# EDGAR Filing Document

**Accession Number:** 0001738143
**File Stem:** 0001387131-23-003418
**Filing Date:** 2023-3
**Character Count:** 383159
**Document Hash:** 80bd5fb3d4e7eb8ad6d396796c5642e6
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001387131-23-003418.hdr.sgml**: 20230314

**ACCESSION NUMBER**: 0001387131-23-003418

**CONFORMED SUBMISSION TYPE**: S-3

**PUBLIC DOCUMENT COUNT**: 14

**FILED AS OF DATE**: 20230314

**DATE AS OF CHANGE**: 20230314

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** WELLS FARGO & COMPANY/MN
- **CENTRAL INDEX KEY:** 0000072971
- **STANDARD INDUSTRIAL CLASSIFICATION:** NATIONAL COMMERCIAL BANKS [6021]
- **IRS NUMBER:** 410449260
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** S-3
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-270532
- **FILM NUMBER:** 23731810

**BUSINESS ADDRESS:**
- **STREET 1:** 420 MONTGOMERY STREET
- **CITY:** SAN FRANCISCO
- **STATE:** CA
- **ZIP:** 94163
- **BUSINESS PHONE:** 6126671234

**MAIL ADDRESS:**
- **STREET 1:** 420 MONTGOMERY STREET
- **CITY:** SAN FRANCISCO
- **STATE:** CA
- **ZIP:** 94163

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** WELLS FARGO & CO/MN
- **DATE OF NAME CHANGE:** 19981103

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** NORWEST CORP
- **DATE OF NAME CHANGE:** 19920703

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** NORTHWEST BANCORPORATION
- **DATE OF NAME CHANGE:** 19830516
**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Wells Fargo Finance LLC
- **CENTRAL INDEX KEY:** 0001738143
- **IRS NUMBER:** 410449260
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** S-3
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-270532-01
- **FILM NUMBER:** 23731811

**BUSINESS ADDRESS:**
- **STREET 1:** 375 PARK AVENUE
- **STREET 2:** 4TH FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10152
- **BUSINESS PHONE:** (866) 249-3302

**MAIL ADDRESS:**
- **STREET 1:** 375 PARK AVENUE
- **STREET 2:** 4TH FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10152

**As filed with the Securities and Exchange Commission on March 14, 2023** 

**Registration Nos.** 

**and**

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

------

**FORM S-3**

**REGISTRATION STATEMENT**

**UNDER**

**THE SECURITIES ACT OF 1933**

------

**WELLS FARGO & COMPANY**

(Exact name of Registrant as specified in its charter)

------

**Delaware**

(State or other jurisdiction

of incorporation or organization)

**41-0449260**

(I.R.S. Employer Identification No.)

**420 Montgomery Street** 

**San Francisco, California 94104** 

**(866) 249-3302** 

(Address, including zip code, and telephone number, including area

code, of Wells Fargo & Company's principal executive offices)

------

**Ellen R. Patterson**

**Senior Executive Vice President and General Counsel**

**Wells Fargo & Company** 

**420 Montgomery Street** 

**San Francisco, California 94104** 

**(866) 249-3302** 

(Name, address, including zip code, and

telephone number, including area code, of agent for service)

------

**WELLS FARGO FINANCE LLC**

(Exact name of Registrant as specified in its charter)

------

**Delaware**

(State or other jurisdiction

of incorporation or organization)

**41-0449260**

(I.R.S. Employer Identification No.)

**30 Hudson Yards, Floor 14** 

**New York, New York 10001** 

**(415) 371-2921**

(Address, including zip code, and telephone number, including area

code, of Wells Fargo Finance LLC's principal executive offices)

------

**Ellen R. Patterson** 

**Senior Executive Vice President and General Counsel** 

**Wells Fargo & Company** 

**420 Montgomery Street** 

**San Francisco, California 94104** 

**(866) 249-3302**

(Name, address, including zip code, and

telephone number, including area code, of agent for service)

------

With a copy to:

---

| | | |
|:---|:---|:---|
| Mary E. Schaffner<br> Wells Fargo & Company<br> MAC#N9305-173<br> Wells Fargo Center, 17th Floor<br> Sixth and Marquette<br> Minneapolis, Minnesota 55479<br> (866) 249-3302 | Dawn Holicky Pruitt<br> Faegre Drinker Biddle & Reath LLP<br> 2200 Wells Fargo Center<br> 90 South Seventh Street<br> Minneapolis, Minnesota 55402-3901<br> (612) 766-7000 | Christopher S. Schell<br> Davis Polk & Wardwell LLP<br> 450 Lexington Avenue<br> New York, NY 10017<br> (212) 450-4000 |

---

------

Approximate date of commencement of proposed sale to the public: From time to time after the effective date of this Registration Statement.

If the only securities being registered on this form are being offered pursuant to dividend or interest reinvestment plans, please check the following box. ☐

If any of the securities being registered on this form are to be offered on a delayed or continuous basis pursuant to Rule 415 under the Securities Act of 1933, other than securities offered only in connection with dividend or interest reinvestment plans, check the following box. ☒

If this form is filed to register additional securities for an offering pursuant to Rule 462(b) under the Securities Act, please check the following box and list the Securities Act registration statement number of the earlier effective registration statement for the same offering. ☐

If this form is a post-effective amendment filed pursuant to Rule 462(c) under the Securities Act, check the following box and list the Securities Act registration statement number of the earlier effective registration statement for the same offering. ☐

If this Form is a registration statement pursuant to General Instruction I.D. or a post-effective amendment thereto that shall become effective upon filing with the Commission pursuant to Rule 462(e) under the Securities Act, check the following box: ☐

If this Form is a post-effective amendment to a registration statement filed pursuant to General Instruction I.D. filed to register additional securities or additional classes of securities pursuant to Rule 413(b) under the Securities Act, check the following box: ☐

Indicate by check mark whether the Registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company" and "emerging growth company" in Rule 12b-2 of the Exchange Act:

*Wells Fargo & Company*

Large accelerated filer ☒ Accelerated filer ☐ <br> Non-accelerated filer ☐ Smaller reporting company ☐ <br> Emerging growth company ☐

If an emerging growth company, indicate by check mark if the Registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 7(a)(2)(B) of Securities Act. ☐

 **The Registrants hereby amend this Registration Statement on such date or dates as may be necessary to delay its effective date until the Registrants shall file a further amendment which specifically states that this Registration Statement shall thereafter become effective in accordance with Section 8(a) of the Securities Act of 1933 or until this Registration Statement shall become effective on such date as the Commission, acting pursuant to said Section 8(a), may determine.**

**Explanatory Note** 

The base prospectus included in this Registration Statement may also be used by affiliates of Wells Fargo & Company, including Wells Fargo Securities, LLC and Wells Fargo Advisors (the trade name of the retail brokerage business of Wells Fargo & Company's affiliates, Wells Fargo Clearing Services, LLC and Wells Fargo Advisors Financial Network, LLC), in market-making transactions in the securities described in this Registration Statement after they are initially offered and sold and in other securities of Wells Fargo & Company and Wells Fargo Finance LLC offered and sold under prior registration statements.

PROSPECTUS

**$9,500,000,000**

**WELLS FARGO & COMPANY** 

420 Montgomery Street

San Francisco, California 94104

(866) 249-3302

Debt Securities

Warrants

Units

Purchase Contracts

Guarantees

**WELLS FARGO FINANCE LLC** 

30 Hudson Yards, Floor 14

New York, New York 10001

(415) 371-2921

Debt Securities

Warrants

Units

Purchase Contracts

*Fully and Unconditionally Guaranteed by Wells Fargo & Company*

------

We, Wells Fargo & Company, may from time to time offer and sell any of our securities listed above. Our wholly-owned finance subsidiary, Wells Fargo Finance LLC, also may from time to time offer and sell any of its securities listed above. We fully and unconditionally guarantee all payments of principal, interest and other amounts payable on any such securities Wells Fargo Finance LLC issues. You should read this prospectus, the applicable prospectus supplement and any additional supplements to this prospectus carefully before you invest.

**Neither the Securities and Exchange Commission nor any state securities commission or other regulatory body has approved or disapproved of these securities or passed upon the accuracy or adequacy of this prospectus. Any representation to the contrary is a criminal offense.** 

**These securities are the unsecured obligations of Wells Fargo & Company or Wells Fargo Finance LLC, as applicable, and, accordingly, all payments are subject to credit risk. If Wells Fargo & Company or Wells Fargo Finance LLC, as issuer, and Wells Fargo & Company, as guarantor, if applicable, default on their obligations, you could lose some or all of your investment. The securities are not savings accounts, deposits or other obligations of a depository institution and are not insured by the Federal Deposit Insurance Corporation, the Deposit Insurance Fund or any other governmental agency.** 

We and Wells Fargo Finance LLC will use this prospectus in the initial sales of the securities. In addition, Wells Fargo Securities, LLC, Wells Fargo Advisors (the trade name of the retail brokerage business of our affiliates, Wells Fargo Clearing Services, LLC and Wells Fargo Advisors Financial Network, LLC) or another of our affiliates, may use this prospectus in a market-making transaction in any of the securities after their initial sale.

**Investing in the securities involves risks. You should consider the risk factors described in any accompanying supplement and in any documents incorporated by reference in this prospectus. See "[Risk Factors](#a002)" on page 2.**

This prospectus is dated , 2023.

**TABLE OF CONTENTS** 

---

| | |
|:---|:---|
| **[**ABOUT THIS PROSPECTUS**](#a001)** | **1** |
| **[**RISK FACTORS**](#a002)** | **2** |
| **[**WHERE YOU CAN FIND MORE INFORMATION**](#a003)** | **3** |
| **[**WELLS FARGO & COMPANY**](#a004)** | **4** |
| **[**WELLS FARGO FINANCE LLC**](#a005)** | **4** |
| **[**USE OF PROCEEDS**](#a006)** | **5** |
| **[**DESCRIPTION OF DEBT SECURITIES OF WELLS FARGO & COMPANY**](#a007)** | **6** |
| **[**DESCRIPTION OF DEBT SECURITIES OF WELLS FARGO FINANCE LLC**](#a008)** | **15** |
| **[**BOOK-ENTRY, DELIVERY AND FORM**](#a009)** | **25** |
| **[**DESCRIPTION OF WARRANTS OF WELLS FARGO & COMPANY**](#a010)** | **30** |
| **[**DESCRIPTION OF WARRANTS OF WELLS FARGO FINANCE LLC**](#a011)** | **34** |
| **[**DESCRIPTION OF UNITS OF WELLS FARGO & COMPANY**](#a012)** | **38** |
| **[**DESCRIPTION OF UNITS OF WELLS FARGO FINANCE LLC**](#a013)** | **45** |
| **[**DESCRIPTION OF PURCHASE CONTRACTS OF WELLS FARGO & COMPANY**](#a014)** | **52** |
| **[**DESCRIPTION OF PURCHASE CONTRACTS OF WELLS FARGO FINANCE LLC**](#a015)** | **55** |
| **[**PLAN OF DISTRIBUTION (CONFLICTS OF INTEREST)**](#a016)** | **58** |
| **[**LEGAL OPINIONS**](#a017)** | **61** |
| **[**EXPERTS**](#a018)** | **61** |

---

**ABOUT THIS PROSPECTUS**

This prospectus is part of a registration statement that we and Wells Fargo Finance LLC filed with the Securities and Exchange Commission, or the "<u>SEC</u>," using a "shelf" registration process. Under this shelf process, we may sell securities described in this prospectus in one or more offerings. In addition, our subsidiary, Wells Fargo Finance LLC may sell securities described in this prospectus in one or more offerings. This prospectus provides you with a general description of the securities that we or Wells Fargo Finance LLC may issue. Each time we or Wells Fargo Finance LLC sell securities, we will provide a prospectus supplement that will contain specific information about the terms of that offering. Such prospectus supplement may also add, update or change information contained in this prospectus. You should read this prospectus and the applicable prospectus supplement together with the additional information described under the section entitled "Where You Can Find More Information."

We or Wells Fargo Finance LLC may also prepare free writing prospectuses that describe particular debt securities. Any free writing prospectus should also be read in connection with this prospectus, the applicable prospectus supplement and any other supplements referred to therein. For purposes of this prospectus, any reference to an applicable prospectus supplement may also refer to a free writing prospectus, unless the context otherwise requires.

When we refer to "<u>Wells Fargo</u>," "<u>we</u>," "<u>our</u>" and "<u>us</u>" in this prospectus under the section entitled "Wells Fargo & Company," we mean Wells Fargo & Company and its subsidiaries. When such terms are used elsewhere in this prospectus, we refer only to Wells Fargo & Company unless the context otherwise requires or as otherwise indicated.

The registration statement that contains this prospectus, including the exhibits to the registration statement, contains additional information about us, Wells Fargo Finance LLC and the securities offered under this prospectus. That registration statement can be read at the SEC website mentioned under the section entitled "Where You Can Find More Information."

The distribution of this prospectus and the applicable prospectus supplement and the offering of the securities in certain jurisdictions may be restricted by law. Persons into whose possession this prospectus and the applicable prospectus supplement come should inform themselves about and observe any such restrictions. This prospectus and the applicable prospectus supplement do not constitute, and may not be used in connection with, an offer or solicitation by anyone in any jurisdiction in which such offer or solicitation is not authorized or in which the person making such offer or solicitation is not qualified to do so or to any person to whom it is unlawful to make such offer or solicitation.

**RISK FACTORS**

Your investment in the securities involves risks. Before purchasing any securities, you should carefully consider the risk factors incorporated by reference in this prospectus, including the risk factors contained in our annual and quarterly reports. **Additional risk factors specific to particular securities will be detailed in one or more supplements to this prospectus.** You should consult your financial, legal, tax and other professional advisors as to the risks associated with an investment in our securities and the suitability of the investment for you.

**WHERE YOU CAN FIND MORE INFORMATION**

We file annual, quarterly and special reports, proxy statements and other information with the SEC. Our SEC filings are available to the public over the internet at the SEC's website at https://www.sec.gov. Information about us is also available on our website at https://www.wellsfargo.com. Information on our website does not constitute part of, and is not incorporated by reference in, this prospectus or any prospectus supplement, product supplement, pricing supplement or other supplement.

We "incorporate by reference" into this prospectus the information we file with the SEC, which means that we can disclose important information to you by referring you to those documents. The information incorporated by reference is an important part of this prospectus. Information that we file subsequently with the SEC will automatically update this prospectus. In other words, in the case of a conflict or inconsistency between information set forth in this prospectus and/or information incorporated by reference into this prospectus, you should rely on the information contained in the document that was filed later. We incorporate by reference the documents listed below and any filings we make with the SEC under Sections 13(a), 13(c), 14, or 15(d) of the Securities Exchange Act of 1934, as amended, or the "<u>Exchange Act</u>," (i) after the initial filing of the registration statement that contains this prospectus and prior to effectiveness of such registration statement, and (ii) on or after the date of this prospectus and prior to the later of (1) the time that we sell all the securities offered by this prospectus and (2) the date that our broker-dealer subsidiaries cease offering securities in market-making transactions pursuant to this prospectus (other than any documents or any portions of any documents that are not deemed "filed" under the Exchange Act in accordance with the Exchange Act and applicable SEC rules):<br>

● Annual Report on [Form 10-K](http://www.sec.gov/Archives/edgar/data/72971/000007297123000071/wfc-20221231.htm) for the year ended December 31, 2022, including information specifically incorporated by reference into our Form 10-K from our [2022 Annual Report to Stockholders](http://www.sec.gov/Archives/edgar/data/72971/000007297123000071/wfc-20221231_d2.htm) ; and

● Current Reports on Form 8-K filed on [January 13, 2023](http://www.sec.gov/Archives/edgar/data/72971/000007297123000003/wfc-20230113.htm) , [January 26, 2023](http://www.sec.gov/Archives/edgar/data/72971/000007297123000024/wfc-20230124.htm) , [February 17, 2023](http://www.sec.gov/Archives/edgar/data/72971/000119312523042049/d452277d8k.htm) and [February 24, 2023](http://www.sec.gov/Archives/edgar/data/72971/000007297123000073/wfc-20230222.htm) .

You may request a copy of these filings, other than an exhibit to a filing unless that exhibit is specifically incorporated by reference into that filing, at no cost, by writing to or telephoning us at the following address:

Office of the Corporate Secretary

Wells Fargo & Company

Three Wells Fargo Center

401 S. Tryon Street

Charlotte, North Carolina 28202

Phone: (704) 374-3234

We will not be providing you with any financial statements for Wells Fargo Finance LLC, as permitted by the SEC in Rule 3-10(b) of Regulation S-X. Wells Fargo Finance LLC is our 100%-owned finance subsidiary, and the securities Wells Fargo Finance LLC may issue under this prospectus will be fully and unconditionally guaranteed by us. As such, you should look to, read, and rely solely upon the financial statements that we file with the SEC.

Neither we nor any underwriters or agents have authorized anyone to provide you with any information other than that contained or incorporated by reference in this prospectus or the applicable prospectus supplement, applicable product supplement, applicable pricing supplement and/or other supplement. We take no responsibility for, and can provide no assurance as to the reliability of, any other information that others may give you. We may only use this prospectus to sell securities if it is accompanied by a prospectus supplement. We are only offering these securities in jurisdictions where the offer is permitted. You should not assume that the information in this prospectus or the applicable prospectus supplement is accurate as of any date other than the dates on the front of those documents.

**WELLS FARGO & COMPANY**

We are a leading financial services company organized under the laws of the State of Delaware and registered as a financial holding company and a bank holding company under the Bank Holding Company Act of 1956, as amended. Founded in 1852 and headquartered in San Francisco, we provide banking, investment and mortgage products and services, as well as consumer and commercial finance, through our four reportable operating segments: consumer banking and lending, commercial banking, corporate and investment banking, and wealth and investment management.

We are a separate and distinct legal entity from our banking and other subsidiaries. A significant source of funds to pay dividends on our common and preferred stock and debt service on our debt is dividends from our subsidiaries. Various federal and state statutes and regulations limit the amount of dividends that our banking and other subsidiaries may pay to us without regulatory approval.

**WELLS FARGO FINANCE LLC**

Wells Fargo Finance LLC is a Delaware limited liability company and a direct, wholly-owned finance subsidiary of Wells Fargo & Company.

**USE OF PROCEEDS**

Unless the applicable prospectus supplement states otherwise, we will contribute the net proceeds that we receive from the sale of our securities to our general funds that will be available for general corporate purposes, including, but not limited to, the following:

● investments in or advances to our existing or future subsidiaries;

● repayment of obligations that have matured;

● the repurchase or redemption of our outstanding securities; and

● reducing our outstanding debt.

Until the net proceeds have been used, they will be invested in short-term securities.

Unless the applicable prospectus supplement states otherwise, Wells Fargo Finance LLC intends to lend the net proceeds from the sale of its offered securities to us and/or our affiliates. We expect that we and/or our affiliates will use the proceeds from these loans for general corporate purposes, including the purposes set forth above.

**DESCRIPTION OF DEBT SECURITIES OF WELLS FARGO & COMPANY**

In this "Description of Debt Securities of Wells Fargo & Company" section, all references to "debt securities" refer only to debt securities issued by Wells Fargo & Company and not to any debt securities issued by any subsidiary or affiliate.

This section describes the general terms and provisions of our debt securities. A prospectus supplement will describe the specific terms of the debt securities offered through that prospectus supplement and any general terms outlined in this section that will not apply to those debt securities.

Unless otherwise specified in the applicable prospectus supplement, our debt securities will be issued under an indenture dated as of February 21, 2017 between us and Citibank, N.A., as trustee, referred to in this "Description of Debt Securities of Wells Fargo & Company" section as the "<u>indenture</u>." We have summarized the material terms and provisions of the indenture in this section. We have also filed the indenture as an exhibit to the registration statement of which this prospectus is a part. You should read the indenture for additional information before you buy any debt securities. The summary that follows includes references to section numbers of the indenture so that you can more easily locate these provisions.

A prospectus supplement to this prospectus may relate to a series of medium-term notes, established as a series of debt securities under the indenture. In that event, references herein to terms and conditions of debt securities being provided in the "applicable prospectus supplement" may be provided in the applicable prospectus supplement, applicable product supplement, applicable pricing supplement and/or other supplement for such debt securities.

**General** 

The debt securities will be our direct unsecured obligations and will rank equally with all of our other unsecured unsubordinated debt. The indenture does not limit the amount of debt securities that we may issue. **Holders of the debt securities may be fully subordinated to interests held by the U.S. government in the event we enter into a receivership, insolvency, liquidation or similar proceeding.**

The debt securities are our unsecured senior debt securities, but our assets consist primarily of equity in our subsidiaries. We are a separate and distinct legal entity from our subsidiaries. As a result, our ability to make payments on our debt securities depends on our receipt of dividends, loan payments and other funds from our subsidiaries. Various federal and state statutes and regulations limit the amount of dividends that our banking and other subsidiaries may pay us without regulatory approval. In addition, if any of our subsidiaries becomes insolvent, the direct creditors of that subsidiary will have a prior claim on its assets. Our rights and the rights of our creditors, including your rights as an owner of our debt securities, will be subject to that prior claim, unless we are also a direct creditor of that subsidiary. This subordination of creditors of a parent company to prior claims of creditors of its subsidiaries is commonly referred to as structural subordination.

New York State law governs the indenture under which the debt securities will be issued. New York has usury laws that limit the amount of interest that can be charged and paid on loans, which includes debt securities. Under present New York usury law, the maximum permissible rate of interest, subject to some exceptions, is 16% per annum on a simple interest basis for debt securities in which less than $250,000 has been invested and 25% per annum on a simple interest basis for debt securities in which $250,000 or more has been invested. This limit may not apply to debt securities in which $2,500,000 or more has been invested. We agree, to the extent permitted by law, not to voluntarily claim the benefits of any such usury laws in connection with the debt securities.

Unless otherwise specified in the applicable prospectus supplement, we may, from time to time, without the consent of the holders of a series of debt securities, issue additional debt securities of that series having the same terms as previously issued debt securities of that series (other than the issue date, the date, if any, that interest begins to accrue and the price to public, which may vary). Any such additional debt securities, together with the initial debt securities, will constitute a single series of debt securities under the indenture. No additional debt securities of a series may be issued if an event of default under the indenture has occurred and is continuing with respect to that series of debt securities.

A prospectus supplement relating to a series of debt securities being offered will include specific terms relating to the offering. (Section 301) These terms will include some or all of the following:

● the title and type of the debt securities;

● any limit on the total principal or face amount of the debt securities of that series;

● the price at which the debt securities will be issued;

● the place or places where:

● we can make payments on the debt securities;

● the debt securities can be surrendered for registration of transfer or exchange; and

● notices and demands can be given to us relating to the debt securities and under the indenture;

● any optional provisions that would permit us to elect redemption of the debt securities, or the holders of the debt securities to elect repayment of the debt securities, before their final maturity;

● if the debt security may be extended at our option or renewed at a holder's option, the provisions relating to extension of the debt security or renewal of the debt security;

● the currency or currencies in which the debt securities will be denominated and payable, if other than U.S. dollars, and, if a composite currency, any special provisions relating thereto;

● any circumstances under which the debt securities may be paid in a currency other than the currency in which the debt securities are denominated and any provisions relating thereto;

● any circumstances under which the debt securities may be issued in authorized denominations other than $1,000 each and integral multiples of $1,000 in excess thereof;

● any circumstances under which the depositary (the " <u>depositary</u> ") for global securities (" <u>global securities</u> " are debt securities that we issue in accordance with the indenture to represent all or part of a series of debt securities) issued under the indenture is other than The Depository Trust Company (" <u>DTC</u> ");

● any circumstances under which the debt securities may be listed on any securities exchange or automated quotation system;

● the date or dates on which the debt securities will be issued;

● the date or dates on which the principal of and any premium on the debt securities will be payable;

● the maturity date or dates of the debt securities or the method by which those dates can be determined;

● if the amount payable on the debt security will be determined by reference to one or more equity-, commodity- or currency-based indices, exchange traded funds, securities, commodities, currencies, statistical measures of economic or financial performance, or a basket comprised of any of the foregoing, or any other measure (referred to herein as a " <u>market measure</u> "), the method by which the amount payable will be determined and information about such market measure or measures;

● if the debt securities will bear interest at a fixed or floating rate or at a rate determined by reference to a market measure:

● the interest rate on the debt securities or the method by which the interest rate may be determined;

● the date from which interest will accrue;

● the record and interest payment dates for the debt securities; and

● the first interest payment date;

● if the debt securities may be optionally or mandatorily converted or exchanged: (i) the terms on which holders of the debt securities may convert or exchange the debt securities into or for debt, equity or other securities of an entity unaffiliated with us, or into any other property or for the cash value of any such debt securities or other property; (ii) the terms on which conversion or exchange may occur, including whether any optional conversion or exchange occurs at the option of the holder or at our option; (iii) the date on which, or period during which, such conversion or exchange may occur; (iv) the initial conversion or exchange price or rate; and (v) the circumstances or manner in which the amount of any debt securities, or any other property or the cash value of any such debt securities or other property upon conversion or exchange may be adjusted;

● the identity of the calculation agent (the " <u>calculation agent</u> "), if applicable, for the debt securities if other than Wells Fargo Securities, LLC, and its successors and assigns, one of our affiliates;

● the identity of the security registrar and paying agent for the debt securities if other than Computershare Trust Company, N.A. (" <u>Computershare</u> "), as agent and attorney-in-fact for Wells Fargo Bank, N.A. (" <u>Wells Fargo Bank</u> ");

● any special tax implications of the debt securities;

● any events of default and covenant breaches which will apply to the debt securities in addition to those contained in the indenture;

● any additions or changes to the covenants contained in the indenture and the ability, if any, of the holders to waive our compliance with those additional or changed covenants; and

● any other terms of the debt securities not inconsistent with the provisions of the indenture.

When we use the term "<u>holder</u>" in this prospectus with respect to a registered debt security, we mean the person in whose name such debt security is registered in the security register. (Section 101)

Holders may present debt securities for exchange or transfer, in the manner, at the places and subject to the restrictions described in the applicable prospectus supplement. If the debt securities are held as global securities, the procedures for transfer will depend upon procedures of the depositary for those global securities. See "Book-Entry, Delivery and Form" herein.

Holders may present debt securities for payment of principal, premium, if any, and interest, if any, register the transfer of the debt securities and exchange the debt securities at the agency in St. Paul, Minnesota (or any other place of payment) maintained by us for that purpose. On the date of this prospectus, the paying agent for the debt securities issued under the indenture is Computershare, as agent and attorney-in-fact for Wells Fargo Bank, acting through its office at CTSO Mail Operations, 1505 Energy Park Drive, St. Paul, MN 55108, Attn: CCT Administrator for Wells Fargo (or at such other place or places as may be designated from time to time). We refer to Computershare, as agent and attorney-in-fact for Wells Fargo Bank, or any successor identified in the applicable

prospectus supplement, acting in this capacity for the debt securities, as the "<u>paying agent</u>." Wells Fargo Bank is one of our affiliates.

Any money that we pay to the paying agent for the purpose of making payments on the debt securities and that remains unclaimed two years after the payments were due will, at our request, be returned to us and after that time any holder of a debt security can only look to us for the payments on the debt security. (Section 1003)

Although we anticipate making payments of principal, premium, if any, and interest, if any, on most debt securities in U.S. dollars, some debt securities may be payable in foreign currencies as specified in the applicable prospectus supplement. Currently, few facilities exist in the United States to convert U.S. dollars into foreign currencies and vice versa. In addition, most U.S. banks do not offer non-U.S. dollar denominated checking or savings account facilities. Accordingly, unless alternative arrangements are made, we will pay principal, premium, if any, and interest, if any, on debt securities that are payable in a foreign currency to an account at a bank outside the United States, which, in the case of a debt security payable in euros, will be made by credit or transfer to a euro account specified by the payee in a country for which the euro is the lawful currency.

When we refer to the payment of "principal" in this prospectus in the context of the amount payable at stated maturity or earlier redemption or repayment of a debt security whose payment is linked to the performance of a market measure, we are referring to the amount payable on such debt security at stated maturity or earlier redemption or repayment, as specified in the applicable prospectus supplement, other than any interest payable at such time. Such amount may be greater than, equal to or less than the stated principal or face amount of such debt security at issuance.

**Fixed Rate Debt Securities** 

We may issue debt securities that bear interest at a fixed rate ("<u>fixed rate debt securities</u>"). Each fixed rate debt security will bear interest from the date of issuance at the annual rate specified in the applicable prospectus supplement until the principal is paid or made available for payment.

**Floating Rate Debt Securities** 

We may issue debt securities that bear interest at a floating rate determined by reference to a base rate specified in the applicable prospectus supplement ("<u>floating rate debt securities</u>").

**Redemption and Repayment** 

*General*. Any redemption by us of debt securities may be subject to the prior approval of the Board of Governors of the Federal Reserve System or other appropriate federal banking agency.

*Optional Redemption By Us*. If applicable, the prospectus supplement will indicate the terms of our option to redeem the debt securities offered thereby.

*Repayment At Option Of Holder*. If applicable, the prospectus supplement will indicate that the holder has the option to have us repay the debt securities offered thereby on a date or dates specified prior to their stated maturity date.

*Open Market Purchases*. We may purchase debt securities at any price in the open market or otherwise. Debt securities so purchased by us may, at our discretion, be held or resold or surrendered to the trustee for cancellation.

**Payment of Additional Amounts** 

Unless we specify otherwise in the applicable prospectus supplement, we will not pay any additional amounts on the debt securities offered thereby to compensate any beneficial owner for any United States tax withheld from payments on such debt securities.

**Conversion and Exchange** 

If any offered debt securities are optionally or mandatorily convertible or exchangeable into debt, equity or other securities of an entity unaffiliated with us, or into any other property or for the cash value of any such securities or other property, the prospectus supplement relating to those debt securities will include the terms and conditions governing any conversions and exchanges.

**Denominations** 

Unless we state otherwise in the applicable prospectus supplement, the debt securities will be issued only in registered form, without coupons, in denominations of $1,000 each and integral multiples of $1,000 in excess thereof.

**The Trustee** 

From time to time, we and certain of our subsidiaries maintain deposit accounts and conduct other banking transactions, including lending transactions, with the trustee in the ordinary course of business.

**Notices** 

Unless otherwise specified in the applicable prospectus supplement, any notices required to be given to the holders of the debt securities in global form will be given to the depositary.

**Governing Law** 

The indenture is, and the debt securities will be, governed by and will be construed in accordance with New York law.

**No Listing** 

Unless otherwise specified in the applicable prospectus supplement, the debt securities will not be listed or displayed on any securities exchange or automated quotation system.

**Covenants** 

Except as otherwise set forth in the next sentence, the indenture:

● prohibits us and our subsidiaries from selling, pledging, assigning or otherwise disposing of shares of capital stock, or securities convertible into capital stock, of any Principal Subsidiary Bank or of any subsidiary owning, directly or indirectly, any capital stock of a Principal Subsidiary Bank; and

● prohibits any Principal Subsidiary Bank from issuing any shares of its capital stock or securities convertible into its capital stock.

This restriction does not apply to:

● sales, pledges, assignments or other dispositions or issuances of directors' qualifying shares;

● sales, pledges, assignments or other dispositions or issuances, so long as, after giving effect to the disposition and to the issuance of any shares issuable upon conversion or exchange of securities convertible or exchangeable into capital stock, we would own directly or through one or more of our subsidiaries not less than 80% of the shares of each class of capital stock of the applicable Principal Subsidiary Bank;

● sales, pledges, assignments or other dispositions or issuances made in compliance with an order or direction of a court or regulatory authority of competent jurisdiction; or

● sales of capital stock by any Principal Subsidiary Bank to its stockholders so long as before the sale we own directly or indirectly shares of the same class and the sale does not reduce the percentage of the shares of that class of capital stock owned by us. (Section 1005)

When we use the term "<u>subsidiary</u>" in this "Description of Debt Securities of Wells Fargo & Company" section, we mean any corporation of which we own more than 50% of the outstanding shares of voting stock, except for directors' qualifying shares, directly or indirectly through one or more of our other subsidiaries. Voting stock is stock (or the equivalent thereof) that is entitled in the ordinary course to vote for the election of a majority of the directors, managers or trustees of a corporation and does not include stock (or the equivalent thereof) that is entitled to so vote only as a result of the happening of certain events and references to "corporation" refer to corporations, associations, companies (including limited liability companies) and business trusts.

When we use the term "<u>Principal Subsidiary Bank</u>" in this prospectus, we mean any commercial bank or trust company organized in the United States under Federal or state law of which we own at least a majority of the shares of voting stock directly or indirectly through one or more of our subsidiaries if such commercial bank or trust company has total assets, as set forth in its most recent statement of condition, equal to more than 10% of our total consolidated assets, as set forth in our most recent financial statements filed with the SEC under the Exchange Act. (Section 101) As of the date hereof, our only Principal Subsidiary Bank is Wells Fargo Bank.

Except as expressly set forth above, the indenture does not contain restrictions on our ability to:

● incur, assume or become liable for any type of debt or other obligation;

● create liens on our property for any purpose; or

● pay dividends or make distributions on our capital stock or repurchase or redeem our capital stock.

The indenture does not require the maintenance of any financial ratios or specified levels of net worth or liquidity. In addition, the indenture does not contain any provisions which would require us to repurchase or redeem or modify the terms of any of the debt securities upon a change of control or other event involving us which may adversely affect the creditworthiness of the debt securities.

**Consolidation, Merger or Sale** 

The indenture generally permits a consolidation or merger between us and another entity. It also permits the conveyance, transfer or lease by us of all or substantially all of our property and assets. These transactions, if a transaction other than a conveyance, transfer or lease to one or more of our subsidiaries, are permitted if:

● the resulting or acquiring entity, if other than us, is organized and existing under the laws of a domestic jurisdiction and assumes all of our responsibilities and liabilities under the indenture, including the payment of all amounts due on the debt securities and performance of the covenants in the indenture; and

● immediately after the transaction, and giving effect to the transaction, no covenant breach (as defined below) or event of default under the indenture exists. (Section 801)

If we consolidate or merge with or into any other entity or convey, transfer or lease all or substantially all of our assets in accordance with the requirements of the indenture, the resulting or acquiring entity will be substituted for us in the indenture with the same effect as if it had been an original party to the indenture. As a result, such successor entity may exercise our rights and powers under the indenture, in our name and, except in the case of a lease of all or substantially all of our properties, we will be released from all our liabilities and obligations under

the indenture and under the debt securities. (Section 802) **The indenture permits us to convey, transfer or lease all or substantially all of our assets to one or more of our subsidiaries without any restriction and, in that event, those subsidiaries would not be required under the indenture to assume our liabilities and obligations under the indenture and the debt securities.** 

**Modification and Waiver** 

Under the indenture, certain of our rights and obligations and certain of the rights of holders of the debt securities may be modified or amended with the consent of the holders of at least a majority of the aggregate principal amount of the outstanding debt securities of all series of debt securities affected by the modification or amendment, acting as one class. However, the following modifications and amendments will not be effective against any holder without its consent:

● a change in the stated maturity date of any payment of principal or interest;

● a reduction in payments due on the debt securities;

● a change in the place of payment or currency in which any payment on the debt securities is payable;

● a limitation of a holder's right to sue us for the enforcement of payments due on the debt securities;

● a reduction in the percentage of outstanding debt securities required to consent to a modification or amendment of the indenture or required to consent to a waiver of compliance with certain provisions of the indenture or certain defaults under the indenture;

● a reduction in the requirements contained in the indenture for quorum or voting;

● a limitation of a holder's right, if any, to repayment of debt securities at the holder's option; and

● a modification of any of the foregoing requirements contained in the indenture. (Section 902)

Under the indenture, the holders of at least a majority of the aggregate principal amount of the outstanding debt securities of all series of debt securities affected by a particular covenant or condition, acting as one class, may, on behalf of all holders of such series of debt securities, waive compliance by us with any covenant or condition contained in the indenture unless we specify that such covenant or condition cannot be so waived at the time we establish the series. The indenture provides that compliance with the covenant relating to Principal Subsidiary Banks described above under "—Covenants" can be waived in this manner. (Section 1008)

In addition, under the indenture, the holders of a majority in aggregate principal amount of the outstanding debt securities of any series of debt securities may, on behalf of all holders of that series, waive any past default under the indenture, except:

● a default in the payment of the principal of or any premium or interest on any debt securities of that series; or

● a default under any provision of the indenture which itself cannot be modified or amended without the consent of the holders of each outstanding debt security of that series. (Section 513)

**Events of Default and Covenant Breaches** 

Unless otherwise specified in the applicable prospectus supplement, an "<u>event of default</u>," with respect to any series of debt securities, means any of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) failure
 to pay interest on any debt security of that series for 30 days after the payment is
 due;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) failure
 to pay the principal of or any premium on any debt security of that series for 30 days
 after the payment is due;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) the
 entry by a court having jurisdiction of (A) a decree or order for relief in respect
 of Wells Fargo in an involuntary case or proceeding under any applicable Federal or State
 bankruptcy, insolvency or similar law or (B) a decree or order adjudging Wells Fargo
 a bankrupt or insolvent, or approving a petition seeking receivership, insolvency or
 liquidation of or in respect of Wells Fargo under any applicable Federal or State law,
 or appointing a receiver, liquidator, trustee or similar official of Wells Fargo, or
 ordering the winding up or liquidation of its affairs, and the continuance of any such
 decree or order unstayed and in effect for a period of 60 consecutive days;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) the
 commencement by Wells Fargo of a voluntary case or proceeding under any applicable Federal
 or State bankruptcy, insolvency or similar law or of any other case or proceeding to
 be adjudicated a bankrupt or insolvent, the appointment of a receiver for Wells Fargo
 under any applicable Federal or State bankruptcy, insolvency or similar law following
 consent by the Board of Directors of Wells Fargo to such appointment, or the entry of
 a decree or order for relief in respect of Wells Fargo in an involuntary case or proceeding
 under any applicable Federal or State bankruptcy, insolvency, receivership, liquidation
 or similar law following Wells Fargo's consent to such decree or order; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) any
 other event of default that may be specified for the debt securities of that series when
 that series is created. (Section 501)

If an event of default for any series of debt securities occurs and continues, the trustee or the holders of at least 25% in aggregate principal amount of the outstanding debt securities of the series may declare the entire principal of all the debt securities of that series to be due and payable immediately. If such a declaration occurs, the holders of a majority of the aggregate principal amount of the outstanding debt securities of that series can, subject to conditions, rescind the declaration. Unless otherwise specified in the applicable prospectus supplement for a particular offering of debt securities, the holders of our debt securities will not have the right to accelerate the payment of principal of the debt securities as a result of a covenant breach or our failure to perform any covenant or agreement contained in the debt securities or the indenture other than the obligations to pay principal and interest on the debt securities. (Sections 502, 513)

Unless otherwise specified in the applicable prospectus supplement, a "<u>covenant breach</u>," when used in the indenture with respect to any series of debt securities, means any of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) failure
 to perform any of the covenants regarding capital stock of Principal Subsidiary Banks
 described above under "—Covenants";

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) failure
 to perform any other covenant in the indenture that applies to debt securities of that
 series for 90 days after Wells Fargo has received written notice of the failure to perform
 in the manner specified in the indenture; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) any
 other covenant breach that may be specified for the debt securities of that series when
 that series is created. (Section 101)

A covenant breach shall not be an event of default, and neither the trustee nor any holder of debt securities will have any acceleration rights if a covenant breach occurs or continues.

