fargo & Company (WFC) Perpetual Preferred Stock; 5.625% Area; Fixed-for-Life i know you are on vaction , when you get a chance,4, details of where the 400k of alexander supposedly wnet? On Wed, Jun 8, 2016 =t 10:08 AM, Richard Kahn wr=te: Currently you=own 3,000,000 of wells preferred in southern trust with 5.7% coupon. =/div> I am being told this will sell out by 12pm if you=are interested. Please advise. Thank you. Sent from my iPhone=/div> Begin forwarded message: From: "Atlas Andrew 5' Date: June 8, 2016 at 10: To: & =otilichard Kahn Subject:= b> New Issue 25 Par: Wells Fargo & Company (WFC) Perpetual Preter=ed Stock; 5.625% Area; Fixed-for-Life <=pan> Good Morning Rich, Morgan Stanley is pricing a new issue WFC $25 par=preferred today. Details: $25 Par New Issue Syndicate Offering:</=> EFTA_R1_01567087 EFTA02461200

Wells Fargo & Company (WFC) 1, 4, .0 * 4o 4> 4> * Issuer: Wells Fargo & Company (Ticker: =FC) 41) Securities Offered: 4> Depositary shares each representing 1/1,000th interest i= a share of non- cumulative perpetual Class A Preferred Stock Series X40 4› 40 </=> Format: 4) SEC Registered Q . Expected Ratings: 40 Baa2/BBB/BBB (St/St/St) 4, Size: $250mm (10mm =hares) 40 4, </=> Maturity: 40 Perpetual 4, Price Guidance: 4> 5.625% Area; Fixed for =ife * 441> </=> Offer Price: 40 $25 per depositary share * 4k 40 <A> Dividends 4> Quarterly, in arrears on the 15th of March, June, Sep=ember, and December . ierA0 <A> First Payment: September 15, 2016 4> 4;fr 4, <A> 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 treatment event," as described herein, at a 2 EFTA_R1_01567088 EFTA02461201

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. (5=e Red) Use of Proceeds: 4> GCP 4> 4> 4> </=> Q0I/DRD Eligible: 4> Yes, See Red for tax and withholding details.40 Subject to U.S. Tax Withholding for NRA Clients:40 Ye=s Expected Listing: 4> 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. Atlasau> First Vice Presiden= Equit= Sales/Middle Markets Group =/u> Finan=ial Advisor Morgan Stanley=Wealth Management <tel:%2 EFTA_R1_01567089 EFTA02461202

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