Bond Wells Fargo & Company 0% ( US95001B3Z58 ) in USD

Issuer Wells Fargo & Company
Market price 100 %  ⇌ 
Country  United States
ISIN code  US95001B3Z58 ( in USD )
Interest rate 0%
Maturity 28/05/2021 - Bond has expired



Prospectus brochure of the bond Wells Fargo US95001B3Z58 in USD 0%, expired


Minimal amount 1 000 USD
Total amount 1 928 000 USD
Cusip 95001B3Z5
Standard & Poor's ( S&P ) rating N/A
Moody's rating N/A
Detailed description Wells Fargo is a multinational financial services company offering banking, investments, mortgage, and consumer and commercial finance services across numerous countries.

The Bond issued by Wells Fargo & Company ( United States ) , in USD, with the ISIN code US95001B3Z58, pays a coupon of 0% per year.
The coupons are paid 2 times per year and the Bond maturity is 28/05/2021







DEFINITIVE PRICING SUPPLEMENT No. 51
424B2 1 d521553d424b2.htm DEFINITIVE PRICING SUPPLEMENT NO. 51
Filed Pursuant to Rule 424(b)(2)
File No. 333-221324

Title of Each Class of
Maximum Aggregate
Amount of
Securities Offered

Offering Price

Registration Fee(1)
Medium Term Notes, Series S, Principal at Risk Securities Linked to a Global ETF Basket due
May 28, 2021

$1,928,000
$240.04

(1)
The total filing fee of $240.04 is calculated in accordance with Rule 457(r) of the Securities Act of 1933 (the "Securities Act") and will be
paid by wire transfer within the time required by Rule 456(b) of the Securities Act.
PRI CI NG SUPPLEMENT No. 51 dat ed May 25, 2018
( To Market Measure Supplem ent dat ed May 18, 2018,
Prospect us Supplem ent dat ed January 24, 2018
and Prospect us dat ed April 27, 2018)

W e lls Fa r go & Com pa n y
M e diu m - Te r m N ot e s, Se r ie s S
ETF Lin k e d Se cu r it ie s

M a rk e t Link e d Se c urit ie s--Le ve ra ge d U pside Pa rt ic ipa t ion
a nd Fix e d Pe rc e nt a ge Buffe re d Dow nside
Princ ipa l a t Risk Se c urit ie s Link e d t o a Globa l ET F Ba sk e t due M a y 2 8 , 2 0 2 1


¦ Linked to a Global ETF Basket com prised of the SPDR® S&P 500® ETF Trust (50% ); the iShares® Russell

2000 ETF ( 25% ) ; and t he iShares® MSCI EAFE ETF ( 25% )

¦ Unlike ordinary debt securities, the securities do not pay interest or repay a fixed am ount of principal at
m at urit y. I nst ead, t he securit ies provide for a m at urit y paym ent am ount t hat m ay be great er t han, equal t o
or less t han t he original offering price of t he securit ies, depending on t he perform ance of t he Basket from it s

st art ing price t o it s ending price. The m at urit y paym ent am ount will reflect t he following t erm s:

¦ I f the value of the Basket increases, you will receive the original offering price plus 126% participation in


t he upside perform ance of t he Basket

¦ I f the value of the Basket decreases but the decrease is not m ore than 10% , you will be repaid the original


offering price

¦ I f the value of the Basket decreases by m ore than 10% , you will receive less than the original offering


price and have 1 - t o - 1 downside exposure t o t he decrease in t he value of t he Basket in excess of 10%

¦ I nvest ors m ay lose up t o 90% of t he original offering price

¦ All paym ents on the securities are subj ect to the credit risk of Wells Fargo & Com pany, and you will have no
abilit y t o pursue t he shares of t he basket com ponent s or any securit ies held by t he basket com ponent s for

paym ent ; if Wells Fargo & Com pany default s on it s obligat ions, you could lose som e or all of your invest m ent
¦ No periodic int erest paym ent s or dividends

¦ No exchange list ing; designed t o be held t o m at urit y

On t h e da t e of t h is pr icin g su pple m e n t , t h e e st im a t e d va lu e of t h e se cu r it ie s is $ 9 9 0 .3 7 pe r se cu r it y. Th e e st im a t e d va lu e
of t h e se cu r it ie s w a s de t e r m in e d for u s by W e lls Fa r go Se cu r it ie s, LLC u sin g it s pr opr ie t a r y pr icin g m ode ls. I t is n ot a n
in dica t ion of a ct u a l pr ofit t o u s or t o W e lls Fa r go Se cu r it ie s, LLC or a n y of ou r ot h e r a ffilia t e s, n or is it a n in dica t ion of t h e
pr ice , if a n y, a t w h ich W e lls Fa r go Se cu r it ie s, LLC or a n y ot h e r pe r son m a y be w illin g t o bu y t h e se cu r it ie s fr om you a t a n y
t im e a ft e r issu a n ce . Se e "I n ve st m e n t D e scr ipt ion " in t h is pr icin g su pple m e n t .
Th e se cu r it ie s h a ve com ple x fe a t u r e s a n d in ve st in g in t h e se cu r it ie s in volve s r isk s n ot a ssocia t e d w it h a n
in ve st m e n t in con ve n t ion a l de bt se cu r it ie s. Se e "Risk Fa ct or s" h e r e in on pa ge PRS- 1 0 .
Th e se cu r it ie s a r e u n se cu r e d obliga t ion s of W e lls Fa r go & Com pa n y, a n d a ll pa ym e n t s on t h e se cu r it ie s a r e su bj e ct t o t h e
cr e dit r isk of W e lls Fa r go & Com pa n y. I f W e lls Fa r go & Com pa n y de fa u lt s on it s obliga t ion s, you cou ld lose som e or a ll of
you r in ve st m e n t . Th e se cu r it ie s a r e n ot de posit s or ot h e r obliga t ion s of a de posit or y in st it u t ion a n d a r e n ot in su r e d by t h e
Fe de r a l D e posit I n su r a n ce Cor por a t ion , t h e D e posit I n su r a n ce Fu n d or a n y ot h e r gove r n m e n t a l a ge n cy of t h e Un it e d St a t e s
or a n y ot h e r j u r isdict ion .
N e it h e r t h e Se cu r it ie s a n d Ex ch a n ge Com m ission n or a n y st a t e se cu r it ie s com m ission h a s a ppr ove d or disa ppr ove d of t h e se
se cu r it ie s or de t e r m in e d if t h is pr icin g su pple m e n t or t h e a ccom pa n yin g m a r k e t m e a su r e su pple m e n t , pr ospe ct u s
su pple m e n t a n d pr ospe ct u s is t r u t h fu l or com ple t e . An y r e pr e se n t a t ion t o t h e con t r a r y is a cr im in a l offe n se .



