Obbligazione Wells Fargo & Company 8.45% ( US95001B3K89 ) in USD

Emittente Wells Fargo & Company
Prezzo di mercato 100 USD  ▲ 
Paese  Stati Uniti
Codice isin  US95001B3K89 ( in USD )
Tasso d'interesse 8.45% per anno ( pagato 2 volte l'anno)
Scadenza 25/04/2023 - Obbligazione è scaduto



Prospetto opuscolo dell'obbligazione Wells Fargo US95001B3K89 in USD 8.45%, scaduta


Importo minimo 1 000 USD
Importo totale 625 000 USD
Cusip 95001B3K8
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.

L'obbligazione con codice ISIN US95001B3K89 (CUSIP: 95001B3K8), emessa negli Stati Uniti da Wells Fargo, una delle maggiori e più consolidate istituzioni finanziarie globali, e denominata in USD con un tasso di interesse fisso dell'8,45% e una frequenza di pagamento semestrale, ha raggiunto la sua scadenza il 25 aprile 2023 ed è stata interamente rimborsata al prezzo nominale del 100%, concludendo un'operazione per un'emissione complessiva di 625.000 unità con un taglio minimo di acquisto di 1.000 unità.







DEFINITIVE PRICING SUPPLEMENT No. 36
424B2 1 d575575d424b2.htm DEFINITIVE PRICING SUPPLEMENT NO. 36
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 Lowest Performing of
the S&P 500® Index, the Russell 2000® Index and the Dow Jones Industrial Average® due
April 25, 2023

$625,000
$77.81

(1)
The total filing fee of $77.81 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. 36 dat ed April 20, 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 Novem ber 3, 2017)


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
Equ it y I n de x 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--Ca lla ble w it h Con t in ge n t Cou pon a n d
Con t in ge n t 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 Low e st Pe r for m in g of t h e S& P 5 0 0 ® I n de x , t h e
Ru sse ll 2 0 0 0 ® I n de x a n d t h e D ow Jon e s I n du st r ia l Ave r a ge ® du e Apr il 2 5 , 2 0 2 3

¦
Linked t o t he low e st pe r for m in g of t he S&P 500® I ndex, t he Russell 2000® I ndex and t he Dow Jones I ndust rial Average ® ( each
referred t o as an " I ndex" )

¦
The securit ies are redeem able debt securit ies of Wells Fargo & Com pany t hat , unlike ordinary debt securit ies, do not provide for
fixed paym ent s of int erest and do not repay a fixed am ount of principal at st at ed m at urit y. Whet her t he securit ies pay a cont ingent
coupon and whet her you are repaid t he original offering price of your securit ies at st at ed m at urit y ( if Wells Fargo & Com pany does
not exercise it s redem pt ion right ) will depend in each case on t he closing level of t he lowest perform ing I ndex on t he relevant
calculat ion day. The lowest perform ing I ndex on any calculat ion day is t he I ndex t hat has t he lowest closing level on t hat
calculat ion day as a percent age of it s st art ing level

¦
Con t in ge n t Cou pon . The securit ies will pay a cont ingent coupon on a m ont hly basis unt il t he earlier of st at ed m at urit y or early
redem pt ion if, a n d on ly if , t he closing level of t he lowest perform ing I ndex on t he calculat ion day for t hat m ont h is great er t han
or equal t o it s coupon t hreshold level. However, if t he closing level of t he lowest perform ing I ndex on a calculat ion day is less t han
it s coupon t hreshold level, you will not receive any cont ingent coupon for t he relevant m ont h. I f t he closing level of t he lowest
perform ing I ndex is less t han it s coupon t hreshold level on every calculat ion day, you will not receive any cont ingent coupons
t hroughout t he ent ire t erm of t he securit ies. The cou pon t h r e sh old le ve l for each I ndex is equal t o 70% of it s st art ing level. The
cont ingent coupon rat e is 8.45% per annum

¦
Opt ion a l Re de m pt ion . Wells Fargo & Com pany m ay, at it s opt ion, redeem t he securit ies on any cont ingent coupon paym ent dat e
beginning approxim at ely one year aft er issuance. I f Wells Fargo & Com pany elect s t o redeem t he securit ies prior t o m at urit y, you
will receive t he original offering price plus a final cont ingent coupon paym ent , if any

