Obbligazione Wells Fargo & Company 0% ( US95001B3E20 ) in USD

Emittente Wells Fargo & Company
Prezzo di mercato 100 USD  ⇌ 
Paese  Stati Uniti
Codice isin  US95001B3E20 ( in USD )
Tasso d'interesse 0%
Scadenza 07/05/2021 - Obbligazione è scaduto



Prospetto opuscolo dell'obbligazione Wells Fargo US95001B3E20 in USD 0%, scaduta


Importo minimo 1 000 USD
Importo totale 3 295 000 USD
Cusip 95001B3E2
Standard & Poor's ( S&P ) rating N/A
Moody's rating N/A
Descrizione dettagliata Wells Fargo è una delle maggiori istituzioni finanziarie statunitensi, operante nel settore bancario, finanziario e di gestione patrimoniale.

The Obbligazione issued by Wells Fargo & Company ( United States ) , in USD, with the ISIN code US95001B3E20, pays a coupon of 0% per year.
The coupons are paid 2 times per year and the Obbligazione maturity is 07/05/2021







DEFINITIVE PRICING SUPPLEMENT No. 31
424B2 1 d554689d424b2.htm DEFINITIVE PRICING SUPPLEMENT NO. 31
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 the Financial Select
Sector SPDR® Fund due May 7, 2021


$3,295,000

$410.23

(1)
The total filing fee of $410.23 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. 31 dat ed April 30, 2018
( To Market Measure Supplem ent dat ed January 24, 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 r k e t Lin k e d Se cu r it ie s--Au t o - Ca lla ble w it h 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 t h e Fin a n cia l Se le ct Se ct or SPD R® Fu n d du e M a y 7 ,

2 0 2 1


? Linked t o t he Financial Select Sect or SPDR® Fund

? Unlike ordinary debt securit ies, t he securit ies do not pay int erest , do not repay a fixed am ount of principal at m at urit y and are
subj ect t o pot ent ial aut om at ic call upon t he t erm s described below. Any ret urn you receive on t he securit ies and whet her t hey

are aut om at ically called will depend on t he perform ance of t he Fund

? Aut om a t ic Ca ll. I f t he fund closing price of t he Fund on any call dat e is great er t han or equal t o t he st art ing price, we will

aut om at ically call t he securit ies for t he original offering price plus t he call prem ium applicable t o t hat call dat e



Ca ll D a t e
Ca ll Pr e m iu m



May 7, 2019
7.05% of t he original offering price



May 7, 2020
14.10% of t he original offering price



April 30, 2021 ( t he " final calculat ion day " )
21.15% of t he original offering price

? M a t urit y Pa ym e nt Am ount . I f t he securit ies are not aut om at ically called prior t o t he final calculat ion day, t he m at urit y paym ent
am ount will be based upon t he fund closing price of t he Fund on t he final calculat ion day and could be great er t han, equal t o or

less t han t he original offering price per securit y as follows:

? I f t he fund closing price of t he Fund on t he final calculat ion day is great er t han or equal t o t he st art ing price, t he securit ies
will be aut om at ically called for t he original offering price plus t he call prem ium applicable t o t he final calculat ion day described


above

? I f t he fund closing price of t he Fund on t he final calculat ion day is less t han t he st art ing price, but not by m ore t han 10% , you


will receive t he original offering price of your securit ies at m at urit y

? I f t he fund closing price of t he Fund on t he final calculat ion day is less t han t he st art ing price by m ore t han 10% , you will
receive less t han t he original offering price and have 1- t o - 1 downside exposure t o t he decrease in t he price of t he Fund in


excess of 10%

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

? Any posit ive ret urn on t he securit ies will be lim it ed t o t he applicable call prem ium , even if t he fund closing price of t he Fund on
t he applicable call dat e significant ly exceeds t he st art ing price. You will not part icipat e in any appreciat ion of t he Fund beyond t he

applicable fixed call prem ium .

? All paym ent s on t he securit ies are subj ect t o t he credit risk of Wells Fargo & Com pany, and you will have no abilit y t o pursue t he
shares of t he Fund or any securit ies held by t he Fund 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 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 5 4 .3 6 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 1 .
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
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DEFINITIVE PRICING SUPPLEMENT No. 31
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 P rice

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

$ 18 .25

$ 98 1.75
To ta l
$ 3,295,0 0 0 .0 0

$ 60 ,133.75

$ 3,234,8 66.25

(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.
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--Au t o - Ca lla ble w it h 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 t h e Fin a n cia l Se le ct Se ct or SPD R® Fu n d du e M a y 7 ,
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").





