<table><tr><th>From:</th><th>jeffrey E. &lt;jeevacation@gmail.com&gt;</th></tr><tr><td>Sent:</td><td>Tuesday, January 19, 2016 3:58 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;
5.75% Area; Fixed-for-Life</td></tr></table>

3 mill

On Tue, Jan 19, 2016 at 10:56 AM, Richard Kahn <r=chardkahnl2@gmail.com <mailto:richardkahn12@gmail.com» wrote:

currently you have no exposure=to wells in equities or preferreds or bonds

please adv=se

thank you

Richard Kahn

HBRK Associates Inc.

Begin forwarded message:

Subject: New Issu= $25 Par: Wells Fargo & Company (WFC) Perpetual Preferred Stock; 5.75%=Area; Fixed-for-Life
Date: January 19, 2016 at 10:22:46 AM EST
To: &uot;Richard Kahr

Hey Rich,
1

=ope all is well.

Definitely=a crazy start to the year.

=anted to show Southern Trust Company a new issue preferred coming today:

$25 Par New Issue Syndicate O=fering:

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

Issuer: =ells Fargo & Company (Ticker: WFC)

Securities Offered: =A0 Depositary shares each representing 1/1,000th interest in a share of no=­
cumulative perpetual Class A Preferred Stock Series W =C2

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

Size: $250mm (10mm=shares) =C2

=A0 =C2 =A0

Maturity: =A0 Perpetual =C2

Price Guida=ce: =A0 5.75% Area; Fixed for Life =A0

=C2 =A0 <=u>

Offer Price: $25 =er depositary share =C2

Dividends =A0 Quarterly, in arrears on the 15th of March, June, Sep=ember, and December

=C2 =A0 <=u>

First Payment: March 15, 2016

=A0 =C2

Optio=al Redemption: In whole, or in part, on March 15, 2021, or any=dividend payment date thereafter, at a redemption price equal to $25,000 p=r share of Series W Preferred Stock (equivalent to $25 per depositary shar=), plus an amount equal to any declared and unpaid dividends, without accumulation of any un=eclared dividends. The Series W Preferred Stock may also be redeemed by us=at our option in whole, but not in part, prior to March 15, 2021, upon the=occurrence of a "regulatory capital treatment event," as described herein, at a redemption

price equal=to $25,000 per share of Series W Preferred Stock (equivalent to $25 per de=ositary share), plus an amount equal to any declared and unpaid dividends,=without accumulation of any undeclared dividends. (See Red)

QDI/DR= Eligible: =A0 Yes, See Red for tax and withholding details. =C2

Subject to U.S. Tax Withholding for NRA Clients: =C2 =A0 Yes*

=A0 =C2 <=>

Expected Listing: =A0 NYSE under the symbol WFCprW =C2

Settlement: =anuary 29, 2016 =A0

Timing= =C2 Today's Business

As you can see it=99s not Fix-To-Float, but still worth looking at.

Speak soon. =u>

Best,

Andrew<=>

Andrew S. Atlas<=b>

Financial Advisor

<=>Equity Sales/Middle M=rkets Group=C2
Morgan Stanley=Wealth Management

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