Obbligazione Wells Fargo & Company 2.25% ( US95001D6V71 ) in USD

Emittente Wells Fargo & Company
Prezzo di mercato 100 USD  ⇌ 
Paese  Stati Uniti
Codice isin  US95001D6V71 ( in USD )
Tasso d'interesse 2.25% per anno ( pagato 2 volte l'anno)
Scadenza 30/10/2023 - Obbligazione è scaduto



Prospetto opuscolo dell'obbligazione Wells Fargo US95001D6V71 in USD 2.25%, scaduta


Importo minimo 1 000 USD
Importo totale 50 000 000 USD
Cusip 95001D6V7
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 US95001D6V71, pays a coupon of 2.25% per year.
The coupons are paid 2 times per year and the Obbligazione maturity is 30/10/2023







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424B2 1 wfcr2290-424b2_042820.htm DEFINITIVE PRICING SUPPLEMENT NO. 116


Filed Pursuant to Rule 424(b)(2)
Registration No. 333-221324



PRICING SUPPLEMENT No. 116 dated April 28, 2020
(To Prospectus Supplement dated January 24, 2018
and Prospectus dated April 5, 2019)

Wells Fargo & Company
Medium-Term Notes, Series T
$50,000,000
Fixed Rate Callable Notes
Notes due October 30, 2023

The notes have a term of three and a half years, subject to our right to redeem the notes on the optional redemption dates beginning one year after
issuance. The notes pay interest semi-annually at a fixed per annum rate, as set forth below. All payments on the notes are subject to the credit risk of
Wells Fargo & Company. If Wells Fargo & Company defaults on its obligations, you could lose some or all of your investment. The notes will not be listed
on any exchange and are designed to be held to maturity.

Issuer:
Wells Fargo & Company ("Wells Fargo")
Original Offering Price:
$1,000 per note; provided that the original offering price for an eligible institutional investor and an investor
purchasing the notes in a fee-based advisory account will vary but will not be less than $996.00 per note and will not be
more than $1,000 per note. Because the original offering price for eligible institutional investors and
investors purchasing the notes in a fee-based advisory account will vary as described in footnote (1)
below, the price such investors pay for the notes may be higher than the prices paid by other eligible
institutional investors or investors in fee-based advisory accounts based on then-current market
conditions and the negotiated price determined at the time of each sale.
Principal Amount:
$1,000 per note. References in this pricing supplement to a "note" are to a note with a principal amount of $1,000.
Pricing Date:
April 28, 2020.
Issue Date:
April 30, 2020. (T+2)
Stated Maturity Date:
October 30, 2023. The notes are subject to redemption by Wells Fargo prior to the stated maturity date as set forth
below under "Optional Redemption." The notes are not subject to repayment at the option of any holder of the notes
prior to the stated maturity date.
Payment at Maturity:
Unless redeemed prior to stated maturity by Wells Fargo, a holder will be entitled to receive on the stated maturity date
a cash payment in U.S. dollars equal to $1,000 per note, plus any accrued and unpaid interest.
Interest Payment Dates:
Each April 30 and October 30, commencing October 30, 2020, and at stated maturity or earlier redemption. Except as
described below for the first interest period, on each interest payment date, interest will be paid for the period
commencing on and including the immediately preceding interest payment date and ending on and including the day
immediately preceding that interest payment date. This period is referred to as an "interest period." The first interest
period will commence on and include the issue date and end on and include October 29, 2020. Interest payable with
respect to an interest period will be computed on the basis of a 360-day year of twelve 30-day months. If a scheduled
interest payment date is not a business day, interest will be paid on the next business day, and interest on that payment
will not accrue during the period from and after the scheduled interest payment date.
Interest Rate:
2.25% per annum

Optional Redemption:
The notes are redeemable by Wells Fargo, in whole but not in part, on the optional redemption dates, at 100% of their
principal amount plus accrued and unpaid interest to, but excluding, the redemption date. Any redemption may be
subject to prior regulatory approval. Wells Fargo will give notice to the holders of the notes at least 5 days and not more
than 30 days prior to the date fixed for redemption in the manner described in the accompanying prospectus
supplement under "Description of Notes--Redemption and Repayment."
Optional Redemption Dates: Quarterly on the 30th day of each January, April, July and October, beginning April 30, 2021 and ending July 30, 2023.
Listing:
The notes will not be listed on any securities exchange or automated quotation system.
Denominations:
$1,000 and any integral multiples of $1,000
CUSIP Number:
95001D6V7


