This communication (including attachments) is for the sole use of the intended recipient(s) and may contain confidential and privileged 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 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.

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 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 and 23.605. 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.

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 communication without retaining a copy and immediately notify the sender.

Swap products subject to the CEA are offered out of Wells Fargo Bank, N.A. (“WFBNA”) and physical commodity products are offered out of Wells Fargo Commodities, LLC. To the extent any affiliate of WFBNA engages in swap activities, it does so for the purposes of hedging its own commercial risks. Other than WFBNA, no subsidiaries of Wells Fargo & Company are in the business of making markets in swaps, engaging in transactions for the purposes of providing liquidity, or accommodating a market participant’s demand for swaps subject to the CEA. 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), 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 trading strategy involving a swap.

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 Corporate & Investment Bank (“CIB”) 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 CIB. CIB 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 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.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 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 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, a swap dealer provisionally registered with the CFTC, 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. 

Revised: September, 2019