APAC FX

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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 or other financial product (unless expressly stated otherwise and/or this communication is subject to 17 C.F.R. §§ 1.71 and 23.605 or Section 15F(j) of the Security Exchange Act ("SEA") and any Securities and Exchange Commission ("SEC") rule thereunder), 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.

If this communication relates to a Security-Based Swap ("SBS"), it is intended only for persons that are Eligible Contract Participants ("ECPs") as defined in Commodity Exchange Act ("CEA") Section 1a(18) and Securities Exchange Act of 1934 ("SEA") Section 3(a)(65) and the regulations issued thereunder. If you are not an ECP and this communication involves an SBS, please disregard this communication and delete this communication without retaining a copy and immediately notify the sender.

For the purposes of, and to the extent subject to, Commodity Futures Trading Commission ("CFTC") Regulations at 17 C.F.R. §§ 1.71 and 23.605 promulgated pursuant to the 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 and 23.605. For the purposes of, and to the extent subject to, Section 15F(j) of SEA and any Securities and Exchange Commission ("SEC") rule thereunder, if this communication relates to one or more SBS, this is a solicitation to enter into an SBS and not "research or analysis of the price or market" for an SBS. 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 Part 23 or the CEA or for the purposes of SEC Regulations Part 240 or the SEA.

Swap products subject to the CEA and SBS products subject to the SEA are transacted through and offered out of Wells Fargo Bank, N.A. ("WFBNA") (organized under the laws of the U.S.A. with limited liability) and physically-settled commodity products may be transacted through and  offered out of Wells Fargo Commodities, LLC or WFBNA. To the extent any affiliate of WFBNA engages in swap or SBS activities, it does so for the purposes of hedging its own commercial risks or does so in a non-dealing capacity. Other than WFBNA, no subsidiaries of Wells Fargo & Company are in the business of making markets in swaps or SBS, engaging in transactions for the purposes of providing liquidity, or accommodating a market participant's demand for swaps subject to the CEA or SBS subject to the SEA. Swap and SBS Swap clearing services are offered by Wells Fargo Securities, LLC.

If you are a "Special Entity" within the meaning of 17 C.F.R. §23.401(c) and 17 C.F.R. § 240.15Fh-2(d), you are hereby notified that this communication does not, is not intended to and should not be interpreted as an expression of an opinion within the meaning of 17 C.F.R. §23.440 by any person on behalf of Wells Fargo & Company and its subsidiaries as to whether you should enter into any swap  or SBS or trading strategy involving a swap or SBS.

Neither the sender, WFBNA nor Wells Fargo Securities, LLC is acting as a municipal advisor and this communication is not intended to be, and does not constitute, advice within the meaning of Section 15B of the SEA.

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 Securities ("WFS") accepts no liability for its use or to update or keep it current.

Any views or opinions expressed in this communication are not necessarily those of WFS. WFS or its affiliates 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 WFS 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 WFS, nor does WFS assume any liability for any loss which may result from reliance thereon. You should consult your own advisors for opinions on whether to enter into any transaction or trading strategy.

Wells Fargo Securities is the trade name for the capital markets and investment banking services of Wells Fargo & Company and its subsidiaries, including but not limited to Wells Fargo Securities, LLC, a U.S. broker-dealer registered with the U.S. SEC and 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. (organized under the laws of the U.S.A. with limited liability), a swap dealer provisionally registered with the CFTC, a member of NFA, and a security-based swap dealer conditionally registered with the SEC, Wells Fargo Securities Singapore Pte. Ltd. (a Singapore incorporated financial institution regulated by the Monetary Authority of Singapore to carry on business in the regulated activities of dealing in capital markets products and advising on corporate finance as defined in the Securities and Futures Act ("the SFA")) regulated by the Monetary Authority of Singapore.  You should consult your own advisors for opinions on whether to enter into any transaction or trading strategy. Not all financial products offered under this trade name are securities, and unless otherwise expressly stated, financial products are not bank deposits or FDIC insured. Wells Fargo Securities, LLC, Wells Fargo Prime Services, LLC, Wells Fargo Securities Canada, Ltd. Wells Fargo Securities International Limited and Wells Fargo Securities Singapore Pte. Ltd. are distinct entities from affiliated banks and thrifts.

Wells Fargo & Company, WFBNA and their affiliates (collectively, "Wells Fargo") conducts business globally. Outside the U.S. Wells Fargo conducts business through various companies, including duly authorized and regulated subsidiaries and affiliates in Asia, Canada, Europe, Middle East, Africa, and Latin America. Not all products and services may be available in all countries. Each situation needs to be evaluated individually and is subject to local regulatory requirements.

For Singapore: This communication is provided in Singapore by Wells Fargo Bank N.A. acting through its Singapore branch. WFBNA, acting through its Singapore branch, is a licensed bank regulated by the Monetary Authority of Singapore.

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