ide risks to our price objective are a much faster asset mix change into higher yielding loans that significantly increases its net interest margin. Wells Fargo & Company (WFC) We use a three-factor valuation framework (P/E, P/TBV, DCF} to arrive at our $55 PO, assigning a 1.75x multiple to 2017E TBV and 13x multiple

US Ebrahim H. Poonawala The PNC Financial Services Group, Inc. PNC PNC US Erika Najarian UMB Financial Corporation UMBF UMBF US Ebrahim H. Poonawala Wells Fargo & Company WEC WEC US Erika Najarian NEUTRAL Associated Banc-Corp ASB ASB US Ebrahim H. Poonawala Banc of California BANC BANC US Ebrahim H. Poonawala Comerica

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From: Richard Kahn To: "jeffrey E." <jeevacationggmail.com> Subject: Fwd: New Issue S25 Par: Wells Fargo & Company (WFC) Perpetual Preferred Stock; 5.75% Area; Fixed-for-Life Date: Tue, 19 Jan 2016 15:56:56 +0000 Attachments: Wells_Fargo_Ser_W_prosup.pdf curre

Court explained in Johnson v. Hopkins. stating: 1 Plaintiff sued Cumberland Trust and Investment Company. Joi S. Chatrnan. Albert M. Alexander. Jr.. Wells Fargo & Company. VVells Fargo Advisors, LLC as successor in interest to A.G. Edwards, Inc., dlb/a A.G. Edwards & Sons, Inc., AG. Edwards, Inc., AG. Edwards & Sons,

urities and insurance products are: NOT FDIC-INSURED/NO BANK-GUARANTEES/MAY LOSE VALUE Wells Fargo Advisors, LLC is a separate nonbank affiliate of Wells Fargo & Company, Member FINRA/SIPC. 1 North Jefferson, St. Louis, MO 63103 2 EFTA_R1_02011598 EFTA02686381

From: Richard Kahn Sent: Tuesday, September 8, 2015 2:47 PM To: jeffrey E. Subject: Fwd: New Issue $25 Par: Wells Fargo & Company (WFC) Perpetual Preferred Stock; 6.00% - 6.125%; Fixed-for-Life Attachments: Wells Ser V Pfd red.pdf; Untitled attachment 00141.htm please advise

From: Richard Kahn < Sent: Tuesday, September 8, 2015 5:57 PM To: jeffrey E. Subject: Fwd: New Issue $25 Par. Wells Fargo & Company (WFC) Perpetual Preferred Stock; Revised Guidance: 6.00% 'The Number' Attachments: Wells Ser V Pfd red.pdf, Untitled attachment 00266.htm if you

wellsfargoadvisors.com/disclosures/email-disclosure.=tml. Wells Fargo Advisors, LLC is a registered broker-dealer an= separate nonbank affiliate of Wells Fargo & Company, Member FINRA/SIP=. 1 North Jefferson, St. Louis, MO 63103. This email may be an adve=tisement or solicitation for products and services. 4, pleas

From: jeffrey E. <[email protected]> Sent: Tuesday, January 19, 2016 3:58 PM To: Richard Kahn Subject: Re: New Issue $25 Par. Wells Fargo & Company (WFC) Perpetual Preferred Stock; 5.75% Area; Fixed-for-Life 3 mill On Tue, Jan 19, 2016 at 10:56 AM, Richard Kahn <[email protected] <mailto

nvestment professionals are registered representativ=s of Wells Fargo Advisors, LLC, a registered broker dealer and a separ=te non-bank affiliate of Wells Fargo & Company. Member FINRA/SIPC.=1 North Jefferson, St. Louis, MO 63103. Email Security Powered by Voltage IBE(tm) Copyright 2013 Wells Fargo. All rights reser

sity of Notre Dame. 151 HOUSE_OVERSIGHT_024584 KUE Advisory Board Les Bilfer Leslie Biller is retired Vice Chairman & Chief Operating Officer of Wells Fargo & Company. Mr. Biller joined Wells Fargo in 1998, when it merged with Norwest Corporation. Prior to that, he spent nearly 11 years at Norwest, where he held va