¦
Pot e n t ia l Loss of Pr in cipa l. I f Wells Fargo & Com pany does not redeem t he securit ies prior t o st at ed m at urit y, you will receive
t he original offering price at st at ed m at urit y if, a n d on ly if , t he closing level of t he lowest perform ing I ndex on t he final calculat ion
day is great er t han or equal t o it s downside t hreshold level. I f t he closing level of t he lowest perform ing I ndex on t he final
calculat ion day is less t han it s downside t hreshold level, you will lose m ore t han 40% , and possibly all, of t he original offering price
of your securit ies. The dow n side t h r e sh old le ve l for each I ndex is equal t o 60% of it s st art ing level

¦
I f t he securit ies are not redeem ed prior t o st at ed m at urit y, you will have full downside exposure t o t he lowest perform ing I ndex
from it s st art ing level if it s closing level on t he final calculat ion day is less t han it s downside t hreshold level, but you will not
part icipat e in any appreciat ion of any I ndex and will not receive any dividends on securit ies included in any I ndex

¦
Your ret urn on t he securit ies will depend sole ly on t he perform ance of t he I ndex t hat is t he lowest perform ing I ndex on each
calculat ion day. You will not benefit in any way from t he perform ance of t he bet t er perform ing I ndices. Therefore, you will be
adversely affect ed if a n y I ndex perform s poorly, even if t he ot her I ndices perform favorably

¦
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 any
securit ies included in any I ndex 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 exchange listing; designed to be held to maturity


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 6 9 .3 2 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 2 .
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
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DEFINITIVE PRICING SUPPLEMENT No. 36
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)

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

$ 5.0 0

$ 995.0 0
To ta l
$ 625,0 0 0 .0 0

$ 3,125.0 0

$ 621,8 75.0 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.
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--Ca lla ble w it h Con t in ge n t Cou pon a n d
Con t in ge n t 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 Low e st Pe r for m in g of t h e S& P 5 0 0 ® I n de x , t h e Ru sse ll
2 0 0 0 ® I n de x a n d t h e D ow Jon e s I n du st r ia l Ave r a ge ® du e Apr il 2 5 , 2 0 2 3

T e rm s of t he Se c urit ie s

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



Ma rke t
The S&P 50 0 ® Index, the Russell 20 0 0 ® Index and the Dow J ones Industrial Average® (each referred to as an "Index,"
Me a s u re s :
and collectively as the "Indices").



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



Is s u e D a te :
April 25, 20 18 . (T+3)



Origin a l
$ 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 $ 1,0 0 0 .
Offe rin g P rice :


On each contingent coupon paym ent date, you will receive a contingent coupon paym ent at a per annum rate equal to
the contingent coupon rate if, a n d o n ly if, the closing level of the lowest perform ing Index on the related calculation
day is greater than or equal to its coupon threshold level.

If th e clo s in g le ve l o f th e lo w e s t p e rfo rm in g In d e x o n a n y ca lcu la tio n d a y is le s s th a n its co u p o n
Co n tin ge n t
th re s h o ld le ve l, yo u w ill n o t re ce ive a n y co n tin ge n t co u p o n p a ym e n t o n th e re la te d co n tin ge n t co u p o n
Co u p o n
p a ym e n t d a te . If th e clo s in g le ve l o f th e lo w e s t p e rfo rm in g In d e x is le s s th a n its co u p o n th re s h o ld le ve l
P a ym e n t:
o n a ll m o n th ly ca lcu la tio n d a ys , yo u w ill n o t re ce ive a n y co n tin ge n t co u p o n p a ym e n ts o ve r th e te rm o f

th e s e cu ritie s .

Each m onthly contingent coupon paym ent, if any, will be calculated per security as follows: $ 1,0 0 0 × contingent coupon
rate × (30 / 360 ). Any contingent coupon paym ents will be rounded to the nearest cent, with one-half cent rounded
upward.

Monthly, on the third business day following each calculation day (as each such calculation day m ay be postponed
Co n tin ge n t
pursuant to "--Postponem ent of a Calculation Day" below, if applicable), provided that the contingent coupon paym ent
Co u p o n
date with respect to the final calculation day will be the stated m aturity date. If a calculation day is postponed with
P a ym e n t
respect to one or m ore Indices, the related contingent coupon paym ent date will be three business days after the last
D a te s :

calculation day as postponed.