Origin a l Offe rin g Price

Age n t D is co u n t( 1)

P ro ce e d s to W e lls Fa rgo
P e r S e cu rity
$ 1,0 0 0 .0 0

$ 1.50

$ 998 .50
To ta l
$ 1,928 ,0 0 0 .0 0

$ 2,8 92.0 0

$ 1,925,10 8 .0 0

(1) Wells Fargo Securities, LLC, a wholly owned subsidiary of Wells Fargo & Com pany, is the agent for the distribution of the securities and is acting as
principal. See "Investm ent Description" in this pricing supplem ent for further inform ation.
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DEFINITIVE PRICING SUPPLEMENT No. 51
W e lls Fa r go Se cu r it ie s
M a r k e t Lin k e d Se cu r it ie s--Le ve r a ge d Upside Pa r t icipa t ion a n d
Fix e d Pe r ce n t a ge Bu ffe r e d D ow n side
Pr in cipa l a t Risk Se cu r it ie s Lin k e d t o a Globa l ETF Ba sk e t du e M a y 2 8 , 2 0 2 1

Te r m s of t h e Se cu r it ie s

Is s u e r:
Wells Fargo & Com pany ("Wells Fargo").

A basket (the "Basket ") com prised of the following basket com ponents, with the return of each basket com ponent
Ma rke t Me a s u re :
having the weighting noted parenthetically: the SPDR S&P 50 0 ETF Trust (50 %); the iShares Russell 20 0 0 ETF

(25%); and the iShares MSCI EAFE ETF (25%).
Pricin g D a te :
May 25, 20 18.

Is s u e D a te :
May 31, 20 18. (T+3)

Origin a l Offe rin g
$ 1,0 0 0 per security. References in this pricing supplem ent to a "security" are to a security with a face am ount of
Price :
$ 1,0 0 0 .

On the stated m aturity date, you will be entitled to receive a cash paym ent per security in U.S. dollars equal to the
m aturity paym ent am ount. The "m aturity paym ent am ount " per security will equal:

· if the ending price is greater than the starting price: $ 1,0 0 0 plus:















ending price ­ starting price




$ 1,0 0 0 ×
× participation rate
;




starting price
























· if the ending price is less than or equal to the starting price, but greater than or equal to the threshold price:
Ma tu rity P a ym e n t
$ 1,0 0 0 ; or
Am o u n t:










· if the ending price is less than the threshold price: $ 1,0 0 0 m inus :















threshold price ­ ending price



$ 1,0 0 0 ×






starting price














If th e e n d in g p rice is le s s th a n th e th re s h o ld p rice , yo u w ill re ce ive le s s , a n d p o s s ibly 9 0 % le s s , th a n
th e o rigin a l o ffe rin g p rice o f yo u r s e cu ritie s a t m a tu rity.

All calculations with respect to the m aturity paym ent am ount will be rounded to the nearest one hundred -
thousandth, with five one-m illionths rounded upward (e.g., 0 .0 0 0 0 0 5 would be rounded to 0 .0 0 0 0 1); and the
m aturity paym ent am ount will be rounded to the nearest cent, with one-half cent rounded upward.

May 28 , 20 21. If the calculation day is postponed for any basket com ponent, the stated m aturity date will be the
later of (i) May 28 , 20 21 and (ii) three business days after the last calculation day as postponed. See "--Calculation
Day" and "Additional Term s of the Securities--Market Disruption Events" for inform ation about the circum stances
S ta te d Ma tu rity
that m ay result in a postponem ent of the calculation day. If the stated m aturity date is not a business day, the
D a te :
paym ent required to be m ade on the securities on the stated m aturity date will be m ade on the next succeeding

business day with the sam e force and effect as if it had been m ade on the stated m aturity date. The securities are not
subject to redem ption by Wells Fargo or repaym ent at the option of any holder of the securities prior to the stated
m aturity date.
S ta rtin g P rice :
The "starting price" is 10 0 .

The "ending price" will be calculated based on the weighted returns of the basket com ponents and will be equal to
En d in g Price :
the product of (i) 10 0 and (ii) an am ount equal to 1 plus the sum of: (A) 50 % of the com ponent return of the SPDR

S&P 50 0 ETF Trust; (B) 25% of the com ponent return of the iShares Russell 20 0 0 ETF; and (C) 25% of the
com ponent return of the iShares MSCI EAFE ETF.

