<table><tr><th>From:</th><th>jeffrey E. &lt;jeevacation@gmail.com&gt;</th></tr><tr><td>Sent:</td><td>Wednesday, June 8, 2016 2:14 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>

i know you are on vaction , when you get a chance,=C24, 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 S"

Date: June 8, 2016 at 10:02:47 AM EDT
To: &q=ot;Richard Kahn (EDT)

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:</=>

Wells Fargo & Company (WFC) =C2 =C2 =A0 =C2
=C2 =C2 =A0 =C2
Issuer: Wells Fargo & Company (Ticker: =FC) =A0

non-cumulative perpetual Securities Class Offered: A Preferred =C24> Stock Depositary Series X40=A0 shares each representing 1/1,000th interest i= a share of

=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 =A0 Quarterly, in arrears on the 15th of March, June, Sep=ember, and 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 treatment 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. (5=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>
Finan=ial Advisor
Morgan Stanley=Wealth Management

<tel:%2

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