Investing in the notes involves risks not associated with an investment in conventional debt securities. See
"Risk Factors" on page PRS-3.
The notes are unsecured obligations of Wells Fargo & Company, and all payments on the notes are subject to the credit risk of
Wells Fargo & Company. If Wells Fargo & Company defaults on its obligations, you could lose some or all of your investment. The
notes are not deposits or other obligations of a depository institution and are not insured by the Federal Deposit Insurance
Corporation, the Deposit Insurance Fund or any other governmental agency of the United States or any other jurisdiction.
Neither the Securities and Exchange Commission nor any state securities commission has approved or disapproved of these notes
or determined if this pricing supplement or the accompanying prospectus supplement and prospectus is truthful or complete. Any
representation to the contrary is a criminal offense.

Original Offering Price(1)
Agent Discount(2)
Proceeds to Wells Fargo

Per Note
$1,000.00
$4.00
$996.00

Total
$50,000,000.00
$168,463.00
$49,831,537.00
(1)
The original offering price for an eligible institutional investor and an investor purchasing the notes in a fee-based advisory account will vary
based on then-current market conditions and the negotiated price determined at the time of each sale; provided, however, the original offering
price for such investors will not be less than $996.00 per note and will not be more than $1,000 per note. The original offering price for such
investors reflects a foregone selling concession with respect to such sales as described in footnote (2) below. The total offering price in the table
above assumes an original offering price of $1,000 per note for each note sold in this offering.
(2)
The agent will receive an agent discount of up to $4.00 per note, and from such agent discount will allow selected dealers a selling concession of
up to $4.00 per note depending on market conditions that are relevant to the value of the notes at the time an order to purchase the notes is
submitted to the agent. Dealers who purchase the notes for sales to eligible institutional investors and fee-based advisory accounts may forgo
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some or all selling concessions. The per note agent discount in the table above represents the maximum agent discount payable per note. The
total agent discount in the table above gives effect to the actual proceeds to Wells Fargo. See "Plan of Distribution (Conflicts of Interest)" in the
prospectus supplement for further information including information regarding how we may hedge our obligations under the notes and offering
expenses. Wells Fargo Securities, LLC, a wholly owned subsidiary of Wells Fargo & Company, is the agent for the distribution of the notes and is
acting as principal.


Wells Fargo Securities

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ADDITIONAL INFORMATION ABOUT THE ISSUER AND THE NOTES
The Notes due October 30, 2023 are senior unsecured debt securities of Wells Fargo & Company and are part of a series
entitled "Medium-Term Notes, Series T."
All payments on the notes are subject to the credit risk of Wells Fargo.
You should read this pricing supplement together with the prospectus supplement dated January 24, 2018 and the
prospectus dated April 5, 2019 for additional information about the notes. When you read the accompanying prospectus
supplement, please note that all references in such supplement to the prospectus dated November 3, 2017, or to any
sections therein, should refer instead to the accompanying prospectus dated April 5, 2019 or to the corresponding sections
of such prospectus, as applicable. Information included in this pricing supplement supersedes information in the
prospectus supplement and prospectus to the extent it is different from that information. Certain defined terms used but
not defined herein have the meanings set forth in the prospectus supplement.
You may access the prospectus supplement and prospectus on the SEC websiteiwww.sec.gov as follows (or if such address
has changed, by reviewing our filings for the relevant date on the SEC website):
Prospectus Supplement dated January 24, 2018:
https://www.sec.gov/Archives/edgar/data/72971/000119312518018274/d428281d424b2.htm