PRS-2
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DEFINITIVE PRICING SUPPLEMENT No. 51
M a r k e t Lin k e d Se cu r it ie s--Le ve r a ge d Upside Pa r t icipa t ion a n d
Fix e d Pe r ce n t a ge Bu ffe r e d D ow n side
Pr in cipa l a t Risk Se cu r it ie s Lin k e d t o a Globa l ETF Ba sk e t du e M a y 2 8 , 2 0 2 1

The "com ponent return " of a basket com ponent will be equal to:

final com ponent price ­ initial com ponent price
initial com ponent price

where,
Co m p o n e n t Re tu rn :

· ?the "initial com ponent price" is the fund closing price of such basket com ponent on the pricing date, as set forth

below; and

· ?the "final com ponent price" will be the fund closing price of such basket com ponent on the calculation day.

The initial com ponent prices of the basket com ponents are as follows: SPDR S&P 50 0 ETF Trust ($ 272.15);
iShares Russell 20 0 0 ETF ($ 161.74); and iShares MSCI EAFE ETF ($ 70 .22).
With respect to a basket com ponent, the "fund closing price" on any trading day (as defined below) m eans the
Fu n d Clo s in g P rice :
product of (i) the closing price of one share of such basket com ponent (or one unit of any other security for which

a fund closing price m ust be determ ined) on such trading day and (ii) the adjustm ent factor applicable to such
basket com ponent on such trading day.
The "closing price" with respect to one share of a basket com ponent (or one unit of any other security for which a
closing price m ust be determ ined) on any trading day m eans the official closing price on such day published by the
Clo s in g P rice :
principal United States securities exchange registered under the Securities Exchange Act of 1934, as am ended, on
which such basket com ponent (or any such other security) is listed or adm itted to trading.
The "adjustm ent factor" m eans, with respect to a share of a basket com ponent (or one unit of any other security
for which a fund closing price m ust be determ ined), 1.0 , subject to adjustm ent in the event of certain events
Ad ju s tm e n t Fa cto r:

affecting the shares of such basket com ponent. See "Additional Term s of the Securities--Anti -dilution Adjustm ents
Relating to a Basket Com ponent; Alternate Calculation" below.

Th re s h o ld Price :
90 , which is equal to 90 % of the starting price.


P a rticip a tio n Ra te :
The "participation rate" is 126%.


May 25, 20 21. If such day is not a trading day with respect to any basket com ponent, the calculation day for each
basket com ponent will be postponed to the next succeeding day that is a trading day with respect to each basket
Ca lcu la tio n D a y:
com ponent. The calculation day for a basket com ponent is also subject to postponem ent due to the occurrence of a

m arket disruption event with respect to such basket com ponent. See "Additional Term s of the Securities--Market
Disruption Events."

Ca lcu la tio n Age n t:
Wells Fargo Securities, LLC


Ma te ria l Ta x
For a discussion of the m aterial U.S. federal incom e and certain estate tax consequences of the ownership and
Co n s e q u e n ce s :
disposition of the securities, see "United States Federal Tax Considerations."


Wells Fargo Securities, LLC, a wholly owned subsidiary of Wells Fargo & Com pany. The agent m ay resell the
securities to other securities dealers at the original offering price of the securities less a concession not in excess of
$ 1.50 per security. WFS will pay the agent discount it receives to one or m ore securities dealers acting as
custodian a fee in an am ount not in excess of $ 1.50 per security.

Age n t:
The agent or another affiliate of ours expects to realize hedging profits projected by its proprietary pricing m odels

to the extent it assum es the risks inherent in hedging our obligations under the securities. If any dealer
participating in the distribution of the securities or any of its affiliates conducts hedging activities for us in
connection with the securities, that dealer or its affiliate will expect to realize a profit projected by its proprietary
pricing m odels from such hedging activities. Any such projected profit will be in addition to any discount,
concession or distribution expense fee received in connection with the sale of the securities to you.

D e n o m in a tio n s :
$ 1,0 0 0 and any integral m ultiple of $ 1,0 0 0 .


CU S IP :
950 0 1B3Z5



PRS-3
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DEFINITIVE PRICING SUPPLEMENT No. 51
M a r k e t Lin k e d Se cu r it ie s--Le ve r a ge d Upside Pa r t icipa t ion a n d
Fix e d Pe r ce n t a ge Bu ffe r e d D ow n side
Pr in cipa l a t Risk Se cu r it ie s Lin k e d t o a Globa l ETF Ba sk e t du e M a y 2 8 , 2 0 2 1

I n ve st m e n t D e scr ipt ion
The Principal at Risk Securities Linked to a Global ETF Basket due May 28 , 20 21 (the "securities") are senior unsecured debt securities of Wells
Fargo that do not pay interest or repay a fixed am ount of principal at m aturity. Instead, the securities provide for a m aturity paym ent am ount
that m ay be greater than, equal to or less than the original offering price of the securities depending on the perform ance of the Basket from its
starting price to its ending price. The securities provide:


(i)
the possibility of a leveraged return at m aturity if the value of the Basket increases from its starting price to its ending price;

(ii)
repaym ent of the original offering price if, and only if, the ending price of the Basket is not less than the starting price by m ore than

10 %; and


(iii)
exposure to decreases in the value of the Basket if and to the extent the ending price is less than the starting price by m ore than 10 %.
If th e e n d in g p rice is le s s th a n th e s ta rtin g p rice b y m o re th a n 10 %, yo u w ill re ce ive le s s , a n d p o s s ib ly 9 0 % le s s , th a n th e
o rigin a l o ffe rin g p rice o f yo u r s e cu ritie s a t m a tu rity. All paym ents on the securities are subject to the credit risk of Wells Fargo.
The Basket is com prised of the following three unequally-weighted basket com ponents, with each basket com ponent having the weighting noted
parenthetically:

· the SPDR® S&P 50 0 ® ETF Trust (50 %), an exchange traded fund that seeks to track the S&P 50 0 Index (an equity index that is intended

to provide an indication of the pattern of com m on stock price m ovem ent in the large capitalization segm ent of the United States equity
m arket);

· the iShares ® Russell 20 0 0 ETF (25%), an exchange traded fund that seeks to track the Russell 20 0 0 Index (an equity index that is

designed to reflect the perform ance of the sm all capitalization segm ent of the United States equity m arket); and

· the iShares ® MSCI EAFE ETF (25%), an exchange traded fund that seeks to track the MSCI EAFE Index (an equity index that is designed

to m easure equity perform ance in developed m arkets, excluding the United States and Canada).
You should read this pricing supplem ent together with the m arket m easure supplem ent dated May 18 , 20 18 , the prospectus supplem ent dated
J anuary 24, 20 18 and the prospectus dated April 27, 20 18 for additional inform ation about the securities. When you read the accom panying
prospectus supplem ent, please note that all references to the prospectus dated Novem ber 3, 20 17, or to any sections therein, should refer instead
to the accom panying prospectus dated April 27, 20 18 or to the corresponding sections of such prospectus, as applicable. Inform ation included in
this pricing supplem ent supersedes inform ation in the m arket m easure supplem ent, prospectus supplem ent and prospectus to the extent it is
different from that inform ation. Certain defined term s used but not defined herein have the m eanings set forth in the prospectus supplem ent.
You m ay access the m arket m easure supplem ent, prospectus supplem ent and prospectus on the SEC website www.sec.gov as follows (or if such
address has changed, by reviewing our filing for the relevant date on the SEC website):

· Market Measure Supplem ent dated May 18 , 20 18 :
https:/ / www.sec.gov/ Archives/ edgar/ data/ 72971/ 0 0 0 119312518 167616/ d593569d424b2.htm

· Prospectus Supplem ent dated J anuary 24, 20 18 :
https:/ / www.sec.gov/ Archives/ edgar/ data/ 72971/ 0 0 0 119312518 0 18 256/ d4660 41d424b2.htm

· Prospectus dated April 27, 20 18 :
https:/ / www.sec.gov/ Archives/ edgar/ data/ 72971/ 0 0 0 119312518 13690 9/ d55798 3d424b2.htm


SPDR® and S&P 50 0 ® are tradem arks of Standard & Poor's Financial Services LLC ("S&P Financial "). The securities are not sponsored, endorsed, sold or prom oted by the SPDR® S&P 50 0 ®
ETF Trust (the "SPDR Trust ") or S&P Financial. Neither the SPDR Trust nor S&P Financial m akes any representations or warranties to the holders of the securities or any m em ber of the public
regarding the advisability of investing in the securities. Neither the SPDR Trust nor S&P Financial will have any obligation or liability in connection with the registration, operation, m arketing,
trading or sale of the securities or in connection with Wells Fargo & Com pany's use of inform ation about the SPDR Trust.
iShares ® is a registered m ark of BlackRock Institutional Trust Com pany, N.A. ("BTC"). The securities are not sponsored, endorsed, sold or prom oted by BTC, its affiliate, BlackRock Fund
Advisors ("BFA"), iShares Trust or iShares, Inc. None of BTC, BFA, iShares Trust or iShares, Inc. m akes any representations or warranties to the holders of the securities or any m em ber of the
public regarding the advisability of investing in the securities. None of BTC, BFA, iShares Trust or iShares, Inc. will have any obligation or liability in connection with the registration, operation,
m arketing, trading or sale of the securities or in connection with Wells Fargo & Com pany's use of inform ation about the iShares ® Russell 20 0 0 ETF and the iShares ® MSCI EAFE ETF.

PRS-4
M a r k e t Lin k e d Se cu r it ie s--Le ve r a ge d Upside Pa r t icipa t ion a n d
Fix e d Pe r ce n t a ge Bu ffe r e d D ow n side
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DEFINITIVE PRICING SUPPLEMENT No. 51
Pr in cipa l a t Risk Se cu r it ie s Lin k e d t o a Globa l ETF Ba sk e t du e M a y 2 8 , 2 0 2 1