Co n tin ge n t
The "contingent coupon rate" is 8 .45% per annum .
Co u p o n Ra te :


Wells Fargo m ay, at its option, redeem the securities, in whole but not in part, on any optional redem ption date. If Wells
Fargo elects to redeem the securities prior to stated m aturity, you will be entitled to receive on the applicable optional
redem ption date a cash paym ent per security in U.S. dollars equal to the original offering price per security plus a final
contingent coupon paym ent, if any.
Op tio n a l

If Wells Fargo elects to redeem the securities on an optional redem ption date, Wells Fargo will give you notice on or
Re d e m p tio n :

before the calculation day im m ediately preceding that optional redem ption date. Any redem ption of the securities will
be at Wells Fargo's option and will not autom atically occur based on the perform ance of any Index.

If the securities are redeem ed, they will cease to be outstanding on the applicable optional redem ption date and you will
have no further rights under the securities after that date.

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DEFINITIVE PRICING SUPPLEMENT No. 36
Monthly, on the 20 th day of each m onth com m encing May 20 18 and ending March 20 23, and the final calculation day,
Ca lcu la tio n
each subject to postponem ent as described below under "--Postponem ent of a Calculation Day." We refer to April 20 ,
D a ys :

20 23 as the "final calculation day."

Op tio n a l
Monthly, beginning approxim ately one year after the issue date, on the contingent coupon paym ent dates following each
Re d e m p tio n
calculation day scheduled to occur from April 20 19 to March 20 23, inclusive.
D a te s :


April 25, 20 23. If the final calculation day is postponed, the stated m aturity date will be the later of (i) April 25, 20 23
and (ii) three business days after the last final calculation day as postponed. See "--Postponem ent of a Calculation Day"
S ta te d Ma tu rity
below. 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
D a te :
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 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--Ca lla ble w it h Con t in ge n t Cou pon a n d
Con t in ge n t 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 Low e st Pe r for m in g of t h e S& P 5 0 0 ® I n de x , t h e Ru sse ll
2 0 0 0 ® I n de x a n d t h e D ow Jon e s I n du st r ia l Ave r a ge ® du e Apr il 2 5 , 2 0 2 3

If Wells Fargo does not redeem the securities prior to the stated m aturity date, you will be entitled to receive on the
stated m aturity date a cash paym ent per security in U.S. dollars equal to the m aturity paym ent am ount (in addition to
the final contingent coupon paym ent, if any). The "m aturity paym ent am ount " per security will equal:

· ?if the ending level of the lowest perform ing Index on the final calculation day is greater than or equal to its downside
threshold level: $ 1,0 0 0 ; or

· ?if the ending level of the lowest perform ing Index on the final calculation day is less than its downside threshold level:

$ 1,0 0 0 × perform ance factor of the lowest perform ing Index on the final calculation day

Ma tu rity

If W e lls Fa rgo d o e s n o t re d e e m th e s e cu ritie s p rio r to s ta te d m a tu rity a n d th e e n d in g le ve l o f th e lo w e s t
P a ym e n t
p e rfo rm in g In d e x o n th e fin a l ca lcu la tio n d a y is le s s th a n its d o w n s id e th re s h o ld le ve l, yo u w ill lo s e
Am o u n t:
m o re th a n 4 0 %, a n d p o s s ib ly a ll, o f th e o rigin a l o ffe rin g p rice o f yo u r s e cu ritie s a t s ta te d m a tu rity.


An y re tu rn o n th e s e cu ritie s w ill b e lim ite d to th e s u m o f yo u r co n tin ge n t co u p o n p a ym e n ts , if a n y. 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 a n y In d e x, b u t yo u w ill h a ve fu ll d o w n s id e e xp o s u re to th e
lo w e s t p e rfo rm in g In d e x o n th e fin a l ca lcu la tio n d a y if th e e n d in g le ve l o f th a t In d e x is le s s th a n its
d o w n s id e th re s h o ld le ve l.

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.

Lo w e s t
For any calculation day, the "lowest perform ing Index" will be the Index with the lowest perform ance factor on that
P e rfo rm in g
calculation day (as such calculation day m ay be postponed for one or m ore Indices pursuant to "--Postponem ent of a
In d e x:
Calculation Day" below, if applicable).