Ma rke t Me a s u re :
Financial Select Sector SPDR® Fund (the "Fund ").





Pricin g D a te :
April 30 , 20 18 .





Is s u e D a te :
May 7, 20 18 . (T+5)





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
P rice :
$ 1,0 0 0 .




If the fund closing price of the Fund on any call date (including the final calculation day) is greater than or equal to the
starting price, the securities will be autom atically called, and on the related call settlem ent date you will be entitled to
receive a cash paym ent per security in U.S. dollars equal to the original offering price per security plus the call
prem ium applicable to the relevant call date. The last call date is the final calculation day, and paym ent upon an
autom atic call on the final calculation day, if applicable, will be m ade on the stated m aturity date.

Au to m a tic Ca ll:
An y p o s itive re tu rn o n th e s e cu ritie s w ill b e lim ite d to th e a p p lica b le ca ll p re m iu m , e ve n if th e fu n d
clo s in g p rice o f th e Fu n d o n th e a p p lica ble ca ll d a te s ign ifica n tly e xce e d s th e s ta rtin g p rice . Yo u w ill
n o t p a rticip a te in a n y a p p re cia tio n o f th e Fu n d be yo n d th e a p p lica b le ca ll p re m iu m .

If the securities are autom atically called, they will cease to be outstanding on the related call settlem ent date and you
will have no further rights under the securities after such call settlem ent date. You will not receive any notice from us
if the securities are autom atically called.



Paym ent per Security upon

Call Date

Call Prem ium

an Autom atic Call

May 7, 20 19

7.0 5% of the original offering price

$ 1,0 70 .50
Ca ll D a te s a n d

May 7, 20 20

14.10 % of the original offering price

$ 1,140 .0 0
Ca ll Pre m iu m s :

April 30 , 20 21
21.15% of the original offering price

$ 1,211.50

We refer to April 30 , 20 21 as the "final calculation day."

The call dates are subject to postponem ent for non -trading days and the occurrence of a m arket disruption event. See
"--Postponem ent of a Calculation Day" below.




Five business days after the applicable call date (as each such call date m ay be postponed pursuant to "--Postponem ent
Ca ll S e ttle m e n t
of a Calculation Day" below, if applicable); provided that the call settlem ent date for the last call date is the stated
D a te :
m aturity date.




May 7, 20 21. If the final calculation day is postponed, the stated m aturity date will be the later of (i) May 7, 20 21 and

(ii) three business days after the final calculation day as postponed. See "--Postponem ent of a Calculation Day" below.
S ta te d Ma tu rity
If the stated m aturity date is not a business day, the paym ent to be m ade on the stated m aturity date will be m ade on
D a te :
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

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DEFINITIVE PRICING SUPPLEMENT No. 31
securities are not subject to repaym ent at the option of any holder of the securities prior to the stated m aturity date.



PRS-2
M a r k e t Lin k e d Se cu r it ie s--Au t o - Ca lla ble w it h 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 t h e Fin a n cia l Se le ct Se ct or SPD R® Fu n d du e M a y 7 ,
2 0 2 1


If the securities are not autom atically called prior to the final calculation day, then 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 " will be calculated as follows:

· ?if the ending price is greater than or equal to the starting price: $ 1,0 0 0 plus the call prem ium applicable to the final
calculation day as described above under "Call Dates and Call Prem ium s;"

· ?if the ending price is less than the starting price but greater than or equal to the threshold price: $ 1,0 0 0 ; or

· ?if the ending price is less than the threshold price: $ 1,0 0 0 m inus :
Ma tu rity Pa ym e n t
Am o u n t:


threshold price ­ ending price
$ 1,0 0 0 ×



starting price


If th e s e cu ritie s a re n o t a u to m a tica lly ca lle d p rio r to th e fin a l ca lcu la tio n d a y a n d 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 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 calculations with respect to any paym ents on the securities (whether upon autom atic call or at m aturity) 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 such paym ent will be rounded to the nearest cent, with one-half cent rounded upward.