The indenture requires us to file an officers' certificate with the trustee each year that states, to the knowledge of the certifying officer, whether or not any defaults exist under the terms of the indenture. (Section 1007). The trustee may withhold notice to the holders of debt securities of any default, except defaults in the payment of principal, premium, interest or any sinking fund installment, if it considers the withholding of notice to be in the best interests of the holders. For purposes of this paragraph, "<u>default</u>" means any event which is, or after notice or lapse of time or both would become, a covenant breach with respect to the debt securities of a series or an event of default under the indenture with respect to the debt securities of the applicable series. (Section 602)

Other than its duties in the case of a covenant breach or an event of default, the trustee is not obligated to exercise any of its rights or powers under the indenture at the request, order or direction of any holders, unless the holders offer the trustee indemnification. (Sections 601, 603) If indemnification is provided, then, subject to other rights of the trustee, the holders of a majority in principal amount of the outstanding debt securities of any series may, with respect to the debt securities of that series, direct the time, method and place of:

● conducting any proceeding for any remedy available to the trustee; or

● exercising any trust or power conferred upon the trustee. (Sections 512, 603)

The holder of a debt security of any series will have the right to begin any proceeding with respect to the indenture or for any remedy only if:

● the holder has previously given the trustee written notice of a continuing covenant breach or event of default with respect to that series;

● the holders of at least 25% in aggregate principal amount of the outstanding debt securities of that series have made a written request of, and offered reasonable indemnification to, the trustee to begin such proceeding with respect to such covenant breach or event of default;

● the trustee has not started such proceeding within 60 days after receiving the request; and

● the trustee has not received directions inconsistent with such request from the holders of a majority in aggregate principal amount of the outstanding debt securities of that series during those 60 days. (Section 507)

However, the holder of any debt security will have an absolute right to receive payment of principal of and any premium and interest on the debt security when due and to institute suit to enforce this payment. (Section 508)

**DESCRIPTION OF DEBT SECURITIES OF WELLS FARGO FINANCE LLC**

In this "Description of Debt Securities of Wells Fargo Finance LLC" section, "<u>we</u>," "<u>us</u>" or "<u>our</u>" refer only to Wells Fargo Finance LLC and not to any of our affiliates, including Wells Fargo & Company; references to "<u>Guarantor</u>" refer only to Wells Fargo & Company and not to any of its subsidiaries or affiliates; and all references to "debt securities" refer only to debt securities issued by Wells Fargo Finance LLC and not to any debt securities issued by Wells Fargo & Company.

This section describes the general terms and provisions of our debt securities. A prospectus supplement will describe the specific terms of the debt securities offered through that prospectus supplement and any general terms outlined in this section that will not apply to those debt securities.

Unless otherwise specified in the applicable prospectus supplement, our debt securities will be issued under an indenture dated as of April 25, 2018 among us, as issuer, Wells Fargo & Company, as Guarantor, and Citibank, N.A., as trustee, referred to in this "Description of Debt Securities of Wells Fargo Finance LLC" section as the "<u>indenture</u>." We have summarized the material terms and provisions of the indenture in this section. We have also filed the indenture as an exhibit to the registration statement of which this prospectus is a part. You should read the indenture for additional information before you buy any debt securities. The summary that follows includes references to section numbers of the indenture so that you can more easily locate these provisions.

A prospectus supplement to this prospectus may relate to a series of medium-term notes, established as a series of debt securities under the indenture. In that event, references herein to terms and conditions of debt securities being provided in the "applicable prospectus supplement" may be provided in the applicable prospectus supplement, applicable product supplement, applicable pricing supplement and/or other supplement for such debt securities.

**General** 

The debt securities will be our direct unsecured obligations and will rank equally with all of our other unsecured unsubordinated debt. Payment on the debt securities is fully and unconditionally guaranteed by Wells Fargo & Company, as Guarantor. The indenture does not limit the amount of debt securities that we may issue.

The assets of the Guarantor consist primarily of equity in its subsidiaries, and the Guarantor is a separate and distinct legal entity from its subsidiaries. As a result, the Guarantor's ability to address claims of holders of our debt securities against the Guarantor under the guarantee depends on its receipt of dividends, loan payments and other funds from its subsidiaries. Various federal and state statutes and regulations limit the amount of dividends that banking and other subsidiaries may pay to the Guarantor without regulatory approval. In addition, if any of the Guarantor's subsidiaries becomes insolvent, the direct creditors of that subsidiary will have a prior claim on its assets. The rights of the Guarantor and the rights of its creditors will be subject to that prior claim unless the Guarantor is also a direct creditor of that subsidiary. This subordination of creditors of a parent company to prior claims of creditors of its subsidiaries is commonly referred to as structural subordination.

Holders of our debt securities are our direct creditors, as well as direct creditors of the Guarantor under the related guarantee. As a finance subsidiary, we have no independent operations beyond the issuance and administration of our securities and will have no independent assets available for distributions to holders of our debt securities if they make claims in respect of the debt securities in a bankruptcy, resolution or similar proceeding. Accordingly, any recoveries by such holders will be limited to those available under the related guarantee by the Guarantor and that guarantee will rank *pari passu* with all other unsecured, unsubordinated obligations of the Guarantor. Holders of our debt securities should accordingly assume that in any such proceedings they would not have any priority over and should be treated *pari passu* with the claims of other unsecured, unsubordinated creditors of the Guarantor, including holders of debt securities issued by the Guarantor.

The indenture does not contain restrictions on our ability to:

● incur, assume or become liable for any type of debt or other obligation;

● create liens on our property for any purpose; or

● pay dividends or make distributions on our capital stock or repurchase or redeem our capital stock.

The indenture does not require the maintenance of any financial ratios or specified levels of net worth or liquidity. In addition, the indenture does not contain any provisions which would require us to repurchase or redeem or modify the terms of any of the debt securities upon a change of control or other event involving us which may adversely affect the creditworthiness of the debt securities.

New York State law governs the indenture under which the debt securities will be issued. New York has usury laws that limit the amount of interest that can be charged and paid on loans, which includes debt securities. Under present New York usury law, the maximum permissible rate of interest, subject to some exceptions, is 16% per annum on a simple interest basis for debt securities in which less than $250,000 has been invested and 25% per annum on a simple interest basis for debt securities in which $250,000 or more has been invested. This limit may not apply to debt securities in which $2,500,000 or more has been invested. We agree, to the extent permitted by law, not to voluntarily claim the benefits of any such usury laws in connection with the debt securities.

Unless otherwise specified in the applicable prospectus supplement, we may, from time to time, without the consent of the holders of a series of debt securities, issue additional debt securities of that series having the same terms as previously issued debt securities of that series (other than the issue date, the date, if any, that interest begins to accrue and the price to public, which may vary). Any such additional debt securities, together with the initial debt securities, will constitute a single series of debt securities under the indenture. No additional debt securities of a series may be issued if an event of default under the indenture has occurred and is continuing with respect to that series of debt securities.

A prospectus supplement relating to a series of debt securities being offered will include specific terms relating to the offering. (Section 301) These terms will include some or all of the following:

● the title and type of the debt securities;

● any limit on the total principal or face amount of the debt securities of that series;

● the price at which the debt securities will be issued;

● the place or places where:

● we can make payments on the debt securities;

● the debt securities can be surrendered for registration of transfer or exchange; and

● notices and demands can be given to us relating to the debt securities and under the indenture;

● any optional provisions that would permit us to elect redemption of the debt securities, or the holders of the debt securities to elect repayment of the debt securities, before their final maturity;

● if the debt security may be extended at our option or renewed at a holder's option, the provisions relating to extension of the debt security or renewal of the debt security;

● the currency or currencies in which the debt securities will be denominated and payable, if other than U.S. dollars, and, if a composite currency, any special provisions relating thereto;

● any circumstances under which the debt securities may be paid in a currency other than the currency in which the debt securities are denominated and any provisions relating thereto;

● any circumstances under which the debt securities may be issued in authorized denominations other than $1,000 each and integral multiples of $1,000 in excess thereof;

● any circumstances under which the depositary for global securities issued under the indenture is other than DTC;

● any circumstances under which the debt securities may be listed on any securities exchange or automated quotation system;

● the date or dates on which the debt securities will be issued;

● the date or dates on which the principal of and any premium on the debt securities will be payable;

● the maturity date or dates of the debt securities or the method by which those dates can be determined;

● if the amount payable on the debt security will be determined by reference to one or more equity-, commodity- or currency-based indices, exchange traded funds, securities, commodities, currencies, statistical measures of economic or financial performance, or a basket comprised of any of the foregoing, or any other market measure, the method by which the amount payable will be determined and information about such market measure or measures;

● if the debt securities will bear interest at a fixed or floating rate or at a rate determined by reference to a market measure:

● the interest rate on the debt securities or the method by which the interest rate may be determined;

● the date from which interest will accrue;

● the record and interest payment dates for the debt securities; and

● the first interest payment date;

● the identity of the calculation agent, if applicable, for the debt securities if other than Wells Fargo Securities, LLC, and its successors and assigns, one of our affiliates;

● the identity of the security registrar and paying agent for the debt securities if other than Computershare, as agent and attorney-in-fact for Wells Fargo Bank;

● any special tax implications of the debt securities;

● any events of default and covenant breaches which will apply to the debt securities in addition to those contained in the indenture;

● any additions or changes to the covenants contained in the indenture and the ability, if any, of the holders to waive our compliance with those additional or changed covenants; and

● any other terms of the debt securities not inconsistent with the provisions of the indenture.

Holders may present debt securities for exchange or transfer, in the manner, at the places and subject to the restrictions described in the applicable prospectus supplement. If the debt securities are held as global securities, the procedures for transfer will depend upon procedures of the depositary for those global securities. See "Book-Entry, Delivery and Form" herein.

Holders may present debt securities for payment of principal, premium, if any, and interest, if any, register the transfer of the debt securities and exchange the debt securities at the agency in St. Paul, Minnesota (or any other place of payment) maintained by us for that purpose. On the date of this prospectus, the paying agent for the debt securities issued under the indenture is Computershare, as agent and attorney-in-fact for Wells Fargo Bank,

acting through its office at CTSO Mail Operations, 1505 Energy Park Drive, St. Paul, MN 55108, Attn: CCT Administrator for Wells Fargo (or at such other place or places as may be designated from time to time). We refer to Computershare, as agent and attorney-in-fact for Wells Fargo Bank, or any successor identified in the applicable prospectus supplement, acting in this capacity for the debt securities, as the "<u>paying agent</u>." Wells Fargo Bank is one of our affiliates.

Any money that we pay to the paying agent for the purpose of making payments on the debt securities and that remains unclaimed two years after the payments were due will, at our request, be returned to us and after that time any holder of a debt security can only look to us for the payments on the debt security. (Section 1003)

Although we anticipate making payments of principal, premium, if any, and interest, if any, on most debt securities in U.S. dollars, some debt securities may be payable in foreign currencies as specified in the applicable prospectus supplement. Currently, few facilities exist in the United States to convert U.S. dollars into foreign currencies and vice versa. In addition, most U.S. banks do not offer non-U.S. dollar denominated checking or savings account facilities. Accordingly, unless alternative arrangements are made, we will pay principal, premium, if any, and interest, if any, on debt securities that are payable in a foreign currency to an account at a bank outside the United States, which, in the case of a debt security payable in euros, will be made by credit or transfer to a euro account specified by the payee in a country for which the euro is the lawful currency.

When we refer to the payment of "principal" in this prospectus in the context of the amount payable at stated maturity or earlier redemption or repayment of a debt security whose payment is linked to the performance of a market measure, we are referring to the amount payable on such debt security at stated maturity or earlier redemption or repayment, as specified in the applicable prospectus supplement, other than any interest payable at such time. Such amount may be greater than, equal to or less than the stated principal or face amount of such debt security at issuance.

**Fixed Rate Debt Securities** 

We may issue fixed rate debt securities. Each fixed rate debt security will bear interest from the date of issuance at the annual rate specified in the applicable prospectus supplement until the principal is paid or made available for payment.

**Floating Rate Debt Securities** 

We may issue floating rate debt securities that bear interest at a floating rate determined by reference to a base rate specified in the applicable prospectus supplement.

**Redemption and Repayment** 

*Optional Redemption By Us*. If applicable, the prospectus supplement will indicate the terms of our option to redeem the debt securities offered thereby.

*Repayment At Option Of Holder*. If applicable, the prospectus supplement will indicate that the holder has the option to have us repay the debt securities offered thereby on a date or dates specified prior to their stated maturity date.

 *Open Market Purchases*. We may purchase debt securities at any price in the open market or otherwise. Debt securities so purchased by us may, at our discretion, be held or resold or surrendered to the trustee for cancellation.

**Payment of Additional Amounts** 

Unless we specify otherwise in the applicable prospectus supplement, we will not pay any additional amounts on the debt securities offered thereby to compensate any beneficial owner for any United States tax withheld from payments on such debt securities.

**Denominations** 

Unless we state otherwise in the applicable prospectus supplement, the debt securities will be issued only in registered form, without coupons, in denominations of $1,000 each or integral multiples of $1,000 in excess thereof.

**The Trustee** 

From time to time, we and certain of our affiliates maintain deposit accounts and conduct other banking transactions, including lending transactions, with the trustee in the ordinary course of business.

**Notices** 

Unless otherwise specified in the applicable prospectus supplement, any notices required to be given to the holders of the debt securities in global form will be given to the depositary.

**Governing Law** 

The indenture is, and the debt securities will be, governed by and will be construed in accordance with New York law.

**No Listing** 

Unless otherwise specified in the applicable prospectus supplement, the debt securities will not be listed or displayed on any securities exchange or automated quotation system.

**Wells Fargo & Company Guarantee** 

The Guarantor will fully and unconditionally guarantee, on an unsecured basis, the full and punctual payment of the principal of, interest on, and all other amounts payable under the debt securities when the same becomes due and payable, whether at maturity or upon redemption, repayment at the option of the holders of the applicable debt securities, upon acceleration or otherwise. If for any reason we do not make any required payment in respect of our debt securities when due, the Guarantor will on demand pay the unpaid amount at the same place and in the same manner that applies to payments made by us under the indenture. The guarantee is of payment and not of collection. (Section 1601)

The Guarantor's obligations under the guarantee are unconditional and absolute. However,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) the
 Guarantor will not be liable for any amount of payment that we are excused from making
 or any amount in excess of the amount actually due and owing by us, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) any
 defenses or counterclaims available to us (except those resulting solely from, or on
 account of, our insolvency or our status as debtor or subject of a bankruptcy or insolvency
 proceeding) will also be available to the Guarantor to the same extent as these defenses
 or counterclaims are available to us, whether or not asserted by us. (Section 1602)

Holders of our debt securities are our direct creditors, as well as direct creditors of the Guarantor under the related guarantee. As a finance subsidiary, we have no independent operations beyond the issuance and administration of our securities and will have no independent assets available for distributions to holders of our debt securities if they make claims in respect of the debt securities in a bankruptcy, resolution or similar proceeding. Accordingly, any recoveries by such holders will be limited to those available under the related guarantee by the Guarantor and that guarantee will rank *pari passu* with all other unsecured, unsubordinated obligations of the Guarantor. Holders of our debt securities should accordingly assume that in any such proceedings they would not have any priority over and should be treated *pari passu* with the claims of other unsecured, unsubordinated creditors of the Guarantor, including holders of debt securities issued by the Guarantor.

**Consolidation, Merger or Sale** 

The indenture generally permits a consolidation or merger between us and another entity and/or between the Guarantor and another entity. It also permits the conveyance, transfer or lease by us of all or substantially all of our property and assets and/or by the Guarantor of all or substantially all of its property and assets.

With respect to us, these transactions, if a transaction other than a conveyance, transfer or lease to one or more of the Guarantor's subsidiaries, are permitted if:

● the resulting or acquiring entity, if other than us, is organized and existing under the laws of a domestic jurisdiction and assumes all of our responsibilities and liabilities under the indenture, including the payment of all amounts due on the debt securities and performance of the covenants in the indenture; and

● immediately after the transaction, and giving effect to the transaction, no covenant breach (as defined below) or event of default under the indenture exists. (Section 801)

If we consolidate or merge with or into any other entity or convey, transfer or lease all or substantially all of our assets in accordance with the requirements of the indenture, the resulting or acquiring entity will be substituted for us in the indenture with the same effect as if it had been an original party to the indenture. As a result, such successor entity may exercise our rights and powers under the indenture, in our name and, except in the case of a lease of all or substantially all of our properties, we will be released from all our liabilities and obligations under the indenture and under the debt securities. (Section 803) The successor entity to a consolidation or merger may be the Guarantor or a subsidiary of the Guarantor. In addition, the successor entity in a conveyance, transfer or lease may be the Guarantor. **The indenture also permits us to convey, transfer or lease all or substantially all of our assets to one or more of the Guarantor's subsidiaries without any restriction and, in that event, those subsidiaries would not be required under the indenture to assume our liabilities and obligations under the indenture and the debt securities.**

With respect to the Guarantor, these transactions, if a transaction other than a conveyance, transfer or lease to one or more of its subsidiaries, are permitted if:

● the resulting or acquiring entity, if other than the Guarantor, is organized and existing under the laws of a domestic jurisdiction and assumes all of the Guarantor's responsibilities and liabilities under the indenture, including the guarantee of the payment of all amounts due on the debt securities to the extent provided in the indenture and performance of the covenants in the indenture; and

● immediately after the transaction, and giving effect to the transaction, no covenant breach (as defined below) or event of default under the indenture exists. (Section 802)

If the Guarantor consolidates or merges with or into any other entity or conveys, transfers or leases all or substantially all of its assets in accordance with the requirements of the indenture, the resulting or acquiring entity will be substituted for the Guarantor in the indenture with the same effect as if it had been an original party to the indenture. As a result, such successor entity may exercise the Guarantor's rights and powers under the indenture, in the name of the Guarantor and, except in the case of a lease of all or substantially all of the Guarantor's properties, the Guarantor will be released from all its liabilities and obligations under the indenture and under the debt securities. (Section 803) The successor entity to a consolidation or merger may be a subsidiary of the Guarantor. **In addition, the indenture permits the Guarantor to convey, transfer or lease all or substantially all of its assets to one or more of its subsidiaries without any restriction and, in that event, those subsidiaries would not be required under the indenture to assume the Guarantor's liabilities and obligations under the indenture and the debt securities.**

When we use the term "<u>subsidiary</u>" in respect of any specified person in this "Description of Debt Securities of Wells Fargo Finance LLC" section, we mean any corporation more than 50% of the outstanding shares

of voting stock, except for directors' qualifying shares, of which shall at the time be owned, directly or indirectly by such specified person or by one or more of the subsidiaries of such specified person, or by such specified person and one or more other subsidiaries of such specified person. Voting stock is stock (or the equivalent thereof) that is entitled in the ordinary course to vote for the election of a majority of the directors, managers or trustees of a corporation and does not include stock (or the equivalent thereof) that is entitled to so vote only as a result of the happening of certain events; references to "corporation" refer to corporations, associations, companies (including limited liability companies) and business trusts; and references to any "person" refer to any corporation.

**Modification and Waiver** 

Under the indenture, certain of our rights and obligations and those of the Guarantor and certain of the rights of holders of the debt securities may be modified or amended with the consent of the holders of at least a majority of the aggregate principal amount of the outstanding debt securities of all series of debt securities affected by the modification or amendment, acting as one class. However, the following modifications and amendments will not be effective against any holder without its consent:

● a change in the stated maturity date of any payment of principal or interest;

● a reduction in payments due on the debt securities;

● a change in the place of payment or currency in which any payment on the debt securities is payable;

● a limitation of a holder's right to sue us for the enforcement of payments due on the debt securities;

● a reduction in the percentage of outstanding debt securities required to consent to a modification or amendment of the indenture or required to consent to a waiver of compliance with certain provisions of the indenture or certain defaults under the indenture;

● a reduction in the requirements contained in the indenture for quorum or voting;

● a limitation of a holder's right, if any, to repayment of debt securities at the holder's option;

● make any change in the guarantee that would adversely affect any holder or release the Guarantor from the guarantee other than pursuant to the terms of the indenture; and

● a modification of any of the foregoing requirements contained in the indenture. (Section 902)

Under the indenture, the holders of at least a majority of the aggregate principal amount of the outstanding debt securities of all series of debt securities affected by a particular covenant or condition, acting as one class, may, on behalf of all holders of such series of debt securities, waive compliance by us or the Guarantor, as applicable, with any covenant or condition contained in the indenture unless we specify that such covenant or condition cannot be so waived at the time we establish the series. (Section 1006)

In addition, under the indenture, the holders of a majority in aggregate principal amount of the outstanding debt securities of any series of debt securities may, on behalf of all holders of that series, waive any past default under the indenture, except:

● a default in the payment of the principal of or any premium or interest on any debt securities of that series; or

● a default under any provision of the indenture which itself cannot be modified or amended without the consent of the holders of each outstanding debt security of that series. (Section 513)

**Events of Default and Covenant Breaches** 

Unless otherwise specified in the applicable prospectus supplement, an "<u>event of default</u>," with respect to any series of debt securities, means any of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) failure
 to pay interest on any debt security of that series for 30 days after the payment is
 due;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) failure
 to pay the principal of or any premium on any debt security of that series for 30 days
 after the payment is due;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) the
 entry by a court having jurisdiction of (A) a decree or order for relief in respect
 of Wells Fargo Finance LLC in an involuntary case or proceeding under any applicable
 Federal or State bankruptcy, insolvency or similar law or (B) a decree or order
 adjudging Wells Fargo Finance LLC a bankrupt or insolvent, or approving a petition seeking
 receivership, insolvency or liquidation of or in respect of Wells Fargo Finance LLC under
 any applicable Federal or State law, or appointing a receiver, liquidator, trustee or
 similar official of Wells Fargo Finance LLC, or ordering the winding up or liquidation
 of its affairs, and the continuance of any such decree or order unstayed and in effect
 for a period of 60 consecutive days;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) the
 commencement by Wells Fargo Finance LLC of a voluntary case or proceeding under any applicable
 Federal or State bankruptcy, insolvency or similar law or of any other case or proceeding
 to be adjudicated a bankrupt or insolvent, the appointment of a receiver for Wells Fargo
 Finance LLC under any applicable Federal or State bankruptcy, insolvency or similar law
 following consent by the Board of Directors of Wells Fargo Finance LLC to such appointment,
 or the entry of a decree or order for relief in respect of Wells Fargo Finance LLC in
 an involuntary case or proceeding under any applicable Federal or State bankruptcy, insolvency,
 receivership, liquidation or similar law following Wells Fargo Finance LLC's consent
 to such decree or order;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) the
 guarantee ceases to be in full force and effect, other than in accordance with the indenture,
 or the Guarantor denies or disaffirms its obligations under the guarantee, *provided* that no event of default with respect to the guarantee will occur as a result of,
 or because it is related directly or indirectly to, the insolvency of the Guarantor or
 the commencement of proceedings under Title 11, or the appointment of a receiver for
 the Guarantor under the Dodd-Frank Act or the Federal Deposit Insurance Corporation having
 separately repudiated the guarantee in any receivership of the Guarantor, or the commencement
 of any proceeding under any other applicable Federal or State bankruptcy, insolvency,
 resolution or other similar law, or a receiver, assignee or trustee in bankruptcy or
 reorganization, liquidator, sequestrator or similar official having been appointed for
 or having taken possession of the Guarantor or its property, or the institution of any
 other comparable judicial or regulatory proceedings relative to the Guarantor, or to
 the creditors or property of the Guarantor; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) any
 other event of default that may be specified for the debt securities of that series when
 that series is created. (Section 501)

If an event of default for any series of debt securities occurs and continues, the trustee or the holders of at least 25% in aggregate principal amount of the outstanding debt securities of the series may declare the entire principal of all the debt securities of that series to be due and payable immediately. If such a declaration occurs, the holders of a majority of the aggregate principal amount of the outstanding debt securities of that series can, subject to conditions, rescind the declaration. Unless otherwise specified in the applicable prospectus supplement for a particular offering of debt securities, the holders of our debt securities will not have the right to accelerate the payment of principal of the debt securities as a result of a covenant breach or our failure to perform any covenant or agreement contained in the debt securities or the indenture other than the obligations to pay principal and interest on the debt securities. (Sections 502, 513)

Events of bankruptcy, insolvency, receivership or liquidation relating to the Guarantor will not constitute an event of default with respect to any series of our debt securities. In addition, failure by the Guarantor to perform any of its covenants or warranties (other than a payment default) will not constitute an event of default with respect to any series of our debt securities. Therefore, events of bankruptcy, insolvency, receivership or liquidation relating to the Guarantor (in the absence of any such event occurring with respect to us) will not permit any of the debt securities to be declared due and payable and the trustee is not authorized to exercise any remedy against us or the Guarantor upon the occurrence or continuation of these events with respect to the Guarantor. Instead, even if an event of bankruptcy, insolvency, receivership or liquidation relating to the Guarantor has occurred, the trustee and the holders of debt securities of a series will not be able to declare the relevant debt securities to be immediately due and payable unless there is an event of default with respect to that series as described above, such as our bankruptcy, insolvency, receivership or liquidation or a payment default by us or the Guarantor on the relevant debt securities. **The value you receive on any series of debt securities may be significantly less than what you would have otherwise received had our debt securities been declared due and payable immediately or the trustee been authorized to exercise any remedy against us or the Guarantor upon the occurrence or continuation of these events with respect to the Guarantor.**

Unless otherwise specified in the applicable prospectus supplement, a "<u>covenant breach</u>," when used in the indenture with respect to any series of debt securities, means any of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) failure
 to perform any covenant in the indenture that applies to debt securities of that series
 for 90 days after Wells Fargo Finance LLC and the Guarantor have received written notice
 of the failure to perform in the manner specified in the indenture; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) any
 other covenant breach that may be specified for the debt securities of that series when
 that series is created. (Section 101)

A covenant breach shall not be an event of default, and neither the trustee nor any holder of debt securities will have any acceleration rights if a covenant breach occurs or continues.

The indenture requires each of us and the Guarantor to file an officers' certificate with the trustee each year that states, to the knowledge of a certifying officer, whether or not any defaults exist under the terms of the indenture. (Section 1005). The trustee may withhold notice to the holders of debt securities of any default, except defaults in the payment of principal, premium, interest or any sinking fund installment, if it considers the withholding of notice to be in the best interests of the holders. For purposes of this paragraph, "<u>default</u>" means any event which is, or after notice or lapse of time or both would become, a covenant breach with respect to the debt securities of a series or an event of default under the indenture with respect to the debt securities of the applicable series. (Section 602)

Other than its duties in the case of a covenant breach or an event of default, the trustee is not obligated to exercise any of its rights or powers under the indenture at the request, order or direction of any holders, unless the holders offer the trustee indemnification. (Sections 601, 603) If indemnification is provided, then, subject to other rights of the trustee, the holders of a majority in principal amount of the outstanding debt securities of any series may, with respect to the debt securities of that series, direct the time, method and place of:

● conducting any proceeding for any remedy available to the trustee; or

● exercising any trust or power conferred upon the trustee. (Sections 512, 603)

The holder of a debt security of any series will have the right to begin any proceeding with respect to the indenture or for any remedy only if:

● the holder has previously given the trustee written notice of a continuing covenant breach or event of default with respect to that series;

● the holders of at least 25% in aggregate principal amount of the outstanding debt securities of that series have made a written request of, and offered reasonable indemnification to, the trustee to begin such proceeding with respect to such covenant breach or event of default;

● the trustee has not started such proceeding within 60 days after receiving the request; and

● the trustee has not received directions inconsistent with such request from the holders of a majority in aggregate principal amount of the outstanding debt securities of that series during those 60 days. (Section 507)

However, the holder of any debt security will have an absolute right to receive payment of principal of and any premium and interest on the debt security when due and to institute suit to enforce this payment. (Section 508)

**BOOK-ENTRY, DELIVERY AND FORM**

The information in this section concerning DTC, Clearstream Banking, *société anonyme*, or "<u>Clearstream</u>," and Euroclear Bank S.A./N.V., as operator of the Euroclear System, or "<u>Euroclear</u>," and the book-entry system and procedures has been obtained from sources that we and Wells Fargo Finance LLC believe to be reliable, but neither we nor Wells Fargo Finance LLC has independently verified the accuracy of this information.

Unless otherwise specified in the applicable prospectus supplement, the securities will be issued as fully-registered global securities which will be deposited with, or on behalf of, DTC and registered, at the request of DTC, in the name of Cede & Co. Beneficial interests in the global securities will be represented through book-entry accounts of financial institutions acting on behalf of beneficial owners as direct or indirect participants in DTC. Investors may elect to hold their interests in the global securities through either DTC (in the United States) or through Clearstream or through Euroclear (in Europe). Investors may hold their interests in the global securities directly if they are participants of such systems, or indirectly through organizations that are participants in these systems. Clearstream and Euroclear will hold interests on behalf of their participants through customers' securities accounts in Clearstream's and Euroclear's names on the books of their respective U.S. depositaries (collectively, the "<u>U.S. Depositaries</u>"), which in turn will hold these interests in customers' securities accounts in the depositaries' names on the books of DTC. Unless otherwise specified in the applicable prospectus supplement, beneficial interests in the global securities will be held in denominations of $1,000 and multiples of $1,000 in excess thereof. Except as set forth below, the global securities may be transferred, in whole and not in part, only to another nominee of DTC or to a successor of DTC or its nominee.

Debt securities represented by a global security can be exchanged for definitive securities in registered form only if:

● DTC notifies us or Wells Fargo Finance LLC, as applicable, that it is unwilling or unable to continue as depositary for that global security and we or Wells Fargo Finance LLC, as applicable, do not appoint a successor depositary within 90 days after receiving that notice;

● at any time DTC ceases to be a clearing agency registered under the Exchange Act and we or Wells Fargo Finance LLC, as applicable, do not appoint a successor depositary within 90 days after becoming aware that DTC has ceased to be registered as a clearing agency;

● we or Wells Fargo Finance LLC, as applicable, determine, in their sole discretion, that that debt security will be exchangeable for definitive securities in registered form and notify the trustee of such decision; or

● an event of default with respect to the debt securities represented by that global security has occurred and is continuing.

A global security that can be exchanged as described in the preceding sentence will be exchanged for definitive securities issued in authorized denominations in registered form for the same aggregate amount. The definitive securities will be registered in the names of the owners of the beneficial interests in the global security as directed by DTC.

We or Wells Fargo Finance LLC, as applicable, will make principal and interest payments on all debt securities represented by a global security to the paying agent which in turn will make payment to DTC or its nominee, as the case may be, as the sole registered owner and the sole holder of the debt securities represented by a global security for all purposes under the indenture. Accordingly, we, Wells Fargo Finance LLC, the applicable trustee and any paying agent will have no responsibility or liability for:

● any aspect of DTC's records relating to, or payments made on account of, beneficial ownership interests in a debt security represented by a global security;

● any other aspect of the relationship between DTC and its participants or the relationship between those participants and the owners of beneficial interests in a global security held through those participants; or

● the maintenance, supervision or review of any of DTC's records relating to those beneficial ownership interests.

DTC's current practice is to credit participants' accounts on each payment date with payments in amounts proportionate to their respective beneficial interests in the principal amount of such global security as shown on DTC's records, upon DTC's receipt of funds and corresponding detail information. The agents for the debt securities represented by a global security will initially designate the accounts to be credited. Payments by participants to owners of beneficial interests in a global security will be governed by standing instructions and customary practices, as is the case with securities held for customer accounts registered in "street name," and will be the sole responsibility of those participants. Book-entry debt securities may be more difficult to pledge because of the lack of a physical debt security.

***DTC***

So long as DTC or its nominee is the registered owner of a global security, DTC or its nominee, as the case may be, will be considered the sole owner and holder of the debt securities represented by that global security for all purposes of the debt securities. Owners of beneficial interests in the debt securities will not be entitled to have debt securities registered in their names, will not receive or be entitled to receive physical delivery of the debt securities in definitive form and will not be considered owners or holders of debt securities under the indenture. Accordingly, each person owning a beneficial interest in a global security must rely on the procedures of DTC and, if that person is not a DTC participant, on the procedures of the participant through which that person owns its interest, to exercise any rights of a holder of debt securities. The laws of some jurisdictions require that certain purchasers of securities take physical delivery of the securities in certificated form. These laws may impair the ability to transfer beneficial interests in a global security. Beneficial owners may experience delays in receiving distributions on their debt securities since distributions will initially be made to DTC and must then be transferred through the chain of intermediaries to the beneficial owner's account.

We and Wells Fargo Finance LLC understand that, under existing industry practices, if we or Wells Fargo Finance LLC, as applicable, request holders to take any action, or if an owner of a beneficial interest in a global security desires to take any action which a holder is entitled to take under the indenture, then DTC would authorize the participants holding the relevant beneficial interests to take that action and those participants would authorize the beneficial owners owning through such participants to take that action or would otherwise act upon the instructions of beneficial owners owning through them.

Beneficial interests in a global security will be shown on, and transfers of those ownership interests will be effected only through, records maintained by DTC and its participants for that global security. The conveyance of notices and other communications by DTC to its participants and by its participants to owners of beneficial interests in the debt securities will be governed by arrangements among them, subject to any statutory or regulatory requirements in effect.

DTC is a limited-purpose trust company organized under the New York banking law, a "banking organization" within the meaning of the New York Banking Law, a member of the Federal Reserve System, a "clearing corporation" within the meaning of the New York Uniform Commercial Code and a "clearing agency" registered under the Exchange Act.

DTC holds the securities of its participants and facilitates the clearance and settlement of securities transactions among its participants in such securities through electronic book-entry changes in accounts of its participants. The electronic book-entry system eliminates the need for physical certificates. DTC's participants include securities brokers and dealers, including underwriters, banks, trust companies, clearing corporations and certain other organizations, some of which, and/or their representatives, own DTC. Banks, brokers, dealers, trust companies and others that clear through or maintain a custodial relationship with a participant, either directly or

indirectly, also have access to DTC's book-entry system. The rules applicable to DTC and its participants are on file with the SEC.

DTC has indicated that the above information with respect to DTC has been provided to its participants and other members of the financial community for informational purposes only and is not intended to serve as a representation, warranty or contract modification of any kind.

***Clearstream***

Clearstream is incorporated under the laws of Luxembourg as a professional depositary. Clearstream holds securities for its participating organizations, or "<u>Clearstream Participants</u>," and facilitates the clearance and settlement of securities transactions between Clearstream Participants through electronic book-entry changes in accounts of Clearstream Participants, thereby eliminating the need for physical movement of certificates. Clearstream provides to Clearstream Participants, among other things, services for safekeeping, administration, clearance and settlement of internationally traded securities and securities lending and borrowing. Clearstream interfaces with domestic securities markets in several countries. As a professional depositary, Clearstream is subject to regulation by the Luxembourg Commission for the Supervision of the Financial Sector (Commission de Surveillance du Secteur Financier). Clearstream Participants are recognized financial institutions around the world, including underwriters, securities brokers and dealers, banks, trust companies, clearing corporations and certain other organizations. Clearstream's U.S. Participants are limited to securities brokers and dealers and banks. Indirect access to Clearstream is also available to others, such as banks, brokers, dealers and trust companies that clear through or maintain a custodial relationship with a Clearstream Participant either directly or indirectly.

Distributions with respect to debt securities held beneficially through Clearstream will be credited to cash accounts of Clearstream Participants in accordance with its rules and procedures, to the extent received by the U.S. Depositary for Clearstream.