P e rfo rm a n ce
With respect to an Index on any calculation day, its closing level on such calculation day divided by its starting level
Fa cto r:
(expressed as a percentage).



With respect to each Index, the "closing level" of that Index on any trading day m eans the official closing level of that
Index reported by the relevant index sponsor on such trading day, as obtained by the calculation agent on such trading
day from the licensed third -party m arket data vendor contracted by the calculation agent at such tim e; in particular,
taking into account the decim al precision and/ or rounding convention em ployed by such licensed third -party m arket
Clo s in g Le ve l:

data vendor on such date. Currently, the calculation agent obtains m arket data from Thom son Reuters Ltd., but the
calculation agent m ay change its m arket data vendor at any tim e without notice. The foregoing provisions of this
definition of "closing level" are subject to the provisions set forth below under "Additional Term s of the Securities--
Market Disruption Events," "--Adjustm ents to an Index" and "--Discontinuance of an Index."

With respect to the S&P 50 0 Index: 2670 .14, its closing level on the pricing date.

S ta rtin g Le ve l:
With respect to the Russell 20 0 0 Index: 1564.124, its closing level on the pricing date.


With respect to the Dow J ones Industrial Average: 24462.94, its closing level on the pricing date.

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DEFINITIVE PRICING SUPPLEMENT No. 36
En d in g Le ve l:
The "ending level" of an Index will be its closing level on the final calculation day.



With respect to the S&P 50 0 Index: 18 69.0 98 , which is equal to 70 % of its starting level.
Co u p o n

Th re s h o ld
With respect to the Russell 20 0 0 Index: 10 94.8 8 68 , which is equal to 70 % of its starting level.
Le ve l:

With respect to the Dow J ones Industrial Average: 17124.0 58 , which is equal to 70 % of its starting level.


With respect to the S&P 50 0 Index: 160 2.0 8 4, which is equal to 60 % of its starting level.
D o w n s id e

Th re s h o ld
With respect to the Russell 20 0 0 Index: 938 .4744, which is equal to 60 % of its starting level.
Le ve l:

With respect to the Dow J ones Industrial Average: 14677.764, which is equal to 60 % of its starting level.


If any calculation day is not a trading day with respect to any Index, such calculation day for each Index will be
P o s tp o n e m e n t
postponed to the next succeeding day that is a trading day with respect to each Index. A calculation day for an Index is
o f a Ca lcu la tio n
also subject to postponem ent due to the occurrence of a m arket disruption event with respect to such Index on such
D a y:

calculation day. See "Additional Term s of the Securities--Market Disruption Events."

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



PRS-3
M a r k e t Lin k e d Se cu r it ie s--Ca lla ble w it h Con t in ge n t Cou pon a n d
Con t in ge n t 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 Low e st Pe r for m in g of t h e S& P 5 0 0 ® I n de x , t h e Ru sse ll
2 0 0 0 ® I n de x a n d t h e D ow Jon e s I n du st r ia l Ave r a ge ® du e Apr il 2 5 , 2 0 2 3

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."



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 $ 5.0 0 per
security.

The agent or another affiliate of ours expects to realize hedging profits projected by its proprietary pricing m odels to the
Age n t:
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 or concession 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 1B3K8




PRS-4
M a r k e t Lin k e d Se cu r it ie s--Ca lla ble w it h Con t in ge n t Cou pon a n d
Con t in ge n t 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 Low e st Pe r for m in g of t h e S& P 5 0 0 ® I n de x , t h e Ru sse ll
2 0 0 0 ® I n de x a n d t h e D ow Jon e s I n du st r ia l Ave r a ge ® du e Apr il 2 5 , 2 0 2 3