The "fund closing price" with respect to the Fund on any trading day m eans the product of (i) the closing price of one
Fu n d Clo s in g
share of the Fund (or one unit of any other security for which a fund closing price m ust be determ ined) on such trading
P rice :
day and (ii) the adjustm ent factor applicable to the Fund on such trading day.


The "closing price" for one share of the Fund (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 principal United States
Clo s in g Price :
securities exchange registered under the Securities Exchange Act of 1934, as am ended, on which the Fund (or any such
other security) is listed or adm itted to trading.


The "adjustm ent factor" m eans, with respect to a share of the Fund (or one unit of any other security for which a fund
Ad ju s tm e n t
closing price m ust be determ ined), 1.0 , subject to adjustm ent in the event of certain events affecting the shares of the
Fa cto r:
Fund. See "Additional Term s of the Securities--Anti -dilution Adjustm ents Relating to the Fund; Alternate Calculation"
below.



S ta rtin g P rice :
$ 27.45, which is the fund closing price of the Fund on the pricing date.




En d in g Price :
The "ending price" will be the fund closing price of the Fund on the final calculation day.




Th re s h o ld Price :
$ 24.70 5, which is equal to 90 % of the starting price.





The call dates (including the final calculation day) are each referred to as a "calculation day." If any calculation day is
P o s tp o n e m e n t o f
not a trading day (as defined below), such calculation day will be postponed to the next succeeding trading day. A
a Ca lcu la tio n
calculation day is also subject to postponem ent due to the occurrence of a m arket disruption event. See "Additional
D a y:
Term s of the Securities--Market Disruption Events."




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





N o Lis tin g:
The securities will not be listed on any securities exchange or autom ated quotation system .





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."




PRS-3
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DEFINITIVE PRICING SUPPLEMENT No. 31
M a r k e t Lin k e d Se cu r it ie s--Au t o - Ca lla ble w it h 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 t h e Fin a n cia l Se le ct Se ct or SPD R® Fu n d du e M a y 7 ,
2 0 2 1


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 $ 17.50 per
security. Such securities dealers m ay include Wells Fargo Advisors ("WFA") (the trade nam e of the retail brokerage
business of our affiliates, Wells Fargo Clearing Services, LLC and Wells Fargo Advisors Financial Network, LLC). In
addition to the concession allowed to WFA, WFS will pay $ 0 .75 per security of the agent's discount to WFA as a
distribution expense fee for each security sold by WFA.
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 1B3E2




PRS-4
M a r k e t Lin k e d Se cu r it ie s--Au t o - Ca lla ble w it h 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 t h e Fin a n cia l Se le ct Se ct or SPD R® Fu n d du e M a y 7 ,
2 0 2 1

I n ve st m e n t D e scr ipt ion

The Principal at Risk Securities Linked to the Financial Select Sector SPDR® Fund due May 7, 20 21 (the "securities") are senior unsecured debt
securities of Wells Fargo that do not pay interest, do not repay a fixed am ount of principal at stated m aturity and are subject to potential
autom atic call upon the term s described in this pricing supplem ent. The return you receive on the securities and whether they are autom atically
called will depend on the perform ance of the Fund. The securities provide:

(i)
the possibility of an autom atic early call of the securities at a fixed call prem ium if the fund closing price of the Fund on either of

the first two call dates is greater than or equal to the starting price; and


(ii)
if the securities are not autom atically called prior to the final calculation day:

(a)
the possibility of a return equal to the call prem ium applicable to the final calculation day if the fund closing price of the

Fund on the final calculation day is greater than or equal to the starting price;

(b)
repaym ent of the original offering price if, a n d o n ly if, the fund closing price of the Fund on the final calculation day is not

less than the starting price by m ore than 10 %; and

(c)
exposure to decreases in the price of the Fund if and to the extent the fund closing price of the Fund on the final calculation