The original offering price of each security of $ 1,0 0 0 includes certain costs that are borne by you. Because of these costs, the estim ated value of
the securities on the pricing date is less than the original offering price. The costs included in the original offering price relate to selling,
structuring, hedging and issuing the securities, as well as to our funding considerations for debt of this type.
The costs related to selling, structuring, hedging and issuing the securities include (i) the agent discount (if any), (ii) the projected profit that our
hedge counterparty (which m ay be one of our affiliates) expects to realize for assum ing risks inherent in hedging our obligations under the
securities and (iii) hedging and other costs relating to the offering of the securities.
Our funding considerations take into account the higher issuance, operational and ongoing m anagem ent costs of m arket-linked debt such as the
securities as com pared to our conventional debt of the sam e m aturity, as well as our liquidity needs and preferences. Our funding considerations
are reflected in the fact that we determ ine the econom ic term s of the securities based on an assum ed funding rate that is generally lower than the
interest rates im plied by secondary m arket prices for our debt obligations and/ or by other traded instrum ents referencing our debt obligations,
which we refer to as our "secondary m arket rates ." As discussed below, our secondary m arket rates are used in determ ining the estim ated value
of the securities.
If the costs relating to selling, structuring, hedging and issuing the securities were lower, or if the assum ed funding rate we use to determ ine the
econom ic term s of the securities were higher, the econom ic term s of the securities would be m ore favorable to you and the estim ated value would
be higher. The estim ated value of the securities as of the pricing date is set forth on the cover page of this pricing supplem ent.
Determ in in g the estim ated v alue
Our affiliate, Wells Fargo Securities, LLC ("WFS"), calculated the estim ated value of the securities set forth on the cover page of this pricing
supplem ent based on its proprietary pricing m odels. Based on these pricing m odels and related m arket inputs and assum ptions referred to in this
section below, WFS determ ined an estim ated value for the securities by estim ating the value of the com bination of hypothetical financial
instrum ents that would replicate the payout on the securities, which com bination consists of a non -interest bearing, fixed -incom e bond (the
"debt com ponent") and one or m ore derivative instrum ents underlying the econom ic term s of the securities (the "derivative com ponent").
The estim ated value of the debt com ponent is based on a reference interest rate, determ ined by WFS as of a recent date, that generally tracks our
secondary m arket rates. Because WFS does not continuously calculate our reference interest rate, the reference interest rate used in the
calculation of the estim ated value of the debt com ponent m ay be higher or lower than our secondary m arket rates at the tim e of that calculation.
As noted above, we determ ine the econom ic term s of the securities based upon an assum ed funding rate that is generally lower than our
secondary m arket rates. In contrast, in determ ining the estim ated value of the securities, we value the debt com ponent using a reference interest
rate that generally tracks our secondary m arket rates. Because the reference interest rate is generally higher than the assum ed funding rate, using
the reference interest rate to value the debt com ponent generally results in a lower estim ated value for the debt com ponent, which we believe
m ore closely approxim ates a m arket valuation of the debt com ponent than if we had used the assum ed funding rate.
WFS calculated the estim ated value of the derivative com ponent based on a proprietary derivative-pricing m odel, which generated a theoretical
price for the derivative instrum ents that constitute the derivative com ponent based on various inputs, including the "derivative com ponent
factors" identified in "Risk Factors--The Value Of The Securities Prior To Stated Maturity Will Be Affected By Num erous Factors, Som e Of Which
Are Related In Com plex Ways." These inputs m ay be m arket-observable or m ay be based on assum ptions m ade by WFS in its discretion.
The estim ated value of the securities determ ined by WFS is subject to im portant lim itations. See "Risk Factors--The Estim ated Value Of The
Securities Is Determ ined By Our Affiliate's Pricing Models, Which May Differ From Those Of Other Dealers" and "--Our Econom ic Interests And
Those Of Any Dealer Participating In The Offering Are Potentially Adverse To Your Interests."
Valuation of the securities after issuan ce
The estim ated value of the securities is not an indication of the price, if any, at which WFS or any other person m ay be willing to buy the
securities from you in the secondary m arket. The price, if any, at which WFS or any of its affiliates m ay purchase the securities in the secondary
m arket will be based upon WFS's proprietary pricing m odels and will fluctuate over the term of the securities due to changes in m arket
conditions and other relevant factors. However, absent changes in these m arket conditions and other relevant factors, except as otherwise
described in the following paragraph, any secondary m arket price will be lower than the estim ated value on the pricing date because the
secondary m arket price will be reduced by a bid -offer spread, which m ay vary depending on the aggregate face am ount of the securities to be
purchased in the secondary m arket transaction, and the expected cost of unwinding any related hedging transactions. Accordingly, unless m arket
conditions and other relevant factors change significantly in your favor, any secondary m arket price for the securities is likely to be less than the
original offering price.
If WFS or any of its affiliates m akes a secondary m arket in the securities at any tim e up to the issue date or during the 3-m onth period following
the issue date, the secondary m arket price offered by WFS or any of its affiliates will be increased by an am ount reflecting a portion of the costs
associated with selling, structuring, hedging and issuing the securities that are included in the original offering

PRS-5
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DEFINITIVE PRICING SUPPLEMENT No. 51
M a r k e t Lin k e d Se cu r it ie s--Le ve r a ge d Upside Pa r t icipa t ion a n d
Fix e d Pe r ce n t a ge Bu ffe r e d D ow n side
Pr in cipa l a t Risk Se cu r it ie s Lin k e d t o a Globa l ETF Ba sk e t du e M a y 2 8 , 2 0 2 1

price. Because this portion of the costs is not fully deducted upon issuance, any secondary m arket price offered by WFS or any of its affiliates
during this period will be higher than it would be if it were based solely on WFS's proprietary pricing m odels less the bid -offer spread and
hedging unwind costs described above. The am ount of this increase in the secondary m arket price will decline steadily to zero over this 3-m onth
period. If you hold the securities through an account at WFS or any of its affiliates, we expect that this increase will also be reflected in the value
indicated for the securities on your brokerage account statem ent.
If WFS or any of its affiliates m akes a secondary m arket in the securities, WFS expects to provide those secondary m arket prices to any
unaffiliated broker -dealers through which the securities are held and to com m ercial pricing vendors. If you hold your securities through an
account at a broker -dealer other than WFS or any of its affiliates, that broker -dealer m ay obtain m arket prices for the securities from WFS
(directly or indirectly), but could also obtain such m arket prices from other sources, and m ay be willing to purchase the securities at any given
tim e at a price that differs from the price at which WFS or any of its affiliates is willing to purchase the securities. As a result, if you hold your
securities through an account at a broker -dealer other than WFS or any of its affiliates, the value of the securities on your brokerage account
statem ent m ay be different than if you held your securities at WFS or any of its affiliates.
The securities will not be listed or displayed on any securities exchange or any autom ated quotation system . Although WFS and/ or its affiliates
m ay buy the securities from investors, they are not obligated to do so and are not required to m ake a m arket for the securities. There can be no
assurance that a secondary m arket will develop.