I n ve st m e n t D e scr ipt ion
The Principal at Risk Securities Linked to the Lowest Perform ing of the S&P 50 0 ® Index, the Russell 20 0 0 ® Index and the Dow J ones Industrial
Average® due April 25, 20 23 (the "securities") are senior unsecured debt securities of Wells Fargo that do not provide for fixed paym ents of
interest, do not repay a fixed am ount of principal at stated m aturity and are subject to redem ption by Wells Fargo beginning approxim ately one
year after issuance. Whether the securities pay a m onthly contingent coupon and, if the securities are not previously redeem ed by Wells Fargo,
whether you are repaid the original offering price of your securities at stated m aturity will depend in each case upon the closing level of the
lo w e s t p e rfo rm in g In d e x on the relevant calculation day. The lowest perform ing Index on any calculation day is the Index that has the lowest
closing level on that calculation day as a percentage of its starting level. The securities provide:
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DEFINITIVE PRICING SUPPLEMENT No. 36

(i)
m onthly contingent coupon paym ents at a rate of 8 .45% per annum until the earlier of stated m aturity or early redem ption if, a n d

o n ly if, the closing level of the lowest perform ing Index on the applicable m onthly calculation day is greater than or equal to 70 % of its
starting level;

(ii)
early redem ption s o le ly at the option of Wells Fargo beginning approxim ately one year after issuance for the original offering price

plus a final contingent coupon paym ent, if any; and


(iii)
if Wells Fargo does not redeem the securities prior to stated m aturity:

(a)
repaym ent of the original offering price if, a n d o n ly if, the closing level of the lowest perform ing Index on the final calculation

day has not declined by m ore than 40 % from its starting level; and

(b)
full exposure to the decline in the level of the lowest perform ing Index on the final calculation day from its starting level if the

lowest perform ing Index has declined by m ore than 40 % from its starting level.
If th e clo s in g le ve l o f th e lo w e s t p e rfo rm in g In d e x o n a n y m o n th ly ca lcu la tio n d a y is le s s th a n 70 % o f its s ta rtin g le ve l, yo u
w ill n o t re ce ive a n y co n tin ge n t co u p o n p a ym e n t fo r th a t m o n th . If th e s e cu ritie s a re n o t re d e e m e d p rio r to s ta te d m a tu rity
a n d th e clo s in g le ve l o f th e lo w e s t p e rfo rm in g In d e x o n th e fin a l ca lcu la tio n d a y h a s d e clin e d by m o re th a n 4 0 % fro m its
s ta rtin g le ve l, yo u w ill lo s e m o re th a n 4 0 %, a n d p o s s ib ly a ll, o f th e o rigin a l o ffe rin g p rice o f yo u r s e cu ritie s a t s ta te d m a tu rity.
Acco rd in gly, yo u w ill n o t re ce ive a n y p ro te ctio n if th e clo s in g le ve l o f th e lo w e s t p e rfo rm in g In d e x o n th e fin a l ca lcu la tio n d a y
h a s d e clin e d by m o re th a n 4 0 % fro m its s ta rtin g le ve l.
An y re tu rn o n th e s e cu ritie s w ill be lim ite d to th e s u m o f yo u r co n tin ge n t co u p o n p a ym e n ts , if a n y. 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 a n y In d e x, bu t yo u w ill b e fu lly e xp o s e d to th e d e clin e in th e lo w e s t p e rfo rm in g In d e x o n th e fin a l
ca lcu la tio n d a y if th e s e cu ritie s a re n o t re d e e m e d p rio r to s ta te d m a tu rity a n d th e clo s in g le ve l o f th e lo w e s t p e rfo rm in g In d e x
o n th e fin a l ca lcu la tio n d a y h a s d e clin e d by m o re th a n 4 0 % fro m its s ta rtin g le ve l.
All paym ents on the securities are subject to the credit risk of Wells Fargo.
Yo u r re tu rn o n th e s e cu ritie s w ill d e p e n d s o le ly o n th e p e rfo rm a n ce o f th e In d e x th a t is th e lo w e s t p e rfo rm in g In d e x o n e a ch
ca lcu la tio n d a y. Yo u w ill n o t be n e fit in a n y w a y fro m th e p e rfo rm a n ce o f th e be tte r p e rfo rm in g In d ice s . Th e re fo re , yo u w ill b e
a d ve rs e ly a ffe cte d if a n y In d e x p e rfo rm s p o o rly, e ve n if th e o th e r In d ice s p e rfo rm fa vo ra bly.
Th e s e cu ritie s a re ris kie r th a n a lte rn a tive in ve s tm e n ts lin ke d to o n ly o n e o f th e In d ice s o r lin ke d to a b a s ke t co m p o s e d o f
e a ch In d e x. U n like th o s e a lte rn a tive in ve s tm e n ts , th e s e cu ritie s w ill b e s u bje ct to th e fu ll ris ks o f e a ch In d e x, w ith n o
o ffs e ttin g be n e fit fro m th e be tte r p e rfo rm in g In d ice s . Th e s e cu ritie s a re d e s ign e d fo r in ve s to rs w h o u n d e rs ta n d a n d a re
w illin g to be a r th is a d d itio n a l ris k in e xch a n ge fo r th e p o te n tia l co n tin ge n t co u p o n p a ym e n ts th a t th e s e cu ritie s o ffe r.
B e ca u s e th e s e cu ritie s m a y be a d ve rs e ly a ffe cte d by p o o r p e rfo rm a n ce by a n y In d e x, yo u s h o u ld n o t in ve s t in th e s e cu ritie s
u n le s s yo u u n d e rs ta n d a n d a re w illin g to a cce p t th e fu ll d o w n s id e ris ks o f e a ch In d e x.