day is less than the starting price by m ore than 10 %.
If th e fu n d clo s in g p rice o f th e Fu n d is le s s th a n th e s ta rtin g p rice o n e a ch o f th e th re e ca ll d a te s ( in clu d in g th e fin a l
ca lcu la tio n d a y) , yo u w ill n o t re ce ive a n y p o s itive re tu rn o n yo u r in ve s tm e n t in th e s e cu ritie s . If th e fu n d clo s in g p rice o f th e
Fu n d o n th e fin a l ca lcu la tio n d a y is le s s th a n th e s ta rtin g p rice by m o re th a n 10 %, 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.
An y p o s itive re tu rn o n th e s e cu ritie s w ill b e lim ite d to th e a p p lica b le ca ll p re m iu m , e ve n if th e fu n d clo s in g p rice o f th e Fu n d
o n th e a p p lica ble ca ll d a te e xce e d s th e s ta rtin g p rice b y m o re th a n p e rce n ta ge re p re s e n te d b y th a t ca ll p re m iu m . Yo u w ill n o t
p a rticip a te in a n y a p p re cia tio n o f th e Fu n d be yo n d th e a p p lica b le fixe d ca ll p re m iu m .
All paym ents on the securities are subject to the credit risk of Wells Fargo.
The Fund is an exchange traded fund that seeks to track the Financial Select Sector Index, an equity index that is intended to provide investors
with a way to track the m ovem ents of certain public com panies that represent the financial sector of the S&P 50 0 ® Index.
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DEFINITIVE PRICING SUPPLEMENT No. 31
You should read this pricing supplem ent together with the m arket m easure supplem ent dated J anuary 24, 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
m arket m easure supplem ent and prospectus supplem ent, please note that all references in such supplem ents 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 J anuary 24, 20 18 :
https:/ / www.sec.gov/ Archives/ edgar/ data/ 72971/ 0 0 0 119312518 0 18 329/ d527660 d424b2.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 ® , S&P 50 0 ® and Select Sector SPDRs® 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 Select Sector SPDR Trust (the "SPDR Trust"), SSgA Funds Managem ent, Inc. ("SSgA") or S&P Financial. None of the SPDR Trust, SSgA or 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

PRS-5
M a r k e t Lin k e d Se cu r it ie s--Au t o - Ca lla ble w it h 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 t h e Fin a n cia l Se le ct Se ct or SPD R® Fu n d du e M a y 7 ,
2 0 2 1

investing in the securities. None of the SPDR Trust, SSgA or 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 Financial Select Sector SPDR ® Fund.

PRS-6
M a r k e t Lin k e d Se cu r it ie s--Au t o - Ca lla ble w it h 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 t h e Fin a n cia l Se le ct Se ct or SPD R® Fu n d du e M a y 7 ,
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
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DEFINITIVE PRICING SUPPLEMENT No. 31
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 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

PRS-7
M a r k e t Lin k e d Se cu r it ie s--Au t o - Ca lla ble w it h 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 t h e Fin a n cia l Se le ct Se ct or SPD R® Fu n d du e M a y 7 ,
2 0 2 1

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.
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DEFINITIVE PRICING SUPPLEMENT No. 31
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-8
M a r k e t Lin k e d Se cu r it ie s--Au t o - Ca lla ble w it h 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 t h e Fin a n cia l Se le ct Se ct or SPD R® Fu n d du e M a y 7 ,
2 0 2 1

I n ve st or Con side r a t ion s

We have designed the securities for investors who:

? believe that the fund closing price of the Fund will be greater than or equal to the starting price on one of the three call dates;

? seek the potential for a fixed return if the Fund has appreciated at all as of any of the three call dates in lieu of full participation in any
potential appreciation of the Fund;

? understand that if the fund closing price of the Fund is less than the starting price on each of the three call dates (including the final
calculation day), they will not receive any positive return on their investm ent in the securities, and that if the fund closing price of the Fund on
the final calculation day is less than the starting price by m ore than 10 %, they will receive less, and possibly 90 % less, than the original offering
price per security at m aturity;

? understand that the term of the securities m ay be as short as approxim ately one year and that they will not receive a higher call prem ium
payable with respect to a later call date if the securities are called on an earlier call date;

? are willing to forgo interest paym ents on the securities and dividends on shares of the Fund; and

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

? seek a liquid investm ent or are unable or unwilling to hold the securities to m aturity;

? require full paym ent of the original offering price of the securities at stated m aturity;

? believe that the fund closing price of the Fund will be less than the starting price on each of the three call dates;

? seek a security with a fixed term ;

? are unwilling to accept the risk that, if the fund closing price of the Fund is less than the starting price on each of the three call dates
(including the final calculation day), they will not receive any positive return on their investm ent in the securities;

? are unwilling to accept the risk that the fund closing price of the Fund m ay decrease by m ore than 10 % from the starting price to the ending
price;

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

? seek current incom e;

? are unwilling to accept the risk of exposure to com panies in the financial sector of the United States equity m arket;

? seek exposure to the upside perform ance of the Fund beyond the applicable call prem ium s;

? are unwilling to accept the credit risk of Wells Fargo; or

? prefer the lower risk of fixed incom e investm ents with com parable m aturities issued by com panies with com parable credit ratings.