***Euroclear***

Euroclear was created in 1968 to hold securities for participants of Euroclear, or "<u>Euroclear Participants</u>," and to clear and settle transactions between Euroclear Participants through simultaneous electronic book-entry delivery against payment, thereby eliminating the need for physical movement of certificates and any risk from lack of simultaneous transfers of securities and cash. Euroclear performs various other services, including securities lending and borrowing and interacts with domestic markets in several countries. Euroclear is operated by Euroclear Bank S.A./N.V., or the "<u>Euroclear Operator</u>," under contract with Euroclear plc, a U.K. corporation. All operations are conducted by the Euroclear Operator, and all Euroclear securities clearance accounts and Euroclear cash accounts are accounts with the Euroclear Operator, not Euroclear plc. Euroclear plc establishes policy for Euroclear on behalf of Euroclear Participants. Euroclear Participants include banks, including central banks, securities brokers and dealers and other professional financial intermediaries. Indirect access to Euroclear is also available to other firms that clear through or maintain a custodial relationship with a Euroclear Participant, either directly or indirectly.

The Euroclear Operator is a Belgian bank. As such it is regulated by the Belgian Banking and Finance Commission.

Securities clearance accounts and cash accounts with the Euroclear Operator are governed by the Terms and Conditions Governing Use of Euroclear and the related Operating Procedures of the Euroclear System, and applicable Belgian law, referred to herein as the "<u>Terms and Conditions</u>." The Terms and Conditions govern transfers of securities and cash within Euroclear, withdrawals of securities and cash from Euroclear, and receipts of payments with respect to securities in Euroclear. All securities in Euroclear are held on a fungible basis without attribution of specific certificates to specific securities clearance accounts. The Euroclear Operator acts under the Terms and Conditions only on behalf of Euroclear Participants, and has no record of or relationship with persons holding through Euroclear Participants.

Distributions with respect to debt securities held beneficially through Euroclear will be credited to the cash accounts of Euroclear Participants in accordance with the Terms and Conditions, to the extent received by the U.S. Depositary for Euroclear.

Investors that acquire, hold and transfer interests in the debt securities by book-entry through accounts with the Euroclear Operator or any other securities intermediary are subject to the laws and contractual provisions governing their relationship with such intermediary, as well as the laws and contractual provisions governing the relationship between such an intermediary and each other intermediary, if any, standing between themselves and the global securities.

**Global Clearance and Settlement Procedures** 

Unless otherwise specified in the applicable prospectus supplement, initial settlement for the debt securities will be made in immediately available funds. Secondary market trading between DTC participants will occur in the ordinary way in accordance with DTC rules and will be settled in immediately available funds using DTC's Same-Day Funds Settlement System. Secondary market trading between Clearstream Participants and/or Euroclear Participants will occur in the ordinary way in accordance with the applicable rules and operating procedures of Clearstream and Euroclear and will be settled using the procedures applicable to conventional eurobonds in immediately available funds.

Cross-market transfers between persons holding directly or indirectly through DTC, on the one hand, and directly or indirectly through Clearstream Participants or Euroclear Participants, on the other, will be effected through DTC in accordance with DTC rules on behalf of the relevant European international clearing system by its U.S. Depositary; however, such cross-market transactions will require delivery of instructions to the relevant European international clearing system by the counterparty in such system in accordance with its rules and procedures and within its established deadlines (European time). The relevant European international clearing system will, if the transaction meets its settlement requirements, deliver instructions to its U.S. Depositary to take action to effect final settlement on its behalf by delivering or receiving debt securities through DTC, and making or receiving payment in accordance with normal procedures for same-day funds settlement applicable to DTC. Clearstream Participants and Euroclear Participants may not deliver instructions directly to their respective U.S. Depositaries.

Because of time-zone differences, credits of debt securities received through Clearstream or Euroclear as a result of a transaction with a DTC participant will be made during subsequent securities settlement processing and dated the business day following the DTC settlement date. Such credits or any transactions in such debt securities settled during such processing will be reported to the relevant Euroclear Participants or Clearstream Participants on such business day. Cash received in Clearstream or Euroclear as a result of sales of debt securities by or through a Clearstream Participant or a Euroclear Participant to a DTC participant will be received with value on the DTC settlement date but will be available in the relevant Clearstream or Euroclear cash account only as of the business day following settlement in DTC. Unless otherwise specified in the applicable prospectus supplement, a "<u>business day</u>" means any day, other than a Saturday or Sunday, that is neither a legal holiday nor a day on which banking institutions are authorized or required by law or regulation to close in New York, New York.

If the debt securities are cleared only through Euroclear and Clearstream (and not DTC), you will be able to make and receive through Euroclear and Clearstream payments, deliveries, transfers, exchanges, notices, and other transactions involving any securities held through those systems only on days when those systems are open for business. Those systems may not be open for business on days when banks, brokers, and other institutions are open for business in the United States. In addition, because of time-zone differences, U.S. investors who hold their interests in the securities through these systems and wish to transfer their interests, or to receive or make a payment or delivery or exercise any other right with respect to their interests, on a particular day may find that the transaction will not be effected until the next business day in Luxembourg or Brussels, as applicable. Thus, U.S. investors who wish to exercise rights that expire on a particular day may need to act before the expiration date.

Although DTC, Clearstream and Euroclear have agreed to the foregoing procedures in order to facilitate transfers of debt securities among participants of DTC, Clearstream and Euroclear, they are under no obligation to perform or continue to perform such procedures and such procedures may be modified or discontinued at any time.

None of Wells Fargo & Company, Wells Fargo Finance LLC nor any paying agent will have any responsibility for the performance by DTC, Euroclear or Clearstream or their respective direct or indirect participants of their obligations under the rules and procedures governing their operations.

**DESCRIPTION OF WARRANTS OF WELLS FARGO & COMPANY**

In this "Description of Warrants of Wells Fargo & Company" section, all references to "warrants" refer only to warrants issued by Wells Fargo & Company and not to any warrants issued by any subsidiary or affiliate.

This section describes the general terms and provisions of our warrants. A prospectus supplement will describe the specific terms of the warrants offered through that prospectus supplement and any general terms outlined in this section that will not apply to those warrants. References herein to terms and conditions of warrants being provided in the "applicable prospectus supplement" may be provided in the applicable prospectus supplement, applicable product supplement, applicable pricing supplement and/or other supplement for such warrants.

Any warrants that we issue will contain, to the extent required, contractual provisions required to comply with the "Restrictions on Qualified Financial Contracts of Systemically Important U.S. Banking Organizations and the U.S. Operations of Systemically Important Foreign Banking Organizations; Revisions to the Definition of Qualifying Master Netting Agreement and Related Definitions" as issued by the Board of Governors of the Federal Reserve System (the "<u>FRB</u>"), the Federal Deposit Insurance Corporation (the "<u>FDIC</u>") and the Office of the Comptroller of the Currency (the "<u>OCC</u>") and other applicable law.

**General**

We may offer warrants separately or together with one or more additional warrants, purchase contracts or debt securities issued by us, or other securities of an entity affiliated or not affiliated with us, other property or any combination of these securities or other property in the form of units, as described in the applicable prospectus supplement. If we issue warrants as part of a unit, the applicable prospectus supplement will specify whether those warrants may be separated from the other securities or property in the unit prior to the warrants' expiration date. We may issue warrants to purchase or sell, on terms to be determined at the time of sale:

● securities issued by us or by an entity affiliated or not affiliated with us, a basket of those securities or an index or indices of those securities;

● currencies;

● any other property; or

● any combination of the above.

The property in the above clauses is referred to in this "Description of Warrants of Wells Fargo & Company" section as "<u>warrant property</u>." We may satisfy our obligations, if any, with respect to any warrants by delivering the warrant property or the cash value of the warrant property, as described in the applicable prospectus supplement.

Although we anticipate making payments on most warrants in U.S. dollars, payments on some warrants may be in a foreign currency as specified in the applicable prospectus supplement. Currently, few facilities exist in the United States to convert U.S. dollars into foreign currencies and vice versa. In addition, most United States banks do not offer non-U.S. dollar denominated checking or savings account facilities. Accordingly, unless alternative arrangements are made, we will make payments on warrants that are payable in a foreign currency to an account at a bank outside the United States, which, in the case of a payment to be made in euros, will be made by credit or transfer to a euro account specified by the payee in a country for which the euro is the lawful currency.

**Further Information in Prospectus Supplement**

The terms and conditions set forth in this "Description of Warrants of Wells Fargo & Company" will apply to each warrant unless otherwise specified in the applicable prospectus supplement and in that warrant. The prospectus supplement will contain, where applicable, the following terms of and other information relating to the warrants:

● the specific designation and aggregate number of, and the price at which we will issue, the warrants;

● the currency with which the warrants may be purchased;

● whether we will issue the warrants in global or definitive form or both, although, in any case, the form of a warrant included in a unit will correspond to the form of the unit and of any debt security or purchase contract included in that unit;

● the date on which the right to exercise the warrants will begin and the date on which that right will expire or, if you may not continuously exercise the warrants throughout that period, the specific date or dates on which you may exercise the warrants;

● whether the warrants are to be sold separately or with other securities or property as part of units;

● if applicable, the date on and after which the warrants and the related securities or property will be separately transferable;

● whether the warrants are put warrants or call warrants, whether you or we will have the right to exercise the warrants and any conditions or restrictions on the exercise of the warrants;

● the specific warrant property, and the amount or the method for determining the amount of the warrant property, purchasable or saleable upon exercise of each warrant;

● the price at which and the currency with which the underlying securities, currencies or other property may be purchased or sold upon the exercise of each warrant, or the method of determining that price;

● whether the exercise price may be paid in cash, by the exchange of any other security or property offered with the warrants or both and the method of exercising the warrants;

● whether the exercise of the warrants is to be settled in cash or by delivery of the underlying securities, other property or a combination thereof;

● any applicable U.S. federal income tax consequences;

● the identity of the warrant agent for the warrants and of any other depositaries, execution or paying agents, transfer agents, registrars, determination, or other agents;

● the proposed listing, if any, of the warrants or any securities purchasable upon exercise of the warrants on any securities exchange; and

● any other terms of the warrants.

**Significant Provisions of the Warrant Agreement**

We will issue the warrants under one or more warrant agreements (each, as referred to in this "Description of Warrants of Wells Fargo & Company section, a "<u>warrant agreement</u>") to be entered into between us and a bank or trust company, as warrant agent (the "<u>warrant agent</u>"), each of which will contain the general terms described below, except as stated in the applicable prospectus supplement, as well as any additional terms described in the applicable prospectus supplement. Holders of warrants should review the detailed provisions of the warrant agreement for a full description of the provisions of the warrant agreement and for other information regarding the warrants.

*Modifications without Consent of Warrantholders.* We and the warrant agent may amend or supplement the warrant agreement and the warrants without the consent of the holders, for any of the following purposes:

● to evidence the succession of another corporation to us, and the assumption by such successor of our covenants therein;

● to evidence and provide for the acceptance of appointment by a successor warrant agent with respect to the warrants;

● to cure any ambiguity or to correct or supplement any provision therein which may be defective or inconsistent with any other provision therein; or

● in any other manner which we may deem necessary or desirable and which will not adversely affect the interests of the affected holders in any material respect.

*Modifications with Consent of Warrantholders.* We and the warrant agent, with the consent of the holders of not less than a majority in number of the then outstanding unexercised warrants affected, may amend or supplement the warrant agreement and the warrants for the purpose of adding any provisions to or changing in any manner or eliminating any of the provisions of the warrant agreement or of modifying in any manner the rights of the holders under the warrant agreement; *provided, however*, that no such amendment or supplement shall, without the consent of each holder affected thereby:

● reduce the amount receivable upon exercise, cancellation or expiration of the warrants other than in accordance with the antidilution provisions or other similar adjustment provisions included in the applicable warrant certificate;

● shorten the period of time during which the warrants may be exercised;

● amend the anti-dilution provisions set forth in the applicable warrant certificate in a manner that is materially adverse to the holders of such warrants; or

● reduce the percentage of outstanding warrants the consent of whose holders is required for the modification of the warrant agreement.

*Consolidation, Merger or Sale.* The warrant agreement generally will permit a consolidation or merger between us and another entity. It will also permit the conveyance, transfer or lease by us of all or substantially all of our property and assets. These transactions, if a transaction other than a conveyance, transfer or lease to one or more of our subsidiaries, are permitted if the resulting or acquiring entity, if other than us, is organized and existing under the laws of a domestic jurisdiction and assumes all of our responsibilities and liabilities under the warrant agreement. If we consolidate or merge with or into any other entity or convey, transfer or lease all or substantially all of our assets in accordance with the requirements of the warrant agreement, the resulting or acquiring entity will be substituted for us in the warrant agreement with the same effect as if it had been an original party to the warrant agreement. As a result, such successor entity may exercise our rights and powers under the warrant agreement, in our name and, except in the case of a lease of all or substantially all of our properties, we will be released from all our liabilities and obligations under the warrant agreement and under the warrants. **The warrant agreement permits us to convey, transfer or lease all or substantially all of our assets to one or more of our subsidiaries without any restriction and, in that event, those subsidiaries would not be required under the warrant agreement to assume our liabilities and obligations under the warrant agreement and the warrants.**

*Enforceability of Rights of Warrantholders.* The warrant agent will act solely as our agent in connection with the warrants and will not assume any obligation or relationship of agency or trust for or with any holders of warrant certificates or beneficial owners of warrants. Any holder of warrant certificates may, without the consent of any other person, enforce by appropriate legal action, on its own behalf, its right to exercise the warrants evidenced by the warrant certificates, in the manner provided in those warrants or pursuant to the applicable warrant agreement. No holder of any warrant certificate or beneficial owner of any warrants will be entitled to any of the

rights of a holder of the debt securities or any other warrant property purchasable upon exercise of the warrants, including the right to receive the payments on those debt securities or other warrant property or to enforce any of the covenants or rights in the indenture or any other similar agreement.

*Registration and Transfer of Warrants.* Subject to the terms of the warrant agreement, warrants in registered definitive form may be presented for exchange and for registration of transfer, with the form of transfer endorsed thereon duly executed at the corporate trust office of the warrant agent for those warrants, or at any other office indicated in the applicable prospectus supplement relating to those warrants, without service charge. However, the holder will be required to pay any taxes and other governmental charges as described in the warrant agreement. The transfer or exchange will be effected only if the warrant agent for the warrants is satisfied with the documents of title and identity of the person making the request.

*Title.* We, the unit agent, the trustee, the warrant agent and any of our or their agents will treat the registered holder of any warrant as the owner, notwithstanding any notice to the contrary, for all purposes.

*New York Law to Govern.* The warrants and the warrant agreement will be governed by, and construed in accordance with, the laws of the State of New York.

**Payment of Additional Amounts** 

Unless we specify otherwise in the applicable prospectus supplement, we will not pay any additional amounts on the warrants offered thereby to compensate any beneficial owner for any United States tax withheld from payments on such warrants.

**DESCRIPTION OF WARRANTS OF WELLS FARGO FINANCE LLC**

In this "Description of Warrants of Wells Fargo Finance LLC" section, "<u>we</u>," "<u>us</u>" or "<u>our</u>" refer only to Wells Fargo Finance LLC and not to any of our affiliates, including Wells Fargo & Company; references to "<u>Guarantor</u>" refer only to Wells Fargo & Company and not to any of its subsidiaries or affiliates; and all references to "warrants" refer only to warrants issued by Wells Fargo Finance LLC and not to any warrants issued by Wells Fargo & Company.

This section describes the general terms and provisions of our warrants. A prospectus supplement will describe the specific terms of the warrants offered through that prospectus supplement and any general terms outlined in this section that will not apply to those warrants. References herein to terms and conditions of warrants being provided in the "applicable prospectus supplement" may be provided in the applicable prospectus supplement, applicable product supplement, applicable pricing supplement and/or other supplement for such warrants.

Any warrants that we issue will contain, to the extent required, contractual provisions required to comply with the "Restrictions on Qualified Financial Contracts of Systemically Important U.S. Banking Organizations and the U.S. Operations of Systemically Important Foreign Banking Organizations; Revisions to the Definition of Qualifying Master Netting Agreement and Related Definitions" as issued by the FRB, the FDIC and the OCC and other applicable law.

**General**

We may offer warrants separately or together with one or more additional warrants, purchase contracts or debt securities issued by us, or other securities of an entity affiliated or not affiliated with the Guarantor or any combination of these securities in the form of units, as described in the applicable prospectus supplement. If we issue warrants as part of a unit, the applicable prospectus supplement will specify whether those warrants may be separated from the other securities or property in the unit prior to the warrants' expiration date. The Guarantor will fully and unconditionally guarantee the full and punctual payment of amounts payable under the warrants when the same becomes due and payable, whether at expiration, upon exercise, redemption or repurchase at the option of the holders of the applicable warrants. The applicable prospectus supplement will describe the specific terms of the guarantee.

We may issue warrants to purchase or sell, on terms to be determined at the time of sale:

● securities issued by an entity not affiliated with the Guarantor;

● currencies;

● other specified securities; or

● any combination of the above, including indices or baskets thereof.

The property in the above clauses is referred to in this "Description of Warrants of Wells Fargo Finance LLC" section as "<u>warrant property</u>." We will satisfy our obligations, if any, with respect to any warrants by delivering the cash value of the warrant property, as described in the applicable prospectus supplement.

Although we anticipate making payments on most warrants in U.S. dollars, payments on some warrants may be in a foreign currency as specified in the applicable prospectus supplement. Currently, few facilities exist in the United States to convert U.S. dollars into foreign currencies and vice versa. In addition, most United States banks do not offer non-U.S. dollar denominated checking or savings account facilities. Accordingly, unless alternative arrangements are made, we will make payments on warrants that are payable in a foreign currency to an account at a bank outside the United States, which, in the case of a payment to be made in euros, will be made by credit or transfer to a euro account specified by the payee in a country for which the euro is the lawful currency.

**Further Information in Prospectus Supplement**

The terms and conditions set forth in this "Description of Warrants of Wells Fargo Finance LLC" will apply to each warrant unless otherwise specified in the applicable prospectus supplement and in that warrant. The prospectus supplement will contain, where applicable, the following terms of and other information relating to the warrants:

● the specific designation and aggregate number of, and the price at which we will issue, the warrants;

● the currency with which the warrants may be purchased;

● whether we will issue the warrants in global or definitive form or both, although, in any case, the form of a warrant included in a unit will correspond to the form of the unit and of any debt security or purchase contract included in that unit;

● the date on which the right to exercise the warrants will begin and the date on which that right will expire or, if you may not continuously exercise the warrants throughout that period, the specific date or dates on which you may exercise the warrants;

● whether the warrants are to be sold separately or with other securities as part of units;

● if applicable, the date on and after which the warrants and the related securities will be separately transferable;

● whether the warrants are put warrants or call warrants, whether you or we will have the right to exercise the warrants and any conditions or restrictions on the exercise of the warrants;

● the specific warrant property, and the amount or the method for determining the amount of the warrant property, purchasable or saleable upon exercise of each warrant;

● the price at which and the currency with which the underlying securities, currencies or other property may be purchased or sold upon the exercise of each warrant, or the method of determining that price;

● the method of exercising the warrants;

● any applicable U.S. federal income tax consequences;

● the identity of the warrant agent for the warrants and of any other depositaries, execution or paying agents, transfer agents, registrars, determination, or other agents;

● the proposed listing, if any, of the warrants or any securities purchasable upon exercise of the warrants on any securities exchange; and

● any other terms of the warrants.

**Significant Provisions of the Warrant Agreement**

We will issue the warrants under one or more warrant agreements (each, as referred to in this "Description of Warrants of Wells Fargo Finance LLC" section, a "<u>warrant agreement</u>") to be entered into among us, the Guarantor and the warrant agent, each of which will contain the general terms described below, except as stated in the applicable prospectus supplement, as well as any additional terms described in the applicable prospectus supplement. Holders of warrants should review the detailed provisions of the warrant agreement for a full description of the provisions of the warrant agreement and for other information regarding the warrants.

*Modifications without Consent of Warrantholders.* We, the Guarantor and the warrant agent may amend or supplement the warrant agreement and the warrants without the consent of the holders, for any of the following purposes:

● to evidence the succession of another corporation to us or the Guarantor, and the assumption by such successor of our covenants or those of the Guarantor therein, as applicable;

● to evidence and provide for the acceptance of appointment by a successor warrant agent with respect to the warrants;

● to cure any ambiguity or to correct or supplement any provision therein which may be defective or inconsistent with any other provision therein; or

● in any other manner which we and the Guarantor may deem necessary or desirable and which will not adversely affect the interests of the affected holders in any material respect.

*Modifications with Consent of Warrantholders.* We, the Guarantor and the warrant agent, with the consent of the holders of not less than a majority in number of the then outstanding unexercised warrants affected, may amend or supplement the warrant agreement and the warrants for the purpose of adding any provisions to or changing in any manner or eliminating any of the provisions of the warrant agreement or of modifying in any manner the rights of the holders under the warrant agreement; *provided, however*, that no such amendment or supplement shall, without the consent of each holder affected thereby:

● reduce the amount receivable upon exercise, cancellation or expiration of the warrants other than in accordance with the antidilution provisions or other similar adjustment provisions included in the applicable warrant certificate;

● shorten the period of time during which the warrants may be exercised;

● amend the anti-dilution provisions set forth in the applicable warrant certificate in a manner that is materially adverse to the holders of such warrants;

● reduce the percentage of outstanding warrants the consent of whose holders is required for the modification of the warrant agreement; or

● make any change in the guarantee that would adversely affect any holder or release the Guarantor from the guarantee other than pursuant to the terms of the warrant agreement.

*Consolidation, Merger or Sale.* The warrant agreement generally will permit a consolidation or merger between us and another entity and/or between the Guarantor and another entity. It will also permit the conveyance, transfer or lease by us of all or substantially all of our property and assets and/or by the Guarantor of all or substantially all of its property and assets.

With respect to us, these transactions, if a transaction other than a conveyance, transfer or lease to one or more of the Guarantor's subsidiaries, are permitted if the resulting or acquiring entity, if other than us, is organized and existing under the laws of a domestic jurisdiction and assumes all of our responsibilities and liabilities under the warrant agreement.

If we consolidate or merge with or into any other entity or convey, transfer or lease all or substantially all of our assets in accordance with the requirements of the warrant agreement, the resulting or acquiring entity will be substituted for us in the warrant agreement with the same effect as if it had been an original party to the warrant agreement. As a result, such successor entity may exercise our rights and powers under the warrant agreement, in our name and, except in the case of a lease of all or substantially all of our properties, we will be released from all our liabilities and obligations under the warrant agreement and under the warrants. The successor entity to a consolidation or merger may be the Guarantor or a subsidiary of the Guarantor. In addition, the successor entity in a

conveyance, transfer or lease may be the Guarantor. **The warrant agreement also permits us to convey, transfer or lease all or substantially all of our assets to one or more of the Guarantor's subsidiaries without any restriction and, in that event, those subsidiaries would not be required under the warrant agreement to assume our liabilities and obligations under the warrant agreement and the warrants.**

With respect to the Guarantor, these transactions, if a transaction other than a conveyance, transfer or lease to one or more of its subsidiaries, are permitted if the resulting or acquiring entity, if other than the Guarantor, is organized and existing under the laws of a domestic jurisdiction and assumes all of the Guarantor's responsibilities and liabilities under the warrant agreement, including the guarantee of the full and punctual payment of amounts payable under the warrants to the extent provided in the warrant agreement.

If the Guarantor consolidates or merges with or into any other entity or conveys, transfers or leases all or substantially all of its assets in accordance with the requirements of the warrant agreement, the resulting or acquiring entity will be substituted for the Guarantor in the warrant agreement with the same effect as if it had been an original party to the warrant agreement. As a result, such successor entity may exercise the Guarantor's rights and powers under the warrant agreement, in the name of the Guarantor and, except in the case of a lease of all or substantially all of the Guarantor's properties, the Guarantor will be released from all its liabilities and obligations under the warrant agreement and under the warrants. The successor entity to a consolidation or merger may be a subsidiary of the Guarantor. **In addition, the warrant agreement permits the Guarantor to convey, transfer or lease all or substantially all of its assets to one or more of its subsidiaries without any restriction and, in that event, those subsidiaries would not be required under the warrant agreement to assume the Guarantor's liabilities and obligations under the warrant agreement and the warrants.**

*Enforceability of Rights of Warrantholders.* The warrant agent will act solely as our agent in connection with the warrants and will not assume any obligation or relationship of agency or trust for or with any holders of warrant certificates or beneficial owners of warrants. Any holder of warrant certificates may, without the consent of any other person, enforce by appropriate legal action, on its own behalf, its right to exercise the warrants evidenced by the warrant certificates, in the manner provided in those warrants or pursuant to the applicable warrant agreement. No holder of any warrant certificate or beneficial owner of any warrants will be entitled to any of the rights of a holder of the debt securities or any other warrant property purchasable upon exercise of the warrants, including the right to receive the payments on those debt securities or other warrant property or to enforce any of the covenants or rights in the indenture or any other similar agreement.

*Registration and Transfer of Warrants.* Subject to the terms of the warrant agreement, warrants in registered definitive form may be presented for exchange and for registration of transfer, with the form of transfer endorsed thereon duly executed at the corporate trust office of the warrant agent for those warrants, or at any other office indicated in the applicable prospectus supplement relating to those warrants, without service charge. However, the holder will be required to pay any taxes and other governmental charges as described in the warrant agreement. The transfer or exchange will be effected only if the warrant agent for the warrants is satisfied with the documents of title and identity of the person making the request.

*Title.* We, the Guarantor, the unit agent, the trustee, the warrant agent and any of our or their agents will treat the registered holder of any warrant as the owner, notwithstanding any notice to the contrary, for all purposes.

*New York Law to Govern.* The warrants, the guarantees of such warrants and the warrant agreement will be governed by, and construed in accordance with, the laws of the State of New York.

**Payment of Additional Amounts**

Unless we specify otherwise in the applicable prospectus supplement, neither we nor the Guarantor will pay any additional amounts on the warrants offered thereby to compensate any beneficial owner for any United States tax withheld from payments on such warrants.

**DESCRIPTION OF UNITS OF WELLS FARGO & COMPANY**

In this "Description of Units of Wells Fargo & Company" section, all references to "units" refer only to units issued by Wells Fargo & Company and not to any units issued by any subsidiary or affiliate.

This section describes the general terms and provisions of our units. A prospectus supplement will describe the specific terms of the units offered through that prospectus supplement and any general terms outlined in this section that will not apply to those units. References herein to terms and conditions of units being provided in the "applicable prospectus supplement" may be provided in the applicable prospectus supplement, applicable product supplement, applicable pricing supplement and/or other supplement for such units.

Any units that we issue will contain, to the extent required, contractual provisions required to comply with the "Restrictions on Qualified Financial Contracts of Systemically Important U.S. Banking Organizations and the U.S. Operations of Systemically Important Foreign Banking Organizations; Revisions to the Definition of Qualifying Master Netting Agreement and Related Definitions" as issued by the FRB, the FDIC and the OCC and other applicable law.

**General**

Units will consist of any combination of warrants, purchase contracts, debt securities issued by us or other securities of an entity affiliated or not affiliated with us or other property. The applicable prospectus supplement will describe:

● the designation and the terms of the units and of any combination of warrants, purchase contracts and debt securities issued by us or other securities of an entity affiliated or not affiliated with us or other property constituting the units, including whether and under what circumstances the warrants, purchase contracts or debt securities issued by us or other securities of an entity affiliated or not affiliated with us or other property may be traded separately;

● any additional terms of the governing unit agreement or unit agreement without holders' obligations (each as defined below);

● any additional provisions for the issuance, payment, settlement, transfer or exchange of the units or of the warrants, purchase contracts or debt securities issued by us or other securities of an entity affiliated or not affiliated with us or other property constituting the units; and

● any applicable U.S. federal tax consequences.

The terms and conditions described under "Description of Debt Securities of Wells Fargo & Company," "Description of Warrants of Wells Fargo & Company" and "Description of Purchase Contracts of Wells Fargo & Company" and those described below under "—Significant Provisions of the Unit Agreement" and "—Significant Provisions of the Unit Agreement Without Holders' Obligations" will apply to each unit and to any warrant, purchase contract or debt securities issued by us or other securities of an entity affiliated or not affiliated with us or other property included in such unit, as applicable, unless otherwise specified in the applicable prospectus supplement.

We will issue the units under one or more unit agreements (each, as referred to in this "Description of Units of Wells Fargo & Company" section, a "<u>unit agreement</u>") to be entered into between us and a bank or trust company, as unit agent (the "<u>unit agent</u>"), each of which will contain the general terms described below, except as stated in the applicable prospectus supplement, as well as any additional terms described in the applicable prospectus supplement. Generally, units that do not include components requiring performance on the part of the holders of such units will be governed by one or more unit agreements designed for units where the holders do not have any further obligations under the included warrants, purchase contracts or other components (each, as referred to in this "Description of Units of Wells Fargo & Company" section, a "<u>unit agreement without holders' obligations</u>"). Unless otherwise specified in the applicable prospectus supplement, each unit will be issued as a

book-entry unit, and any security comprised by such unit will be in the corresponding form. You should review the detailed provisions of the applicable unit agreement or unit agreement without holders' obligations for a full description of the provisions of such agreement, including the definitions of some of the terms used in this prospectus and for other information regarding the units.

*Payments on Units and Securities Comprised by Units.* At the office of the unit agent maintained by us for such purpose, (i) the units, accompanied by each of the securities comprised by such unit (unless the applicable prospectus supplement indicates that any such securities are separable from such unit), may be presented for payment or delivery of warrant property or purchase contract property (as defined below) or any other amounts due with respect thereto, (ii) transfer of the units will be registrable and (iii) the units will be exchangeable in the manner and to the extent set forth in the applicable prospectus supplement However, holders of global securities may transfer and exchange global securities only as described in the applicable prospectus supplement. The agent for the payment, transfer and exchange of the units will be identified in the applicable prospectus supplement. No service charge will be made for any registration of transfer or exchange of the units (or of any security comprised by a unit) or interest therein, except for any tax or other governmental charge that may be imposed in connection therewith.

**Significant Provisions of the Unit Agreement**

*Obligations of Unit Holder.* Under the terms of each unit agreement, each holder of a unit will:

● consent to and agree to be bound by the terms of the unit agreement;

● appoint the unit agent as its authorized agent to execute, deliver and perform any purchase contract included in the unit in which that holder has an interest, except in the case of pre-paid purchase contracts which require no further performance by the holder; and

● irrevocably agree to be a party to and be bound by the terms of any purchase contract issued pursuant to the unit agreement included in the unit in which that holder has an interest.

*Assumption of Obligations by Transferee.* Upon the registration of transfer of a unit, the transferee will assume the obligations, if any, of the transferor under the unit, under any purchase contract included in the unit and under any other security constituting that unit, and the transferor will be released from those obligations. Under the unit agreement, we will consent to the transfer of these obligations to the transferee, to the assumption of these obligations by the transferee and to the release of the transferor, if the transfer is made in accordance with the provisions of the unit agreement.

*Remedies.* Upon the acceleration of any debt securities constituting a part of any units, our obligations and those of the holders under any purchase contracts constituting a part of the units may also be accelerated upon the request of the holders of not less than 25% of the affected purchase contracts, on behalf of all the holders.

*Limitation on Actions by You as an Individual Holder.* No holder of any unit will have any right under the unit agreement to institute any action or proceeding at law or in equity or in bankruptcy or otherwise regarding the unit agreement, or for the appointment of a trustee, receiver, liquidator, custodian or other similar official, unless the holder will have given written notice to the unit agent and to us of the occurrence and continuance of a default thereunder and:

● in the case of an event of default under the indenture (as defined in the "Description of Debt Securities of Wells Fargo & Company" section), where a debt security constitutes a part of the applicable unit, the procedures relating to the event of default, including notice to us and the trustee, described in the indenture have been complied with such that such holder would have the right to begin such an action or proceeding under the indenture; and

● in the case of a failure by us to observe or perform any of our obligations under the unit agreement relating to any purchase contracts, other than pre-paid purchase contracts, included in the unit:

● holders of not less than 25% of the affected purchase contracts have (a) requested the unit agent to institute that action or proceeding in its own name as unit agent under the unit agreement and (b) offered the unit agent reasonable indemnity;

● the unit agent has failed to institute that action or proceeding within 60 days of that request by such holders; and

● the holders of a majority of the outstanding affected units have not given directions to the unit agent inconsistent with those of the holders referred to above.

If these conditions have been satisfied, any holder of an affected unit may then, but only then, institute such action or proceeding. Notwithstanding the above, the holder of any purchase contract that constitutes part of a unit will have the unconditional right to purchase or sell, as the case may be, purchase contract property under the purchase contract and to institute suit for the enforcement of that right. Purchase contract property is defined under "Description of Purchase Contracts of Wells Fargo & Company" below.

*Negative Pledge.* Except as otherwise set forth in the next sentence, the unit agreement:

● prohibits us and our subsidiaries from selling, pledging, assigning or otherwise disposing of shares of capital stock, or securities convertible into capital stock, of any Principal Subsidiary Bank or of any subsidiary owning, directly or indirectly, any capital stock of a Principal Subsidiary Bank; and

● prohibits any Principal Subsidiary Bank from issuing any shares of its capital stock or securities convertible into its capital stock.

This restriction does not apply to:

● sales, pledges, assignments or other dispositions or issuances of directors' qualifying shares;

● sales, pledges, assignments or other dispositions or issuances, so long as, after giving effect to the disposition and to the issuance of any shares issuable upon conversion or exchange of securities convertible or exchangeable into capital stock, we would own directly or through one or more of our subsidiaries not less than 80% of the shares of each class of capital stock of the applicable Principal Subsidiary Bank;

● sales, pledges, assignments or other dispositions or issuances made in compliance with an order or direction of a court or regulatory authority of competent jurisdiction; or

● sales of capital stock by any Principal Subsidiary Bank to its stockholders so long as before the sale we own directly or indirectly shares of the same class and the sale does not reduce the percentage of the shares of that class of capital stock owned by us.

*Modification without Consent of Holders.* We and the unit agent may amend or supplement the unit agreement and the terms of the purchase contracts without the consent of the holders:

● to evidence the assumption by a successor of our covenants;

● to evidence the acceptance of appointment by a successor unit agent or collateral agent;

● to add covenants for the protection of the holders of the units;

● to comply with the Securities Act, the Exchange Act or the Investment Company Act of 1940, as amended (the " <u>Investment Company Act</u> ");

● to cure any ambiguity;

● to establish the forms or terms of unit certificates, units or purchase contracts of any series;

● to correct or supplement any defective or inconsistent provision; or

● in any other manner which we may deem necessary or desirable and which will not adversely affect the interests of the affected holders in any material respect.

*Modification with Consent of Holders.* We and the unit agent, with the consent of the holders of not less than a majority of all series of outstanding units affected, may modify the rights of the holders of the units of each series so affected or the terms of any purchase contracts included in any of those series of units and the terms of the unit agreement relating to the purchase contracts of each series so affected. However, we and the unit agent may not make the following first three modifications without the consent of each affected holder of outstanding purchase contracts included in units and may not make the following last two modifications without the consent of each affected holder of outstanding units:

● impair the right to institute suit for the enforcement of any purchase contract;

● materially adversely affect the holders' rights and obligations under any purchase contract;

● reduce the percentage of purchase contracts constituting part of outstanding units the consent of whose holders is required for the modification of the provisions of the unit agreement relating to those purchase contracts or for the waiver of any defaults under the unit agreement relating to those purchase contracts;

● materially and adversely affect the holders' units or the terms of the unit agreement (other than terms related to the first three clauses above); or

● reduce the percentage of outstanding units and consent of whose holders is required for the modification of the provisions of the unit agreement (other than terms related to the first three clauses above).

Modifications of any debt securities issued pursuant to the indenture included in units may only be made in accordance with the indenture, as described under "Description of Debt Securities of Wells Fargo & Company—Modification and Waiver." Modifications of any warrants comprised by units may only be made in accordance with the terms of the warrant agreement as described under "Description of Warrants of Wells Fargo & Company—Significant Provisions of the Warrant Agreement" above.

**Significant Provisions of the Unit Agreement Without Holders' Obligations**

*Remedies.* The unit agent will act solely as our agent in connection with the units governed by the unit agreement without holders' obligations and will not assume any obligation or relationship of agency or trust for or with any holders of units or interests in those units. Any holder of units or interests in those units may, without the consent of the unit agent or any other holder or beneficial owner of units, enforce by appropriate legal action, on its own behalf, its rights under the unit agreement without holders' obligations. However, the holders of units or interests in those units may only enforce their rights under any debt securities or under any warrants issued as parts of those units in accordance with the terms of the indenture and the warrant agreement.

*Modification without Consent of Holders.* We and the unit agent may amend or supplement the unit agreement without holders' obligations without the consent of the holders:

● to evidence the assumption by a successor of our covenants;

● to evidence the acceptance of appointment by a successor unit agent or collateral agent;

● to add covenants for the protection of the holders of the units;

● to comply with the Securities Act, the Exchange Act or the Investment Company Act;

● to cure any ambiguity;

● to establish the forms or terms of unit certificates, units or purchase contracts of any series;

● to correct or supplement any defective or inconsistent provision; or

● in any other manner which we may deem necessary or desirable and which will not adversely affect the interests of the affected holders in any material respect.

*Modification with Consent of Holders.* We and the unit agent, with the consent of the holders of not less than a majority of all series of outstanding units affected, may modify the rights of the holders of the units of each series so affected or the terms of any purchase contracts included in any of those series of units and the terms of the unit agreement without holders' obligations relating to the purchase contracts of each series so affected. However, we and the unit agent may not, without the consent of each affected holder of outstanding units, make any modification that would:

● materially and adversely affect the holders' units or the terms of the unit agreement without holders' obligations; or

● reduce the percentage of outstanding units and consent of whose holders is required for the modification of the provisions of the unit agreement without holders' obligations.