PRS-5
M a r k e t Lin k e d Se cu r it ie s--Ca lla ble w it h Con t in ge n t Cou pon a n d
Con t in ge n t 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 Low e st Pe r for m in g of t h e S& P 5 0 0 ® I n de x , t h e Ru sse ll
2 0 0 0 ® I n de x a n d t h e D ow Jon e s I n du st r ia l Ave r a ge ® du e Apr il 2 5 , 2 0 2 3

The S&P 50 0 ® Index is 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 Russell 20 0 0 ® Index is 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.
The Dow J ones Industrial Average® is an equity index that is intended to provide an indication of the pattern of com m on stock price m ovem ent
in the United States equity m arket.
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 Novem ber 3, 20 17 for additional inform ation about the securities. 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
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DEFINITIVE PRICING SUPPLEMENT No. 36

· Prospectus dated Novem ber 3, 20 17:
https:/ / www.sec.gov/ Archives/ edgar/ data/ 72971/ 0 0 0 119312518 0 18 238 / d528 18 8 d424b2.htm



The S&P 50 0 Index is a product of S&P Dow J ones Indices LLC ("SPDJ I "), and has been licensed for use by Wells Fargo & Com pany ("WFC"). Standard &
Poor's ® , S&P® and S&P 50 0 ® are registered tradem arks of Standard & Poor's Financial Services LLC ("S&P"); Dow J ones ® is a registered tradem ark of
Dow J ones Tradem ark Holdings LLC ("Dow J ones "); and these tradem arks have been licensed for use by SPDJ I and sublicensed for certain purposes by
WFC. The securities are not sponsored, endorsed, sold or prom oted by SPDJ I, Dow J ones, S&P, their respective affiliates, and none of such parties m ake any
representation regarding the advisability of investing in such product(s) nor do they have any liability for any errors, om issions, or interruptions of the S&P
50 0 Index.
"Russell 20 0 0 ® " and "FTSE Russell" are tradem arks of the London Stock Exchange Group com panies, and have been licensed for use by us. The securities,
based on the perform ance of the Russell 20 0 0 ® Index, are not sponsored, endorsed, sold or prom oted by FTSE Russell and FTSE Russell m akes no
representation regarding the advisability of investing in the securities.
Dow J ones Industrial Average ® is a registered tradem ark of Dow J ones Tradem ark Holdings LLC ("Dow J ones Holdings") and has been licensed for use by
S&P Dow J ones Indices LLC ("S&P Dow J ones Indices ") and sublicensed for certain purposes by us. The Dow J ones Industrial Average is a product of S&P
Dow J ones Indices and has been licensed for use by us. The securities are not sponsored, endorsed, sold or prom oted by S&P Dow J ones Indices, Dow J ones
Holdings or their respective affiliates, and neither S&P Dow J ones Indices, Dow J ones Holdings or their respective affiliates m ake any representation
regarding the advisability of investing in the securities.