Prospectus dated April 5, 2019:
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PRS-2
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RISK FACTORS
Your investment in the notes will involve risks not associated with an investment in conventional debt securities. You
should carefully consider the risk factors set forth below as well as the other information contained in the prospectus
supplement and prospectus, including the documents they incorporate by reference. You should reach an investment
decision only after you have carefully considered with your advisors the suitability of an investment in the notes in light of
your particular circumstances.
The Amount Of Interest You Receive May Be Less Than The Return You Could Earn On Other
Investments.
Interest rates may change significantly over the term of the notes, and it is impossible to predict what interest rates will be
at any point in the future. The interest rate payable on the notes may be more or less than prevailing market interest rates
at any time during the term of the notes. As a result, the amount of interest you receive on the notes may be less than the
return you could earn on other investments.
The Per Annum Interest Rate Will Affect Our Decision To Redeem The Notes.
It is more likely that we will redeem the notes prior to the stated maturity date during periods when the remaining interest
is to accrue on the notes at a rate that is greater than that which we would pay on a conventional fixed-rate non-redeemable
note of comparable maturity. If we redeem the notes prior to the stated maturity date, you may not be able to invest in
other notes that yield as much interest as the notes.
The Notes Are Subject To The Credit Risk Of Wells Fargo.
The notes are our obligations and are not, either directly or indirectly, an obligation of any third party. Any amounts
payable under the notes are subject to our creditworthiness. As a result, our actual and perceived creditworthiness may
affect the value of the notes and, in the event we were to default on our obligations, you may not receive any amounts owed
to you under the terms of the notes.
Holders Of The Notes Have Limited Rights Of Acceleration.
Payment of principal on the notes may be accelerated only in the case of payment defaults that continue for a period of 30
days or certain events of bankruptcy or insolvency, whether voluntary or involuntary. If you purchase the notes, you will
have no right to accelerate the payment of principal on the notes if we fail in the performance of any of our obligations
under the notes, other than the obligations to pay principal and interest on the notes. See "Description of Notes--Events of
Default and Covenant Breaches" in the accompanying prospectus supplement.
Holders Of The Notes Could Be At Greater Risk For Being Structurally Subordinated If We Convey,
Transfer Or Lease All Or Substantially All Of Our Assets To One Or More Of Our Subsidiaries.
Under the indenture, we may convey, transfer or lease all or substantially all of our assets to one or more of our
subsidiaries. In that event, third-party creditors of our subsidiaries would have additional assets from which to recover on
their claims while holders of the notes would be structurally subordinated to creditors of our subsidiaries with respect to
such assets. See "Description of Notes--Consolidation, Merger or Sale" in the accompanying prospectus supplement.
The Agent Discount, Offering Expenses And Certain Hedging Costs Are Likely To Adversely Affect The
Price At Which You Can Sell Your Notes.
Assuming no changes in market conditions or any other relevant factors, the price, if any, at which you may be able to sell
the notes will likely be lower than the original offering price. The original offering price includes, and any price quoted to
you is likely to exclude, the agent discount paid in connection with the initial distribution, offering expenses and the
projected profit that our hedge counterparty (which may be one of our affiliates) expects to realize in consideration for
assuming the risks inherent in hedging our obligations under the notes. In addition, any such price is also likely to reflect
dealer discounts, mark-ups and other transaction costs, such as a discount to account for costs associated with establishing
or unwinding any related hedge transaction. The price at which the agent or any other potential buyer may be willing to
buy your notes will also be affected by the interest rate provided by the notes and by the market and other conditions
discussed in the next risk factor.

PRS-3
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The Value Of The Notes Prior To Stated Maturity Will Be Affected By Numerous Factors, Some Of Which
Are Related In Complex Ways.
The value of the notes prior to stated maturity will be affected by interest rates at that time and a number of other factors,
some of which are interrelated in complex ways. The effect of any one factor may be offset or magnified by the effect of
another factor. The following factors, among others, are expected to affect the value of the notes. When we refer to the
"value" of your note, we mean the value that you could receive for your note if you are able to sell it in the open market
before the stated maturity date.

Interest Rates. The value of the notes may be affected by changes in the interest rates in the U.S.
markets.

