<table><tr><th>From:</th><th>jeffrey E. &lt;jeevacation@gmail.com&gt;</th></tr><tr><td>Sent:</td><td>Wednesday, June 8, 2016 2:21 PM</td></tr><tr><td>To:</td><td>Richard Kahn</td></tr><tr><td>Subject:</td><td>Re: New Issue $25 Par Wells Fargo &amp; Company (WFC) Perpetual Preferred Stock;
5.625% Area; Fixed-for-Life</td></tr></table>

raw

On Wed, Jun 8, 2016 at 10:19 AM, Richard Kahn wrote:

Jeanne and I reviewed yesterdAy and I wanted to look at=one more time and clean up before I sent to you. We uncovered that 100k of=400k total was for contract deposit so actually spending was 300k. Shall I=send raw today or wait for cleaner version tomorrow am.

Sent from=my iPhone

On Jun 8, 2016, at 10:14 AM, jeffrey E. <jeevacation@gmail.com<=a» wrote:

- Text visible: "On Wed, Jun 8, 2016 at 10:08 AM, [REDACTED] wrote:"
- Image contains two large black redaction blocks obscuring the sender details and the rest of the message.

Currently you own 3,000,000 of =ells preferred in southern trust with 5.7% coupon.

I am being told this will sell out by 12pm if you are interested. P=ease advise. Thank you.

Sent from my iPhone

Beg=n forwarded message:

Key information from the email:

*   **From:** Andrew S. Atlas
*   **To:** Richard Kahn
*   **Date:** June 8, 2016, at 10:02:47 AM EDT
*   **Subject:** New Issue=$25 Par: Wells Fargo & Company (WFC) Perpetual Preferred Stock; 5.625%-Area; Fixed-for-Life

Good Morning Rich,

Morgan Stanley is pricing a new issue WFC $25 par=preferred today.

Details:

$25 Par New Issue Syndicate Offering:</=>

Wells Fargo & Company (WFC)   =C2     =C2     =A0     =C2

     =C2     =C2     =A0     =C2

Issuer: Wells Fargo & Company (Ticker: =FC)     =A0

Securities Offered: =C2 Depositary shares each representing 1/1,000th interest i= a share
of non-cumulative perpetual Class A Preferred Stock Series X=A0

=C2 =A0 </=>

Format: =C2 SEC Registered =A0 = =C2

Expected Ratings: =C2 Baa2/BBB/BBB (St/St/St) =A0

Size: $250mm (10mm =hares)

=C2 =A0 </=>

Maturity: =A0 Perpetual =C2

Price Guidance: =A0 5.625% Area; Fixed for =ife

=C2 =A0 </=>

Offer Price: =C2 $25 per depositary share =C2

=C2 =A0 </=>

Dividends

4,=A0

December

=C2 =A0 </=>
First Payment: September 15, 2016 =A0
=C2 =A0 </=>

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)

Use of Proceeds: =A0 GCP =C2
=C2 =A0 </=>
QDI/DRD Eligible: =C2 Yes, See Red for tax and withholding details.=A0

Subject to U.S. Tax Withholding for NRA Clients:=C2 Ye=*
Expected Listing: =C2 NYSE under the symbol WFCprX =A0

Timing: =C2 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>
3

Finan=ial Advisor

Morgan Stanley=Wealth Management

<tel:%2B1%20212%

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