PRS-6
M a r k e t Lin k e d Se cu r it ie s--Ca lla ble w it h Con t in ge n t Cou pon a n d
Con t in ge n t 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 Low e st Pe r for m in g of t h e S& P 5 0 0 ® I n de x , t h e Ru sse ll
2 0 0 0 ® I n de x a n d t h e D ow Jon e s I n du st r ia l Ave r a ge ® du e Apr il 2 5 , 2 0 2 3

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
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DEFINITIVE PRICING SUPPLEMENT No. 36
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 5-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 spread and hedging unwind costs described above. The
am ount of this increase in the secondary m arket price will decline steadily to

PRS-7
M a r k e t Lin k e d Se cu r it ie s--Ca lla ble w it h Con t in ge n t Cou pon a n d
Con t in ge n t 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 Low e st Pe r for m in g of t h e S& P 5 0 0 ® I n de x , t h e Ru sse ll
2 0 0 0 ® I n de x a n d t h e D ow Jon e s I n du st r ia l Ave r a ge ® du e Apr il 2 5 , 2 0 2 3

zero over this 5-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-8
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DEFINITIVE PRICING SUPPLEMENT No. 36
M a r k e t Lin k e d Se cu r it ie s--Ca lla ble w it h Con t in ge n t Cou pon a n d
Con t in ge n t 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 Low e st Pe r for m in g of t h e S& P 5 0 0 ® I n de x , t h e Ru sse ll
2 0 0 0 ® I n de x a n d t h e D ow Jon e s I n du st r ia l Ave r a ge ® du e Apr il 2 5 , 2 0 2 3

I nve st or Conside ra t ions
We have designed the securities for investors who:

¦ seek an investment with contingent monthly coupon payments at a rate of 8.45% per annum until the earlier of stated maturity or early
redem ption, if, a n d o n ly if, the closing level of the lowest perform ing Index on the applicable m onthly calculation day is greater than or equal
to 70 % of its starting level;

¦ understand that if we do not exercise our redemption right and the closing level of the lowest performing Index on the final calculation day has
declined by m ore than 40 % from its starting level, they will be fully exposed to the decline in the lowest perform ing Index from its starting
level and will lose m ore than 40 %, and possibly all, of the original offering price at stated m aturity;

¦ are willing to accept the risk that they may not receive any contingent coupon payment on one or more, or any, monthly contingent coupon
paym ent dates over the term of the securities and m ay lose all of the original offering price per security at m aturity;

¦ understand that we may redeem the securities prior to stated maturity at our option beginning approximately one year after issuance and that
it is m ore likely that we will redeem the securities when it would otherwise be advantageous for you to continue to hold the securities;

¦ understand that the return on the securities will depend solely on the performance of the Index that is the lowest performing Index on each
calculation day and that they will not benefit in any way from the perform ance of the better perform ing Indices;

¦ understand that the securities are riskier than alternative investments linked to only one of the Indices or linked to a basket composed of each
Index;

¦ understand and are willing to accept the full downside risks of each Index;

¦ are willing to forgo participation in any appreciation of any Index and dividends on securities included in the Indices; and

¦ are willing to hold the securities to 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;

¦ require full payment of the original offering price of the securities at stated maturity;

¦ seek a security with a fixed term;

¦ 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;

¦ are unwilling to accept the risk that the closing level of the lowest performing Index on the final calculation day may decline by more than 40%
from its starting level;

¦ seek certainty of current income over the term of the securities;

¦ seek exposure to the upside performance of any or each Index;

¦ seek exposure to a basket composed of each Index or a similar investment in which the overall return is based on a blend of the performances
of the Indices, rather than solely on the lowest perform ing Index;

¦ are unwilling to accept the risk of exposure to the large and small capitalization segments of the United States equity market;

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

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

PRS-9
M a r k e t Lin k e d Se cu r it ie s--Ca lla ble w it h Con t in ge n t Cou pon a n d
Con t in ge n t 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 Low e st Pe r for m in g of t h e S& P 5 0 0 ® I n de x , t h e Ru sse ll
®
®
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DEFINITIVE PRICING SUPPLEMENT No. 36
2 0 0 0
I n de x a n d t h e D ow Jon e s I n du st r ia l Ave r a ge
du e Apr il 2 5 , 2 0 2 3

