<table><tr><th>From:</th><th>jeffrey E. &lt;jeevacation@gmail.com&gt;</th></tr><tr><td>Sent:</td><td>Wednesday, June 8, 2016 2:09 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>

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% coupon.

I am being told t=is will sell out by 12pm if you are interested. Please advise. Thank you.=C2

Sent from my iPhone

Begin forwarded message:

Key information from the image:

*   Sender: Andrew Atlas
*   Date: June 8, 2016 at 10:02:47 AM EDT
*   Recipient: Richard Kahn (richardkahn12@gmail.com)
*   Subject: Wells Fargo (WFC) Perpetual Preferred Stock; 5.625%, $25 Par Value

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 X4e=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 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)

Key details include:

*   Use of Proceeds: =A0
*   GCP: =C2
*   QDI/DRD Eligible: Yes, see red for tax withholding
*   Subject to U.S. Tax Withholding for NRA Clients: Yes
*   Expected Listing: NYSE, symbol WFCprX
*   Timing: Today's business
*   Contact: Andrew S. Atlas, First Vice President, Equit Sales/Middle Markets Group, Financial Advisor, Morgan Stanley Wealth Management

<tel:%2B1%

## <ont face="Arial" size="2">Important Notice to Recipients:

The sender of this e-mail is an employee of=20 Morgan Stanley Smith Barney LLC ("Morgan Stanley"). If you =ave received this communication in error, please destroy all electronic and paper copies=and notify the sender immediately. Erroneous transmission is not intended to wa=ve confidentiality or privilege. Morgan Stanley reserves the right, to t=e extent permitted under applicable law, to monitor electronic communications= This message is subject to terms available at the following link: http://www.morganstanley.com/disclaimers/mssbemail.html.4>=A0 If you cannot access this link, please notify us by reply message and we will send the contents to you. By messaging with Morgan Stanley you consent to the=20 foregoing.

=br>

=C2�>>

## please note

The information contained in this communication is confidential, may be attorney-client pr=vileged, may constitute inside information, and is intended only for

JEE

Unauthorized use= disclosure or copying of this communication or any part thereof is str=ctly prohibited and may be unlawful. If you have received this commu=ication in error, please notify us immediately by return e-mail or by e=mail to jeevaca=ion@gmail.com <mailto:jeevacation@gmail.com> , and destroy this communication and all copies thereo=, including all attachments. copyright -all rights reserved

</=iv>

4