PRS-6
M a r k e t Lin k e d Se cu r it ie s--Le ve r a ge d Upside Pa r t icipa t ion a n d
Fix e d Pe r ce n t a ge Bu ffe r e d D ow n side
Pr in cipa l a t Risk Se cu r it ie s Lin k e d t o a Globa l ETF Ba sk e t du e M a y 2 8 , 2 0 2 1

I n ve st or Con side r a t ion s
We have designed the securities for investors who:

¦ seek 126% leveraged exposure to the upside performance of the Basket if the ending price is greater than the starting price;

¦ desire to limit downside exposure to the Basket through the 10% buffer;

¦ understand that if the ending price is less than the starting price by more than 10%, they will receive less, and possibly 90% less, than the
original offering price per security at m aturity;

¦ are willing to forgo interest payments on the securities and dividends on shares of the basket components; and

¦ are willing to hold the securities until maturity.
The securities are not designed for, and m ay not be a suitable investm ent for, investors who:

¦ seek a liquid investment or are unable or unwilling to hold the securities to maturity;

¦ are unwilling to accept the risk that the ending price of the Basket may decrease by more than 10% from the starting price;

¦ seek full return of the original offering price of the securities at stated maturity;

¦ are unwilling to purchase securities with an estimated value as of the pricing date that is lower than the original offering price, as set forth on
the cover page;

¦ seek current income;

¦ are unwilling to accept the risk of exposure to equity markets, including foreign developed equity markets and the large- and small-
capitalization segm ents of the United States equity m arket;

¦ seek exposure to the Basket but are unwilling to accept the risk/ return trade-offs inherent in the maturity payment amount for the securities;

¦ are unwilling to accept the credit risk of Wells Fargo to obtain exposure to the Basket generally, or to the exposure to the Basket that the
securities provide specifically; or

¦ prefer the lower risk of fixed income investments with comparable maturities issued by companies with comparable credit ratings.

PRS-7
M a r k e t Lin k e d Se cu r it ie s--Le ve r a ge d Upside Pa r t icipa t ion a n d
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DEFINITIVE PRICING SUPPLEMENT No. 51
Fix e d Pe r ce n t a ge Bu ffe r e d D ow n side
Pr in cipa l a t Risk Se cu r it ie s Lin k e d t o a Globa l ETF Ba sk e t du e M a y 2 8 , 2 0 2 1

D e t e r m in in g Pa ym e n t a t St a t e d M a t u r it y
On the stated m aturity date, you will receive a cash paym ent per security (the m aturity paym ent am ount) calculated as follows:


PRS-8
M a r k e t Lin k e d Se cu r it ie s--Le ve r a ge d Upside Pa r t icipa t ion a n d
Fix e d Pe r ce n t a ge Bu ffe r e d D ow n side
Pr in cipa l a t Risk Se cu r it ie s Lin k e d t o a Globa l ETF Ba sk e t du e M a y 2 8 , 2 0 2 1

H ypot h e t ica l Pa you t Pr ofile
The following profile is based on a participation rate of 126% and a threshold price equal to 90 % of the starting price. This graph has been
prepared for purposes of illustration only. Your actual return will depend on the actual ending price and whether you hold your securities to
m aturity.

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DEFINITIVE PRICING SUPPLEMENT No. 51

PRS-9
M a r k e t Lin k e d Se cu r it ie s--Le ve r a ge d Upside Pa r t icipa t ion a n d
Fix e d Pe r ce n t a ge Bu ffe r e d D ow n side
Pr in cipa l a t Risk Se cu r it ie s Lin k e d t o a Globa l ETF Ba sk e t du e M a y 2 8 , 2 0 2 1