Modifications of any debt securities issued pursuant to the indenture included in units may only be made in accordance with the indenture, as described under "Description of Debt Securities of Wells Fargo & Company—Modification and Waiver." Modifications of any warrants comprised by units may only be made in accordance with the terms of the warrant agreement as described under "Description of Warrants of Wells Fargo & Company—Significant Provisions of the Warrant Agreement" above.

**Significant Provisions of the Unit Agreement and the Unit Agreement Without Holders' Obligations**

The unit agreement and the unit agreement without holders' obligations each contains the provisions described below.

*Consolidation, Merger or Sale.* The unit agreement and the unit agreement without holders' obligations will generally permit a consolidation or merger between us and another entity. They will also permit the conveyance, transfer or lease by us of all or substantially all of our property and assets. These transactions, if a transaction other than a conveyance, transfer or lease to one or more of our subsidiaries, are permitted if:

● the resulting or acquiring entity, if other than us, is organized and existing under the laws of a domestic jurisdiction and assumes all of our responsibilities and liabilities under the unit agreement or the unit agreement without holders' obligations, as applicable; and

● immediately after the transaction, and giving effect to the transaction, we or the resulting or acquiring entity, if other than us, are not in default in the performance of the covenants of the unit agreement or the unit agreement without holders' obligations, as applicable, that are applicable to us.

If we consolidate or merge with or into any other entity or convey, transfer or lease all or substantially all of our assets in accordance with the requirements of the unit agreement or the unit agreement without holders' obligations, as applicable, the resulting or acquiring entity will be substituted for us in the unit agreement or the unit agreement without holders' obligations, as applicable, with the same effect as if it had been an original party to the

unit agreement or the unit agreement without holders' obligations, as applicable. As a result, such successor entity may exercise our rights and powers under the unit agreement or the unit agreement without holders' obligations, as applicable, in our name and, except in the case of a lease of all or substantially all of our properties, we will be released from all our liabilities and obligations under the unit agreement and the unit agreement without holders' obligations and under the units. **The unit agreement and the unit agreement without holders' obligations permit us to convey, transfer or lease all or substantially all of our assets to one or more of our subsidiaries without any restriction and, in that event, those subsidiaries would not be required under the unit agreement or the unit agreement without holders' obligations to assume our liabilities and obligations under the unit agreement or the unit agreement without holders' obligations and the units.**

*No Trust Indenture Act Qualification.* The unit agreement and the unit agreement without holders' obligations will not be qualified as indentures under, and the unit agent will not be required to qualify as a trustee under, the Trust Indenture Act. Accordingly, the holders of units and purchase contracts will not have the benefits of the protections of the Trust Indenture Act.

*Replacement of Unit Certificates.* We will replace any mutilated certificate evidencing a definitive unit or purchase contract at the expense of the holder upon surrender of that certificate to the unit agent. We will replace certificates that have been destroyed, lost or stolen at the expense of the holder upon delivery to us and the unit agent of evidence satisfactory to us and the unit agent of the destruction, loss or theft of the certificates. In the case of a destroyed, lost or stolen certificate, an indemnity satisfactory to the unit agent and to us may be required at the expense of the holder of the units or purchase contracts evidenced by that certificate before a replacement will be issued.

The unit agreement and the unit agreement without holders' obligations will provide that, notwithstanding the foregoing, no replacement certificate need be delivered:

● during the period beginning 15 days before the day of mailing of a notice of redemption or of any other exercise of any right held by us with respect to the unit or any security constituting such unit evidenced by the mutilated, destroyed, lost or stolen certificate and ending on the day of the giving of that notice;

● if the mutilated, destroyed, lost or stolen certificate evidences any security selected or called for redemption or other exercise of a right held by us; or

● at any time on or after the date of settlement or redemption for any purchase contract included in the unit, or at any time on or after the last exercise date for any warrant included in the unit, evidenced by the mutilated, destroyed, lost or stolen certificate, except with respect to any units that remain or will remain outstanding following the date of settlement or redemption or the last exercise date.

*Title.* We, the unit agent, the trustee, the warrant agent and any of our or their agents will treat the registered owner of any unit as its owner, notwithstanding any notice to the contrary, for all purposes.

*New York Law to Govern.* The unit agreement, the unit agreement without holders' obligations, the units and the pre-paid purchase contracts constituting part of the units will be governed by, and construed in accordance with, the laws of the State of New York.

Neither the unit agreement nor the unit agreement without holders' obligations requires the maintenance of any financial ratios or specified levels of net worth or liquidity. In addition, these agreements do not contain any provisions which would require us to repurchase or redeem or modify the terms of any of the units upon a change of control or other event involving us which may adversely affect the creditworthiness of the units.

**Payment of Additional Amounts** 

Unless we specify otherwise in the applicable prospectus supplement, we will not pay any additional amounts on the units offered thereby to compensate any beneficial owner for any United States tax withheld from payments on such units.

**DESCRIPTION OF UNITS OF WELLS FARGO FINANCE LLC**

In this "Description of Units of Wells Fargo Finance LLC" section, "<u>we</u>," "<u>us</u>" or "<u>our</u>" refer only to Wells Fargo Finance LLC and not to any of our affiliates, including Wells Fargo & Company; references to "<u>Guarantor</u>" refer only to Wells Fargo & Company and not to any of its subsidiaries or affiliates; and all references to "units" refer only to units issued by Wells Fargo Finance LLC and not to any units issued by Wells Fargo & Company.

This section describes the general terms and provisions of our units. A prospectus supplement will describe the specific terms of the units offered through that prospectus supplement and any general terms outlined in this section that will not apply to those units. References herein to terms and conditions of units being provided in the "applicable prospectus supplement" may be provided in the applicable prospectus supplement, applicable product supplement, applicable pricing supplement and/or other supplement for such units.

Any units that we issue will contain, to the extent required, contractual provisions required to comply with the "Restrictions on Qualified Financial Contracts of Systemically Important U.S. Banking Organizations and the U.S. Operations of Systemically Important Foreign Banking Organizations; Revisions to the Definition of Qualifying Master Netting Agreement and Related Definitions" as issued by the FRB, the FDIC and the OCC and other applicable law.

**General**

Units will consist of any combination of warrants, purchase contracts, debt securities issued by us or other securities of an entity affiliated or not affiliated with the Guarantor. The Guarantor will fully and unconditionally guarantee the full and punctual payment of amounts payable under the units when the same becomes due and payable, whether at expiration, upon exercise, redemption or repurchase at the option of the holders of the applicable units. The applicable prospectus supplement will describe the specific terms of the guarantee.

The applicable prospectus supplement will describe:

● the designation and the terms of the units and of any combination of warrants, purchase contracts, debt securities issued by us or other securities of an entity affiliated or not affiliated with the Guarantor constituting the units, including whether and under what circumstances warrants, purchase contracts, debt securities issued by us or other securities of an entity affiliated or not affiliated with the Guarantor may be traded separately;

● any additional terms of the governing unit agreement or unit agreement without holders' obligations (each as defined below);

● any additional provisions for the issuance, payment, settlement, transfer or exchange of the units or of the warrants, purchase contracts, debt securities issued by us or other securities of an entity affiliated or not affiliated with the Guarantor constituting the units; and

● any applicable U.S. federal tax consequences.

The terms and conditions described under "Description of Debt Securities of Wells Fargo Finance LLC," "Description of Warrants of Wells Fargo Finance LLC" and "Description of Purchase Contracts of Wells Fargo Finance LLC" and those described below under "—Significant Provisions of the Unit Agreement" and "—Significant Provisions of the Unit Agreement Without Holders' Obligations" will apply to each unit and to any warrant, purchase contract, debt securities issued by us or other securities of an entity affiliated or not affiliated with the Guarantor included in such unit, as applicable, unless otherwise specified in the applicable prospectus supplement.

We will issue the units under one or more unit agreements (each, as referred to in this "Description of Units of Wells Fargo Finance LLC" section, a "<u>unit agreement</u>") to be entered into among us, the Guarantor and the unit agent, each of which will contain the general terms described below, except as stated in the applicable prospectus

supplement, as well as any additional terms described in the applicable prospectus supplement. Generally, units that do not include components requiring performance on the part of the holders of such units will be governed by one or more unit agreements designed for units where the holders do not have any further obligations under the included warrants, purchase contracts or other components (each, as referred to in this "Description of Units of Wells Fargo Finance LLC" section, a "<u>unit agreement without holders' obligations</u>"). Unless otherwise specified in the applicable prospectus supplement, each unit will be issued as a book-entry unit, and any security comprised by such unit will be in the corresponding form. You should review the detailed provisions of the applicable unit agreement or unit agreement without holders' obligations for a full description of the provisions of such agreement, including the definitions of some of the terms used in this prospectus and for other information regarding the units.

*Payments on Units and Securities Comprised by Units.* At the office of the unit agent maintained by us for such purpose, (i) the units, accompanied by each of the securities comprised by such unit (unless the applicable prospectus supplement indicates that any such securities are separable from such unit), may be presented for payment or any other amounts due with respect thereto, (ii) transfer of the units will be registrable and (iii) the units will be exchangeable in the manner and to the extent set forth in the applicable prospectus supplement. However, holders of global securities may transfer and exchange global securities only as described in the applicable prospectus supplement. The agent for the payment, transfer and exchange of the units will be identified in the applicable prospectus supplement. No service charge will be made for any registration of transfer or exchange of the units (or of any security comprised by a unit) or interest therein, except for any tax or other governmental charge that may be imposed in connection therewith.

**Significant Provisions of the Unit Agreement**

*Obligations of Unit Holder.* Under the terms of each unit agreement, each holder of a unit will:

● consent to and agree to be bound by the terms of the unit agreement;

● appoint the unit agent as its authorized agent to execute, deliver and perform any purchase contract included in the unit in which that holder has an interest, except in the case of pre-paid purchase contracts which require no further performance by the holder; and

● irrevocably agree to be a party to and be bound by the terms of any purchase contract issued pursuant to the unit agreement included in the unit in which that holder has an interest.

*Assumption of Obligations by Transferee.* Upon the registration of transfer of a unit, the transferee will assume the obligations, if any, of the transferor under the unit, under any purchase contract included in the unit and under any other security constituting that unit, and the transferor will be released from those obligations. Under the unit agreement, we will consent to the transfer of these obligations to the transferee, to the assumption of these obligations by the transferee and to the release of the transferor, if the transfer is made in accordance with the provisions of the unit agreement.

*Remedies.* Upon the acceleration of any debt securities constituting a part of any units, our obligations and those of the holders under any purchase contracts constituting a part of the units may also be accelerated upon the request of the holders of not less than 25% of the affected purchase contracts, on behalf of all the holders.

*Limitation on Actions by You as an Individual Holder.* No holder of any unit will have any right under the unit agreement to institute any action or proceeding at law or in equity or in bankruptcy or otherwise regarding the unit agreement, or for the appointment of a trustee, receiver, liquidator, custodian or other similar official, unless the holder will have given written notice to the unit agent, to us and to the Guarantor of the occurrence and continuance of a default thereunder and:

● in the case of an event of default under the indenture (as defined in the "Description of Debt Securities of Wells Fargo Finance LLC" section), where a debt security constitutes a part of the applicable unit, the procedures relating to the event of default, including notice to us, the

Guarantor and the trustee, described in the indenture have been complied with such that such holder would have the right to begin such an action or proceeding under the indenture; and

● in the case of a failure by us to observe or perform any of our obligations under the unit agreement relating to any purchase contracts, other than pre-paid purchase contracts, included in the unit:

● holders of not less than 25% of the affected purchase contracts have (a) requested the unit agent to institute that action or proceeding in its own name as unit agent under the unit agreement and (b) offered the unit agent reasonable indemnity;

● the unit agent has failed to institute that action or proceeding within 60 days of that request by such holders; and

● the holders of a majority of the outstanding affected units have not given directions to the unit agent inconsistent with those of the holders referred to above.

If these conditions have been satisfied, any holder of an affected unit may then, but only then, institute such action or proceeding. Notwithstanding the above, the holder of any purchase contract that constitutes part of a unit will have the unconditional right to purchase or sell, as the case may be, purchase contract property under the purchase contract and to institute suit for the enforcement of that right. Purchase contract property is defined under "Description of Purchase Contracts of Wells Fargo Finance" below.

*Modification without Consent of Holders.* We, the Guarantor and the unit agent may amend or supplement the unit agreement and the terms of the purchase contracts without the consent of the holders:

● to evidence the assumption by a successor of our covenants or those of the Guarantor;

● to evidence the acceptance of appointment by a successor unit agent or collateral agent;

● to add covenants for the protection of the holders of the units;

● to comply with the Securities Act, the Exchange Act or the Investment Company Act;

● to cure any ambiguity;

● to establish the forms or terms of unit certificates, units or purchase contracts of any series;

● to correct or supplement any defective or inconsistent provision; or

● in any other manner which we and the Guarantor may deem necessary or desirable and which will not adversely affect the interests of the affected holders in any material respect.

*Modification with Consent of Holders.* We, the Guarantor and the unit agent, with the consent of the holders of not less than a majority of all series of outstanding units affected, may modify the rights of the holders of the units of each series so affected or the terms of any purchase contracts included in any of those series of units and the terms of the unit agreement relating to the purchase contracts of each series so affected. However, we, the Guarantor and the unit agent may not make the following first three modifications without the consent of each affected holder of outstanding purchase contracts included in units and may not make the following last three modifications without the consent of each affected holder of outstanding units:

● impair the right to institute suit for the enforcement of any purchase contract;

● materially adversely affect the holders' rights and obligations under any purchase contract;

● reduce the percentage of purchase contracts constituting part of outstanding units the consent of whose holders is required for the modification of the provisions of the unit agreement relating to those purchase contracts or for the waiver of any defaults under the unit agreement relating to those purchase contracts;

● materially and adversely affect the holders' units or the terms of the unit agreement (other than terms related to the first three clauses above);

● reduce the percentage of outstanding units and consent of whose holders is required for the modification of the provisions of the unit agreement (other than terms related to the first three clauses above); or

● make any change in the guarantee that would adversely affect any holder or release the Guarantor from the guarantee other than pursuant to the terms of the unit agreement.

Modifications of any debt securities issued pursuant to the indenture included in units may only be made in accordance with the indenture, as described under "Description of Debt Securities of Wells Fargo Finance LLC—Modification and Waiver." Modifications of any warrants comprised by units may only be made in accordance with the terms of the warrant agreement as described under "Description of Warrants of Wells Fargo Finance LLC—Significant Provisions of the Warrant Agreement" above.

**Significant Provisions of the Unit Agreement Without Holders' Obligations**

*Remedies.* The unit agent will act solely as our agent in connection with the units governed by the unit agreement without holders' obligations and will not assume any obligation or relationship of agency or trust for or with any holders of units or interests in those units. Any holder of units or interests in those units may, without the consent of the unit agent or any other holder or beneficial owner of units, enforce by appropriate legal action, on its own behalf, its rights under the unit agreement without holders' obligations. However, the holders of units or interests in those units may only enforce their rights under any debt securities or under any warrants issued as parts of those units in accordance with the terms of the indenture and the warrant agreement.

*Modification without Consent of Holders.* We, the Guarantor and the unit agent may amend or supplement the unit agreement without holders' obligations without the consent of the holders:

● to evidence the assumption by a successor of our covenants or those of the Guarantor;

● to evidence the acceptance of appointment by a successor unit agent or collateral agent;

● to add covenants for the protection of the holders of the units;

● to comply with the Securities Act, the Exchange Act or the Investment Company Act;

● to cure any ambiguity;

● to establish the forms or terms of unit certificates, units or purchase contracts of any series;

● to correct or supplement any defective or inconsistent provision; or

● in any other manner which we and the Guarantor may deem necessary or desirable and which will not adversely affect the interests of the affected holders in any material respect.

*Modification with Consent of Holders.* We, the Guarantor and the unit agent, with the consent of the holders of not less than a majority of all series of outstanding units affected, may modify the rights of the holders of the units of each series so affected or the terms of any purchase contracts included in any of those series of units and the terms of the unit agreement without holders' obligations relating to the purchase contracts of each series so

affected. However, we, the Guarantor and the unit agent may not, without the consent of each affected holder of outstanding units, make any modification that would:

● materially and adversely affect the holders' units or the terms of the unit agreement without holders' obligations;

● reduce the percentage of outstanding units and consent of whose holders is required for the modification of the provisions of the unit agreement without holders' obligations; or

● make any change in the guarantee that would adversely affect any holder or release the Guarantor from the guarantee other than pursuant to the terms of the unit agreement without holders' obligations.

Modifications of any debt securities issued pursuant to the indenture included in units may only be made in accordance with the indenture, as described under "Description of Debt Securities of Wells Fargo Finance LLC—Modification and Waiver." Modifications of any warrants comprised by units may only be made in accordance with the terms of the warrant agreement as described under "Description of Warrants of Wells Fargo Finance LLC—Significant Provisions of the Warrant Agreement" above.

**Significant Provisions of the Unit Agreement and the Unit Agreement Without Holders' Obligations**

The unit agreement and the unit agreement without holders' obligations each contains the provisions described below.

*Consolidation, Merger or Sale.* The unit agreement and the unit agreement without holders' obligations will generally permit a consolidation or merger between us and another entity and/or between the Guarantor and another entity. They will also permit the conveyance, transfer or lease by us of all or substantially all of our property and assets and/or by the Guarantor of all or substantially all of its property and assets.

With respect to us, these transactions, if a transaction other than a conveyance, transfer or lease to one or more of the Guarantor's subsidiaries, are permitted if:

● the resulting or acquiring entity, if other than us, is organized and existing under the laws of a domestic jurisdiction and assumes all of our responsibilities and liabilities under the unit agreement or the unit agreement without holders' obligations, as applicable; and

● immediately after the transaction, and giving effect to the transaction, we or the resulting or acquiring entity, if other than us, are not in default in the performance of the covenants of the unit agreement or the unit agreement without holders' obligations, as applicable, that are applicable to us.

If we consolidate or merge with or into any other entity or convey, transfer or lease all or substantially all of our assets in accordance with the requirements of the unit agreement or the unit agreement without holders' obligations, as applicable, the resulting or acquiring entity will be substituted for us in the unit agreement or the unit agreement without holders' obligations, as applicable, with the same effect as if it had been an original party to the unit agreement or the unit agreement without holders' obligations, as applicable. As a result, such successor entity may exercise our rights and powers under the unit agreement or the unit agreement without holders' obligations, as applicable, in our name and, except in the case of a lease of all or substantially all of our properties, we will be released from all our liabilities and obligations under the unit agreement and the unit agreement without holders' obligations and under the units. The successor entity to a consolidation or merger may be the Guarantor or a subsidiary of the Guarantor. In addition, the successor entity in a conveyance, transfer or lease may be the Guarantor. **The unit agreement and the unit agreement without holders' obligations also permit us to convey, transfer or lease all or substantially all of our assets to one or more of the Guarantor's subsidiaries without any restriction and, in that event, those subsidiaries would not be required under the unit agreement or the**

**unit agreement without holders' obligations to assume our liabilities and obligations under the unit agreement or the unit agreement without holders' obligations and the units.**

With respect to the Guarantor, these transactions, if a transaction other than a conveyance, transfer or lease to one or more of its subsidiaries, are permitted if:

● the resulting or acquiring entity, if other than the Guarantor, is organized and existing under the laws of a domestic jurisdiction and assumes all of the Guarantor's responsibilities and liabilities under the unit agreement or the unit agreement without holders' obligations, as applicable, including the guarantee of the full and punctual payment of amounts payable under the units to the extent provided in the unit agreement or the unit agreement without holders' obligations, as applicable; and

● immediately after the transaction, and giving effect to the transaction, the Guarantor or the resulting or acquiring entity, if other than the Guarantor, is not in default in the performance of the covenants of the unit agreement or the unit agreement without holders' obligations, as applicable, that are applicable to the Guarantor.

If the Guarantor consolidates or merges with or into any other entity or conveys, transfers or leases all or substantially all of its assets in accordance with the requirements of the unit agreement or the unit agreement without holders' obligations, as applicable, the resulting or acquiring entity will be substituted for the Guarantor in the unit agreement or the unit agreement without holders' obligations, as applicable, with the same effect as if it had been an original party to the unit agreement or the unit agreement without holders' obligations, as applicable. As a result, such successor entity may exercise the Guarantor's rights and powers under the unit agreement or the unit agreement without holders' obligations, as applicable, in the name of the Guarantor and, except in the case of a lease of all or substantially all of the Guarantor's properties, the Guarantor will be released from all its liabilities and obligations under the unit agreement and the unit agreement without holders' obligations and under the units. The successor entity to a consolidation or merger may be a subsidiary of the Guarantor. **In addition, the unit agreement and the unit agreement without holders' obligations permit the Guarantor to convey, transfer or lease all or substantially all of its assets to one or more of its subsidiaries without any restriction and, in that event, those subsidiaries would not be required under the unit agreement or the unit agreement without holders' obligations to assume the Guarantor's liabilities and obligations under the unit agreement or the unit agreement without holders' obligations and the units.**

*No Trust Indenture Act Qualification.* The unit agreement and the unit agreement without holders' obligations will not be qualified as indentures under, and the unit agent will not be required to qualify as a trustee under, the Trust Indenture Act. Accordingly, the holders of units and purchase contracts will not have the benefits of the protections of the Trust Indenture Act.

*Replacement of Unit Certificates.* We will replace any mutilated certificate evidencing a definitive unit or purchase contract at the expense of the holder upon surrender of that certificate to the unit agent. We will replace certificates that have been destroyed, lost or stolen at the expense of the holder upon delivery to us and the unit agent of evidence satisfactory to us, the Guarantor and the unit agent of the destruction, loss or theft of the certificates. In the case of a destroyed, lost or stolen certificate, an indemnity satisfactory to the unit agent and to us may be required at the expense of the holder of the units or purchase contracts evidenced by that certificate before a replacement will be issued.

The unit agreement and the unit agreement without holders' obligations will provide that, notwithstanding the foregoing, no replacement certificate need be delivered:

● during the period beginning 15 days before the day of mailing of a notice of redemption or of any other exercise of any right held by us with respect to the unit or any security constituting such unit evidenced by the mutilated, destroyed, lost or stolen certificate and ending on the day of the giving of that notice;

● if the mutilated, destroyed, lost or stolen certificate evidences any security selected or called for redemption or other exercise of a right held by us; or

● at any time on or after the date of settlement or redemption for any purchase contract included in the unit, or at any time on or after the last exercise date for any warrant included in the unit, evidenced by the mutilated, destroyed, lost or stolen certificate, except with respect to any units that remain or will remain outstanding following the date of settlement or redemption or the last exercise date.

*Title.* We, the Guarantor, the unit agent, the trustee, the warrant agent and any of our or their agents will treat the registered owner of any unit as its owner, notwithstanding any notice to the contrary, for all purposes.

*New York Law to Govern.* The unit agreement, the unit agreement without holders' obligations, the units, the pre-paid purchase contracts constituting part of the units and the guarantees of such units and purchase contracts will be governed by, and construed in accordance with, the laws of the State of New York.

Neither the unit agreement nor the unit agreement without holders' obligations requires the maintenance of any financial ratios or specified levels of net worth or liquidity. In addition, these agreements do not contain any provisions which would require us to repurchase or redeem or modify the terms of any of the units upon a change of control or other event involving us which may adversely affect the creditworthiness of the units.

**Payment of Additional Amounts** 

Unless we specify otherwise in the applicable prospectus supplement, neither we nor the Guarantor will pay any additional amounts on the units offered thereby to compensate any beneficial owner for any United States tax withheld from payments on such units.

**DESCRIPTION OF PURCHASE CONTRACTS OF WELLS FARGO & COMPANY**

In this "Description of Purchase Contracts of Wells Fargo & Company" section, all references to "purchase contracts" refer only to purchase contracts issued by Wells Fargo & Company and not to any purchase contracts issued by any subsidiary or affiliate.

This section describes the general terms and provisions of our purchase contracts. A prospectus supplement will describe the specific terms of the purchase contracts offered through that prospectus supplement and any general terms outlined in this section that will not apply to those purchase contracts. References herein to terms and conditions of purchase contracts being provided in the "applicable prospectus supplement" may be provided in the applicable prospectus supplement, applicable product supplement, applicable pricing supplement and/or other supplement for such purchase contracts.

Any purchase contracts that we issue will contain, to the extent required, contractual provisions required to comply with the "Restrictions on Qualified Financial Contracts of Systemically Important U.S. Banking Organizations and the U.S. Operations of Systemically Important Foreign Banking Organizations; Revisions to the Definition of Qualifying Master Netting Agreement and Related Definitions" as issued by the FRB, the FDIC and the OCC and other applicable law.

**General**

We may issue purchase contracts, including purchase contracts issued as part of a unit with one or more warrants or debt securities issued by us or other securities of an entity affiliated or not affiliated with us or other property, for the purchase or sale of:

● securities issued by us or by an entity affiliated or not affiliated with us, a basket of those securities or an index or indices of those securities;

● currencies;

● commodities;

● exchange-traded funds;

● any other property; or

● any combination of the above.

This property in the above clauses is referred to in this "Description of Purchase Contracts of Wells Fargo & Company" section as "<u>purchase contract property</u>."

Each purchase contract will obligate the holder to purchase or sell, and obligate us to sell or purchase, on specified dates, the purchase contract property at a specified price or prices, all as described in the applicable prospectus supplement. The applicable prospectus supplement will also specify the methods by which the holders may purchase or sell the purchase contract property and any acceleration, cancellation or termination provisions or other provisions relating to the settlement of a purchase contract.

Although we anticipate making payments on most purchase contracts in U.S. dollars, payments on some purchase contracts may be in a foreign currency as specified in the applicable prospectus supplement. Currently, few facilities exist in the United States to convert U.S. dollars into foreign currencies and vice versa. In addition, most United States banks do not offer non-U.S. dollar denominated checking or savings account facilities. Accordingly, unless alternative arrangements are made, we will make payments on purchase contracts that are payable in a foreign currency to an account at a bank outside the United States, which, in the case of a payment to be made in euros, will be made by credit or transfer to a euro account specified by the payee in a country for which the euro is the lawful currency.

**Pre-Paid Purchase Contracts**

Purchase contracts may require holders to satisfy their obligations under the purchase contracts at the time they are issued ("<u>pre-paid purchase contracts</u>"). In certain circumstances, our obligation to settle pre-paid purchase contracts on the relevant settlement date may constitute our senior indebtedness.

**Purchase Contracts Issued as Part of Units**

Purchase contracts issued as part of a unit will be governed by the terms and provisions of a unit agreement or, in the case of pre-paid purchase contracts issued as part of a unit that contains no other purchase contracts, a unit agreement without holders' obligations. See "Description of Units of Wells Fargo & Company—Significant Provisions of the Unit Agreement" and "—Significant Provisions of the Unit Agreement Without Holders' Obligations." The applicable prospectus supplement will specify the following:

● whether the purchase contract obligates the holder to purchase or sell the purchase contract property;

● whether and when a purchase contract issued as part of a unit may be separated from the other securities or other property comprised by such unit prior to such purchase contract's settlement date;

● the methods by which the holders may purchase or sell the purchase contract property;

● any acceleration, cancellation or termination provisions or other provisions relating to the settlement of a purchase contract; and

● whether the purchase contracts will be issued in definitive or global form or in any combination of such forms, although, in any case, the form of the purchase contract included in a unit will correspond to the form of the unit and of any debt security or warrant included in that unit.

*Settlement of Purchase Contracts.* Where purchase contracts issued together with debt securities as part of a unit require the holders to buy purchase contract property, the unit agent may apply principal payments from such debt securities in satisfaction of the holders' obligations under the related purchase contract as specified in the applicable prospectus supplement. The unit agent will not so apply such principal payments if the holder has delivered cash to meet its obligations under the purchase contract. To settle the purchase contract and receive the purchase contract property, the holder must present and surrender the unit certificates at the office of the unit agent. If a holder settles its obligations under a purchase contract that is part of a unit in cash rather than by delivering the debt security that is part of the unit, that debt security will remain outstanding if the maturity extends beyond the relevant settlement date and, as more fully described in the applicable prospectus supplement, the holder will receive that debt security or an interest in the relevant global security.

<u>Pledge by Purchase Contract Holders to Secure Performance</u>. To secure the obligations of the purchase contract holders contained in the purchase contracts that are issued as part of a unit and in the unit agreement, the holders, acting through the unit agent, as their attorney-in-fact, will assign and pledge the items in the following sentence (the "<u>pledge</u>") to a bank or trust company selected by us, in its capacity as collateral agent, for our benefit. The pledge is a security interest in, and a lien upon and right of set-off against, all of the holders' right, title and interest in and to:

● any debt securities or other property that are or become part of units that include the purchase contracts, or other property as may be specified in the applicable prospectus supplement (the " <u>pledged items</u> ");

● all additions to and substitutions for the pledged items as may be permissible, if so specified in the applicable prospectus supplement;

● all income, proceeds and collections received or to be received, or derived or to be derived, at any time from or in connection with the pledged items described in the two clauses above; and

● all powers and rights owned or thereafter acquired under or with respect to the pledged items.

The pledge constitutes collateral security for the performance when due by each holder of its obligations under the unit agreement and the applicable purchase contract. The collateral agent will forward all payments from the pledged items to us, unless such payments have been released from the pledge in accordance with the unit agreement. We will use the payments received from the pledged items to satisfy the obligations of the holder of the unit under the related purchase contract.

*Property Held in Trust by Unit Agent.* If a holder fails to settle in cash its obligations under a purchase contract that is part of a unit and fails to present and surrender its unit certificate to the unit agent when required, that holder will not receive the purchase contract property. Instead, the unit agent will hold that holder's purchase contract property, together with any distributions, as the registered owner in trust for the benefit of the holder until the holder presents and surrenders the certificate or provides satisfactory evidence that the certificate has been destroyed, lost or stolen. We or the unit agent may require an indemnity from the holder for liabilities related to any destroyed, lost or stolen certificate. If the holder does not present the unit certificate, or provide the necessary evidence of destruction or loss and indemnity, on or before the second anniversary of the settlement date of the related purchase contract, the unit agent will pay to us the amounts it received in trust for that holder. Thereafter, the holder may recover those amounts only from us and not the unit agent. The unit agent will have no obligation to invest or to pay interest on any amounts it holds in trust pending distribution.

*Title.* We, the unit agent, the trustee, the warrant agent and any of our or their agents will treat the registered holder of any purchase contract as the owner, notwithstanding any notice to the contrary, for all purposes.

**Payment of Additional Amounts** 

Unless we specify otherwise in the applicable prospectus supplement, we will not pay any additional amounts on the purchase contracts offered thereby to compensate any beneficial owner for any United States tax withheld from payments on such purchase contracts.

**DESCRIPTION OF PURCHASE CONTRACTS OF WELLS FARGO FINANCE LLC**

In this "Description of Purchase Contracts of Wells Fargo Finance LLC" section, "<u>we</u>," "<u>us</u>" or "<u>our</u>" refer only to Wells Fargo Finance LLC and not to any of our affiliates, including Wells Fargo & Company; references to "<u>Guarantor</u>" refer only to Wells Fargo & Company and not to any of its subsidiaries or affiliates; and all references to "purchase contracts" refer only to purchase contracts issued by Wells Fargo Finance LLC and not to any purchase contracts issued by Wells Fargo & Company.

This section describes the general terms and provisions of our purchase contracts. A prospectus supplement will describe the specific terms of the purchase contracts offered through that prospectus supplement and any general terms outlined in this section that will not apply to those purchase contracts. References herein to terms and conditions of purchase contracts being provided in the "applicable prospectus supplement" may be provided in the applicable prospectus supplement, applicable product supplement, applicable pricing supplement and/or other supplement for such purchase contracts.

Any purchase contracts that we issue will contain, to the extent required, contractual provisions required to comply with the "Restrictions on Qualified Financial Contracts of Systemically Important U.S. Banking Organizations and the U.S. Operations of Systemically Important Foreign Banking Organizations; Revisions to the Definition of Qualifying Master Netting Agreement and Related Definitions" as issued by the FRB, the FDIC and the OCC and other applicable law.

**General**

We may issue purchase contracts, including purchase contracts issued as part of a unit with one or more warrants, debt securities issued by us or other securities of an entity affiliated or not affiliated with the Guarantor or any combination of these securities. The Guarantor will fully and unconditionally guarantee the full and punctual payment of amounts payable under the purchase contracts when the same becomes due and payable, whether at expiration, upon exercise, redemption or repurchase at the option of the holders of the applicable purchase contracts. The applicable prospectus supplement will describe the specific terms of the guarantee.

Such purchase contracts may be for the purchase or sale of:

● securities issued by an entity not affiliated with the Guarantor;

● currencies;

● commodities;

● other specified securities; or

● any combination of the above, including indices or baskets thereof.

This property in the above clauses is referred to in this "Description of Purchase Contracts of Wells Fargo Finance LLC" section as "<u>purchase contract property</u>."

Each purchase contract will obligate the holder to purchase or sell, and obligate us to sell or purchase, on specified dates, the purchase contract property at a specified price or prices, all as described in the applicable prospectus supplement. The applicable prospectus supplement will also specify the methods by which the holders may purchase or sell the purchase contract property and any acceleration, cancellation or termination provisions or other provisions relating to the settlement of a purchase contract. We will satisfy our obligations, if any, with respect to any purchase contracts by delivering the cash value of the purchase contract property, as described in the applicable prospectus supplement.

Although we anticipate making payments on most purchase contracts in U.S. dollars, payments on some purchase contracts may be in a foreign currency as specified in the applicable prospectus supplement. Currently,

few facilities exist in the United States to convert U.S. dollars into foreign currencies and vice versa. In addition, most United States banks do not offer non-U.S. dollar denominated checking or savings account facilities. Accordingly, unless alternative arrangements are made, we will make payments on purchase contracts that are payable in a foreign currency to an account at a bank outside the United States, which, in the case of a payment to be made in euros, will be made by credit or transfer to a euro account specified by the payee in a country for which the euro is the lawful currency.

**Pre-Paid Purchase Contracts**

Purchase contracts may require holders to satisfy their obligations under the purchase contracts at the time they are issued. In certain circumstances, our obligation to settle pre-paid purchase contracts on the relevant settlement date may constitute our senior indebtedness.

**Purchase Contracts Issued as Part of Units**

Purchase contracts issued as part of a unit will be governed by the terms and provisions of a unit agreement or, in the case of pre-paid purchase contracts issued as part of a unit that contains no other purchase contracts, a unit agreement without holders' obligations. See "Description of Units of Wells Fargo Finance LLC—Significant Provisions of the Unit Agreement" and "—Significant Provisions of the Unit Agreement Without Holders' Obligations." The applicable prospectus supplement will specify the following:

● whether the purchase contract obligates the holder to purchase or sell the purchase contract property;

● whether and when a purchase contract issued as part of a unit may be separated from the other securities or other property comprised by such unit prior to such purchase contract's settlement date;

● the methods by which the holders may purchase or sell the purchase contract property;

● any acceleration, cancellation or termination provisions or other provisions relating to the settlement of a purchase contract; and

● whether the purchase contracts will be issued in definitive or global form or in any combination of such forms, although, in any case, the form of the purchase contract included in a unit will correspond to the form of the unit and of any debt security or warrant included in that unit.

*Settlement of Purchase Contracts.* Where purchase contracts issued together with debt securities as part of a unit require the holders to buy purchase contract property, the unit agent may apply principal payments from such debt securities in satisfaction of the holders' obligations under the related purchase contract as specified in the applicable prospectus supplement. The unit agent will not so apply such principal payments if the holder has delivered cash to meet its obligations under the purchase contract. To settle the purchase contract and receive the purchase contract property, the holder must present and surrender the unit certificates at the office of the unit agent. If a holder settles its obligations under a purchase contract that is part of a unit in cash rather than by delivering the debt security that is part of the unit, that debt security will remain outstanding if the maturity extends beyond the relevant settlement date and, as more fully described in the applicable prospectus supplement, the holder will receive that debt security or an interest in the relevant global security.

*Pledge by Purchase Contract Holders to Secure Performance.* To secure the obligations of the purchase contract holders contained in the purchase contracts that are issued as part of a unit and in the unit agreement, the holders, acting through the unit agent, as their attorney-in-fact, will assign and pledge the items in the following sentence to a bank or trust company selected by us, in its capacity as collateral agent, for our benefit. The pledge is a security interest in, and a lien upon and right of set-off against, all of the holders' right, title and interest in and to:

● the pledged items;

● all additions to and substitutions for the pledged items as may be permissible, if so specified in the applicable prospectus supplement;

● all income, proceeds and collections received or to be received, or derived or to be derived, at any time from or in connection with the pledged items described in the two clauses above; and

● all powers and rights owned or thereafter acquired under or with respect to the pledged items.

The pledge constitutes collateral security for the performance when due by each holder of its obligations under the unit agreement and the applicable purchase contract. The collateral agent will forward all payments from the pledged items to us, unless such payments have been released from the pledge in accordance with the unit agreement. We will use the payments received from the pledged items to satisfy the obligations of the holder of the unit under the related purchase contract.

*Property Held in Trust by Unit Agent.* If a holder fails to settle in cash its obligations under a purchase contract that is part of a unit and fails to present and surrender its unit certificate to the unit agent when required, that holder will not receive the purchase contract property. Instead, the unit agent will hold that holder's purchase contract property, together with any distributions, as the registered owner in trust for the benefit of the holder until the holder presents and surrenders the certificate or provides satisfactory evidence that the certificate has been destroyed, lost or stolen. We or the unit agent may require an indemnity from the holder for liabilities related to any destroyed, lost or stolen certificate. If the holder does not present the unit certificate, or provide the necessary evidence of destruction or loss and indemnity, on or before the second anniversary of the settlement date of the related purchase contract, the unit agent will pay to us the amounts it received in trust for that holder. Thereafter, the holder may recover those amounts only from us and not the unit agent. The unit agent will have no obligation to invest or to pay interest on any amounts it holds in trust pending distribution.