Our Creditworthiness. Actual or anticipated changes in our creditworthiness may affect the value of the
notes. However, because the return on the notes is dependent upon factors in addition to our ability to pay
our obligations under the notes, such as whether we exercise our option to redeem the notes, an
improvement in our creditworthiness will not reduce the other investment risks related to the notes.
The Notes Will Not Be Listed On Any Securities Exchange And We Do Not Expect A Trading Market For
The Notes To Develop.
The notes will not be listed or displayed on any securities exchange or any automated quotation system. Although the agent
and/or its affiliates may purchase the notes from holders, they are not obligated to do so and are not required to make a
market for the notes. There can be no assurance that a secondary market will develop. Because we do not expect that any
market makers will participate in a secondary market for the notes, the price at which you may be able to sell your notes is
likely to depend on the price, if any, at which the agent is willing to buy your notes.
If a secondary market does exist, it may be limited. Accordingly, there may be a limited number of buyers if you decide to
sell your notes prior to stated maturity. This may affect the price you receive upon such sale. Consequently, you should be
willing to hold the notes to stated maturity.
A Dealer Participating In The Offering Of The Notes Or Its Affiliates May Realize Hedging Profits
Projected By Its Proprietary Pricing Models In Addition To Any Selling Concession, Creating A Further
Incentive For The Participating Dealer To Sell The Notes To You.
If any dealer participating in the offering of the notes, which we refer to as a "participating dealer," or any of its affiliates
conducts hedging activities for us in connection with the notes, that participating dealer or its affiliates will expect to
realize a projected profit from such hedging activities, if any, and this projected hedging profit will be in addition to any
concession that the participating dealer realizes for the sale of the notes to you. This additional projected profit may create
a further incentive for the participating dealer to sell the notes to you.
Our Ability To Service Our Debt, Including The Notes, May Be Limited By The Results Of Operations Of
Our Subsidiaries And Certain Contractual Arrangements.
We conduct substantially all of our activities and operations through our subsidiaries and are a separate and distinct legal
entity from those subsidiaries. We receive substantially all of our funding and liquidity from dividends, loans and other
distributions from our subsidiaries. We generally use these funds, among other sources, to satisfy our financial obligations,
including principal and interest on our debt, including the notes. In addition to limitations under laws and regulations
applicable to us and our subsidiaries (as discussed below), funds available to us from our subsidiaries will be contingent
upon the financial performance and condition of those subsidiaries. Adverse business or economic conditions, such as
changes in interest rates and financial market values, could affect the businesses and the results of operations of our
subsidiaries and, therefore, adversely affect the sources of funds available to us.
In addition, our right to participate in a distribution of assets upon a subsidiary's liquidation or reorganization, and thus
the ability of a holder of our debt securities (including the notes) to benefit indirectly from such distributions, is subject to
the prior claims of the subsidiary's creditors. This subordination of creditors of a parent company to prior claims of
creditors of its subsidiaries is commonly referred to as structural subordination. Furthermore, our rights as a creditor of
our subsidiaries may be subordinate to any security interest in the assets of those subsidiaries and any obligations of those
subsidiaries senior to those held by us.
PRS-4
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As discussed further below, federal banking regulators require measures to facilitate the continued operation of operating
subsidiaries notwithstanding the failure of their parent companies, and our ability to receive funds from our subsidiaries
may be limited by the Support Agreement discussed in the following risk factors. Further, dividend payments to us from
our subsidiaries may also be restricted if specified liquidity and/or capital metrics fall below defined triggers or if our board
of directors authorizes us to file a case under the U.S. Bankruptcy Code.
The Resolution Of Wells Fargo Under The Orderly Liquidation Authority Could Result In Greater Losses
For Holders Of Our Debt Securities, Including The Notes, Particularly If A Single-Point-Of-Entry Strategy
Is Used.
Your ability to recover the full amount that would otherwise be payable on our debt securities (including the notes) in a
proceeding under the U.S. Bankruptcy Code may be impaired by the exercise by the Federal Deposit Insurance Corporation
(the "FDIC") of its powers under the "orderly liquidation authority" under Title II of the Dodd-Frank Wall Street Reform
and Consumer Protection Act (the "Dodd-Frank Act"). In particular, the single point of entry strategy described below is
intended to impose losses at the top-tier holding company level in the resolution of a Global Systemically Important Bank
("G-SIB") such as Wells Fargo.
Title II of the Dodd-Frank Act created a new resolution regime known as the "orderly liquidation authority" to which
financial companies, including bank holding companies such as Wells Fargo, can be subjected. Under the orderly