De t e rm ining Pa ym e nt On A Cont inge nt Coupon Pa ym e nt Da t e a nd a t M a t urit y
Unless we have previously redeem ed the securities, on each m onthly contingent coupon paym ent date, you will either receive a contingent
coupon paym ent or you will not receive a contingent coupon paym ent, depending on the closing level of the lowest perform ing Index on the
related m onthly calculation day.
S te p 1: Determ ine which Index is the lowest perform ing Index on the relevant calculation day. The lowest perform ing Index on any calculation
day is the Index with the lowest perform ance factor on that calculation day. The perform ance factor of an Index on a calculation day is its closing
level on that calculation day as a percentage of its starting level (i.e., its closing level on that calculation day divided by its starting level).
S te p 2 : Determ ine whether a contingent coupon is paid on the applicable contingent coupon paym ent date based on the closing level of the
lowest perform ing Index on the relevant calculation day, as follows:

On the stated m aturity date, if we have not redeem ed the securities prior to the stated m aturity date, you will receive (in addition to the final
contingent coupon paym ent, if any) a cash paym ent per security (the m aturity paym ent am ount) calculated as follows:
S te p 1: Determ ine which Index is the lowest perform ing Index on the final calculation day. The lowest perform ing Index on the final calculation
day is the Index with the lowest perform ance factor on the final calculation day. The perform ance factor of an Index on the final calculation day is
its ending level as a percentage of its starting level (i.e., its ending level divided by its starting level).
S te p 2 : Calculate the m aturity paym ent am ount based on the ending level of the lowest perform ing Index, as follows:


PRS-10
M a r k e t Lin k e d Se cu r it ie s--Ca lla ble w it h Con t in ge n t Cou pon a n d
Con t in ge n t 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 Low e st Pe r for m in g of t h e S& P 5 0 0 ® I n de x , t h e Ru sse ll
2 0 0 0 ® I n de x a n d t h e D ow Jon e s I n du st r ia l Ave r a ge ® du e Apr il 2 5 , 2 0 2 3

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DEFINITIVE PRICING SUPPLEMENT No. 36
H ypot he t ic a l Pa yout Profile
The following profile illustrates the potential m aturity paym ent am ount on the securities (excluding the final contingent coupon paym ent, if any)
for a range of hypothetical perform ances of the lowest perform ing Index on the final calculation day from its starting level to its ending level,
assum ing the securities have not been redeem ed prior to the stated m aturity date. This graph has been prepared for purposes of illustration only.
Your actual return will depend on the actual ending level of the lowest perform ing Index on the final calculation day and whether you hold your
securities to stated m aturity. The perform ance of the better perform ing Indices is not relevant to your return on the securities.


PRS-11
M a r k e t Lin k e d Se cu r it ie s--Ca lla ble w it h Con t in ge n t Cou pon a n d
Con t in ge n t 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 Low e st Pe r for m in g of t h e S& P 5 0 0 ® I n de x , t h e Ru sse ll
2 0 0 0 ® I n de x a n d t h e D ow Jon e s I n du st r ia l Ave r a ge ® du e Apr il 2 5 , 2 0 2 3

Risk Fa c t ors
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.
If W e D o N o t Re d e e m Th e S e cu ritie s Prio r to S ta te d Ma tu rity, Yo u Ma y Lo s e S o m e Or All Of Th e Origin a l Offe rin g P rice Of
Yo u r S e cu ritie s At S ta te d Ma tu rity.
We will not repay you a fixed am ount on your securities at stated m aturity. If we do not exercise our right to redeem the securities prior to stated
m aturity, 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 level of the lowest perform ing Index on the final calculation day.
If the ending level of the lowest perform ing Index on the final calculation day is less than its downside threshold level, the m aturity paym ent
am ount will be reduced by an am ount equal to the decline in the level of the lowest perform ing Index from its starting level (expressed as a
percentage of its starting level). The downside threshold level for each Index is 60 % of its starting level. For exam ple, if we do not redeem the
securities prior to stated m aturity and the lowest perform ing Index on the final calculation day has declined by 40 .1% from its starting level to its
ending level, you will not receive any benefit of the contingent downside protection feature and you will lose 40 .1% of the original offering price
per security. As a result, you will not receive any protection if the level of the lowest perform ing Index on the final calculation day declines
significantly and you m ay lose som e, and possibly all, of the original offering price per security at stated m aturity, even if the level of the lowest
perform ing Index is greater than or equal to its starting level or its downside threshold level at certain tim es during the term of the securities.
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Document Outline