*Title.* We, the Guarantor, the unit agent, the trustee, the warrant agent and any of our or their agents will treat the registered holder of any purchase contract as the owner, notwithstanding any notice to the contrary, for all purposes.

**Payment of Additional Amounts** 

Unless we specify otherwise in the applicable prospectus supplement, neither we nor the Guarantor will pay any additional amounts on the purchase contracts offered thereby to compensate any beneficial owner for any United States tax withheld from payments on such purchase contracts.

**PLAN OF DISTRIBUTION (CONFLICTS OF INTEREST)**

We are offering our securities and Wells Fargo Finance LLC is offering its securities fully and unconditionally guaranteed by us on a continuing basis through Wells Fargo Securities, LLC and through any additional agents named in the applicable pricing supplement (individually an "<u>agent</u>" and collectively the "<u>agents</u>") who have agreed to use their reasonable efforts to solicit purchases of the securities. We or Wells Fargo Finance LLC, as applicable, will have the sole right to accept offers to purchase the securities, and we or Wells Fargo Finance LLC, as applicable, may reject any offer in whole or in part. Each agent may reject, in whole or in part, any offer it solicited to purchase securities. We or Wells Fargo Finance LLC, as applicable, will pay an agent, in connection with sales of these securities resulting from a solicitation that such agent made or an offer to purchase that such agent received, a commission in an amount agreed upon at the time of sale. Such commission will be set forth in the applicable pricing supplement. The discount or commission that may be received by any member of FINRA for any sales of securities pursuant to this prospectus, together with the reimbursement of any counsel fees by us and/or Wells Fargo Finance LLC, will not exceed 8.00% of the initial gross proceeds from the sale of any securities being sold. Any agreement that we enter into with agents will contain, to the extent required, contractual provisions required to comply with the "Restrictions on Qualified Financial Contracts of Systemically Important U.S. Banking Organizations and the U.S. Operations of Systemically Important Foreign Banking Organizations; Revisions to the Definition of Qualifying Master Netting Agreement and Related Definitions" as issued by the FRB, the FDIC and the OCC and other applicable law.

Offers to purchase securities are being solicited, from time to time, by the agent. The agent has agreed to use its reasonable efforts to sell the securities. We and Wells Fargo Finance LLC may also sell the securities to an agent as principal for its own account at a discount to be agreed upon at the time of sale. Such discount will be set forth in the applicable pricing supplement. That agent may resell the securities to investors and other purchasers at a fixed offering price or at prevailing market prices, or prices related thereto at the time of resale or otherwise, as that agent determines and as we or Wells Fargo Finance LLC, as applicable, will specify in the applicable pricing supplement.

Unless the applicable pricing supplement states otherwise, any securities sold to agents as principal will be purchased at a price equal to 100% of the principal amount less the agreed upon discount. An agent may offer the securities it has purchased as principal to other dealers. The agent may sell the securities to any dealer at a discount and, unless otherwise specified in the applicable pricing supplement, the discount allowed to any other dealer will not be in excess of the discount that the agent will receive from us or Wells Fargo Finance LLC, as applicable. After the initial public offering of securities that an agent is to resell on a fixed public offering price basis, the agent may change the public offering price and discount.

We and Wells Fargo Finance LLC may arrange for securities to be sold through agents or may sell securities directly to investors on our or Wells Fargo Finance LLC's, as applicable, own behalf or through an affiliate. No commissions will be paid on securities sold directly by us or Wells Fargo Finance LLC. We or Wells Fargo Finance LLC, as applicable, may accept offers to purchase securities through additional agents and may appoint additional agents to solicit offers to purchase securities. Any other agents will be named in the applicable pricing supplement.

Wells Fargo Securities, LLC, one of our wholly-owned subsidiaries and an affiliate of Wells Fargo Finance LLC, will comply with Rule 5121 of the Conduct Rules of FINRA in connection with each placement of the securities in which it participates. If Wells Fargo Securities, LLC or one of our other wholly-owned subsidiaries or affiliated entities participates in a sale of the securities, such subsidiary or entity will not confirm sales to accounts over which they exercise discretionary authority without the prior specific written approval of the customer in accordance with Rule 5121.

Wells Fargo Securities, LLC, Wells Fargo Advisors (the trade name of the retail brokerage business of Wells Fargo Clearing Services, LLC and Wells Fargo Advisors Financial Network, LLC) or another of our and Wells Fargo Finance LLC's affiliates may use the applicable pricing supplement, the applicable prospectus supplement and any related product supplement and/or other supplement and this prospectus for offers and sales related to market-making transactions in the securities. Such entities may act as principal or agent in these transactions, and the sales will be made at prices related to prevailing market prices at the time of sale.

Each of the agents may be deemed to be an "underwriter" within the meaning of the Securities Act. We and Wells Fargo Finance LLC and the agents have agreed to indemnify each other against certain liabilities, including liabilities under the Securities Act, or to contribute to payments made in respect of those liabilities. We and Wells Fargo Finance LLC have also agreed to reimburse the agents for specified expenses.

We and Wells Fargo Finance LLC estimate that we and Wells Fargo Finance LLC will spend approximately $12,096,900 for legal fees, printing fees, trustee fees, CUSIP fees, rating agency fees and other expenses allocable to the offering, including, for securities linked to an index, a licensing fee payable to the sponsor of the index.

The original public offering price of an offering of securities will include the agent discount or commission indicated in the applicable pricing supplement, the offering expenses described in the preceding paragraph associated with that offering, the projected profit our or Wells Fargo Finance LLC's hedge counterparty expects to realize in consideration for assuming the risks inherent in hedging our or Wells Fargo Finance LLC's obligations under the securities and any other costs identified in the applicable pricing supplement. We and Wells Fargo Finance LLC expect to hedge our or Wells Fargo Finance LLC's, as applicable, obligations under the securities through affiliated or unaffiliated counterparties. Because hedging our and Wells Fargo Finance LLC's obligations entails risk and may be influenced by market forces beyond our or Wells Fargo Finance LLC's or our or Wells Fargo Finance LLC's counterparty's control, such hedging may result in a profit that is more or less than expected, or could result in a loss. The discount or commission, offering expenses, projected profit of our or Wells Fargo Finance LLC's hedge counterparty and any other costs identified in the applicable pricing supplement reduce the economic terms of the securities. In addition, the fact that the original offering price includes these items is expected to adversely affect the secondary market prices of the securities. These secondary market prices are also likely to be reduced by the cost of unwinding the related hedging transaction.

When we and Wells Fargo Finance LLC issue the securities offered by this prospectus, except for securities issued upon a reopening of an existing tranche or series of securities, they will be new securities without an established trading market. Unless otherwise provided in the applicable pricing supplement, neither we nor Wells Fargo Finance LLC intend to apply for the listing of the securities on any national securities exchange or automated quotation system. An agent may make a market for the securities, as applicable laws and regulations permit, but is not obligated to do so and may discontinue making a market in any or all of the securities at any time without notice. No assurance can be given as to the liquidity of any trading market for these securities.

When an agent acts as principal for its own account, to facilitate the offering of the securities, the agent may engage in transactions that stabilize, maintain or otherwise affect the price of the securities. Specifically, the agent may overallot in connection with any offering of the securities, creating a short position in the securities for its own account. In addition, to cover overallotments or to stabilize the price of the securities, the agent may bid for, and purchase, the securities in the open market. Finally, in any offering of the securities by an agent through dealers, the agent may reclaim selling concessions allowed to a dealer for distributing the securities in the offering if the agent repurchases previously distributed securities in stabilization transactions or otherwise. Any of these activities may stabilize or maintain the market price of the securities above independent market levels. The agents are not required to engage in these activities, and may end any of these activities at any time.

Purchasers of our and Wells Fargo Finance LLC's securities may be required to pay stamp taxes and other charges in accordance with the laws and practices of the country of purchase in addition to the original public offering price disclosed in the applicable pricing supplement.

Agents and their affiliates may be customers of, engage in transactions with, or perform services, including investment and/or commercial banking services, for us, Wells Fargo Finance LLC, our subsidiaries or Wells Fargo Finance LLC's affiliates in the ordinary course of their businesses. In connection with the distribution of the securities offered under this prospectus, we and Wells Fargo Finance LLC may enter into swap or other hedging transactions with, or arranged by, agents or their affiliates. These agents or their affiliates may receive compensation, trading gain or other benefits from these transactions.

Delivery of the securities will be made against payment therefor on or about the issue date specified in the applicable pricing supplement. As of the date of this prospectus, under Rule 15c6-1 of the Exchange Act, trades in the secondary market generally are required to settle in two business days after the date the securities are priced ("<u>T+2</u>"), unless the parties to any such trade expressly agree otherwise. Accordingly, if the applicable pricing supplement specifies that the issue date is more than two business days after the date on which the securities are priced, purchasers who wish to trade such securities at any time prior to the second business day preceding the issue date will be required, by virtue of the fact that the securities will not settle in T+2, to specify an alternative settlement cycle at the time of any such trade to prevent a failed settlement; such purchasers should also consult their own advisors in this regard. In February 2023, Rule 15c6-1 was amended to require trades in the secondary market to settle in one business day after the date the securities are priced ("<u>T+1</u>"), effective May 28, 2024. Therefore, for any securities offered under this prospectus on or after the May 28, 2024 effective date, the same process described in this paragraph will apply and purchasers who wish to trade such securities at any time prior to the first business day preceding the issue date will be required to specify an alternative settlement cycle as described in this paragraph.

Each agent will agree that it will, to the best of its knowledge and belief, comply with all applicable securities laws and regulations in force in any jurisdiction in which it purchases, offers, sells or delivers our and Wells Fargo Finance LLC's securities or possesses or distributes this prospectus or any other offering material and will obtain any required consent, approval or permission for its purchase, offer, sale or delivery of such securities under the laws and regulations in force in any jurisdiction to which it is subject or in which it makes purchases, offers, sales or deliveries. Neither we nor Wells Fargo Finance LLC will have any responsibility for an agent's compliance with applicable securities laws.

In addition to the above, we may sell our securities and Wells Fargo Finance LLC may sell its securities fully and unconditionally guaranteed by us through other agents, underwriters or dealers or directly to one or more purchasers. In this case, the applicable prospectus supplement or pricing supplement will include additional information with respect to the plan of distribution, including the terms of the offering.

**LEGAL OPINIONS**

Faegre Drinker Biddle & Reath LLP will issue opinions regarding the legality of the securities offered by this prospectus. The validity of certain of the securities will be passed upon for Wells Fargo & Company and Wells Fargo Finance LLC by Davis Polk & Wardwell LLP, as special counsel. Mary E. Schaffner, who is our Senior Company Counsel, or another of our lawyers, will issue an opinion to the underwriters or agents on certain matters related to the securities. Ms. Schaffner owns, or has the right to acquire, a number of shares of our common stock which represents less than 0.1% of the total outstanding common stock. Unless otherwise provided in the applicable prospectus supplement, certain legal matters will be passed upon for any underwriters or agents by Davis Polk & Wardwell LLP. Davis Polk & Wardwell LLP also represents Wells Fargo & Company and certain of its subsidiaries in other legal matters. Ms. Schaffner may rely on Davis Polk & Wardwell LLP as to matters of New York law. The opinions of Faegre Drinker Biddle & Reath LLP, Davis Polk & Wardwell LLP and Ms. Schaffner will be conditioned upon, and subject to certain assumptions regarding, future action that Wells Fargo & Company, Wells Fargo Finance LLC and the trustee, as applicable, are required to take in connection with the issuance and sale of any particular security, the specific terms of the securities and other matters which may affect the validity of the securities but which cannot be ascertained on the date of such opinions.

**EXPERTS**

The consolidated financial statements of Wells Fargo & Company and Subsidiaries as of December 31, 2022 and 2021, and for each of the years in the three-year period ended December 31, 2022, and management's assessment of the effectiveness of internal control over financial reporting as of December 31, 2022 have been incorporated by reference herein in reliance upon the reports of KPMG LLP, independent registered public accounting firm, incorporated by reference herein, and upon the authority of said firm as experts in accounting and auditing.

**PART II** 

**INFORMATION NOT REQUIRED IN PROSPECTUS** 

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| | |
|:---|:---|
| **ITEM** | **14. OTHER EXPENSES OF ISSUANCE AND DISTRIBUTION** |

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The following is an estimate, subject to future contingencies, of the expenses to be incurred in connection with the issuance and distribution of the securities being registered.

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| | |
|:---|:---|
| Registration Fee | $1046900 |
| Legal Fees and Expenses\* | 7500000 |
| Trustee Fees and Expenses\* | 2500000 |
| Accounting Fees and Expenses\* | 450000 |
| Blue Sky and Legal Investment Fees and Expenses\* | 100000 |
| Printing and Engraving Fees\* | 150000 |
| Rating Agency Fees\* | 200000 |
| Listing Fees\* | 100000 |
| Miscellaneous\* | 50000 |
| Total\* | $12096900 |

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\*Estimated pursuant to instruction to Item 511 of Regulation S-K.

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| | |
|:---|:---|
| **ITEM** | **15. INDEMNIFICATION OF DIRECTORS AND OFFICERS** |

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***Wells Fargo & Company***

Section 145 of the Delaware General Corporation Law authorizes indemnification of directors and officers of a Delaware corporation under certain circumstances against expenses, judgments and the like in connection with litigation. Article Fourteenth of the restated certificate of incorporation of Wells Fargo & Company, as amended, provides for broad indemnification of directors and officers. Wells Fargo & Company also maintains insurance coverage relating to certain liabilities of directors and officers.

Pursuant to the terms of forms of underwriting or distribution agreements filed or to be filed in connection with this Registration Statement, the directors and officers of Wells Fargo & Company will be indemnified against certain civil liabilities that they may incur under the Securities Act of 1933, as amended (the "<u>Securities Act of 1933</u>"), in connection with this Registration Statement and the related prospectus and applicable prospectus supplement.

***Wells Fargo Finance LLC***

Section 18-108 of the Delaware Limited Liability Company Act authorizes indemnification of members, managers or other persons under certain circumstances against all claims and demands. Section 11.4 of the limited liability company agreement of Wells Fargo Finance LLC provides for broad indemnification of members, directors and officers. Wells Fargo Finance LLC also maintains insurance coverage relating to certain liabilities of directors and officers.

Pursuant to the terms of forms of underwriting or distribution agreements filed or to be filed in connection with this Registration Statement, the directors and officers of Wells Fargo Finance LLC will be indemnified against certain civil liabilities that they may incur under the Securities Act of 1933 in connection with this Registration Statement and the related prospectus and applicable prospectus supplement.

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| | |
|:---|:---|
| **ITEM** | **16. EXHIBITS** |

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The exhibits to this Registration Statement are listed on the Exhibit Index to this Registration Statement, which Exhibit Index is hereby incorporated herein by reference.

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| | |
|:---|:---|
| **ITEM** | **17. UNDERTAKINGS** |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Each of the undersigned Registrants hereby undertakes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) To file, during any period in which offers or sales are being made, a post-effective amendment to this Registration Statement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) to include any prospectus required by Section 10(a)(3) of the Securities Act of 1933;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) to reflect in the prospectus any facts or events arising after the effective date of the Registration Statement (or the most recent post-effective amendment thereof) which, individually or in the aggregate, represent a fundamental change in the information set forth in the Registration Statement. Notwithstanding the foregoing, any increase or decrease in volume of securities offered (if the total dollar value of securities offered would not exceed that which was registered) and any deviation from the low or high end of the estimated maximum offering range may be reflected in the form of prospectus filed with the Commission pursuant to Rule 424(b) if, in the aggregate, the changes in volume and price represent no more than a 20% change in the maximum aggregate offering price set forth in the "Calculation of Filing Fee Table" in an exhibit to the effective Registration Statement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) to include any material information with respect to the plan of distribution not previously disclosed in the Registration Statement or any material change to such information in the Registration Statement;

*provided, however*, that paragraphs (a)(1)(i), (a)(1)(ii) and (a)(1)(iii) do not apply if the information required to be included in a post-effective amendment by those paragraphs is contained in reports filed with or furnished to the Commission by Wells Fargo & Company pursuant to Section 13 or Section 15(d) of the Securities Exchange Act of 1934 that are incorporated by reference in the Registration Statement, or is contained in a form of prospectus filed pursuant to Rule 424(b) that is part of the Registration Statement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) That, for the purpose of determining any liability under the Securities Act of 1933, each such post-effective amendment shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial *bona fide* offering thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) To remove from registration by means of a post-effective amendment any of the securities being registered which remain unsold at the termination of the offering.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) That, for the purpose of determining liability under the Securities Act of 1933 to any purchaser:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Each prospectus filed by a Registrant pursuant to Rule 424(b)(3) shall be deemed to be part of the Registration Statement as of the date the filed prospectus was deemed part of and included in the Registration Statement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Each prospectus required to be filed pursuant to Rule 424(b)(2), (b)(5), or (b)(7) as part of a Registration Statement in reliance on Rule 430B relating to an offering made pursuant to Rule 415(a)(1)(i), (vii), or (x) for the purpose of providing the information required by Section 10(a) of the Securities Act of 1933 shall be deemed to be part of and included in the Registration Statement as of the earlier of the date such form of prospectus is first used after

effectiveness or the date of the first contract of sale of securities in the offering described in the prospectus. As provided in Rule 430B, for liability purposes of the issuer and any person that is at that date an underwriter, such date shall be deemed to be a new effective date of the Registration Statement relating to the securities in the Registration Statement to which that prospectus relates, and the offering of such securities at that time shall be deemed to be the initial *bona fide* offering thereof. *Provided, however*, that no statement made in a Registration Statement or prospectus that is part of the Registration Statement or made in a document incorporated or deemed incorporated by reference into the Registration Statement or prospectus that is part of the Registration Statement will, as to a purchaser with a time of contract of sale prior to such effective date, supersede or modify any statement that was made in the Registration Statement or prospectus that was part of the Registration Statement or made in any such document immediately prior to such effective date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) That, for the purpose of determining liability of a Registrant under the Securities Act of 1933 to any purchaser in the initial distribution of the securities:

Each of the undersigned Registrants undertakes that in a primary offering of securities of such undersigned Registrant pursuant to this Registration Statement, regardless of the underwriting method used to sell the securities to the purchaser, if the securities are offered or sold to such purchaser by means of any of the following communications, such undersigned Registrant will be a seller to the purchaser and will be considered to offer or sell such securities to such purchaser:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Any preliminary prospectus or prospectus of such undersigned Registrant relating to the offering required to be filed pursuant to Rule 424;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Any free writing prospectus relating to the offering prepared by or on behalf of such undersigned Registrant or used or referred to by such undersigned Registrant;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) The portion of any other free writing prospectus relating to the offering containing material information about such undersigned Registrant or its securities provided by or on behalf of such undersigned Registrant; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Any other communication that is an offer in the offering made by such undersigned Registrant to the purchaser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Each of the undersigned Registrant hereby undertakes that, for purposes of determining any liability under the Securities Act of 1933, each filing of the Wells Fargo & Company annual report pursuant to Section 13(a) or Section 15(d) of the Securities Exchange Act of 1934 that is incorporated by reference in the Registration Statement shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial *bona fide* offering thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Insofar as indemnification for liabilities arising under the Securities Act of 1933 may be permitted to directors, officers and controlling persons of a Registrant pursuant to the foregoing provisions, or otherwise, such Registrant has been advised that in the opinion of the Securities and Exchange Commission such indemnification is against public policy as expressed in the Securities Act of 1933 and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by such Registrant of expenses incurred or paid by a director, officer or controlling person of such Registrant in the successful defense of any action, suit or proceeding) is asserted by such director, officer, or controlling person in connection with the securities being registered, such Registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed in the Securities Act of 1933 and will be governed by the final adjudication of such issue.

**EXHIBIT INDEX** 

---

| | | |
|:---|:---|:---|
| **Number**  | **Description**  | **Form of**<br> **Filing**  |
| 1(a) | Form of Underwriting Agreement for Debt Securities of Wells Fargo & Company.\* |  |
| 1(b) | Form of Distribution Agreement for Medium-Term Notes of Wells Fargo & Company.\* |  |
| 1(c) | Form of Underwriting Agreement for Debt Securities of Wells Fargo Finance LLC.\* |  |
| 1(d) | Form of Distribution Agreement for Medium-Term Notes of Wells Fargo Finance LLC.\* |  |
| 4(a) | [Restated Certificate of Incorporation of Wells Fargo (incorporated by reference to Exhibit 3(a) to Wells Fargo's Annual Report on Form 10-K for the year ended December 31, 2022 filed February 21, 2023).](http://www.sec.gov/Archives/edgar/data/72971/000007297122000205/wfc-0930x2022xex3a.htm) |  |
| 4(b) | [By-Laws of Wells Fargo & Company (incorporated by reference to Exhibit 3.1 to Wells Fargo & Company's Current Report on Form 8-K filed March 1, 2018).](http://www.sec.gov/Archives/edgar/data/72971/000119312518065628/d510979dex31.htm) |  |
| 4(c) | [Certificate of Formation of Wells Fargo Finance LLC dated March 22, 2018 (incorporated by reference to Exhibit 4(c) to Post-Effective Amendment No. 1 to the Registration Statement on Form S-3 (Registration Nos. 333-221324 and 333-221324-01) dated April 27, 2018).](http://www.sec.gov/Archives/edgar/data/72971/000119312518136844/d576206dex4c.htm) |  |
| 4(d) | [Limited Liability Company Agreement of Wells Fargo Finance LLC dated April 19, 2018 (incorporated by reference to Exhibit 4(d) to Pre-Effective Amendment No. 1 to the Registration Statement on Form S-3 (Registration Nos. 333-239017 and 333-239017-01) dated July 17, 2020).](http://www.sec.gov/Archives/edgar/data/72971/000138713120005529/ex4-d.htm) |  |
| 4(e) | [Senior Indenture dated as of February 21, 2017 between Wells Fargo & Company and Citibank, N.A. (incorporated by reference to Exhibit 4(e) to Wells Fargo's Registration Statement on Form S-3 (Registration No. 333-216234) dated February 24, 2017).](http://www.sec.gov/Archives/edgar/data/72971/000119312517056383/d343525dex4e.htm) |  |
| 4(f) | Form of Senior Notes of Wells Fargo & Company.\* |  |
| 4(g) | [Form of Medium-Term Notes, Series T, Fixed Rate Note (incorporated by reference to Exhibit 4.1 to Wells Fargo & Company's Current Report on Form 8-K filed November 25, 2020).](http://www.sec.gov/Archives/edgar/data/72971/000138713120010368/ex4-1.htm) |  |
| 4(h) | [Form of Medium-Term Notes, Series T, Step-Up Callable Note (incorporated by reference to Exhibit 4.2 to Wells Fargo & Company's Current Report on Form 8-K filed November 25, 2020).](http://www.sec.gov/Archives/edgar/data/72971/000138713120010368/ex4-2.htm) |  |
| 4(i) | Forms of additional Registered Senior Medium-Term Notes of Wells Fargo & Company.\* |  |
| 4(j) | [Senior Indenture dated as of April 25, 2018 among Wells Fargo Finance LLC, as issuer, Wells Fargo & Company, as guarantor, and Citibank, N.A., as trustee (incorporated by reference to Exhibit 4(h) to Post-Effective Amendment No. 1 to the Registration Statement on Form S-3 (Registration Nos. 333-221324 and 333-221324-01) dated April 27, 2018).](http://www.sec.gov/Archives/edgar/data/72971/000119312518136844/d576206dex4h.htm) |  |
| 4(k) | Form of Senior Notes of Wells Fargo Finance LLC.\* |  |
| 4(l) | Forms of Registered Senior Medium-Term Notes of Wells Fargo Finance LLC.\* |  |

---

---

| | | |
|:---|:---|:---|
| **Number**  | **Description**  | **Form of**<br> **Filing**  |
|  | Wells Fargo & Company and certain of its consolidated subsidiaries have outstanding certain long-term debt. No individual series of such debt exceeds 10% of the total assets of Wells Fargo & Company and its consolidated subsidiaries. Copies of instruments with respect to long-term debt will be furnished to the Commission upon request. |  |
| 4(m) | Form of Warrant Agreement for Wells Fargo & Company, including form of Warrant Certificate.\* |  |
| 4(n) | Form of Warrant Agreement for Wells Fargo Finance LLC, including form of Warrant Certificate.\* |  |
| 4(o) | Form of Unit Agreement for Wells Fargo & Company, including form of Unit Certificate.\* |  |
| 4(p) | Form of Unit Agreement for Wells Fargo Finance LLC, including form of Unit Certificate.\* |  |
| 4(q) | Form of Purchase Contract for Wells Fargo & Company.\* |  |
| 4(r) | Form of Purchase Contract for Wells Fargo Finance LLC.\* |  |
| 5(a) | [Opinion of Faegre Drinker Biddle & Reath LLP regarding Wells Fargo & Company.](ex5-a.htm) | Electronic Transmission |
| 5(b) | [Opinion of Faegre Drinker Biddle & Reath LLP regarding Wells Fargo Finance LLC.](ex5-b.htm) | Electronic Transmission |
| 5(c) | [Opinion of Davis Polk & Wardwell LLP, special counsel to Wells Fargo & Company and Wells Fargo Finance LLC.](ex5-c.htm) | Electronic Transmission |
| 22(a) | [Subsidiary Issuer of Guaranteed Securities.](ex22-a.htm) | Electronic Transmission |
| 23(a) | [Consent of Faegre Drinker Biddle & Reath LLP (included as part of Exhibit 5(a)).](ex5-a.htm) |  |
| 23(b) | [Consent of Faegre Drinker Biddle & Reath LLP (included as part of Exhibit 5(b)).](ex5-b.htm) |  |
| 23(c) | [Consent of Davis Polk & Wardwell LLP, special counsel to Wells Fargo & Company and Wells Fargo Finance LLC (included as part of Exhibit 5(c)).](ex5-c.htm) |  |
| 23(d) | [Consent of Independent Registered Public Accounting Firm.](ex23-d.htm) | Electronic Transmission |
| 23(e) | [Consent of Davis Polk & Wardwell LLP, special tax counsel to Wells Fargo & Company and Wells Fargo Finance LLC.](ex23-e.htm) | Electronic Transmission |
| 24(a) | [Powers of Attorney of Wells Fargo & Company.](ex24-a.htm) | Electronic Transmission |
| 24(b) | [Powers of Attorney of Wells Fargo Finance LLC.](ex24-b.htm) | Electronic Transmission |
| 25(a) | [Statement of Eligibility of Citibank, N.A, as trustee under the Senior Indenture dated as of February 21, 2017 between Wells Fargo & Company and Citibank, N.A.](ex25-a.htm) | Electronic Transmission |
| 25(b) | [Statement of Eligibility of Citibank, N.A., as trustee under the Senior Indenture dated as of April 25, 2018 among Wells Fargo Finance LLC, as issuer, Wells Fargo & Company, as guarantor, and Citibank, N.A., as trustee.](ex25-b.htm) | Electronic Transmission |
| 107 | [Filing Fee Table.](ex107.htm) | Electronic Transmission  |

---

\* To be filed as an exhibit to a Current Report on Form 8-K and incorporated herein by reference or by a post-effective amendment to this Registration Statement.

**SIGNATURES** 

**Pursuant to the requirements of the Securities Act of 1933, Wells Fargo & Company certifies that it has reasonable grounds to believe that it meets all of the requirements for filing on Form S-3 and has duly caused this Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of New York, State of New York, on March 14, 2023.** 

---

| | |
|:---|:---|
| WELLS FARGO & COMPANY | WELLS FARGO & COMPANY |
| By: | /s/ Charles W. Scharf |
|  | Charles W. Scharf |
|  | President and Chief Executive Officer |

---

**Pursuant to the requirements of the Securities Act of 1933, this Registration Statement has been signed on March 14, 2023 by the following persons in the capacities with Wells Fargo & Company indicated:** 

---

| | |
|:---|:---|
| /s/ Charles W. Scharf | President and Chief Executive Officer |
| Charles W. Scharf | (Principal Executive Officer) |
| /s/ Michael P. Santomassimo | Senior Executive Vice President and Chief Financial Officer |
| Michael P. Santomassimo | (Principal Financial Officer) |
| /s/ Muneera S. Carr | Executive Vice President, Chief Accounting Officer and Controller |
| Muneera S. Carr | (Principal Accounting Officer) |

---

---

| | |
|:---|:---|
| Steven D. Black |  |
| Mark A. Chancy |  |
| Celeste A. Clark |  |
| Theodore F. Craver, Jr. |  |
| Richard K. Davis |  |
| Wayne M. Hewett | A majority of the Board of Directors of Wells Fargo & Company\* |
| CeCelia G. Morken <br> Maria R. Morris <br> Felicia F. Norwood  |  |
| Richard B. Payne, Jr. |  |
| Ronald L. Sargent |  |
| Charles W. Scharf <br> Suzanne M. Vautrinot  |  |

---

\*Charles W. Scharf, by signing his name hereto, does hereby sign this document on behalf of each of the directors named above pursuant to powers of attorney duly executed by the directors named and filed with the Securities and Exchange Commission on behalf of such directors.

---

| |
|:---|
| /s/ Charles W. Scharf |
| Charles W. Scharf, Attorney-in-Fact |

---

**SIGNATURES** 

**Pursuant to the requirements of the Securities Act of 1933, Wells Fargo Finance LLC certifies that it has reasonable grounds to believe that it meets all of the requirements for filing on Form S-3 and has duly caused this Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of New York, State of New York, on March 14, 2023.**

---

| | |
|:---|:---|
| WELLS FARGO FINANCE LLC | WELLS FARGO FINANCE LLC |
| By: | /s/ Mark Kohn |
|  | Mark Kohn |
|  | President and Chief Executive Officer |

---

**Pursuant to the requirements of the Securities Act of 1933, this Registration Statement has been signed on March 14, 2023 by the following persons in the capacities with Wells Fargo Finance LLC indicated:** 

---

| | |
|:---|:---|
| /s/ Mark Kohn |  |
| Mark Kohn | Chief Executive Officer |
|  | (Principal Executive Officer) |
| /s/ James Gnall |  |
| James Gnall | Chief Financial Officer |
|  | (Principal Financial Officer) |
| /s/ Samuel Chimera |  |
| Samuel Chimera | Chief Accounting Officer |
|  | (Principal Accounting Officer) |

---

Benjamin Bonner) <br> Darren Langis) All of the Board of Directors of <br> Bryant Owens) Wells Fargo Finance LLC\*

\*Mark Kohn, by signing his name hereto, does hereby sign this document on behalf of each of the directors named above pursuant to powers of attorney duly executed by the directors named and filed with the Securities and Exchange Commission on behalf of such directors.

---

| |
|:---|
| /s/ Mark Kohn |
| Mark Kohn, Attorney-in-Fact |

---

## Ex-5.(A)

[WELLS FARGO & COMPANY S-3](wf-s3_031423.htm)

**Exhibit 5(a)**

**Faegre Drinker Biddle & Reath LLP**

2200 Wells Fargo Center ▼ 90 South Seventh Street

Minneapolis ▼ Minnesota 55402-3901

**Phone +1 612 766 7000**

**Fax +1 612 766 1600**

March 14, 2023

Wells Fargo & Company

420 Montgomery Street

San Francisco, California 94104

Ladies and Gentlemen:

We have acted as counsel for Wells Fargo & Company, a Delaware corporation (the "Company"), in connection with the preparation of a Registration Statement on Form S-3 (the "Registration Statement") of the Company and Wells Fargo Finance LLC, a Delaware limited liability company and a direct wholly-owned subsidiary of the Company ("Wells Fargo Finance"), filed with the Securities and Exchange Commission (the "Commission") under the Securities Act of 1933, as amended (the "Securities Act"), relating to the proposed offer and sale by the Company from time to time of the following securities:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) unsecured unsubordinated debt securities of the Company in a form to be filed and incorporated by reference into the Registration Statement, with appropriate insertions (the "Debt Securities");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) warrants of the Company for the purchase or sale of (1) securities issued by the Company or by an entity affiliated or not affiliated with the Company, a basket of such securities or an index or indices of such securities, (2) currencies, (3) any other property, or (4) any combination of the foregoing, in each case in a form to be filed and incorporated by reference into the Registration Statement, with appropriate insertions (the "Warrants");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) purchase contracts of the Company for the purchase or sale of (1) securities issued by the Company or by an entity affiliated or not affiliated with the Company, a basket of such securities or an index or indices of such securities, (2) currencies, (3) commodities, (4) exchange-traded funds, (5) any other property, or (6) any combination of the foregoing, in each case in a form to be filed and incorporated by reference into the Registration Statement, with appropriate insertions (the "Purchase Contracts");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) units of the Company consisting of any combination of Warrants, Purchase Contracts, Debt Securities issued by the Company or other securities of an entity affiliated or not affiliated with the Company or other property in a form to be filed and incorporated by reference

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March 14, 2023

into the Registration Statement, with appropriate insertions (the "Units", and together with the Debt Securities, the Warrants and the Purchase Contracts, the "Company Securities"); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) guarantees by the Company of the following securities of Wells Fargo Finance:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) unsecured unsubordinated debt securities of Wells Fargo Finance (the "Wells Fargo Finance Debt Securities") in a form to be filed and incorporated by reference into the Registration Statement, with appropriate insertions (the "Debt Security Guarantees");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) warrants of Wells Fargo Finance for the purchase or sale of (1) securities issued by an entity not affiliated with the Company, (2) currencies, (3) other specified securities, or (4) any combination of the foregoing, including indices or baskets thereof (the "Wells Fargo Finance Warrants"), in each case in a form to be filed and incorporated by reference into the Registration Statement, with appropriate insertions (the "Warrant Guarantees");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) purchase contracts of Wells Fargo Finance (the "Wells Fargo Finance Purchase Contracts") for the purchase or sale of (1) securities issued by an entity not affiliated with the Company, (2) currencies, (3) commodities, (4) other specified securities, or (5) any combination of the foregoing, including indices or baskets thereof, in each case in a form to be filed and incorporated by reference into the Registration Statement, with appropriate insertions (the "Purchase Contract Guarantees"); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) units consisting of any combination of Wells Fargo Finance Debt Securities, Wells Fargo Finance Warrants, Wells Fargo Finance Purchase Contracts or other securities of an entity affiliated or not affiliated with the Company (the "Wells Fargo Finance Units" and, together with the Wells Fargo Finance Debt Securities, the Wells Fargo Finance Warrants and the Wells Fargo Finance Purchase Contracts, the "Wells Fargo Finance Securities") in a form to be filed and incorporated by reference into the Registration Statement, with appropriate insertions (the "Unit Guarantees", and together with the Debt Security Guarantees, the Warrant Guarantees and the Purchase Contract Guarantees, the "Guarantees" and the Guarantees, together with the Company Securities, the "Securities").

The Securities may be offered separately or together with other Securities, in separate series, in amounts, at prices, and on terms to be set forth in the prospectus and one or more supplements to the prospectus (collectively, the "Prospectus") constituting a part of the Registration Statement, and in the Registration Statement.

The Debt Securities are to be issued under the indenture filed as Exhibit 4(e) to the Registration Statement entered into by the Company and Citibank, N.A., as trustee (the "Indenture").

The Warrants are to be issued under one or more warrant agreements in a form to be filed and incorporated into the Registration Statement, with appropriate insertions (the "Warrant

Wells Fargo & Company

March 14, 2023

Agreements"), to be entered into by the Company and warrant agents to be named by the Company.

The Purchase Contracts are to be issued under one or more purchase contract agreements in a form to be filed and incorporated into the Registration Statement, with appropriate insertions (the "Purchase Contract Agreements"), to be entered into by the Company and purchase contract agents to be named by the Company.

The Units are to be issued under one or more unit agreements in a form to be filed and incorporated by reference into the Registration Statement, with appropriate insertions (the "Unit Agreements"), to be entered into by the Company and unit agents to be named by the Company.

The Debt Security Guarantees are to be issued under the indenture filed as Exhibit 4(h) to the Registration Statement entered into by Wells Fargo Finance, the Company and Citibank, N.A., as trustee (the "Wells Fargo Finance Indenture").

The Warrant Guarantees are to be issued under one or more warrant agreements in a form to be filed and incorporated by reference into the Registration Statement, with appropriate insertions (the "Wells Fargo Finance Warrant Agreements"), to be entered into by Wells Fargo Finance, the Company and the warrants agents to be named by Wells Fargo Finance.

The Purchase Contract Guarantees are to be issued under one or more purchase contract agreements in a form to be filed and incorporated by reference into the Registration Statement, with appropriate insertions (the "Wells Fargo Finance Purchase Contracts"), to be entered into by Wells Fargo Finance, the Company and the purchase contract agents to be named by Wells Fargo Finance.

The Unit Guarantees are to be issued under one or more unit agreements in a form to be filed and incorporated by reference into the Registration Statement, with appropriate insertions (the "Wells Fargo Finance Unit Agreements"), to be entered into by Wells Fargo Finance, the Company and the unit agents to be named by Wells Fargo Finance.

The Indenture, the Warrant Agreements, the Purchase Contract Agreements, the Unit Agreements, the Wells Fargo Finance Indenture, the Wells Fargo Finance Warrant Agreements, the Wells Fargo Finance Purchase Contract Agreements and the Wells Fargo Finance Unit Agreements are sometimes referred to herein collectively as the "Governing Documents."