Risk Fa ct or s
The securities have com plex features and investing in the securities will involve risks not associated with an investm ent in conventional debt
securities. You should carefully consider the risk factors set forth below as well as the other inform ation contained in this pricing supplem ent and
the accom panying m arket m easure supplem ent, prospectus supplem ent and prospectus, including the docum ents they incorporate by reference.
As described in m ore detail below, the value of the securities m ay vary considerably before the stated m aturity date due to events that are difficult
to predict and are beyond our control. You should reach an investm ent decision only after you have carefully considered with your advisors the
suitability of an investm ent in the securities in light of your particular circum stances. The indices underlying the basket com ponents are
som etim es referred to collectively as the "underlying indices" and individually as an "underlying index."
If Th e En d in g P rice Is Le s s Th a n Th e Th re s h o ld P rice , Yo u W ill Re ce ive Le s s , An d P o s s ib ly 9 0 % Le s s , Th a n Th e Origin a l
Offe rin g Price Of Yo u r S e cu ritie s At Ma tu rity.
We will not repay you a fixed am ount on the securities on the stated m aturity date. The m aturity paym ent am ount will depend on the direction
of and percentage change in the ending price of the Basket relative to the starting price and the other term s of the securities. Because the value of
the Basket will be subject to m arket fluctuations, the m aturity paym ent am ount you receive m ay be m ore or less, and possibly significantly less,
than the original offering price of your securities.
If the ending price is less than the threshold price, the m aturity paym ent am ount that you receive at m aturity will be reduced by an am ount equal
to the decline in the value of the Basket to the extent it is below the threshold price (expressed as a percentage of the starting price). The
threshold price is 90 % of the starting price. As a result, you m ay receive less, and possibly 90 % less, than the original offering price per security
at stated m aturity even if the value of the Basket is greater than or equal to the starting price or the threshold price at certain tim es during the
term of the securities.
Even if the ending price is greater than the starting price, the am ount you receive at stated m aturity m ay only be slightly greater than the original
offering price, and your yield on the securities m ay be less than the yield you would earn if you bought a traditional interest -bearing debt security
of Wells Fargo or another issuer with a sim ilar credit rating with the sam e stated m aturity date.
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DEFINITIVE PRICING SUPPLEMENT No. 51
N o P e rio d ic In te re s t W ill B e Pa id On Th e S e cu ritie s .
No periodic paym ents of interest will be m ade on the securities. However, if the agreed -upon tax treatm ent is successfully challenged by the
Internal Revenue Service (the "IRS"), you m ay be required to recognize taxable incom e over the term of the securities. You should review the
section of this pricing supplem ent entitled "United States Federal Tax Considerations."
Ch a n ge s In Th e Va lu e Of Th e Ba s ke t Co m p o n e n ts Ma y Offs e t Ea ch Oth e r.
Price m ovem ents in the basket com ponents m ay not correlate with each other. Even if the final com ponent price of a basket com ponent increases,
the final com ponent price of another basket com ponent m ay not increase as m uch or m ay even decline in value. Therefore, in calculating the
ending price of the Basket, an increase in the final com ponent price of a basket com ponent m ay be m oderated, or wholly offset, by a lesser
increase or a decline in the final com ponent price of another basket com ponent. This m ay be particularly the case with respect to the SPDR S&P
50 0 ETF Trust, since it has a 50 % weighting in the Basket.
Th e S e cu ritie s Are S u b je ct To Th e Cre d it Ris k Of W e lls Fa rgo .
The securities are our obligations and are not, either directly or indirectly, an obligation of any third party. Any am ounts payable under the
securities are subject to our creditworthiness, and you will have no ability to pursue the shares of the basket com ponents or any securities held
by the basket com ponents for paym ent. As a result, our actual and perceived creditworthiness m ay affect the value of the securities and, in the
event we were to default on our obligations, you m ay not receive any am ounts owed to you under the term s of the securities.
Th e Es tim a te d Va lu e Of Th e S e cu ritie s On Th e P ricin g D a te , B a s e d On W FS 's Pro p rie ta ry P ricin g Mo d e ls , Is Le s s Th a n Th e
Origin a l Offe rin g Price .
The original offering price of the securities includes certain costs that are borne by you. Because of these costs, the estim ated value of the
securities on the pricing date is less than the original offering price. The costs included in the original offering price relate to selling, structuring,
hedging and issuing the securities, as well as to our funding considerations for debt of this type. The costs related to selling, structuring, hedging
and issuing the securities include (i) the agent discount (if any), (ii) the projected profit that our hedge counterparty (which m ay be one of our
affiliates) expects to realize for assum ing risks inherent in hedging our obligations under the securities and (iii) hedging and other costs relating
to the offering of the securities. Our funding considerations are reflected in the fact that we determ ine the econom ic term s of the securities based
on an assum ed funding rate that is generally lower than our secondary m arket rates. If the costs relating to selling, structuring, hedging and
issuing the securities were lower, or if the assum ed funding rate we use to determ ine the econom ic term s of the securities were higher, the
econom ic term s of the securities would be m ore favorable to you and the estim ated value would be higher.

PRS-10
M a r k e t Lin k e d Se cu r it ie s--Le ve r a ge d Upside Pa r t icipa t ion a n d
Fix e d Pe r ce n t a ge Bu ffe r e d D ow n side
Pr in cipa l a t Risk Se cu r it ie s Lin k e d t o a Globa l ETF Ba sk e t du e M a y 2 8 , 2 0 2 1

Th e Es tim a te d Va lu e Of Th e S e cu ritie s Is D e te rm in e d B y Ou r Affilia te 's P ricin g Mo d e ls , W h ich Ma y D iffe r Fro m Th o s e Of
Oth e r D e a le rs .
The estim ated value of the securities was determ ined for us by WFS using its proprietary pricing m odels and related m arket inputs and
assum ptions referred to above under "Investm ent Description--Determ ining the estim ated value." Certain inputs to these m odels m ay be
determ ined by WFS in its discretion. WFS's views on these inputs m ay differ from other dealers' views, and WFS's estim ated value of the
securities m ay be higher, and perhaps m aterially higher, than the estim ated value of the securities that would be determ ined by other dealers in
the m arket. WFS's m odels and its inputs and related assum ptions m ay prove to be wrong and therefore not an accurate reflection of the value of
the securities.
Th e Es tim a te d Va lu e Of Th e S e cu ritie s Is N o t An In d ica tio n Of Th e Price , If An y, At W h ich W FS Or An y Oth e r P e rs o n Ma y B e
W illin g To Bu y Th e S e cu ritie s Fro m Yo u In Th e S e co n d a ry Ma rke t.
The price, if any, at which WFS or any of its affiliates m ay purchase the securities in the secondary m arket will be based on WFS's proprietary
pricing m odels and will fluctuate over the term of the securities as a result of changes in the m arket and other factors described in the next risk
factor. Any such secondary m arket price for the securities will also be reduced by a bid -offer spread, which m ay vary depending on the aggregate
face am ount of the securities to be purchased in the secondary m arket transaction, and the expected cost of unwinding any related hedging
transactions. Unless the factors described in the next risk factor change significantly in your favor, any such secondary m arket price for the
securities is likely to be less than the original offering price.
If WFS or any of its affiliates m akes a secondary m arket in the securities at any tim e up to the issue date or during the 3-m onth period following
the issue date, the secondary m arket price offered by WFS or any of its affiliates will be increased by an am ount reflecting a portion of the costs
associated with selling, structuring, hedging and issuing the securities that are included in the original offering price. Because this portion of the
costs is not fully deducted upon issuance, any secondary m arket price offered by WFS or any of its affiliates during this period will be higher than
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DEFINITIVE PRICING SUPPLEMENT No. 51
it would be if it were based solely on WFS's proprietary pricing m odels less the bid -offer spread and hedging unwind costs described above. The
am ount of this increase in the secondary m arket price will decline steadily to zero over this 3-m onth period. If you hold the securities through an
account at WFS or any of its affiliates, we expect that this increase will also be reflected in the value indicated for the securities on your
brokerage account statem ent. If you hold your securities through an account at a broker -dealer other than WFS or any of its affiliates, the value
of the securities on your brokerage account statem ent m ay be different than if you held your securities at WFS or any of its affiliates, as
discussed above under "Investm ent Description--Valuation of the securities after issuance."
Th e Va lu e Of Th e S e cu ritie s Prio r To S ta te d Ma tu rity W ill Be Affe cte d By N u m e ro u s Fa cto rs , S o m e Of W h ich Are Re la te d In
Co m p le x W a ys .
The value of the securities prior to stated m aturity will be affected by the then -current value of the Basket, interest rates at that tim e and a
num ber of other factors, som e of which are interrelated in com plex ways. The effect of any one factor m ay be offset or m agnified by the effect of
another factor. The following factors, which we refer to as the "derivative com ponent factors ," are expected to affect the value of the securities.
When we refer to the "value " of your security, we m ean the value you could receive for your security if you are able to sell it in the open m arket
before the stated m aturity date.