PRS-9
M a r k e t Lin k e d Se cu r it ie s--Au t o - Ca lla ble w it h 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 t h e Fin a n cia l Se le ct Se ct or SPD R® Fu n d du e M a y 7 ,
2 0 2 1

D e t e r m in in g Tim in g a n d Am ou n t of Pa ym e n t on t h e Se cu r it ie s

The tim ing and am ount of the paym ent you will receive will be determ ined as follows:
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DEFINITIVE PRICING SUPPLEMENT No. 31


PRS-10
M a r k e t Lin k e d Se cu r it ie s--Au t o - Ca lla ble w it h 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 t h e Fin a n cia l Se le ct Se ct or SPD R® Fu n d du e M a y
7 , 2 0 2 1

H ypot h e t ica l Pa you t Pr ofile

The following profile illustrates the potential paym ent on the securities for a range of hypothetical percentage changes in the fund closing price of
the Fund from the pricing date to the applicable call date (including the final calculation day). The profile is based on a call prem ium of 7.0 5% for
the first call date,14.10 % for the second call date and 21.15% for the final call date and a threshold price equal to 90 % of the starting price. This
profile has been prepared for purposes of illustration only. Your actual return will depend on (i) whether the securities are autom atically called;
(ii) if the securities are autom atically called, the actual call date on which the securities are called; (iii) if the securities are not autom atically
called, the actual ending price of the Fund; and (iv) whether you hold your securities to m aturity or earlier autom atic call.

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DEFINITIVE PRICING SUPPLEMENT No. 31


PRS-11
M a r k e t Lin k e d Se cu r it ie s--Au t o - Ca lla ble w it h 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 t h e Fin a n cia l Se le ct Se ct or SPD R® Fu n d du e
M a y 7 , 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 index underlying the Fund is som etim es referred to as
the "underlying index."
If Th e S e cu ritie s Are N o t Au to m a tica lly Ca lle d An d 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 at stated m aturity. If the fund closing price of the Fund is less than the starting price on
each of the three call dates, the securities will not be autom atically called, and you will receive a m aturity paym ent am ount that will be equal to
or less than the original offering price per security, depending on the ending price (i.e., the fund closing price of the Fund on the final calculation
day).
If the ending price is less than the threshold price, the m aturity paym ent am ount will be reduced by an am ount equal to the decline in the price of
the Fund 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 price of
the Fund is greater than or equal to the starting price or the threshold price at certain tim es during the term of the securities.
If the securities are not autom atically called, your return on the securities will be zero or negative, and therefore will be less than the return 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. 31
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."
Th e Po te n tia l Re tu rn On Th e S e cu ritie s Is Lim ite d To Th e Ca ll Pre m iu m .
The potential return on the securities is lim ited to the applicable call prem ium , regardless of the perform ance of the Fund. The Fund m ay
appreciate by significantly m ore than the percentage represented by the applicable call prem ium from the pricing date through the applicable call
date, in which case an investm ent in the securities will underperform a hypothetical alternative investm ent providing a 1-t o-1 return based on
the perform ance of the Fund. In addition, you will not receive the value of dividends or other distributions paid with respect to the Fund.
Furtherm ore, if the securities are called on an earlier call date, you will receive a lower call prem ium than if the securities were called on a later
call date, and accordingly, if the securities are called on one of the two earlier call dates, you will not receive the highest potential call prem ium .
Yo u W ill B e S u b je ct To Re in ve s tm e n t Ris k.
If your securities are autom atically called early, the term of the securities m ay be reduced to as short as approxim ately one year. There is no
guarantee that you would be able to reinvest the proceeds from an investm ent in the securities at a com parable return for a sim ilar level of risk
in the event the securities are autom atically called prior to m aturity.
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 Fund or any securities held by the Fund 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-12
M a r k e t Lin k e d Se cu r it ie s--Au t o - Ca lla ble w it h 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 t h e Fin a n cia l Se le ct Se ct or SPD R® Fu n d du e
M a y 7 , 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
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