Certain terms of the Securities to be issued by the Company from time to time will be approved by the Board of Directors of the Company or a committee thereof or certain authorized officers of the Company as part of the corporate action taken and to be taken (the "Corporate Proceedings") in connection with issuance of the Securities. We have examined or are otherwise familiar with the Certificate of Incorporation of the Company, as amended through the date hereof (the "Certificate of Incorporation"), the By-Laws of the Company, as amended through the date hereof (the "By-Laws"), the Registration Statement, such of the Corporate Proceedings

Wells Fargo & Company

March 14, 2023

that have occurred as of the date hereof, and such other documents, records, and instruments as we have deemed necessary or appropriate for the purposes of this opinion.

Based upon the foregoing, and subject to the qualifications, assumptions and limitations stated herein, we are of the opinion that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. With respect to any Debt Securities, upon (a) the completion of all required Corporate Proceedings, (b) the due execution, authentication and delivery of such Debt Securities, and (c) in the case of Debt Securities issuable upon conversion, exercise or settlement of another Security, the issuance of such Debt Securities upon conversion, exercise or settlement of such other Security in accordance with the terms of such other Security or any instrument governing such other Security providing for such conversion, exercise or settlement as approved by the Corporate Proceedings, such Debt Securities will constitute valid and binding obligations of the Company enforceable against the Company in accordance with their terms. The Indenture is a valid and binding obligation of the Company enforceable against the Company in accordance with its terms.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. With respect to any Warrants, upon (a) the completion of all required Corporate Proceedings, (b) the due authorization, execution and delivery of the related Warrant Agreement, and (c) the due execution, countersignature and delivery of such Warrants, such Warrants will constitute valid and binding obligations of the Company enforceable against the Company in accordance with their terms.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. With respect to any Purchase Contracts, upon (a) the completion of all required Corporate Proceedings and (b) the due authorization, execution and delivery of the related Purchase Contract Agreement, such Purchase Contracts will constitute valid and binding obligations of the Company enforceable against the Company in accordance with their terms.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. With respect to any Units, upon (a) the completion of all required Corporate Proceedings, (b) the due authorization, execution and delivery of the related Unit Agreement, (c) if the Units are to be evidenced by certificates, the due execution, registration of issuance and delivery of unit certificates evidencing such Units pursuant to such Unit Agreement, and (d) completion of all actions in respect of the Securities constituting a component of such Units referred to in the applicable numbered paragraphs hereof, such Unit Agreement will constitute a valid and binding obligation of the Company enforceable against the Company in accordance with its terms and any certificates evidencing such Units will entitle the holders thereof to the rights specified in such Unit Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. With respect to any Debt Security Guarantee, upon (a) the completion of all required Corporate Proceedings, (b) the due authorization, execution, authentication and delivery of the related Wells Fargo Finance Debt Securities, and (c) in the case of a Debt Security Guarantee of Wells Fargo Finance Debt Securities issuable upon exercise or settlement of another Wells Fargo Finance security, the issuance of such Wells Fargo Finance Debt Securities upon exercise or settlement of such other security in accordance with the terms of such other

Wells Fargo & Company

March 14, 2023

security or any instrument governing such other security providing for such exercise or settlement as approved by the corporate proceedings of Wells Fargo Finance, such Debt Security Guarantee will constitute a valid and binding obligation of the Company enforceable against the Company in accordance with its terms. The Wells Fargo Finance Indenture is a valid and binding obligation of the Company enforceable against the Company in accordance with its terms.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. With respect to any Warrant Guarantee, upon (a) the completion of all required Corporate Proceedings, (b) the due authorization, execution and delivery of the related Wells Fargo Finance Warrant Agreement, and (c) the due execution, countersignature and delivery of the related Wells Fargo Finance Warrants, such Warrant Guarantee will constitute a valid and binding obligation of the Company enforceable against the Company in accordance with its terms.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. With respect to any Purchase Contract Guarantee, upon (a) the completion of all required Corporate Proceedings, and (b) the due authorization, execution and delivery of the related Wells Fargo Finance Purchase Contract Agreement, such Purchase Contract Guarantee will constitute a valid and binding obligation of the Company enforceable against the Company in accordance with its terms.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. With respect to any Unit Guarantee, upon (a) the completion of all required Corporate Proceedings, (b) the due authorization, execution and delivery of the related Wells Fargo Finance Unit Agreement, (c) if the Wells Fargo Finance Units are to be evidenced by certificates, the due execution, registration of issuance and delivery of unit certificates evidencing such Wells Fargo Finance Units pursuant to such Wells Fargo Finance Unit Agreement, and (d) completion of all actions in respect of the Wells Fargo Finance Securities constituting a component of such Wells Fargo Finance Units referred to in the applicable numbered paragraphs hereof, such Unit Guarantee will constitute a valid and binding obligation of the Company enforceable against the Company in accordance with its terms.

The foregoing opinions as to the legality, validity, binding effect and enforceability of provisions of such instruments and agreements are subject to (i) applicable bankruptcy, reorganization, insolvency, moratorium, fraudulent transfer, voidable transactions, fraudulent conveyance, receivership or other laws of general application affecting creditors' rights, (ii) general equity principles, including, without limitation, concepts of materiality, reasonableness, good faith, fair dealing and the possible unavailability of specific performance, injunctive relief or other equitable remedies (regardless of whether enforceability is considered in a proceeding in equity or at law), (iii) public policy considerations that may limit the rights of parties to obtain specific remedies or enforce specific terms, and (iv) governmental authority to limit, delay or prohibit the making of payments outside of the United States.

With respect to the foregoing opinions in paragraphs (5), (6), (7) and (8) above, we hereby advise you that (i) in the absence of an effective waiver or consent, a guarantor or other accommodation party may be discharged from its guaranty, accommodation security or other

Wells Fargo & Company

March 14, 2023

support to the extent the supported obligations are modified or other action or inaction by a creditor increases the scope of the accommodation party's risk or otherwise detrimentally affects its interests (such as by impairing the value of collateral securing the supported obligations, negligently administering the supported obligations, or releasing the borrower or another guarantor or co-accommodation party of the supported obligations); and (ii) a guarantor or other accommodation party may have the right to revoke its guaranty, accommodation security or other support with respect to supported obligations incurred after the revocation, notwithstanding the absence of an express right of revocation in the documents providing for support.

The foregoing opinions assume that (a) the Company will remain duly organized, validly existing and in good standing under the laws of the State of Delaware; (b) the consideration designated in the applicable Corporate Proceedings for any Securities shall have been received by the Company and such consideration shall be legally sufficient; (c) each party to any Governing Document other than the Company shall have complied with all legal requirements pertaining to its status as such status relates to its rights to enforce such agreements or instruments against the Company and shall have satisfied those legal requirements applicable to it to the extent necessary to make such agreements or instruments enforceable against it; (d) the Registration Statement shall have become effective under the Securities Act and will continue to be effective; (e) at the time of the issuance, execution, authentication and delivery of the Securities, the Corporate Proceedings related thereto will not have been modified or rescinded, there will not have occurred any change in the law or in the Certificate of Incorporation or By-Laws affecting the authorization, issuance, execution, authentication, acknowledgement, delivery, filing, validity or enforceability of such Securities or any related Governing Documents, neither the issuance and sale of such Securities nor the compliance by the Company with the terms of such Securities or the related Governing Documents will result in a violation of any agreement or instrument then binding upon the Company or any order of any court or governmental body having jurisdiction over the Company, and any other securities issuable upon conversion, exercise or settlement, as applicable, of such Securities will have been duly authorized and reserved for issuance (in each case within the limits of the then remaining authorized but unreserved and unissued amounts of such other securities); (f) the Securities will be issued in accordance with, and in compliance with any limitations on issuance contained in, the Corporate Proceedings related thereto and the Securities will be issued within the limits of the then remaining authorized but unreserved and unissued amounts of such Securities under such Governing Documents; (g) the terms of the Securities will be established in conformity with the related Governing Documents; (h) none of the particular terms of the Securities or Governing Documents hereafter established will violate, or be void or voidable under, any applicable law; (i) all certificates evidencing any Securities will be in the form required by law and approved for issuance by the Company; (j) the Securities will be duly registered on the books of the transfer agent and/or registrar thereof in the name and on behalf of the holders thereof, as applicable; (k) in the case of any Securities represented by, or issuable upon conversion, exercise or settlement of, as applicable, or constituting a component of, any other Securities, all actions in respect of such other Securities referred to in the applicable numbered paragraph above shall have been completed; (l) in the case of any Security which relates to, or which guarantees a Wells Fargo Finance Security which relates to, a security of an entity affiliated or not affiliated with the

Wells Fargo & Company

March 14, 2023

Company, a basket of those securities, a currency, a commodity, an index, a basket of indices or other market measure (collectively, a "Market Measure"), such Security or Wells Fargo Finance Security will be settled in cash based on the value of such Market Measure and neither the Company nor Wells Fargo Finance will be required to register such Market Measure under the Securities Act in connection with the issuance of the related Security or Wells Fargo Finance Security, as applicable; and (m) a prospectus supplement and any other offering material describing each series of Securities offered pursuant to the Registration Statement, to the extent required by applicable law, will be timely filed with the Commission.

We have also assumed, without investigation, the following: (a) the accuracy and truthfulness of all public records of the Company and of all certifications, documents and other proceedings examined by us that have been produced by officials of the Company acting within the scope of their official capacities, without verifying the accuracy or truthfulness of such representations, (b) the genuineness of such signatures appearing upon such public records, certifications, documents and proceedings, (c) that each document submitted to us for review is accurate and complete, each such document that is an original is authentic, each such document that is a copy conforms to an authentic original, and all signatures on each such document are genuine, and (d) the legal capacity of the natural persons who are involved on behalf of the Company to enter into and perform the referenced instrument or agreement or to carry out their role in the transactions contemplated thereby.

We express no opinion as to (i) whether a court would award a judgment in a currency other than United States dollars or as to the enforceability of any provision specifying rates of exchange for, or requiring indemnity against loss in, converting into a specified currency the proceeds or amount of a court judgment in another currency, (ii) any agreement to submit to the jurisdiction of any particular court or other governmental authority (either as to personal jurisdiction or subject matter jurisdiction), any waivers of the right to jury trial, any waivers of service of process requirements that would otherwise be applicable, any agreement that a judgment rendered by a court in one jurisdiction may be enforced in another jurisdiction, or any provision otherwise affecting the jurisdiction or venue of courts, or (iii) any provision waiving legal, statutory or equitable defenses or other procedural, judicial or administrative rights.

The opinions herein expressed are limited to the specific issues addressed and to facts, documents and laws existing on the date hereof. By rendering our opinion, we do not undertake to advise you with respect to any other matter or of any change in such facts, documents and laws or in the interpretation thereof which may occur after the date hereof.

Our opinions set forth herein are limited to the laws of the State of New York and the General Corporation Law of the State of Delaware, and we are expressing no opinion as to the effect of any other laws. We have assumed for the purposes of this opinion that New York law will be chosen to govern each Governing Document.

We hereby consent to the filing of this opinion as an exhibit to the Registration Statement and to being named in the Prospectus included therein under the caption "Legal Opinions." In

Wells Fargo & Company

March 14, 2023

giving such consent, we do not thereby admit that we are in the category of persons whose consent is required under Section 7 of the Securities Act.

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| | |
|:---|:---|
| Very truly yours, | Very truly yours, |
| FAEGRE DRINKER BIDDLE & REATH LLP | FAEGRE DRINKER BIDDLE & REATH LLP |
| By: | /s/ Dawn Holicky Pruitt |
|  | Dawn Holicky Pruitt, Partner |

---

## Ex-5.(B)

[WELLS FARGO & COMPANY S-3](wf-s3_031423.htm)

**Exhibit 5(b)**

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| | |
|:---|:---|
|  | **Faegre Drinker Biddle & Reath LLP**<br>2200 Wells Fargo Center ▼ 90 South Seventh Street<br> Minneapolis ▼ Minnesota 55402-3901<br>**Phone +1 612 766 7000**<br> **Fax +1 612 766 1600**<br>|
| March 14, 2023 |  |

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Wells Fargo Finance LLC

30 Hudson Yards, Floor 14

New York, New York 10001

Ladies and Gentlemen:

We have acted as counsel for Wells Fargo Finance LLC, a Delaware limited liability company (the "Company"), in connection with the preparation of a Registration Statement on Form S-3 (the "Registration Statement") of the Company and Wells Fargo & Company, a Delaware corporation ("Wells Fargo"), filed with the Securities and Exchange Commission (the "Commission") under the Securities Act of 1933, as amended (the "Securities Act"), relating to the proposed offer and sale by the Company from time to time of the following securities:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) unsecured unsubordinated debt securities of the Company in a form to be filed and incorporated by reference into the Registration Statement, with appropriate insertions (the "Debt Securities");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) warrants of the Company for the purchase or sale of (1) securities issued by an entity not affiliated with Wells Fargo, (2) currencies, (3) other specified securities, or (4) any combination of the foregoing, including indices or baskets thereof, in each case in a form to be filed and incorporated by reference into the Registration Statement, with appropriate insertions (the "Warrants");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) purchase contracts of the Company for the purchase or sale of (1) securities issued by an entity not affiliated with Wells Fargo, (2) currencies, (3) commodities, (4) other specified securities, or (5) any combination of the foregoing, including indices or baskets thereof, in each case in a form to be filed and incorporated by reference into the Registration Statement, with appropriate insertions (the "Purchase Contracts"); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) units consisting of any combination of Debt Securities, Warrants, Purchase Contracts or other securities of an entity affiliated or not affiliated with Wells Fargo (the "Units" and, together with the Debt Securities, the Warrants and the Purchase Contracts, the "Securities") in a form to be filed and incorporated by reference into the Registration Statement, with appropriate insertions.

Wells Fargo Finance LLC

March 14, 2023

The Securities will be fully and unconditionally guaranteed by Wells Fargo as and to the extent provided in the applicable Governing Document (as defined below).

The Securities may be offered separately or together with other Securities, in separate series, in amounts, at prices, and on terms to be set forth in the prospectus and one or more supplements to the prospectus (collectively, the "Prospectus") constituting a part of the Registration Statement, and in the Registration Statement.

The Debt Securities are to be issued under the indenture filed as Exhibit 4(h) to the Registration Statement entered into by the Company, Wells Fargo and Citibank, N.A., as trustee (the "Indenture").

The Warrants are to be issued under one or more warrant agreements in a form to be filed and incorporated by reference into the Registration Statement, with appropriate insertions (the "Warrant Agreements"), to be entered into by the Company, Wells Fargo and the warrant agents to be named by the Company.

The Purchase Contracts are to be issued under one or more purchase contract agreements in a form to be filed and incorporated by reference into the Registration Statement, with appropriate insertions (the "Purchase Contracts"), to be entered into by the Company, Wells Fargo and the purchase contract agents to be named by the Company.

The Units are to be issued under one or more unit agreements in a form to be filed and incorporated by reference into the Registration Statement, with appropriate insertions (the "Unit Agreements"), to be entered into by the Company, Wells Fargo and the unit agents to be named by the Company.

The Indenture, the Warrant Agreements, the Purchase Contract Agreements and the Unit Agreements are sometimes referred to herein collectively as the "Governing Documents."

Certain terms of the Securities to be issued by the Company from time to time will be approved by the Board of Directors of the Company or a committee thereof or certain authorized officers of the Company as part of the corporate action taken and to be taken (the "Corporate Proceedings") in connection with issuance of the Securities. We have examined or are otherwise familiar with the Certificate of Formation of the Company, as amended through the date hereof (the "Certificate of Formation"), the Limited Liability Company Agreement of the Company, as amended through the date hereof (the "Limited Liability Company Agreement"), the Registration Statement, such of the Corporate Proceedings that have occurred as of the date hereof, and such other documents, records, and instruments as we have deemed necessary or appropriate for the purposes of this opinion.

Wells Fargo Finance LLC

March 14, 2023

Based upon the foregoing, and subject to the qualifications, assumptions and limitations stated herein, we are of the opinion that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. With respect to any Debt Securities, upon (a) the completion of all required Corporate Proceedings, (b) the due execution, authentication and delivery of such Debt Securities, and (c) in the case of Debt Securities issuable upon exercise or settlement of another Security, the issuance of such Debt Securities upon exercise or settlement of such other Security in accordance with the terms of such other Security or any instrument governing such other Security providing for such exercise or settlement as approved by the Corporate Proceedings, such Debt Securities will constitute valid and binding obligations of the Company enforceable against the Company in accordance with their terms. The Indenture is a valid and binding obligation of the Company enforceable against the Company in accordance with its terms.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. With respect to any Warrants, upon (a) the completion of all required Corporate Proceedings, (b) the due authorization, execution and delivery of the related Warrant Agreement, and (c) the due execution, countersignature and delivery of such Warrants, such Warrants will constitute valid and binding obligations of the Company enforceable against the Company in accordance with their terms.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. With respect to any Purchase Contracts, upon (a) the completion of all required Corporate Proceedings and (b) the due authorization, execution and delivery of the related Purchase Contract Agreement, such Purchase Contracts will constitute valid and binding obligations of the Company enforceable against the Company in accordance with their terms.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. With respect to any Units, upon (a) the completion of all required Corporate Proceedings, (b) the due authorization, execution and delivery of the related Unit Agreement, (c) if the Units are to be evidenced by certificates, the due execution, registration of issuance and delivery of unit certificates evidencing such Units pursuant to such Unit Agreement, and (d) completion of all actions in respect of the Securities constituting a component of such Units referred to in the applicable numbered paragraphs hereof, such Unit Agreement will constitute a valid and binding obligation of the Company enforceable against the Company in accordance with its terms and any certificates evidencing such Units will entitle the holders thereof to the rights specified in such Unit Agreement.

The foregoing opinions as to the legality, validity, binding effect and enforceability of provisions of such instruments and agreements are subject to (i) applicable bankruptcy, reorganization, insolvency, moratorium, fraudulent transfer, voidable transactions, fraudulent conveyance, receivership or other laws of general application affecting creditors' rights, (ii) general equity principles, including, without limitation, concepts of materiality, reasonableness, good faith, fair dealing and the possible unavailability of specific performance, injunctive relief or other equitable remedies (regardless of whether enforceability is considered in a proceeding in equity or at law), (iii) public policy considerations that may limit the rights of parties to obtain specific remedies or enforce specific terms, and (iv) governmental authority to limit, delay or prohibit the making of payments outside of the United States.

Wells Fargo Finance LLC

March 14, 2023

The foregoing opinions assume that (a) the Company will remain duly organized, validly existing and in good standing under the laws of the State of Delaware; (b) the consideration designated in the applicable Corporate Proceedings for any Securities shall have been received by the Company and such consideration shall be legally sufficient; (c) each party to any Governing Document other than the Company shall have complied with all legal requirements pertaining to its status as such status relates to its rights to enforce such agreements or instruments against the Company and shall have satisfied those legal requirements applicable to it to the extent necessary to make such agreements or instruments enforceable against it; (d) the Registration Statement shall have become effective under the Securities Act and will continue to be effective; (e) at the time of the issuance, execution, authentication and delivery of the Securities, the Corporate Proceedings related thereto will not have been modified or rescinded, there will not have occurred any change in the law or in the Certificate of Formation or Limited Liability Company Agreement affecting the authorization, issuance, execution, authentication, acknowledgement, delivery, filing, validity or enforceability of such Securities or any related Governing Documents, neither the issuance and sale of such Securities nor the compliance by the Company with the terms of such Securities or the related Governing Documents will result in a violation of any agreement or instrument then binding upon the Company or any order of any court or governmental body having jurisdiction over the Company, and any other securities issuable upon exercise or settlement of such Securities will have been duly authorized and reserved for issuance (in each case within the limits of the then remaining authorized but unreserved and unissued amounts of such other securities); (f) the Securities will be issued in accordance with, and in compliance with any limitations on issuance contained in, the Corporate Proceedings related thereto and the Securities will be issued within the limits of the then remaining authorized but unreserved and unissued amounts of such Securities under such Governing Documents; (g) the terms of the Securities will be established in conformity with the related Governing Documents; (h) none of the particular terms of the Securities or Governing Documents hereafter established will violate, or be void or voidable under, any applicable law; (i) all certificates evidencing any Securities will be in the form required by law and approved for issuance by the Company; (j) in the case of any Securities represented by, or issuable upon exercise or settlement of, or constituting a component of, any other Securities, all actions in respect of such other Securities referred to in the applicable numbered paragraph above shall have been completed; (k) the Securities will be duly registered on the books of the transfer agent and/or registrar thereof in the name and on behalf of the holders thereof, as applicable; (l) in the case of any Security which relates to a security of an entity affiliated or not affiliated with Wells Fargo, a basket of those securities, a currency, a commodity, an index, a basket of indices or other market measure (collectively, a "Market Measure"), such Security will be settled in cash based on the value of such Market Measure and the Company will not be required to register such Market Measure under the Securities Act in connection with the issuance of the related Security; and (m) a prospectus supplement and any other offering material describing each class or series of Securities offered pursuant to the Registration Statement, to the extent required by applicable law, will be timely filed with the Commission.

Wells Fargo Finance LLC

March 14, 2023

We have also assumed, without investigation, the following: (a) the accuracy and truthfulness of all public records of the Company and of all certifications, documents and other proceedings examined by us that have been produced by officials of the Company acting within the scope of their official capacities, without verifying the accuracy or truthfulness of such representations, (b) the genuineness of such signatures appearing upon such public records, certifications, documents and proceedings, (c) that each document submitted to us for review is accurate and complete, each such document that is an original is authentic, each such document that is a copy conforms to an authentic original, and all signatures on each such document are genuine, and (d) the legal capacity of the natural persons who are involved on behalf of the Company to enter into and perform the referenced instrument or agreement or to carry out their role in the transactions contemplated thereby.

We express no opinion as to (i) whether a court would award a judgment in a currency other than United States dollars or as to the enforceability of any provision specifying rates of exchange for, or requiring indemnity against loss in, converting into a specified currency the proceeds or amount of a court judgment in another currency, (ii) any agreement to submit to the jurisdiction of any particular court or other governmental authority (either as to personal jurisdiction or subject matter jurisdiction), any waivers of the right to jury trial, any waivers of service of process requirements that would otherwise be applicable, any agreement that a judgment rendered by a court in one jurisdiction may be enforced in another jurisdiction, or any provision otherwise affecting the jurisdiction or venue of courts, or (iii) any provision waiving legal, statutory or equitable defenses or other procedural, judicial or administrative rights.

The opinions herein expressed are limited to the specific issues addressed and to facts, documents and laws existing on the date hereof. By rendering our opinion, we do not undertake to advise you with respect to any other matter or of any change in such facts, documents and laws or in the interpretation thereof which may occur after the date hereof.

Our opinions set forth herein are limited to the laws of the State of New York and the Limited Liability Company Act of the State of Delaware, and we are expressing no opinion as to the effect of any other laws. We have assumed for the purposes of this opinion that New York law will be chosen to govern each Governing Document.

We hereby consent to the filing of this opinion as an exhibit to the Registration Statement and to being named in the Prospectus included therein under the caption "Legal Opinions." In giving such consent, we do not thereby admit that we are in the category of persons whose consent is required under Section 7 of the Securities Act.

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| | |
|:---|:---|
| Very truly yours, | Very truly yours, |
| FAEGRE DRINKER BIDDLE & REATH LLP | FAEGRE DRINKER BIDDLE & REATH LLP |
| By: | /s/ Dawn Holicky Pruitt |
|  | Dawn Holicky Pruitt, Partner |

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## Ex-5.(C)

[WELLS FARGO & COMPANY S-3](wf-s3_031423.htm)

**Exhibit 5(c)**

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| | |
|:---|:---|
| ![](ex5c001.jpg) | Davis Polk & Wardwell llp<br> 450 Lexington Avenue<br> New York, NY 10017<br> davispolk.com |

---

March 14, 2023

Wells Fargo & Company

420 Montgomery Street

San Francisco, California 94104

Wells Fargo Finance LLC

30 Hudson Yards, Floor 14

New York, New York 10001

Ladies and Gentlemen:

Wells Fargo & Company, a Delaware corporation (the "**Company**"), and Wells Fargo Finance LLC, a Delaware limited liability company ("**WFF**"), are filing with the Securities and Exchange Commission (the "**Commission**") a Registration Statement on Form S-3 (the "**Registration Statement**") for the purpose of registering under the Securities Act of 1933, as amended (the "**Securities Act**"), among other securities: (i)(a) the Company's Medium-Term Notes, Series T (the "**Company Notes**"), to be issued from time to time pursuant to the Indenture dated as of February 21, 2017 between the Company, as issuer, and Citibank, N.A., as trustee (the "**Company Indenture**"); and (b) guarantees of the WFF Notes (as defined below) by the Company (the "**Guarantees**"); and (ii) WFF's Medium-Term Notes, Series A (the "**WFF Notes**" and together with the Company Notes, the "**Notes**"), which will be fully and unconditionally guaranteed by the Company, to be issued from time to time pursuant to the Indenture dated as of April 25, 2018 among WFF, as issuer, the Company, as guarantor, and Citibank, N.A., as trustee (the "**WFF Indenture**" and together with the Company Indenture, the "**Indentures**").

We, as your special counsel, have examined originals or copies of such documents, corporate records, certificates of public officials and other instruments as we have deemed necessary or advisable for the purpose of rendering this opinion.

In rendering the opinions expressed herein, we have, without independent inquiry or investigation, assumed that (i) all documents submitted to us as originals are authentic and complete, (ii) all documents submitted to us as copies conform to authentic, complete originals, (iii) all documents filed as exhibits to the Registration Statement that have not been executed will conform to the forms thereof, (iv) all signatures on all documents that we reviewed are genuine, (v) all natural persons executing documents had and have the legal capacity to do so, (vi) all statements in certificates of public officials and officers of the Company or WFF that we reviewed were and are accurate and (vii) all representations made by the Company or WFF as to matters of fact in the documents that we reviewed were and are accurate.

Based upon the foregoing, and subject to the additional assumptions and qualifications set forth below, we advise you that, in our opinion:

&nbsp;&nbsp;&nbsp;&nbsp;1. When
the specific terms of a particular series of Company Notes have been duly authorized and established in accordance with the Company
Indenture; and such Company Notes have been duly authorized, executed, authenticated, issued and delivered in accordance with
the Company Indenture and the applicable underwriting or other agreement against payment therefor, such Company Notes will constitute
valid and binding obligations of the Company, enforceable in

![](ex5c001.jpg)

accordance with their terms, subject to applicable bankruptcy, insolvency and similar laws affecting creditors' rights generally, concepts of reasonableness and equitable principles of general applicability (including, without limitation, concepts of good faith, fair dealing and the lack of bad faith), provided that we express no opinion as to (x) the enforceability of any waiver of rights under any usury or stay law, (y) the effect of fraudulent conveyance, fraudulent transfer or similar provision of applicable law on the conclusions expressed above or (z) the validity, legally binding effect or enforceability of any provision that permits holders to collect any portion of the stated principal amount upon acceleration of the Company Notes to the extent determined to constitute unearned interest.

&nbsp;&nbsp;&nbsp;&nbsp;2. When
 the specific terms of a particular series of WFF Notes and the related Guarantees have
 been duly authorized and established in accordance with the WFF Indenture; and such WFF
 Notes and the related Guarantees have been duly authorized, executed, authenticated,
 issued and delivered in accordance with the WFF Indenture and the applicable underwriting
 or other agreement against payment therefor, such WFF Notes will constitute valid and
 binding obligations of WFF and the related Guarantees will constitute valid and binding
 obligations of the Company, in each case, enforceable in accordance with their terms,
 subject to applicable bankruptcy, insolvency and similar laws affecting creditors'
 rights generally, concepts of reasonableness and equitable principles of general applicability
 (including, without limitation, concepts of good faith, fair dealing and the lack of
 bad faith), provided that we express no opinion as to (x) the enforceability of any waiver
 of rights under any usury or stay law, (y)(i) the effect of fraudulent conveyance, fraudulent
 transfer or similar provision of applicable law on the conclusions expressed above or
 (ii) any provision of the WFF Indenture that purports to avoid the effect of fraudulent
 conveyance, fraudulent transfer or similar provision of applicable law by limiting the
 amount of the Company's obligation or (z) the validity, legally binding effect
 or enforceability of any provision that permits holders to collect any portion of the
 stated principal amount upon acceleration of the WFF Notes to the extent determined to
 constitute unearned interest.

In connection with the opinions expressed above, we have assumed that, at or prior to the time of the delivery of any such Note, (i)(a) with respect to any Company Note, pursuant to the authority granted by the Board of Directors of the Company or (b) with respect to any WFF Note, pursuant to the authority granted by the Board of Directors of WFF, a duly authorized officer of the Company or WFF, as applicable, shall have duly established the terms of such Note and duly authorized the issuance and sale of such Note and such authorization shall not have been modified or rescinded; (ii) the Company shall remain validly existing as a corporation in good standing under the laws of the State of Delaware and WFF shall remain validly existing as a limited liability company in good standing under the laws of the State of Delaware; (iii) the Registration Statement shall have been declared effective and such effectiveness shall not have been terminated or rescinded; (iv) the Indentures, the Notes and the Guarantees have been duly authorized, executed, authenticated (if applicable) and delivered by, and are each valid, binding and enforceable agreements of, each party thereto (other than as expressly covered above in respect of the Company and WFF); (v) there shall not have occurred any change in law affecting the validity or enforceability of such Note or any related Guarantee; and (vi) to the extent WFF has issued securities in an aggregate amount that exceeds $10 billion outstanding at the time of any issuance of the WFF Notes, the Board of Directors of the Company will have taken all necessary action to authorize the guarantee of securities issued by WFF in an aggregate amount sufficiently in excess of $10 billion outstanding and that such actions will not have been rescinded and will be in full force and effect. We have also assumed that the terms of any Note or any related Guarantee whose terms are established subsequent to the date hereof and the issuance, execution, delivery and performance by the Company of any Company Note or the issuance, execution, delivery and performance by WFF or the Company of any WFF Note or any related Guarantee, as applicable, (a) require no action by or in respect of, or filing with, any governmental body, agency or official and (b) do not contravene, or constitute a default under, any provision of applicable law or public policy or regulation or

March 14, 2023 2

![](ex5c001.jpg)

any judgment, injunction, order or decree or any agreement or other instrument binding upon the Company or WFF.

In connection with our opinions above, we note that, as of the date of this opinion, a judgment for money in an action based on Notes payable in foreign currencies in a federal or state court in the United States ordinarily would be enforced in the United States only in United States dollars. The date used to determine the rate of conversion of the foreign currency in which a particular Note is payable into United States dollars will depend upon various factors, including which court renders the judgment.

We are members of the Bar of the State of New York, and the foregoing opinion is limited to the laws of the State of New York, the General Corporation Law of the State of Delaware and the Delaware Limited Liability Company Act.

We hereby consent to the filing of this opinion as an exhibit to the Registration Statement referred to above and further consent to the reference to our name under the caption "Legal Opinions" in the prospectus, which is a part of the Registration Statement. In addition:

&nbsp;&nbsp;&nbsp;&nbsp;a) if
 a pricing supplement relating to the offer and sale of any particular Company Note or
 Notes is prepared and filed by the Company with the Commission on this date or a future
 date and the pricing supplement contains a reference to us and our opinion substantially
 in the form set forth below, this consent shall apply to the reference to us and our
 opinion in substantially such form:

"In the opinion of Davis Polk & Wardwell LLP, as special counsel to the Company, when the notes offered by this pricing supplement have been executed and issued by the Company and authenticated by the trustee pursuant to the indenture, and delivered against payment as contemplated herein, such notes will be valid and binding obligations of the Company, enforceable in accordance with their terms, subject to applicable bankruptcy, insolvency and similar laws affecting creditors' rights generally, concepts of reasonableness and equitable principles of general applicability (including, without limitation, concepts of good faith, fair dealing and the lack of bad faith), *provided* that such counsel expresses no opinion as to (x) the enforceability of any waiver of rights under any usury or stay law[,] [or] (y) the effect of fraudulent conveyance, fraudulent transfer or similar provision of applicable law on the conclusions expressed above [or (z) the validity, legally binding effect or enforceability of any provision that permits holders to collect any portion of the stated principal amount upon acceleration of the notes to the extent determined to constitute unearned interest]. This opinion is given as of the date hereof and is limited to the laws of the State of New York and the General Corporation Law of the State of Delaware. In addition, this opinion is subject to customary assumptions about the trustee's authorization, execution and delivery of the indenture and its authentication of the notes and the validity, binding nature and enforceability of the indenture with respect to the trustee, all as stated in the letter of such counsel dated March 14, 2023, which was filed as an exhibit to the Registration Statement on Form S-3 by the Company on March 14, 2023. [This opinion is also subject to the discussion, as stated in such letter, of the enforcement of notes denominated in a foreign currency.]"; and

&nbsp;&nbsp;&nbsp;&nbsp;b) if
 a pricing supplement relating to the offer and sale of any particular WFF Note or Notes
 is prepared and filed by WFF and the Company with the Commission on this date or a future
 date and the pricing supplement contains a reference to us and our opinion substantially
 in the form set forth below, this consent shall apply to the reference to us and our
 opinion in substantially such form:

March 14, 2023 3

![](ex5c001.jpg)

"In the opinion of Davis Polk & Wardwell LLP, as special counsel to WFF and the Company, when the notes offered by this pricing supplement have been executed and issued by WFF and authenticated by the trustee pursuant to the indenture, and delivered against payment as contemplated herein, such notes will be valid and binding obligations of WFF and the related guarantee will constitute a valid and binding obligation of the Company, in each case, enforceable in accordance with their terms, subject to applicable bankruptcy, insolvency and similar laws affecting creditors' rights generally, concepts of reasonableness and equitable principles of general applicability (including, without limitation, concepts of good faith, fair dealing and the lack of bad faith), *provided* that such counsel expresses no opinion as to (x) the enforceability of any waiver of rights under any usury or stay law[,] [or] (y)(i) the effect of fraudulent conveyance, fraudulent transfer or similar provision of applicable law on the conclusions expressed above or (ii) any provision of the WFF Indenture that purports to avoid the effect of fraudulent conveyance, fraudulent transfer or similar provision of applicable law by limiting the amount of the Company's obligation under the related guarantee [or (z) the validity, legally binding effect or enforceability of any provision that permits holders to collect any portion of the stated principal amount upon acceleration of the notes to the extent determined to constitute unearned interest]. This opinion is given as of the date hereof and is limited to the laws of the State of New York, the General Corporation Law of the State of Delaware and the Delaware Limited Liability Company Act. In addition, this opinion is subject to customary assumptions about the trustee's authorization, execution and delivery of the indenture and its authentication of the notes and the validity, binding nature and enforceability of the indenture with respect to the trustee, all as stated in the letter of such counsel dated March 14, 2023, which was filed as an exhibit to the Registration Statement on Form S-3 by the Company on March 14, 2023. [This opinion is also subject to the discussion, as stated in such letter, of the enforcement of notes denominated in a foreign currency.]"

In giving this consent, we do not admit that we are in the category of persons whose consent is required under Section 7 of the Securities Act.

Very truly yours,<br>/s/ Davis Polk & Wardwell LLP

March 14, 2023 4

## Ex-22.(A)

[WELLS FARGO & COMPANY S-3](wf-s3_031423.htm)

**Exhibit 22(a)**

**<u>Subsidiary Issuer of Guaranteed Securities</u>**

Wells Fargo & Company (the "Parent") unconditionally guarantees the payment of principal, interest, and any other amounts that may be due on debt securities that Wells Fargo Finance LLC, a Delaware limited liability company and a 100% owned finance subsidiary of the Parent, may issue from time to time under its Series A medium-term note program. These guarantees rank on parity with all of the Parent's other unsecured and unsubordinated indebtedness. Securities issued by Wells Fargo Finance LLC are not secured and are not guaranteed by any other subsidiary of the Parent. All of the securities issued by Wells Fargo Finance LLC, and guaranteed by the Parent, have been issued under the Indenture dated as of April 25, 2018 among Wells Fargo Finance LLC, as issuer, the Parent, as guarantor, and Citibank, N.A., as trustee, and are registered with the Securities and Exchange Commission under the Registration Statement on Form S-3, File No. 333-239017-01, the Registration Statement on Form S-3, File No. 333-221324-01, and the Registration Statement with which this Exhibit 22(a) is filed.

## Ex-23.(D)

[WELLS FARGO & COMPANY S-3](wf-s3_031423.htm)

**Exhibit 23(d)**

**Consent of Independent Registered Public Accounting Firm**

We consent to the use in the Registration Statement on Form S-3 dated March 14, 2023 of Wells Fargo & Company of our reports dated February 21, 2023, with respect to the consolidated balance sheets of Wells Fargo & Company and Subsidiaries as of December 31, 2022 and 2021, and the related consolidated statements of income, comprehensive income, changes in equity, and cash flows for each of the years in the three-year period ended December 31, 2022, and the related notes, and the effectiveness of internal control over financial reporting as of December 31, 2022, incorporated herein by reference and to the reference to our firm under the heading "Experts" in the prospectus.

