Company: WFC-PC
Filing Date: 2025-06-06
Form Type: S-3
Source: 0001193125-25-137239
Chunk: 193

Company: WELLS FARGO & COMPANY/MN
Filing Date: 2025-06-06
Form: S-3
Chunk 193
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 constitute or give rise to a prohibited transaction under ERISA and the Code. Employee benefit plans that are governmental plans, as defined in Section 3(32) of ERISA, certain church plans, as defined in Section 3(33) of ERISA, and non-U.S.plans, as described in Section 4(b)(4) of ERISA (collectively, “ non-ERISAarrangements”), are not subject to the requirements of ERISA, or Section 4975 of the Code, but may be subject to similar rules under other applicable laws or regulations (“ similar laws”). Because of our business, we and our affiliates may each be considered a party in interest with respect to many plans. Special caution should be exercised, therefore, before the securities are purchased by a plan. In particular, the fiduciary of the plan should consider whether statutory or administrative exemptive relief is available. The U.S. Department of Labor has issued five prohibited transaction class exemptions (“ PTCEs”) that may provide exemptive relief for direct or indirect prohibited transactions resulting from the purchase or holding of the securities. Those class exemptions are:

| ● |     | PTCE 96-23, for specified transactions determined by in-house asset managers; |

| ● |     | PTCE 95-60, for specified transactions involving insurance company 
 general accounts;                                                  |

| ● |     | PTCE 91-38, for specified transactions involving bank collective 
 investment funds;                                                |

| ● |     | PTCE 90-1, for specified transactions involving insurance company 
 separate accounts; and                                            |

| ● |     | PTCE 84-14, for specified transactions determined by independent 
 qualified professional asset managers.                           |

In addition, Section 408(b)(17) of ERISA and Section 4975(d)(20) of the Code provide an exemption for transactions between a plan and a person who is a party in interest (other than a fiduciary who has or exercises any discretionary authority or control with respect to investment of the plan assets involved in the transaction or renders investment advice with respect thereto) solely by reason of providing services to the plan (or by reason of a relationship to such a service provider), if in connection with the transaction the plan receives no less and pays no more, than “adequate consideration” (within the meaning of Section 408(b)(17) of ERISA). There can be no assurance that any of these statutory or class exemptions will be available with respect to transactions involving