· Ba s ke t Pe rfo rm a n ce . The value of the securities prior to m aturity will depend substantially on the then -current value of the Basket.
The price at which you m ay be able to sell the securities before stated m aturity m ay be at a discount, which could be substantial, from

their original offering price, if the value of the Basket at such tim e is less than, equal to or not sufficiently above the starting price or
threshold price.


· In te re s t Ra te s . The value of the securities m ay be affected by changes in the interest rates in the U.S. m arkets.

· Vo la tility Of Th e Ba s ke t. Volatility is the term used to describe the size and frequency of m arket fluctuations. The value of the

securities m ay be affected if the volatility of the Basket or the basket com ponents changes.

· Co rre la tio n Am o n g Ba s ke t Co m p o n e n ts . Correlation refers to the extent to which the prices of the basket com ponents tend to

fluctuate at the sam e tim e, in the sam e direction and in sim ilar m agnitudes. The correlation am ong basket com ponents m ay be positive,
zero or negative. The value of the securities m ay be affected if the correlation am ong the basket com ponents changes.

· Tim e Re m a in in g To Ma tu rity. The value of the securities at any given tim e prior to m aturity will likely be different from that which
would be expected based on the then -current value of the Basket. This difference will m ost likely reflect a discount due to expectations

and uncertainty concerning the value of the Basket during the period of tim e still rem aining to the stated m aturity date. In general, as the
tim e rem aining to m aturity decreases, the value of the securities will approach the am ount that would be payable at m aturity based on the
then -current value of the Basket.

· D ivid e n d Yie ld s On Th e Se cu ritie s H e ld By Th e Ba s ke t Co m p o n e n ts . The value of the securities m ay be affected by the dividend

yields on the securities held by the basket com ponents (the am ount of such dividends m ay influence the closing price of the shares of a
basket com ponent).

PRS-11
M a r k e t Lin k e d Se cu r it ie s--Le ve r a ge d Upside Pa r t icipa t ion a n d
Fix e d Pe r ce n t a ge Bu ffe r e d D ow n side
Pr in cipa l a t Risk Se cu r it ie s Lin k e d t o a Globa l ETF Ba sk e t du e M a y 2 8 , 2 0 2 1

· Cu rre n cy Exch a n ge Ra te s . Since the iShares MSCI EAFE ETF includes securities quoted in one or m ore foreign currencies and the

fund closing price of that basket com ponent is based on the U.S. dollar value of such securities, the value of the securities m ay be affected
if the exchange rate between the U.S. dollar and any such foreign currency changes.
In addition to the derivative com ponent factors, the value of the securities will be affected by actual or anticipated changes in our
creditworthiness, as reflected in our secondary m arket rates. You should understand that the im pact of one of the factors specified above, such as
a change in interest rates, m ay offset som e or all of any change in the value of the securities attributable to another factor, such as a change in
the value of the Basket. Because num erous factors are expected to affect the value of the securities, changes in the value of the Basket m ay not
result in a com parable change in the value of the securities.
Th e S e cu ritie s W ill N o t B e Lis te d On An y S e cu ritie s Exch a n ge An d W e D o N o t Exp e ct A Tra d in g Ma rke t Fo r Th e S e cu ritie s To
D e ve lo p .
The securities will not be listed or displayed on any securities exchange or any autom ated quotation system . Although the agent and/ or its
affiliates m ay purchase the securities from holders, they are not obligated to do so and are not required to m ake a m arket for the securities. There
can be no assurance that a secondary m arket will develop. Because we do not expect that any m arket m akers will participate in a secondary
m arket for the securities, the price at which you m ay be able to sell your securities is likely to depend on the price, if any, at which the agent is
willing to buy your securities. If a secondary m arket does exist, it m ay be lim ited. Accordingly, there m ay be a lim ited num ber of buyers if you
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