Futures Commission Merchant

For Institutional Client Use Only – Other Distribution or Dissemination is Strictly Prohibited.

This communication (including attachments) is for the sole use of the intended recipient(s) and may contain confidential information. Any unauthorized review, use, disclosure or distribution of this information is prohibited. If you are not the intended recipient, please delete this communication without retaining a copy and immediately notify the sender.

This communication is for informational purposes only, is not an offer, solicitation, recommendation or commitment for any transaction or to buy or sell any security, commodity interest or other financial product (unless expressly stated otherwise and/or this communication is subject to 17 C.F.R. § 1.71 and 23.605), and is not intended as investment advice or as a confirmation of any transaction (except for any transaction confirmation transmitted herewith).   This communication does not take into account your particular investment objectives, financial conditions, or needs and is not intended to serve as a basis for entering into any transaction or to suggest, through opinion, recommendation, or otherwise, you should enter into a particular transaction or trading strategy. You should consult your own advisors for opinions on whether to enter into any transaction or trading strategy.

For the purposes of, and to the extent subject to, Commodity Futures Trading Commission (“CFTC”) Regulations at 17 C.F.R. § 1.71 promulgated pursuant to the Commodity Exchange Act (“CEA”), if this communication relates to one or more derivatives transactions regulated by the CFTC, this is a “solicitation” and is not a “research report” as defined in 17 C.F.R. § 1.71. This communication should not be construed as a recommendation or opinion with respect to any derivative or trading strategy involving a derivative for purposes of CFTC Regulations or the CEA.

If this communication relates to a Security-Based Swap as defined in the Securities Exchange Act of 1934 (“SEA”) and the regulations issued thereunder, it is intended only for persons that are Eligible Contract Participants (“ECPs”) as defined in CEA Section 1a(18) and the regulations issued thereunder.  If you are not an ECP and this communication involves a Security-Based Swap, please disregard this communication and delete this message without retaining a copy and immediately notify the sender.

Any market price, indicative value, estimate, view, opinion, data or other information in this communication is not warranted as to completeness or accuracy, is subject to change without notice, and Wells Fargo Corporate & Investment Banking (“CIB”) accepts no liability for its use or to update or keep it current.

Any views or opinions are those of the individual sender, not necessarily of CIB. CIB may provide views or opinions that differ from those expressed in this communication and also may from time to time acquire, hold or sell a position in the securities or financial products mentioned herein.  Expressions of opinion, including any attachments, contained herein are given in good faith, but are subject to change without notice.

Certain business lines within CIB are required to retain certain electronic messages, which may be produced at the request of regulators or in connection with litigation. There is a risk that information contained in electronic messages has been modified, tampered with or corrupted. The accuracy or completeness of the information in this communication is not guaranteed by CIB, nor does CIB assume any liability for any loss which may result from reliance thereon.

Wells Fargo Corporate & Investment Banking is the trade name for the corporate banking, capital markets and investment banking services of Wells Fargo & Company and its subsidiaries, including but not limited to Wells Fargo Securities, LLC, a member of NYSE, FINRA, NFA and SIPC, Wells Fargo Prime Services, LLC, a member of FINRA, NFA and SIPC, Wells Fargo Securities Canada, Ltd., Member – Canadian Investor Protection Fund, Wells Fargo Securities International Limited and Wells Fargo Bank N.A., London Branch (both of which are authorized and regulated by the U.K. FCA), and Wells Fargo Bank, N.A., a member of NFA. Wells Fargo Securities, LLC, Wells Fargo Prime Services, LLC, Wells Fargo Securities Canada, Ltd. and Wells Fargo Securities International Limited are distinct entities from affiliated banks and thrifts.

Not all financial products offered under this trade name are securities or commodity interests and unless otherwise expressly stated, financial products are not bank deposits or FDIC insured.

All messages sent to and from Wells Fargo employees are retained and subject to monitoring, review, and/or disclosure.

Wells Fargo privacy notices at https://www.wellsfargo.com/privacy-security/

California Residents Only:  For the categories of personal data that Wells Fargo may collect and how we use it, see Wells Fargo California Consumer Privacy Act Notice at Collection at  https://www.wellsfargo.com/privacy-security/notice-of-data-collection/