/s/ KPMG LLP

Charlotte, North Carolina

March 14, 2023

## Ex-23.(E)

[WELLS FARGO & COMPANY S-3](wf-s3_031423.htm)

**Exhibit 23(e)**

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| | |
|:---|:---|
| ![](ex23e001.jpg) | Davis Polk & Wardwell llp <br> 450 Lexington Avenue<br> New York, NY 10017 <br> davispolk.com  |

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| | |
|:---|:---|
| March 14, 2023 | March 14, 2023 |
| Re: | **Registration Statement, filed by Wells Fargo & Company and Wells Fargo Finance LLC** |

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Wells Fargo & Company<br> 420 Montgomery Street<br> San Francisco, California 94104

Wells Fargo Finance LLC<br> 30 Hudson Yards, Floor 14<br> New York, New York 10001

Ladies and Gentlemen:

We have acted as special tax counsel to Wells Fargo & Company, a Delaware corporation (the "**Company**"), and Wells Fargo Finance LLC, a Delaware limited liability company, in connection with the preparation and filing of a registration statement on Form S-3 (the "**Registration Statement**"), including a prospectus in the form in which it appears in the Registration Statement, as amended, for the purpose of registering under the Securities Act of 1933, as amended (the "**Securities Act**"), the issuance from time to time of, among other things, (i) the Company's Medium-Term Notes, Series T and (ii) Wells Fargo Finance LLC's debt securities (collectively, the "**Notes**").

We hereby consent to any reference to us, in our capacity as special tax counsel to the Company and Wells Fargo Finance LLC, or any opinion of ours delivered in that capacity, in a pricing supplement relating to the offer and sale of any particular Notes prepared and filed by the Company and/or Wells Fargo Finance LLC with the Securities and Exchange Commission on this date or a future date.

In giving this consent, we do not admit that we are in the category of persons whose consent is required under Section 7 of the Securities Act.

Very truly yours,

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| /s/ Davis Polk & Wardwell LLP |
| Davis Polk & Wardwell LLP |

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## Ex-24.(A)

[WELLS FARGO & COMPANY S-3](wf-s3_031423.htm)

**Exhibit 24(a)**

WELLS FARGO & COMPANY

Power of Attorney

of Director and/or Officer

KNOW ALL PERSONS BY THESE PRESENTS, that the undersigned director and/or officer of WELLS FARGO & COMPANY, a Delaware corporation, does hereby make, constitute and appoint CHARLES W. SCHARF, MICHAEL P. SANTOMASSIMO, ELLEN PATTERSON AND TANGELA RICHTER, and each or any of them, the undersigned's true and lawful attorneys-in-fact and agents, with full power of substitution, for the undersigned and in the undersigned's name, place and stead and in any and all capacities, to sign and affix the undersigned's name as such director and/or officer of said Company to a Registration Statement or Registration Statements on Form S-3 or other applicable form, and all amendments, including post-effective amendments, thereto, and all registration statements for the same offering that are to be effective upon filing pursuant to Rule 462(b) under the Securities Act of 1933, as amended, to be filed by said Company with the Securities and Exchange Commission, Washington, D.C. in connection with the registration under the Securities Act of 1933, as amended, of debt securities of the Company; securities, currency, commodity or other types of warrants; purchase contracts for certain types of securities, currencies, or commodities; other securities related to or in any combination of any of the foregoing, including as units; and guarantees by the Company of any of foregoing types of securities issued by a subsidiary of the Company or a special purpose entity (all of the foregoing being referred to in this Power of Attorney as "Securities") proposed to be sold by said Company from time to time, and/or proposed to be registered by the Company for re-sale and/or exchange on behalf of one or more holders of such Securities, and to file the same, with all exhibits thereto and other supporting documents, with said Commission, granting unto said attorneys-in-fact, and each of them, full power and authority to do and perform any and all acts necessary or incidental to the performance and execution of the powers herein expressly granted, as fully to all intents and purposes as he or she might or could do in person, hereby ratifying and confirming all that said attorneys-in-fact and agents, or any of them, or their, or his or her substitute or substitutes, may lawfully do or cause to be done by virtue hereof.

IN WITNESS WHEREOF, the undersigned has executed this power of attorney this 12th day of December, 2022.

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| /s/Steven D. Black |
| Steven D. Black |

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WELLS FARGO & COMPANY

Power of Attorney

of Director and/or Officer

KNOW ALL PERSONS BY THESE PRESENTS, that the undersigned director and/or officer of WELLS FARGO & COMPANY, a Delaware corporation, does hereby make, constitute and appoint CHARLES W. SCHARF, MICHAEL P. SANTOMASSIMO, ELLEN PATTERSON AND TANGELA RICHTER, and each or any of them, the undersigned's true and lawful attorneys-in-fact and agents, with full power of substitution, for the undersigned and in the undersigned's name, place and stead and in any and all capacities, to sign and affix the undersigned's name as such director and/or officer of said Company to a Registration Statement or Registration Statements on Form S-3 or other applicable form, and all amendments, including post-effective amendments, thereto, and all registration statements for the same offering that are to be effective upon filing pursuant to Rule 462(b) under the Securities Act of 1933, as amended, to be filed by said Company with the Securities and Exchange Commission, Washington, D.C. in connection with the registration under the Securities Act of 1933, as amended, of debt securities of the Company; securities, currency, commodity or other types of warrants; purchase contracts for certain types of securities, currencies, or commodities; other securities related to or in any combination of any of the foregoing, including as units; and guarantees by the Company of any of foregoing types of securities issued by a subsidiary of the Company or a special purpose entity (all of the foregoing being referred to in this Power of Attorney as "Securities") proposed to be sold by said Company from time to time, and/or proposed to be registered by the Company for re-sale and/or exchange on behalf of one or more holders of such Securities, and to file the same, with all exhibits thereto and other supporting documents, with said Commission, granting unto said attorneys-in-fact, and each of them, full power and authority to do and perform any and all acts necessary or incidental to the performance and execution of the powers herein expressly granted, as fully to all intents and purposes as he or she might or could do in person, hereby ratifying and confirming all that said attorneys-in-fact and agents, or any of them, or their, or his or her substitute or substitutes, may lawfully do or cause to be done by virtue hereof.

IN WITNESS WHEREOF, the undersigned has executed this power of attorney this 12th day of December, 2022.

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|:---|
| /s/Mark A. Chancy |
| Mark A. Chancy |

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WELLS FARGO & COMPANY

Power of Attorney

of Director and/or Officer

KNOW ALL PERSONS BY THESE PRESENTS, that the undersigned director and/or officer of WELLS FARGO & COMPANY, a Delaware corporation, does hereby make, constitute and appoint CHARLES W. SCHARF, MICHAEL P. SANTOMASSIMO, ELLEN PATTERSON AND TANGELA RICHTER, and each or any of them, the undersigned's true and lawful attorneys-in-fact and agents, with full power of substitution, for the undersigned and in the undersigned's name, place and stead and in any and all capacities, to sign and affix the undersigned's name as such director and/or officer of said Company to a Registration Statement or Registration Statements on Form S-3 or other applicable form, and all amendments, including post-effective amendments, thereto, and all registration statements for the same offering that are to be effective upon filing pursuant to Rule 462(b) under the Securities Act of 1933, as amended, to be filed by said Company with the Securities and Exchange Commission, Washington, D.C. in connection with the registration under the Securities Act of 1933, as amended, of debt securities of the Company; securities, currency, commodity or other types of warrants; purchase contracts for certain types of securities, currencies, or commodities; other securities related to or in any combination of any of the foregoing, including as units; and guarantees by the Company of any of foregoing types of securities issued by a subsidiary of the Company or a special purpose entity (all of the foregoing being referred to in this Power of Attorney as "Securities") proposed to be sold by said Company from time to time, and/or proposed to be registered by the Company for re-sale and/or exchange on behalf of one or more holders of such Securities, and to file the same, with all exhibits thereto and other supporting documents, with said Commission, granting unto said attorneys-in-fact, and each of them, full power and authority to do and perform any and all acts necessary or incidental to the performance and execution of the powers herein expressly granted, as fully to all intents and purposes as he or she might or could do in person, hereby ratifying and confirming all that said attorneys-in-fact and agents, or any of them, or their, or his or her substitute or substitutes, may lawfully do or cause to be done by virtue hereof.

IN WITNESS WHEREOF, the undersigned has executed this power of attorney this 12th day of December, 2022.

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| /s/Celeste A. Clark |
| Celeste A. Clark |

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WELLS FARGO & COMPANY

Power of Attorney

of Director and/or Officer

KNOW ALL PERSONS BY THESE PRESENTS, that the undersigned director and/or officer of WELLS FARGO & COMPANY, a Delaware corporation, does hereby make, constitute and appoint CHARLES W. SCHARF, MICHAEL P. SANTOMASSIMO, ELLEN PATTERSON AND TANGELA RICHTER, and each or any of them, the undersigned's true and lawful attorneys-in-fact and agents, with full power of substitution, for the undersigned and in the undersigned's name, place and stead and in any and all capacities, to sign and affix the undersigned's name as such director and/or officer of said Company to a Registration Statement or Registration Statements on Form S-3 or other applicable form, and all amendments, including post-effective amendments, thereto, and all registration statements for the same offering that are to be effective upon filing pursuant to Rule 462(b) under the Securities Act of 1933, as amended, to be filed by said Company with the Securities and Exchange Commission, Washington, D.C. in connection with the registration under the Securities Act of 1933, as amended, of debt securities of the Company; securities, currency, commodity or other types of warrants; purchase contracts for certain types of securities, currencies, or commodities; other securities related to or in any combination of any of the foregoing, including as units; and guarantees by the Company of any of foregoing types of securities issued by a subsidiary of the Company or a special purpose entity (all of the foregoing being referred to in this Power of Attorney as "Securities") proposed to be sold by said Company from time to time, and/or proposed to be registered by the Company for re-sale and/or exchange on behalf of one or more holders of such Securities, and to file the same, with all exhibits thereto and other supporting documents, with said Commission, granting unto said attorneys-in-fact, and each of them, full power and authority to do and perform any and all acts necessary or incidental to the performance and execution of the powers herein expressly granted, as fully to all intents and purposes as he or she might or could do in person, hereby ratifying and confirming all that said attorneys-in-fact and agents, or any of them, or their, or his or her substitute or substitutes, may lawfully do or cause to be done by virtue hereof.

IN WITNESS WHEREOF, the undersigned has executed this power of attorney this 12th day of December, 2022.

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| /s/Theodore F. Craver, Jr. |
| Theodore F. Craver, Jr. |

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WELLS FARGO & COMPANY

Power of Attorney

of Director and/or Officer

KNOW ALL PERSONS BY THESE PRESENTS, that the undersigned director and/or officer of WELLS FARGO & COMPANY, a Delaware corporation, does hereby make, constitute and appoint CHARLES W. SCHARF, MICHAEL P. SANTOMASSIMO, ELLEN PATTERSON AND TANGELA RICHTER, and each or any of them, the undersigned's true and lawful attorneys-in-fact and agents, with full power of substitution, for the undersigned and in the undersigned's name, place and stead and in any and all capacities, to sign and affix the undersigned's name as such director and/or officer of said Company to a Registration Statement or Registration Statements on Form S-3 or other applicable form, and all amendments, including post-effective amendments, thereto, and all registration statements for the same offering that are to be effective upon filing pursuant to Rule 462(b) under the Securities Act of 1933, as amended, to be filed by said Company with the Securities and Exchange Commission, Washington, D.C. in connection with the registration under the Securities Act of 1933, as amended, of debt securities of the Company; securities, currency, commodity or other types of warrants; purchase contracts for certain types of securities, currencies, or commodities; other securities related to or in any combination of any of the foregoing, including as units; and guarantees by the Company of any of foregoing types of securities issued by a subsidiary of the Company or a special purpose entity (all of the foregoing being referred to in this Power of Attorney as "Securities") proposed to be sold by said Company from time to time, and/or proposed to be registered by the Company for re-sale and/or exchange on behalf of one or more holders of such Securities, and to file the same, with all exhibits thereto and other supporting documents, with said Commission, granting unto said attorneys-in-fact, and each of them, full power and authority to do and perform any and all acts necessary or incidental to the performance and execution of the powers herein expressly granted, as fully to all intents and purposes as he or she might or could do in person, hereby ratifying and confirming all that said attorneys-in-fact and agents, or any of them, or their, or his or her substitute or substitutes, may lawfully do or cause to be done by virtue hereof.

IN WITNESS WHEREOF, the undersigned has executed this power of attorney this 12th day of December, 2022.

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| /s/Richard K. Davis |
| Richard K. Davis |

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WELLS FARGO & COMPANY

Power of Attorney

of Director and/or Officer

KNOW ALL PERSONS BY THESE PRESENTS, that the undersigned director and/or officer of WELLS FARGO & COMPANY, a Delaware corporation, does hereby make, constitute and appoint CHARLES W. SCHARF, MICHAEL P. SANTOMASSIMO, ELLEN PATTERSON AND TANGELA RICHTER, and each or any of them, the undersigned's true and lawful attorneys-in-fact and agents, with full power of substitution, for the undersigned and in the undersigned's name, place and stead and in any and all capacities, to sign and affix the undersigned's name as such director and/or officer of said Company to a Registration Statement or Registration Statements on Form S-3 or other applicable form, and all amendments, including post-effective amendments, thereto, and all registration statements for the same offering that are to be effective upon filing pursuant to Rule 462(b) under the Securities Act of 1933, as amended, to be filed by said Company with the Securities and Exchange Commission, Washington, D.C. in connection with the registration under the Securities Act of 1933, as amended, of debt securities of the Company; securities, currency, commodity or other types of warrants; purchase contracts for certain types of securities, currencies, or commodities; other securities related to or in any combination of any of the foregoing, including as units; and guarantees by the Company of any of foregoing types of securities issued by a subsidiary of the Company or a special purpose entity (all of the foregoing being referred to in this Power of Attorney as "Securities") proposed to be sold by said Company from time to time, and/or proposed to be registered by the Company for re-sale and/or exchange on behalf of one or more holders of such Securities, and to file the same, with all exhibits thereto and other supporting documents, with said Commission, granting unto said attorneys-in-fact, and each of them, full power and authority to do and perform any and all acts necessary or incidental to the performance and execution of the powers herein expressly granted, as fully to all intents and purposes as he or she might or could do in person, hereby ratifying and confirming all that said attorneys-in-fact and agents, or any of them, or their, or his or her substitute or substitutes, may lawfully do or cause to be done by virtue hereof.

IN WITNESS WHEREOF, the undersigned has executed this power of attorney this 12th day of December, 2022.

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| /s/Wayne M. Hewett |
| Wayne M. Hewett |

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WELLS FARGO & COMPANY

Power of Attorney

of Director and/or Officer

KNOW ALL PERSONS BY THESE PRESENTS, that the undersigned director and/or officer of WELLS FARGO & COMPANY, a Delaware corporation, does hereby make, constitute and appoint CHARLES W. SCHARF, MICHAEL P. SANTOMASSIMO, ELLEN PATTERSON AND TANGELA RICHTER, and each or any of them, the undersigned's true and lawful attorneys-in-fact and agents, with full power of substitution, for the undersigned and in the undersigned's name, place and stead and in any and all capacities, to sign and affix the undersigned's name as such director and/or officer of said Company to a Registration Statement or Registration Statements on Form S-3 or other applicable form, and all amendments, including post-effective amendments, thereto, and all registration statements for the same offering that are to be effective upon filing pursuant to Rule 462(b) under the Securities Act of 1933, as amended, to be filed by said Company with the Securities and Exchange Commission, Washington, D.C. in connection with the registration under the Securities Act of 1933, as amended, of debt securities of the Company; securities, currency, commodity or other types of warrants; purchase contracts for certain types of securities, currencies, or commodities; other securities related to or in any combination of any of the foregoing, including as units; and guarantees by the Company of any of foregoing types of securities issued by a subsidiary of the Company or a special purpose entity (all of the foregoing being referred to in this Power of Attorney as "Securities") proposed to be sold by said Company from time to time, and/or proposed to be registered by the Company for re-sale and/or exchange on behalf of one or more holders of such Securities, and to file the same, with all exhibits thereto and other supporting documents, with said Commission, granting unto said attorneys-in-fact, and each of them, full power and authority to do and perform any and all acts necessary or incidental to the performance and execution of the powers herein expressly granted, as fully to all intents and purposes as he or she might or could do in person, hereby ratifying and confirming all that said attorneys-in-fact and agents, or any of them, or their, or his or her substitute or substitutes, may lawfully do or cause to be done by virtue hereof.

IN WITNESS WHEREOF, the undersigned has executed this power of attorney this 12th day of December, 2022.

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| /s/CeCelia G. Morken |
| CeCelia G. Morken |

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WELLS FARGO & COMPANY

Power of Attorney

of Director and/or Officer

KNOW ALL PERSONS BY THESE PRESENTS, that the undersigned director and/or officer of WELLS FARGO & COMPANY, a Delaware corporation, does hereby make, constitute and appoint CHARLES W. SCHARF, MICHAEL P. SANTOMASSIMO, ELLEN PATTERSON AND TANGELA RICHTER, and each or any of them, the undersigned's true and lawful attorneys-in-fact and agents, with full power of substitution, for the undersigned and in the undersigned's name, place and stead and in any and all capacities, to sign and affix the undersigned's name as such director and/or officer of said Company to a Registration Statement or Registration Statements on Form S-3 or other applicable form, and all amendments, including post-effective amendments, thereto, and all registration statements for the same offering that are to be effective upon filing pursuant to Rule 462(b) under the Securities Act of 1933, as amended, to be filed by said Company with the Securities and Exchange Commission, Washington, D.C. in connection with the registration under the Securities Act of 1933, as amended, of debt securities of the Company; securities, currency, commodity or other types of warrants; purchase contracts for certain types of securities, currencies, or commodities; other securities related to or in any combination of any of the foregoing, including as units; and guarantees by the Company of any of foregoing types of securities issued by a subsidiary of the Company or a special purpose entity (all of the foregoing being referred to in this Power of Attorney as "Securities") proposed to be sold by said Company from time to time, and/or proposed to be registered by the Company for re-sale and/or exchange on behalf of one or more holders of such Securities, and to file the same, with all exhibits thereto and other supporting documents, with said Commission, granting unto said attorneys-in-fact, and each of them, full power and authority to do and perform any and all acts necessary or incidental to the performance and execution of the powers herein expressly granted, as fully to all intents and purposes as he or she might or could do in person, hereby ratifying and confirming all that said attorneys-in-fact and agents, or any of them, or their, or his or her substitute or substitutes, may lawfully do or cause to be done by virtue hereof.

IN WITNESS WHEREOF, the undersigned has executed this power of attorney this 12th day of December, 2022.

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| /s/Maria R. Morris |
| Maria R. Morris |

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WELLS FARGO & COMPANY

Power of Attorney

of Director and/or Officer

KNOW ALL PERSONS BY THESE PRESENTS, that the undersigned director and/or officer of WELLS FARGO & COMPANY, a Delaware corporation, does hereby make, constitute and appoint CHARLES W. SCHARF, MICHAEL P. SANTOMASSIMO, ELLEN PATTERSON AND TANGELA RICHTER, and each or any of them, the undersigned's true and lawful attorneys-in-fact and agents, with full power of substitution, for the undersigned and in the undersigned's name, place and stead and in any and all capacities, to sign and affix the undersigned's name as such director and/or officer of said Company to a Registration Statement or Registration Statements on Form S-3 or other applicable form, and all amendments, including post-effective amendments, thereto, and all registration statements for the same offering that are to be effective upon filing pursuant to Rule 462(b) under the Securities Act of 1933, as amended, to be filed by said Company with the Securities and Exchange Commission, Washington, D.C. in connection with the registration under the Securities Act of 1933, as amended, of debt securities of the Company; securities, currency, commodity or other types of warrants; purchase contracts for certain types of securities, currencies, or commodities; other securities related to or in any combination of any of the foregoing, including as units; and guarantees by the Company of any of foregoing types of securities issued by a subsidiary of the Company or a special purpose entity (all of the foregoing being referred to in this Power of Attorney as "Securities") proposed to be sold by said Company from time to time, and/or proposed to be registered by the Company for re-sale and/or exchange on behalf of one or more holders of such Securities, and to file the same, with all exhibits thereto and other supporting documents, with said Commission, granting unto said attorneys-in-fact, and each of them, full power and authority to do and perform any and all acts necessary or incidental to the performance and execution of the powers herein expressly granted, as fully to all intents and purposes as he or she might or could do in person, hereby ratifying and confirming all that said attorneys-in-fact and agents, or any of them, or their, or his or her substitute or substitutes, may lawfully do or cause to be done by virtue hereof.

IN WITNESS WHEREOF, the undersigned has executed this power of attorney this 12th day of December, 2022.

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| /s/Felicia F. Norwood |
| Felicia F. Norwood |

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WELLS FARGO & COMPANY

Power of Attorney

of Director and/or Officer

KNOW ALL PERSONS BY THESE PRESENTS, that the undersigned director and/or officer of WELLS FARGO & COMPANY, a Delaware corporation, does hereby make, constitute and appoint CHARLES W. SCHARF, MICHAEL P. SANTOMASSIMO, ELLEN PATTERSON AND TANGELA RICHTER, and each or any of them, the undersigned's true and lawful attorneys-in-fact and agents, with full power of substitution, for the undersigned and in the undersigned's name, place and stead and in any and all capacities, to sign and affix the undersigned's name as such director and/or officer of said Company to a Registration Statement or Registration Statements on Form S-3 or other applicable form, and all amendments, including post-effective amendments, thereto, and all registration statements for the same offering that are to be effective upon filing pursuant to Rule 462(b) under the Securities Act of 1933, as amended, to be filed by said Company with the Securities and Exchange Commission, Washington, D.C. in connection with the registration under the Securities Act of 1933, as amended, of debt securities of the Company; securities, currency, commodity or other types of warrants; purchase contracts for certain types of securities, currencies, or commodities; other securities related to or in any combination of any of the foregoing, including as units; and guarantees by the Company of any of foregoing types of securities issued by a subsidiary of the Company or a special purpose entity (all of the foregoing being referred to in this Power of Attorney as "Securities") proposed to be sold by said Company from time to time, and/or proposed to be registered by the Company for re-sale and/or exchange on behalf of one or more holders of such Securities, and to file the same, with all exhibits thereto and other supporting documents, with said Commission, granting unto said attorneys-in-fact, and each of them, full power and authority to do and perform any and all acts necessary or incidental to the performance and execution of the powers herein expressly granted, as fully to all intents and purposes as he or she might or could do in person, hereby ratifying and confirming all that said attorneys-in-fact and agents, or any of them, or their, or his or her substitute or substitutes, may lawfully do or cause to be done by virtue hereof.

IN WITNESS WHEREOF, the undersigned has executed this power of attorney this 12th day of December, 2022.

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| /s/Richard B. Payne, Jr. |
| Richard B. Payne, Jr. |

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WELLS FARGO & COMPANY

Power of Attorney

of Director and/or Officer

KNOW ALL PERSONS BY THESE PRESENTS, that the undersigned director and/or officer of WELLS FARGO & COMPANY, a Delaware corporation, does hereby make, constitute and appoint CHARLES W. SCHARF, MICHAEL P. SANTOMASSIMO, ELLEN PATTERSON AND TANGELA RICHTER, and each or any of them, the undersigned's true and lawful attorneys-in-fact and agents, with full power of substitution, for the undersigned and in the undersigned's name, place and stead and in any and all capacities, to sign and affix the undersigned's name as such director and/or officer of said Company to a Registration Statement or Registration Statements on Form S-3 or other applicable form, and all amendments, including post-effective amendments, thereto, and all registration statements for the same offering that are to be effective upon filing pursuant to Rule 462(b) under the Securities Act of 1933, as amended, to be filed by said Company with the Securities and Exchange Commission, Washington, D.C. in connection with the registration under the Securities Act of 1933, as amended, of debt securities of the Company; securities, currency, commodity or other types of warrants; purchase contracts for certain types of securities, currencies, or commodities; other securities related to or in any combination of any of the foregoing, including as units; and guarantees by the Company of any of foregoing types of securities issued by a subsidiary of the Company or a special purpose entity (all of the foregoing being referred to in this Power of Attorney as "Securities") proposed to be sold by said Company from time to time, and/or proposed to be registered by the Company for re-sale and/or exchange on behalf of one or more holders of such Securities, and to file the same, with all exhibits thereto and other supporting documents, with said Commission, granting unto said attorneys-in-fact, and each of them, full power and authority to do and perform any and all acts necessary or incidental to the performance and execution of the powers herein expressly granted, as fully to all intents and purposes as he or she might or could do in person, hereby ratifying and confirming all that said attorneys-in-fact and agents, or any of them, or their, or his or her substitute or substitutes, may lawfully do or cause to be done by virtue hereof.

IN WITNESS WHEREOF, the undersigned has executed this power of attorney this 12th day of December, 2022.

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|:---|
| /s/Ronald L. Sargent |
| Ronald L. Sargent |

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WELLS FARGO & COMPANY

Power of Attorney

of Director and/or Officer

KNOW ALL PERSONS BY THESE PRESENTS, that the undersigned director and/or officer of WELLS FARGO & COMPANY, a Delaware corporation, does hereby make, constitute and appoint CHARLES W. SCHARF, MICHAEL P. SANTOMASSIMO, ELLEN PATTERSON AND TANGELA RICHTER, and each or any of them, the undersigned's true and lawful attorneys-in-fact and agents, with full power of substitution, for the undersigned and in the undersigned's name, place and stead and in any and all capacities, to sign and affix the undersigned's name as such director and/or officer of said Company to a Registration Statement or Registration Statements on Form S-3 or other applicable form, and all amendments, including post-effective amendments, thereto, and all registration statements for the same offering that are to be effective upon filing pursuant to Rule 462(b) under the Securities Act of 1933, as amended, to be filed by said Company with the Securities and Exchange Commission, Washington, D.C. in connection with the registration under the Securities Act of 1933, as amended, of debt securities of the Company; securities, currency, commodity or other types of warrants; purchase contracts for certain types of securities, currencies, or commodities; other securities related to or in any combination of any of the foregoing, including as units; and guarantees by the Company of any of foregoing types of securities issued by a subsidiary of the Company or a special purpose entity (all of the foregoing being referred to in this Power of Attorney as "Securities") proposed to be sold by said Company from time to time, and/or proposed to be registered by the Company for re-sale and/or exchange on behalf of one or more holders of such Securities, and to file the same, with all exhibits thereto and other supporting documents, with said Commission, granting unto said attorneys-in-fact, and each of them, full power and authority to do and perform any and all acts necessary or incidental to the performance and execution of the powers herein expressly granted, as fully to all intents and purposes as he or she might or could do in person, hereby ratifying and confirming all that said attorneys-in-fact and agents, or any of them, or their, or his or her substitute or substitutes, may lawfully do or cause to be done by virtue hereof.

IN WITNESS WHEREOF, the undersigned has executed this power of attorney this 12th day of December, 2022.

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|:---|
| /s/Charles W. Scharf |
| Charles W. Scharf |

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WELLS FARGO & COMPANY

Power of Attorney

of Director and/or Officer

KNOW ALL PERSONS BY THESE PRESENTS, that the undersigned director and/or officer of WELLS FARGO & COMPANY, a Delaware corporation, does hereby make, constitute and appoint CHARLES W. SCHARF, MICHAEL P. SANTOMASSIMO, ELLEN PATTERSON AND TANGELA RICHTER, and each or any of them, the undersigned's true and lawful attorneys-in-fact and agents, with full power of substitution, for the undersigned and in the undersigned's name, place and stead and in any and all capacities, to sign and affix the undersigned's name as such director and/or officer of said Company to a Registration Statement or Registration Statements on Form S-3 or other applicable form, and all amendments, including post-effective amendments, thereto, and all registration statements for the same offering that are to be effective upon filing pursuant to Rule 462(b) under the Securities Act of 1933, as amended, to be filed by said Company with the Securities and Exchange Commission, Washington, D.C. in connection with the registration under the Securities Act of 1933, as amended, of debt securities of the Company; securities, currency, commodity or other types of warrants; purchase contracts for certain types of securities, currencies, or commodities; other securities related to or in any combination of any of the foregoing, including as units; and guarantees by the Company of any of foregoing types of securities issued by a subsidiary of the Company or a special purpose entity (all of the foregoing being referred to in this Power of Attorney as "Securities") proposed to be sold by said Company from time to time, and/or proposed to be registered by the Company for re-sale and/or exchange on behalf of one or more holders of such Securities, and to file the same, with all exhibits thereto and other supporting documents, with said Commission, granting unto said attorneys-in-fact, and each of them, full power and authority to do and perform any and all acts necessary or incidental to the performance and execution of the powers herein expressly granted, as fully to all intents and purposes as he or she might or could do in person, hereby ratifying and confirming all that said attorneys-in-fact and agents, or any of them, or their, or his or her substitute or substitutes, may lawfully do or cause to be done by virtue hereof.

IN WITNESS WHEREOF, the undersigned has executed this power of attorney this 12th day of December, 2022.

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|:---|
| /s/Suzanne M. Vautrinot |
| Suzanne M. Vautrinot |

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## Ex-24.(B)

[WELLS FARGO & COMPANY S-3](wf-s3_031423.htm)

**Exhibit 24(b)**

WELLS FARGO FINANCE LLC

Power of Attorney

of Director and/or Officer

KNOW ALL PERSONS BY THESE PRESENTS, that the undersigned director and/or officer of WELLS FARGO FINANCE LLC, a Delaware limited liability company, does hereby make, constitute and appoint MARK KOHN, James Gnall, and John Beer, and each or any of them, the undersigned's true and lawful attorneys-in-fact and agents, with full power of substitution, for the undersigned and in the undersigned's name, place and stead and in any and all capacities, to sign and affix the undersigned's name as such director and/or officer of said Company to a Registration Statement or Registration Statements on Form S-3 or other applicable form, and all amendments, including post-effective amendments, thereto, and all registration statements for the same offering that are to be effective upon filing pursuant to Rule 462(b) under the Securities Act of 1933, as amended, to be filed by said Company with the Securities and Exchange Commission, Washington, D.C. in connection with the registration under the Securities Act of 1933, as amended, of debt securities of the Company; securities, currency, commodity or other types of warrants; purchase contracts for certain types of securities, currencies, or commodities; and other securities related to or in any combination of any of the foregoing, including as units (all of the foregoing being referred to in this Power of Attorney as "Securities") proposed to be sold by said Company from time to time, and/or proposed to be registered by the Company for re-sale and/or exchange on behalf of one or more holders of such Securities, and to file the same, with all exhibits thereto and other supporting documents, with said Commission, granting unto said attorneys-in-fact, and each of them, full power and authority to do and perform any and all acts necessary or incidental to the performance and execution of the powers herein expressly granted, as fully to all intents and purposes as he or she might or could do in person, hereby ratifying and confirming all that said attorneys-in-fact and agents, or any of them, or their, or his or her substitute or substitutes, may lawfully do or cause to be done by virtue hereof.

IN WITNESS WHEREOF, the undersigned has executed this power of attorney this 13th day of March, 2023.

---

| |
|:---|
| /s/ Benjamin Bonner |
| Benjamin Bonner |

---

WELLS FARGO FINANCE LLC

Power of Attorney

of Director and/or Officer

KNOW ALL PERSONS BY THESE PRESENTS, that the undersigned director and/or officer of WELLS FARGO FINANCE LLC, a Delaware limited liability company, does hereby make, constitute and appoint MARK KOHN, James Gnall, and John Beer, and each or any of them, the undersigned's true and lawful attorneys-in-fact and agents, with full power of substitution, for the undersigned and in the undersigned's name, place and stead and in any and all capacities, to sign and affix the undersigned's name as such director and/or officer of said Company to a Registration Statement or Registration Statements on Form S-3 or other applicable form, and all amendments, including post-effective amendments, thereto, and all registration statements for the same offering that are to be effective upon filing pursuant to Rule 462(b) under the Securities Act of 1933, as amended, to be filed by said Company with the Securities and Exchange Commission, Washington, D.C. in connection with the registration under the Securities Act of 1933, as amended, of debt securities of the Company; securities, currency, commodity or other types of warrants; purchase contracts for certain types of securities, currencies, or commodities; and other securities related to or in any combination of any of the foregoing, including as units (all of the foregoing being referred to in this Power of Attorney as "Securities") proposed to be sold by said Company from time to time, and/or proposed to be registered by the Company for re-sale and/or exchange on behalf of one or more holders of such Securities, and to file the same, with all exhibits thereto and other supporting documents, with said Commission, granting unto said attorneys-in-fact, and each of them, full power and authority to do and perform any and all acts necessary or incidental to the performance and execution of the powers herein expressly granted, as fully to all intents and purposes as he or she might or could do in person, hereby ratifying and confirming all that said attorneys-in-fact and agents, or any of them, or their, or his or her substitute or substitutes, may lawfully do or cause to be done by virtue hereof.

IN WITNESS WHEREOF, the undersigned has executed this power of attorney this 13th day of March, 2023.

---

| |
|:---|
| /s/ Darren Langis |
| Darren Langis |

---

WELLS FARGO FINANCE LLC

Power of Attorney

of Director and/or Officer

KNOW ALL PERSONS BY THESE PRESENTS, that the undersigned director and/or officer of WELLS FARGO FINANCE LLC, a Delaware limited liability company, does hereby make, constitute and appoint MARK KOHN, James Gnall, and John Beer, and each or any of them, the undersigned's true and lawful attorneys-in-fact and agents, with full power of substitution, for the undersigned and in the undersigned's name, place and stead and in any and all capacities, to sign and affix the undersigned's name as such director and/or officer of said Company to a Registration Statement or Registration Statements on Form S-3 or other applicable form, and all amendments, including post-effective amendments, thereto, and all registration statements for the same offering that are to be effective upon filing pursuant to Rule 462(b) under the Securities Act of 1933, as amended, to be filed by said Company with the Securities and Exchange Commission, Washington, D.C. in connection with the registration under the Securities Act of 1933, as amended, of debt securities of the Company; securities, currency, commodity or other types of warrants; purchase contracts for certain types of securities, currencies, or commodities; and other securities related to or in any combination of any of the foregoing, including as units (all of the foregoing being referred to in this Power of Attorney as "Securities") proposed to be sold by said Company from time to time, and/or proposed to be registered by the Company for re-sale and/or exchange on behalf of one or more holders of such Securities, and to file the same, with all exhibits thereto and other supporting documents, with said Commission, granting unto said attorneys-in-fact, and each of them, full power and authority to do and perform any and all acts necessary or incidental to the performance and execution of the powers herein expressly granted, as fully to all intents and purposes as he or she might or could do in person, hereby ratifying and confirming all that said attorneys-in-fact and agents, or any of them, or their, or his or her substitute or substitutes, may lawfully do or cause to be done by virtue hereof.

IN WITNESS WHEREOF, the undersigned has executed this power of attorney this 13th day of March, 2023.

---

| |
|:---|
| /s/ Bryant Owens |
| Bryant Owens |

---

## Ex-25.(A)

[WELLS FARGO & COMPANY S-3](wf-s3_031423.htm)

**Exhibit 25(a)**

UNITED STATES <br> SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

------

FORM T-1

STATEMENT OF ELIGIBILITY

UNDER THE TRUST INDENTURE ACT OF 1939 OF A

CORPORATION DESIGNATED TO ACT AS TRUSTEE

Check if an Application to Determine Eligibility of a Trustee

Pursuant to Section 305 (b)(2) ___

------

CITIBANK, N.A.

(Exact name of Trustee as specified in its charter)

A National Banking Association 13-5266470 <br> (Jurisdiction of incorporation or organization if not a U.S. national bank) (I.R.S. Employer Identification No.)

399 Park Avenue <br> New York, New York<br> (Address of principal executive office) 10043<br> (Zip Code)

Citibank, N.A.

388 Greenwich Street

New York, N.Y. 10013

(212) 816-0392

(Name, address, and telephone number of agent for service)

------

WELLS FARGO & COMPANY

(Exact name of obligor as specified in its charter)

Delaware 41-0449260 <br> (State or other jurisdiction of incorporation or organization) (I.R.S. employer identification no.)

420 Montgomery Street<br> San Francisco, California 94104 <br> (Address of principal executive offices) (Zip Code)

------

SENIOR DEBT SECURITIES

(Title of Indenture Securities)

Item 1. General Information.

Furnish the following information as to the trustee:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Name
 and address of each examining or supervising authority to which it is subject.

---

| | |
|:---|:---|
| **<u>Name</u>** | **<u>Address</u>** |
| Comptroller of the Currency | Washington, D.C. |
| Federal Reserve Bank of New York | 33 Liberty Street, New York, NY |
| Federal Deposit Insurance Corporation | Washington, D.C. |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Whether
 it is authorized to exercise corporate trust powers.

Yes.

Item 2. Affiliations with Obligor.

If the obligor is an affiliate of the trustee, describe each such affiliation.

None.

Items 3-15. Not Applicable.

Item 16. List of Exhibits.

List below all exhibits filed as a part of this Statement of Eligibility.

Exhibits identified in parentheses below, on file with the Commission, are incorporated herein by reference as exhibits hereto.

Exhibit 1 - Copy of Articles of Association of the Trustee, as now in effect. (Exhibit 1 to T-1 filed as exhibit to the Filing 305B2 dated October 5, 2012 under File No. 333-183223).

Exhibit 2 - Copy of certificate of authority of the Trustee to commence business. (Exhibit 2 to T-1 filed May 5, 2014 under File No. 333-195697).

Exhibit 3 - Copy of authorization of the Trustee to exercise corporate trust powers. (Exhibit 3 to T-1 filed May 5, 2014 under File No. 333-195697).

Exhibit 4 - Copy of existing By-Laws of the Trustee. (Exhibit 4 to T-1 filed as exhibit to the Filing 305B2 dated October 5, 2012 under File No. 333-183223).

Exhibit 5 - Not applicable.

Exhibit 6 - The consent of the Trustee required by Section 321(b) of the Trust Indenture Act of 1939. (Exhibit 6 to T-1 filed May 5, 2014 under File No. 333-195697).

Exhibit 7 - Copy of the latest Report of Condition of Citibank, N.A. (as of December 31, 2022- attached)

Exhibit 8 - Not applicable.

Exhibit 9 - Not applicable.

SIGNATURE

Pursuant to the requirements of the Trust Indenture Act of 1939, the Trustee, Citibank, N.A., a national banking association organized and existing under the laws of the United States of America, has duly caused this statement of eligibility to be signed on its behalf by the undersigned, thereunto duly authorized, all in The City of New York and State of New York, on the 7th day of March, 2023.

---

| | |
|:---|:---|
| CITIBANK, N.A. | CITIBANK, N.A. |
| By | /s/ Keri-anne Marshall |
|  | Keri-anne Marshall |
|  | Vice President |

---

**Exhibit 7**

---

| | |
|:---|:---|
| **CONSOLIDATED BALANCE SHEET** | *Citigroup Inc. and Subsidiaries* |

---

---

| | | |
|:---|:---|:---|
|  | **December 31,** | **December 31,** |
| *In millions of dollars* | **2022** | 2021 |
| **Assets** |  |  |
| Cash and due from banks (including segregated cash and other deposits) | $**30577** | $27515 |
| Deposits with banks, net of allowance | **311448** | 234518 |
| Securities borrowed and purchased under agreements to resell (including $239,527 and $216,466 as of December 31, 2022 and 2021, respectively, at fair value), net of allowance | **365401** | 327288 |
| Brokerage receivables, net of allowance | **54192** | 54340 |
| Trading account assets (including $133,535 and $133,828 pledged to creditors at December 31, 2022 and 2021, respectively) | **334114** | 331945 |
| Investments: |  |  |
| &nbsp;&nbsp;&nbsp;Available-for-sale debt securities (including $10,933 and $9,226 pledged to creditors as of December 31, 2022 and 2021, respectively), net of allowance | **249679** | 288522 |
| &nbsp;&nbsp;&nbsp;Held-to-maturity debt securities (fair value of which is $243,648 and $216,038 as of December 31, 2022 and 2021, respectively) (includes $— and $1,460 pledged to creditors as of December 31, 2022 and 2021, respectively), net of allowance | **268863** | 216963 |
| &nbsp;&nbsp;&nbsp;Equity securities (including $895 and $1,032 as of December 31, 2022 and 2021, respectively, at fair value) | **8040** | 7337 |
| Total investments | $**526582** | $512822 |
| Loans: |  |  |
| &nbsp;&nbsp;&nbsp;Consumer (including $237 and $12 as of December 31, 2022 and 2021, respectively, at fair value) | **368067** | 376534 |
| &nbsp;&nbsp;&nbsp;Corporate (including $5,123 and $6,070 as of December 31, 2022 and 2021, respectively, at fair value) | **289154** | 291233 |
| Loans, net of unearned income | $**657221** | $667767 |
| &nbsp;&nbsp;&nbsp;Allowance for credit losses on loans (ACLL) | **(16974)** | (16455) |
| Total loans, net | $**640247** | $651312 |
| Goodwill | **19691** | 21299 |
| lntangible assets (including MSRs of $665 and $404 as of December 31, 2022 and 2021, respectively, at fair value) | **4428** | 4495 |
| Premises and equipment, net of depreciation and amortization | **26253** | 24328 |
| Other assets (including $10,658 and $12,342 as of December 31, 2022 and 2021, respectively, at fair value), net of allowance | **103743** | 101551 |
| **Total assets** | $**2416676** | $2291413 |

---

The following tables present certain assets and liabilities of consolidated variable interest entities (VIEs), which are included on Citi's Consolidated Balance Sheet. The assets in the table below include those assets that can only be used to settle obligations of consolidated VIEs, presented on the following page, and are in excess of those obligations. In addition, the assets in the table below include third-party assets of consolidated VIEs only and exclude intercompany balances that eliminate in consolidation.

---

| | | |
|:---|:---|:---|
|  | **December 31,** | **December 31,** |
| *In millions of dollars* | **2022** | 2021 |
| **Assets of consolidated VIEs to he used to settle obligations of consolidated VIEs** |  |  |
| Cash and due from banks | $**61** | $260 |
| Trading account assets | **9153** | 10038 |
| Investments | **594** | 844 |
| Loans, net of unearned income |  |  |
| &nbsp;&nbsp;&nbsp;Consumer | **35026** | 34677 |
| &nbsp;&nbsp;&nbsp;Corporate | **19782** | 14312 |
| Loans, net of unearned income | $**54808** | $48989 |
| &nbsp;&nbsp;&nbsp;Allowance for credit losses on loans (ACLL) | **(2520)** | (2668) |
| Total loans, net | $**52288** | $46321 |
| Other assets | **105** | 1174 |
| **Total assets of consolidated VIEs to be used to settle obligations of Consolidated VIEs** | $**62201** | $58637 |

---

---

| | |
|:---|:---|
| **CONSOLIDATED BALANCE SHEET** | ***Citigroup Inc. and Subsidiaries*** |
| **(Continued)** |  |

---

---

| | | |
|:---|:---|:---|
|  | **December 31,** | **December 31,** |
| *In millions of dollars, except shares and per share amounts* | **2022** | 2021 |
| **Liabilities** | **Liabilities** | **Liabilities** |
| Deposits (including $1,875 and $1,666 as of December 31, 2022 and 2021, respectively, at fair value) | $**1365954** | $1317230 |
| Securities loaned and sold under agreements to repurchase (including $70,886 and $56,694 as of December 31, 2022 and 2021, respectively, at fair value) | **202444** | 191285 |
| Brokerage payables (including $4,439 and $3,575 as of December 31, 2022 and 2021, respectively, at fair value) | **69218** | 61430 |
| Trading account liabilities | **170647** | 161529 |
| Short-term borrowings (including $6,222 and $7,358 as of December 31, 2022 and 2021, respectively, at fair value) | **47096** | 27973 |
| Long-term debt (including $105,995 and $82,609 as of December 31, 2022 and 2021, respectively, at fair value) | **271606** | 254374 |
| Other liabilities | **87873** | 74920 |
| **Total liabilities** | $**2214838** | $2088741 |
| **Stockholders' equity** | **Stockholders' equity** | **Stockholders' equity** |
| Preferred stock ($1.00 par value; authorized shares: 30 million), issued shares: **759,800 as of December 31, 2022** and 759,800 as of December 31, 2021, at aggregate liquidation value | $**18995** | $18995 |
| Common stock ($0.01 par value; authorized shares: 6 billion), issued shares: **3,099,669,424 as of December 31, 2022** and 3,099,651,835 as of December 31, 2021 | **31** | 31 |
| Additional paid-in Capital | **108458** | 108003 |
| Retained earnings | **194734** | 184948 |
| Treasury stock, at cost: **1,162,682,999 shares as of December 31, 2022** and 1,115,296,641 shares as of December 31, 2021 | **(73967)** | (71240) |
| Accumulated other comprehensive income (loss) (*AOCI*) | **(47062)** | (38765) |
| **Total Citigroup stockholders' equity** | $**201189** | $201972 |
| Noncontrolling interests | **649** | 700 |
| **Total equity** | $**201838** | $202672 |
| **Total liabilities and equity** | $**2416676** | $2291413 |

---

The following tables present certain assets and liabilities of consolidated variable interest entities (VIEs), which are included on Citi's Consolidated Balance Sheet. The assets in the table below include those assets that can only be used to settle obligations of consolidated VIEs, presented on the following page, and are in excess of those obligations. In addition, the assets in the table below include third-party assets of consolidated VIEs only and exclude intercompany balances that eliminate in consolidation. The liabilities in the table below include third-party liabilities of consolidated VIEs only and exclude intercompany balances that eliminate in consolidation. The liabilities also exclude amounts where creditors or beneficial interest holders have recourse to the general credit of Citigroup.

---

| | | |
|:---|:---|:---|
|  | **December 31,** | **December 31,** |
| *In millions of dollars* | **2022** | 2021 |
| **Liabilities of consolidated VIEs for which creditors or beneficial interest holders do not have recourse to the general credit of Citigroup** |  |  |
| Short-term borrowings | $**9807** | $8376 |
| Long-term debt | **10324** | 12579 |
| Other liabilities | **622** | 694 |
| **Total liabilities of consolidated VIEs for which creditors or beneficial interest holders do not have recourse to the general credit of Citigroup** | $**20753** | $21649 |

---

## Ex-25.(B)

[WELLS FARGO & COMPANY S-3](wf-s3_031423.htm)

**Exhibit 25(b)**

UNITED STATES <br> SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

------

FORM T-1

STATEMENT OF ELIGIBILITY

UNDER THE TRUST INDENTURE ACT OF 1939 OF A

CORPORATION DESIGNATED TO ACT AS TRUSTEE

Check if an Application to Determine Eligibility of a Trustee

Pursuant to Section 305 (b)(2) ___

------

CITIBANK, N.A.

(Exact name of Trustee as specified in its charter)

---

| | |
|:---|:---|
| A National Banking Association | 13-5266470 |
| (Jurisdiction of incorporation or organization if not a U.S. national bank) | (I.R.S. Employer Identification No.) |
| 399 Park Avenue |  |
| New York, New York | 10043 |
| (Address of principal executive office) | (Zip Code) |

---

Citibank, N.A.

388 Greenwich Street

New York, N.Y. 10013

(212) 816-0392

(Name, address, and telephone number of agent for service)

------

WELLS FARGO FINANCE LLC

(Exact name of obligor as specified in its charter)

---

| | |
|:---|:---|
| Delaware | 41-0449260 |
| (State or other jurisdiction of incorporation or organization) | (I.R.S. employer identification no.) |
| 30 Hudson Yards, Floor 14 |  |
| New York, New York | 10001 |
| (Address of principal executive offices) | (Zip Code) |

---

WELLS FARGO & COMPANY

(Exact name of obligor as specified in its charter)

---

| | |
|:---|:---|
| Delaware | 41-0449260 |
| (State or other jurisdiction of | (I.R.S. employer identification no.) |
| incorporation or organization) |  |
| 420 Montgomery Street |  |
| San Francisco, California | 94104 |
| <br> (Address of principal executive offices) | (Zip Code) |

---

------

SENIOR DEBT SECURITIES OF WELLS FARGO FINANCE LLC AND GUARANTEES OF

WELLS FARGO & COMPANY WITH RESPECT TO THE DEBT SECURITIES

(Title of Indenture Securities)

Item 1. General Information.

Furnish the following information as to the trustee:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Name
 and address of each examining or supervising authority to which it is subject.

---

| | |
|:---|:---|
| **Name** | **Address** |
| Comptroller of the Currency | Washington, D.C. |
| Federal Reserve Bank of New York | 33 Liberty Street, New York, NY |
| Federal Deposit Insurance Corporation | Washington, D.C. |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Whether
it is authorized to exercise corporate trust powers.

Yes.

Item 2. Affiliations with Obligor.

If the obligor is an affiliate of the trustee, describe each such affiliation.

None.

Items 3-15. Not Applicable.

Item 16. List of Exhibits.

List below all exhibits filed as a part of this Statement of Eligibility.

Exhibits identified in parentheses below, on file with the Commission, are incorporated herein by reference as exhibits hereto.

Exhibit 1 - Copy of Articles of Association of the Trustee, as now in effect.

(Exhibit 1 to T-1 filed as exhibit to the Filing 305B2 dated October 5, 2012 under File No. 333-183223).

Exhibit 2 - Copy of certificate of authority of the Trustee to commence business.

(Exhibit 2 to T-1 filed May 5, 2014 under File No. 333-195697).

Exhibit 3 - Copy of authorization of the Trustee to exercise corporate trust powers.

(Exhibit 3 to T-1 filed May 5, 2014 under File No. 333-195697).

Exhibit 4 - Copy of existing By-Laws of the Trustee.

(Exhibit 4 to T-1 filed as exhibit to the Filing 305B2 dated October 5, 2012 under File No. 333-183223).

Exhibit 5 - Not applicable.

Exhibit 6 - The consent of the Trustee required by Section 321(b) of the Trust Indenture Act of 1939. (Exhibit 6 to T-1 filed May 5, 2014 under File No. 333-195697).

Exhibit 7 - Copy of the latest Report of Condition of Citibank, N.A. (as of December 31, 2022- attached)

Exhibit 8 - Not applicable.

Exhibit 9 - Not applicable.

SIGNATURE

Pursuant to the requirements of the Trust Indenture Act of 1939, the Trustee, Citibank, N.A., a national banking association organized and existing under the laws of the United States of America, has duly caused this statement of eligibility to be signed on its behalf by the undersigned, thereunto duly authorized, all in The City of New York and State of New York, on the 7th day of March, 2023.

---

| | |
|:---|:---|
| CITIBANK, N.A. | CITIBANK, N.A. |
| By | /s/ Keri-anne Marshall |
|  | Keri-anne Marshall |
|  | Vice President |

---

---

| | |
|:---|:---|
| **CONSOLIDATED BALANCE SHEET** | **Exhibit 7** |
| **CONSOLIDATED BALANCE SHEET** | *Citigroup Inc. and Subsidiaries* |

---

---

| | | |
|:---|:---|:---|
|  | **December 31,** | **December 31,** |
| *In millions of dollars* | **2022** | 2021 |
| **Assets** | **Assets** | **Assets** |
| Cash and due from banks (including segregated cash and other deposits) | $**30577** | $**27515** |
| Deposits with banks, net of allowance | **311448** | 234518 |
| Securities borrowed and purchased under agreements to resell (including $239,527 and $216,466 as of December 31, 2022 and 2021, respectively, at fair value), net of allowance | **365401** | 327288 |
| Brokerage receivables, net of allowance | **54192** | 54340 |
| Trading account assets (including $133,535 and $133,825 pledged to creditors at December 31, 2022 and 2021, respectively) | **334114** | 331945 |
| Investments: | Investments: | Investments: |
| &nbsp;&nbsp;&nbsp;Available-for-sale debt securities (including $10,933 and $9,226 pledged to creditors as of December 31, 2022 and 2021, respectively), net of allowance | **249679** | 288522 |
| &nbsp;&nbsp;&nbsp;Held-to-maturity debt securities (fair value of which is $243,648 and $216,038 as of December 31, 2022 and 2021, respectively) (includes $— and $1,460 pledged to creditors as of December 31, 2022 and 2021, respectively), net of allowance | **268863** | 216963 |
| &nbsp;&nbsp;&nbsp;Equity securities (including $895 and $1,032 as of December 31, 2022 and 2021, respectively, at fair value) | **8040** | 7337 |
| Total investments | $**526582** | $**512822** |
| Loans: | Loans: | Loans: |
| &nbsp;&nbsp;&nbsp;Consumer (including $237 and $12 as of December 31, 2022 and 2021, respectively, at fair value) | **368067** | 376534 |
| &nbsp;&nbsp;&nbsp;Corporate (including $5,123 and $6,070 as of December 31, 2022 and 2021, respectively, at fair value) | **289154** | 291233 |
| Loans, net of unearned income | $**657221** | $**667767** |
| &nbsp;&nbsp;&nbsp;Allowance for credit losses on loans (ACLL) | **(16974)** | (16455) |
| Total loans, net | $**640247** | $**651312** |
| Goodwill | **19691** | 21299 |
| Intangible assets (including MSRs of $665 and $404 as of December 31, 2022 and 2021, respectively, at fair value) | **4428** | 4495 |
| Premises and equipment, net of depreciation and amortization | **26253** | 24328 |
| Other assets (including $10,658 and $12,342 as of December 31, 2022 and 2021, respectively, at fair value), net of allowance | **103743** | 101551 |
| **Total assets** | $**2416676** | $**2291413** |

---

The following tables present certain assets and liabilities of consolidated variable interest entities (VIEs), which are included on Citi's Consolidated Balance Sheet. The assets in the table below include those assets that can only be used to settle obligations of consolidated VIEs, presented on the following page, and are in excess of those obligations. In addition, the assets in the table below include third-party assets of consolidated VIEs only and exclude intercompany balances that eliminate in consolidation.

---

| | | |
|:---|:---|:---|
|  | **December 31,** | **December 31,** |
| *In millions of dollars* | **2022** | 2021 |
| **Assets of consolidated VIEs to be used to settle obligations of consolidated VIEs** |  |  |
| Cash and due from banks | $**61** | $**260** |
| Trading account assets | **9153** | 10038 |
| Investments | **594** | 844 |
| Loans, net of unearned income | Loans, net of unearned income | Loans, net of unearned income |
| &nbsp;&nbsp;&nbsp;Consumer | **35026** | 34677 |
| &nbsp;&nbsp;&nbsp;Corporate | **19782** | 14312 |
| Loans, net of unearned income | $**54808** | $**48989** |
| &nbsp;&nbsp;&nbsp;Allowance for credit losses on loans (ACLL) | **(2520)** | (2668) |
| Total loans, net | $**52288** | $**46321** |
| Other assets | **105** | 1174 |
| **Total assets of consolidated VIEs to be used to settle obligations of consolidated VIEs** | $**62201** | $**58637** |

---

---

| | |
|:---|:---|
| **CONSOLIDATED BALANCE SHEET** |  |
| **CONSOLIDATED BALANCE SHEET** | *Citigroup Inc. and Subsidiaries* |

---

(Continued)

---

| | | |
|:---|:---|:---|
|  | **December 31,** | **December 31,** |
| *In millions of dollars, except shares and per share amounts* | **2022** | 2021 |
| **Liabilities** | **Liabilities** | **Liabilities** |
| Deposits (including $1,875 and $1,666 as of December 31, 2022 and 2021, respectively, at fair value) | $**1365954** | $**1317230** |
| Securities loaned and sold under agreements to repurchase (including $70,886 and $56,694 as of December 31, 2022 and 2021, respectively, at fair value) | **202444** | 191285 |
| Brokerage payables (including $4,439 and $3,575 as of December 31, 2022 and 2021, respectively, at fair value) | **69218** | 61430 |
| Trading account liabilities | **170647** | 161529 |
| Short-term borrowings (including $6,222 and $7,358 as of December 31, 2022 and 2021, respectively, at fair value) | **47096** | 27973 |
| Long-term debt (including $105,995 and $82,609 as of December 31, 2022 and 2021, respectively, at fair value) | **271606** | 254374 |
| Other liabilities | **87873** | 74920 |
| **Total liabilities** | $**2214838** | $**2088741** |
| **Stockholders' equity** |  |  |
| Preferred stock ($1.00 par value; authorized shares: 30 million), issued shares: **759,800 as of December 31, 2022** and 759,800 as of December 31, 2021, at aggregate liquidation value | $**18995** | $**18995** |
| Common stock ($0.01 par value; authorized shares: 6 billion), issued shares: **3,099,669,424 as of December 31, 2022** and 3,099,651,835 as of December 31, 2021 | **31** | 31 |
| Additional paid-in capital | **108458** | 108003 |
| Retained earnings | **194734** | 184948 |
| Treasury stock, at cost: **1,162,682,999 shares as of December 31, 2022** and 1,115,296,641 shares as of December 31, 2021 | **(73967)** | (71240) |
| Accumulated other comprehensive income (loss) (*AOCI*) | **(47062)** | (38765) |
| **Total Citigroup stockholders' equity** | $**201189** | $**201972** |
| Noncontrolling interests | **649** | 700 |
| **Total equity** | $**201838** | $**202672** |
| **Total liabilities and equity** | $**2416676** | $**2291413** |

---

The following tables present certain assets and liabilities of consolidated variable interest entities (VIEs), which are included on Citi's Consolidated Balance Sheet. The assets in the table below include those assets that can only be used to settle obligations of consolidated VIEs, presented on the following page, and are in excess of those obligations. In addition, the assets in the table below include third-party assets of consolidated VIEs only and exclude intercompany balances that eliminate in consolidation. The liabilities in the table below include third-party liabilities of consolidated VIEs only and exclude intercompany balances that eliminate in consolidation. The liabilities also exclude amounts where creditors or beneficial interest holders have recourse to the general credit of Citigroup.

---

| | | |
|:---|:---|:---|
|  | **December 31,** | **December 31,** |
| *In millions of dollars* | **2022** | 2021 |
| **Liabilities of consolidated VIEs for which creditors or beneficial interest holders do not have<br> recourse to the general credit of Citigroup** | **Liabilities of consolidated VIEs for which creditors or beneficial interest holders do not have<br> recourse to the general credit of Citigroup** | **Liabilities of consolidated VIEs for which creditors or beneficial interest holders do not have<br> recourse to the general credit of Citigroup** |
| Short-term borrowings | $**9807** | $**8376** |
| Long-term debt | **10324** | 12579 |
| Other liabilities | **622** | 694 |
| **Total liabilities of consolidated VIEs for which creditors or beneficial interest holders do not have recourse to the general credit of Citigroup** | $**20753** | $**21649** |

---

## Ex-Filing

[WELLS FARGO & COMPANY S-3](wf-s3_031423.htm)

**Exhibit 107** 

**Calculation of Filing Fee Table** 

**Form S-3** 

(Form Type)

**Wells Fargo & Company ("<u>WFC</u>")**

**Wells Fargo Finance LLC ("<u>WFF</u>")**

(Exact Names of Registrants as Specified in their Respective Charters)

<u>Table 1: Newly Registered and Carry Forward Securities</u>

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Security Type** | **Security Class Title** | **Fee<br> Calculation<br> or Carry<br> Forward<br> Rule** | **Amount<br> Registered** | **Proposed Maximum** <br> **Offering Price Per Unit**  | **Maximum Aggregate Offering Price** | **Fee Rate** | **Amount of<br> Registration<br> Fee** | **Carry<br> Forward<br> Form<br> Type** | **Carry<br> Forward File<br> Number** | **Carry<br> Forward<br> Initial<br> Effective<br> Date** | **Filing Fee<br> Previously<br> Paid In<br> Connection<br> with<br> Unsold<br> Securities<br> to<br> be Carried<br> Forward** |
| &nbsp;&nbsp;&nbsp;&nbsp;Newly Registered Securities | &nbsp;&nbsp;&nbsp;&nbsp;Newly Registered Securities | &nbsp;&nbsp;&nbsp;&nbsp;Newly Registered Securities | &nbsp;&nbsp;&nbsp;&nbsp;Newly Registered Securities | &nbsp;&nbsp;&nbsp;&nbsp;Newly Registered Securities | &nbsp;&nbsp;&nbsp;&nbsp;Newly Registered Securities | &nbsp;&nbsp;&nbsp;&nbsp;Newly Registered Securities | &nbsp;&nbsp;&nbsp;&nbsp;Newly Registered Securities | &nbsp;&nbsp;&nbsp;&nbsp;Newly Registered Securities | &nbsp;&nbsp;&nbsp;&nbsp;Newly Registered Securities | &nbsp;&nbsp;&nbsp;&nbsp;Newly Registered Securities | &nbsp;&nbsp;&nbsp;&nbsp;Newly Registered Securities | &nbsp;&nbsp;&nbsp;&nbsp;Newly Registered Securities |
| &nbsp;&nbsp;&nbsp;&nbsp;Fees to be Paid | Debt | WFC Debt Securities (1) | Rule 457(o) | (2)(3) | (2)(3) | (2)(3)(4) | 0.0001102 | (2)(3)(4) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Fees to be Paid | Other | WFC Warrants (1) | Rule 457(o) | (2)(3) | (2)(3) | (2)(3)(4) | 0.0001102 | (2)(3)(4) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Fees to be Paid | Other | WFC Units (1) | Rule 457(o) | (2)(3) | (2)(3) | (2)(3)(4) | 0.0001102 | (2)(3)(4) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Fees to be Paid | Other | WFC Purchase Contracts (1) | Rule 457(o) | (2)(3) | (2)(3) | (2)(3)(4) | 0.0001102 | (2)(3)(4) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Fees to be Paid | Other | WFC Guarantees of WFF Securities (1) | Rule 457(o) | (2)(3) | (2)(3) | (2)(3)(4) | 0.0001102 | (2)(3)(4) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Fees to be Paid | Debt | WFF Debt Securities (1) | Rule 457(o) | (2)(3) | (2)(3) | (2)(3)(4) | 0.0001102 | (2)(3)(4) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Fees to be Paid | Other | WFF Warrants (1) | Rule 457(o) | (2)(3) | (2)(3) | (2)(3)(4) | 0.0001102 | (2)(3)(4) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Fees to be Paid | Other | WFF Units (1) | Rule 457(o) | (2)(3) | (2)(3) | (2)(3)(4) | 0.0001102 | (2)(3)(4) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Fees to be Paid | Other | WFF Purchase Contracts (1) | Rule 457(o) | (2)(3) | (2)(3) | (2)(3)(4) | 0.0001102 | (2)(3)(4) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Fees to be Paid | Unallocated<br> (Universal)<br> Shelf |  | Rule 457(o) | (2)(3) | (2)(3) | $9500000000 (2)(3)(4) | 0.0001102 | $1046900 (2)(3)(4) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Fees Previously Paid |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Carry Forward Securities | &nbsp;&nbsp;&nbsp;&nbsp;Carry Forward Securities | &nbsp;&nbsp;&nbsp;&nbsp;Carry Forward Securities | &nbsp;&nbsp;&nbsp;&nbsp;Carry Forward Securities | &nbsp;&nbsp;&nbsp;&nbsp;Carry Forward Securities | &nbsp;&nbsp;&nbsp;&nbsp;Carry Forward Securities | &nbsp;&nbsp;&nbsp;&nbsp;Carry Forward Securities | &nbsp;&nbsp;&nbsp;&nbsp;Carry Forward Securities | &nbsp;&nbsp;&nbsp;&nbsp;Carry Forward Securities | &nbsp;&nbsp;&nbsp;&nbsp;Carry Forward Securities | &nbsp;&nbsp;&nbsp;&nbsp;Carry Forward Securities | &nbsp;&nbsp;&nbsp;&nbsp;Carry Forward Securities | &nbsp;&nbsp;&nbsp;&nbsp;Carry Forward Securities |
| &nbsp;&nbsp;&nbsp;&nbsp;Carry Forward Securities | Debt | WFC Debt Securities (1) | 415(a)(6) | (2)(5) |  | (2)(5) |  |  | S-3 | 333-239017 | July 17, 2020 | (2)(5) |

---

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Security Type** | **Security Class Title** | **Fee<br> Calculation<br> or Carry<br> Forward<br> Rule** | **Amount<br> Registered** | **Proposed Maximum** <br> **Offering Price Per Unit**  | **Maximum Aggregate Offering Price** | **Fee Rate** | **Amount of<br> Registration<br> Fee** | **Carry<br> Forward<br> Form<br> Type** | **Carry<br> Forward File<br> Number** | **Carry<br> Forward<br> Initial<br> Effective<br> Date** | **Filing Fee<br> Previously<br> Paid In<br> Connection<br> with<br> Unsold<br> Securities<br> to<br> be Carried<br> Forward** |
| &nbsp;&nbsp;&nbsp;&nbsp;Carry Forward Securities | Other | WFC Warrants (1) | 415(a)(6) | (2)(5) |  | (2)(5) |  |  | S-3 | 333-239017 | July 17, 2020 | (2)(5) |
| &nbsp;&nbsp;&nbsp;&nbsp;Carry Forward Securities | Other | WFC Units (1) | 415(a)(6) | (2)(5) |  | (2)(5) |  |  | S-3 | 333-239017 | July 17, 2020 | (2)(5) |
| &nbsp;&nbsp;&nbsp;&nbsp;Carry Forward Securities | Other | WFC Purchase Contracts (1) | 415(a)(6) | (2)(5) |  | (2)(5) |  |  | S-3 | 333-239017 | July 17, 2020 | (2)(5) |
| &nbsp;&nbsp;&nbsp;&nbsp;Carry Forward Securities | Other | WFC Guarantees of WFF Securities (1) | 415(a)(6) | (2)(5) |  | (2)(5) |  |  | S-3 | 333-239017 | July 17, 2020 | (2)(5) |
| &nbsp;&nbsp;&nbsp;&nbsp;Carry Forward Securities | Debt | WFF Debt Securities (1) | 415(a)(6) | (2)(5) |  | (2)(5) |  |  | S-3 | 333-239017-01 | July 17, 2020 | (2)(5) |
| &nbsp;&nbsp;&nbsp;&nbsp;Carry Forward Securities | Other | WFF Warrants (1) | 415(a)(6) | (2)(5) |  | (2)(5) |  |  | S-3 | 333-239017-01 | July 17, 2020 | (2)(5) |
| &nbsp;&nbsp;&nbsp;&nbsp;Carry Forward Securities | Other | WFF Units (1) | 415(a)(6) | (2)(5) |  | (2)(5) |  |  | S-3 | 333-239017-01 | July 17, 2020 | (2)(5) |
| &nbsp;&nbsp;&nbsp;&nbsp;Carry Forward Securities | Other | WFF Purchase Contracts (1) | 415(a)(6) | (2)(5) |  | (2)(5) |  |  | S-3 | 333-239017-01 | July 17, 2020 | (2)(5) |
| &nbsp;&nbsp;&nbsp;&nbsp;Carry Forward Securities | Unallocated (Universal) Shelf |  | 415(a)(6) | (2)(5) |  | (2)(5) |  |  | S-3 | 333-239017-01 | July 17, 2020 | (2)(5) |
|  | Total Offering Amount | Total Offering Amount |  |  |  | $9500000000 (2)(5) |  | $1046900 (2)(5) |  |  |  |  |
|  | Total Fees Previously Paid | Total Fees Previously Paid |  |  |  |  |  |  |  |  |  |  |
|  | Total Fee Offsets | Total Fee Offsets |  |  |  |  |  | $1046900 (6) |  |  |  |  |
|  | Net Fee Due | Net Fee Due |  |  |  |  |  | $0 (5)(6) |  |  |  |  |

---

<u>Table 2: Fee Offset Claims and Sources</u>

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Registrant or Filer Name** | &nbsp;&nbsp;**Form or Filing Type** | &nbsp;&nbsp;**File Number** | &nbsp;&nbsp;**Initial Filing<br> Date** | &nbsp;&nbsp;**Filing Date** | &nbsp;&nbsp;**Fee Offset Claimed** | &nbsp;&nbsp;**Security Type Associated with Fee Offset Claimed** | &nbsp;&nbsp;**Security Title Associated with Fee Offset Claimed** | &nbsp;&nbsp;**Unsold Securities Associated with Fee Offset Claimed** | &nbsp;&nbsp;**Unsold Aggregate Offering Amount Associated with Fee Offset Claimed** | &nbsp;&nbsp;**Fee Paid with Fee Offset Source** |
| &nbsp;&nbsp;Rule 457(p) | &nbsp;&nbsp;Rule 457(p) | &nbsp;&nbsp;Rule 457(p) | &nbsp;&nbsp;Rule 457(p) | &nbsp;&nbsp;Rule 457(p) | &nbsp;&nbsp;Rule 457(p) | &nbsp;&nbsp;Rule 457(p) | &nbsp;&nbsp;Rule 457(p) | &nbsp;&nbsp;Rule 457(p) | &nbsp;&nbsp;Rule 457(p) | &nbsp;&nbsp;Rule 457(p) | &nbsp;&nbsp;Rule 457(p) |
| &nbsp;&nbsp;Fee Offset Claims | &nbsp;&nbsp;WFC | &nbsp;&nbsp;S-3 | &nbsp;&nbsp;333-236148 | &nbsp;&nbsp;January 29, 2020 |  | &nbsp;&nbsp;$1046900 (6) | &nbsp;&nbsp;Unallocated (Universal) Shelf | &nbsp;&nbsp;Unallocated (Universal) Shelf | &nbsp;&nbsp;Unallocated (Universal) Shelf | &nbsp;&nbsp;$8065485399.13 (6) |  |
| &nbsp;&nbsp;Fee Offset Sources | &nbsp;&nbsp;WFC | &nbsp;&nbsp;S-3 | &nbsp;&nbsp;333-236148 |  | &nbsp;&nbsp;January 29, 2020 |  |  |  |  |  | &nbsp;&nbsp;$1046900 (6) |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) Any
 securities registered hereunder may be sold separately or together with other securities
 registered hereunder. The Debt Securities to be offered hereunder will consist of one or
 more series of Debt Securities, as more fully described herein. The Warrants may be issued
 together in Units with any Purchase Contracts, Debt Securities, other
 securities of an affiliated or unaffiliated entity of WFC or any combination thereof .
 The Units to be offered hereunder may consist of one or more Warrants, Purchase Contracts,
 Debt Securities, other securities of an affiliated or unaffiliated entity of WFC or any combination
 thereof. The Purchase Contracts may require the holder thereof to purchase or sell (i) securities
 of WFC or an affiliate, a basket of such securities or any combination of the above or an
 index or indices of such securities, (ii) securities of an entity unaffiliated with WFC , a basket of such securities or any combination
 of the above or an index or indices of such securities, (iii) currencies, (iv) commodities,
 (v) exchange-traded funds or (vi) other property. Separate consideration may or may
 not be received for securities that are issuable upon exercise, conversion or exchange of
 other securities or that are issued in Units. No separate consideration will be received
 for the Guarantees of Debt Securities, Warrants, Units and Purchase Contracts of WFF, and
 no separate registration fee will be paid in respect of such Guarantees pursuant to Rule
 457(n) under the Securities Act of 1933, as amended (the " <u>Securities Act</u> ").

&nbsp;&nbsp;&nbsp;&nbsp;(2) There is being
 registered hereby such indeterminate amount of the identified classes of securities as may
 from time to time be issued at indeterminate prices. The amount registered, the proposed
 maximum offering price per unit, the maximum aggregate offering price and the amount of registration
 fee are not specified as to each class of securities being registered. The proposed maximum
 offering price per unit will be determined from time to time by WFC or WFF, as applicable,
 in connection with the issuance of securities registered under the registration statement
 to which this Exhibit 107 relates (the " <u>Registration Statement</u> ").

&nbsp;&nbsp;&nbsp;&nbsp;(3) The Registration
 Statement also covers an indeterminate amount of the registered securities that may be reoffered
 and resold on an ongoing basis after their initial sale in market-making transactions by
 affiliates of WFC. These securities consist of (i) an indeterminate amount of such securities
 that are initially being registered, and will initially be offered and sold, under the Registration
 Statement and (ii) an indeterminate amount of other securities of WFC or WFF initially
 offered and sold under other registration statements. All such market-making transactions
 with respect to securities that are made pursuant to a prospectus supplement relating to,
 and after the effectiveness of, the Registration Statement are being made pursuant to the
 base prospectus contained in the Registration Statement. No separate registration fee is
 required for the registration of the indeterminate amount of securities to be offered solely
 for market-making purposes by affiliates of WFC.

&nbsp;&nbsp;&nbsp;&nbsp;(4) The maximum aggregate
 offering price of all securities reflected in the table above has been estimated solely for
 purposes of calculating a registration fee pursuant to Rule 457(o) under the Securities Act,
 and such amount will be updated prior to the effectiveness of the Registration Statement.
 In no event will the aggregate offering price of the securities issued under the Registration
 Statement exceed the amount registered.

&nbsp;&nbsp;&nbsp;&nbsp;(5) The Registrants
 previously registered securities having a maximum aggregate offering price of $14,868,816,670
 (or the equivalent thereof in any other currency) pursuant to a Registration Statement on
 Form S-3 (File Nos. 333-239017 and 333-239017-01), which became effective on July 17,
 2020 (the " <u>Prior Registration Statement No.1</u> "). In respect of the Prior
 Registration Statement No.1, WFC (i) paid a registration fee of $1,687,400 in respect of
 $13 billion in newly-registered securities and (ii) utilized previously-paid registration
 fees of $226,500.58 in respect of $1,868,816,670 in carry forward securities that remained
 unsold from a Registration Statement on Form
 S-3 (File Nos. 333-221324 and 333-221324-01),
 as amended (such carry forward securities were included in the Prior Registration Statement
 No.1 pursuant to Rule 415(a)(6) under the Securities Act). Prior to the effectiveness
 of the Registration Statement, the Registrants plan to specify in a pre-effective amendment
 to the Registration Statement the amount of unsold securities covered by the Prior Registration
 Statement No.1 to be included in the Registration Statement pursuant to Rule 415(a)(6) and
 the filing fee paid in connection with such unsold securities, which will continue to be
 applied to such unsold securities, as well as the amount of any new securities to be registered,
 in addition to the securities registered in this filing, and the related fees. Pursuant to
 Rule 415(a)(6), the offering of unsold securities under the Prior Registration Statement
 No.1 will be deemed terminated as of the date of effectiveness of the Registration Statement.

&nbsp;&nbsp;&nbsp;&nbsp;(6) WFF,
 a co-registrant on this Registration Statement, is a wholly-owned finance subsidiary of WFC.
 WFC previously registered securities having a maximum aggregate offering price of $86 billion
 (or the equivalent thereof in any other currency) pursuant to a Registration Statement on
 Form S-3 (File No. 333-236148), which became effective on February 25, 2020 (the
 "Prior Registration Statement No.2"). In respect of the Prior Registration Statement
 No.2, WFC (i) paid a registration fee of $8,566,800 in respect of $66 billion in
 newly-registered securities and (ii) utilized previously-paid registration fees of $2,424,000
 in respect of $20 billion in carry forward securities that remained unsold from Registration
 Statement No. 333-216234, as amended on February 28, 2019 (such carry
 forward securities were included in the Prior Registration Statement No.2 pursuant to Rule 415(a)(6)
 under the Securities Act). Pursuant to Rule 457(p) under the Securities Act, the registration
 fee of $1,046,900 currently due is fully offset by the unused registration fee of $1,046,900
 that was previously paid with respect to $8,065,485,399.13 in unsold securities registered
 pursuant to the Prior Registration Statement No.2 (the " <u>Unsold Securities</u> "),
 resulting in zero net registration fee for the Registration Statement. WFC hereby confirms
 the offering of the Unsold Securities associated with the claimed fee offset pursuant to
 Rule 457(p) has been terminated.