liquidation authority, the FDIC may be appointed as receiver for a financial company for purposes of liquidating the entity
if, upon the recommendation of the Board of Governors of the Federal Reserve System (the "FRB") and the FDIC, the
United States Secretary of the Treasury determines, among other things, that the entity is in severe financial distress, that
the entity's failure would have serious adverse effects on the U.S. financial system and that resolution under the orderly
liquidation authority would avoid or mitigate those effects. Absent such determinations, Wells Fargo, as a bank holding
company, would remain subject to the U.S. Bankruptcy Code.
If the FDIC is appointed as receiver under the orderly liquidation authority, then the orderly liquidation authority, rather
than the U.S. Bankruptcy Code, would determine the powers of the receiver and the rights and obligations of creditors and
other parties who have transacted with Wells Fargo. There are substantial differences between the rights available to
creditors in the orderly liquidation authority and under the U.S. Bankruptcy Code, including the right of the FDIC under
the orderly liquidation authority to disregard the strict priority of creditor claims in some circumstances (which would
otherwise be respected by a bankruptcy court) and the use of an administrative claims procedure to determine creditors'
claims (as opposed to the judicial procedure utilized in bankruptcy proceedings). In certain circumstances under the
orderly liquidation authority, the FDIC could elevate the priority of claims if it determines that doing so is necessary to
facilitate an orderly liquidation without the need to obtain the consent of other creditors or prior court review. In addition,
under the orderly liquidation authority, the FDIC has the right to transfer assets or liabilities of the failed company to a
third party or "bridge" entity.
The FDIC has indicated that a "single point of entry" strategy may be a desirable strategy to resolve a large financial
institution such as Wells Fargo in a manner that would, among other things, impose losses on shareholders, unsecured
debt holders (including, in our case, holders of our debt securities, including the notes) and other creditors of the top-
tier holding company (in our case, Wells Fargo), while permitting the holding company's subsidiaries to continue to
operate. In addition, in December 2016, the FRB finalized rules requiring U.S. G-SIBs, including Wells Fargo, to maintain
minimum amounts of long-term debt and total loss absorbing capacity (TLAC). It is possible that the application of the
single point of entry strategy--in which Wells Fargo would be the only legal entity to enter resolution proceedings--could
result in greater losses to holders of our debt securities (including the notes) than the losses that would result from a
different resolution strategy for Wells Fargo. Assuming Wells Fargo entered resolution proceedings and that support from
Wells Fargo to its subsidiaries was sufficient to enable the subsidiaries to remain solvent, losses at the subsidiary level
could be transferred to Wells Fargo and ultimately borne by Wells Fargo's security holders (including holders of our
unsecured debt securities, including the notes), with the result that third-party creditors of Wells Fargo's subsidiaries
would receive full recoveries on their claims, while Wells Fargo's security holders (including holders of our debt securities,
including the notes) and other unsecured creditors could face significant losses. In addition, holders of our debt securities
(including the notes) could face losses ahead of our other similarly situated creditors in a resolution under the orderly
liquidation authority if the FDIC exercised its right, described above, to disregard the strict priority of creditor claims.
PRS-5
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The orderly liquidation authority also requires that creditors and shareholders of the financial company in receivership
must bear all losses before taxpayers are exposed to any losses, and amounts owed by the financial company or the
receivership to the U.S. government would generally receive a statutory payment priority over the claims of private
creditors, including senior creditors such as claims in respect of our debt securities. In addition, under the orderly
liquidation authority, claims of creditors (including holders of our debt securities, including the notes) could be satisfied
through the issuance of equity or other securities in a bridge entity to which Wells Fargo's assets are transferred. If
securities were to be delivered in satisfaction of claims, there can be no assurance that the value of the securities of the
bridge entity would be sufficient to repay all or any part of the creditor claims for which the securities were exchanged.
While the FDIC has issued regulations to implement the orderly liquidation authority, not all aspects of how the FDIC
might exercise this authority are known and additional rulemaking is possible.
The Resolution Of Wells Fargo In A Bankruptcy Proceeding Could Also Result in Greater Losses For
Holders Of Our Debt Securities, Including The Notes.
As required by the Dodd-Frank Act and regulations issued by the FRB and the FDIC, we are required to periodically
provide to the FRB and the FDIC a plan for our rapid and orderly resolution in the event of material financial distress
affecting Wells Fargo or the failure of Wells Fargo. The strategy described in our resolution plan is a single point of entry
strategy, in which Wells Fargo would be resolved under the U.S. Bankruptcy Code using a strategy in which only Wells
Fargo itself enters bankruptcy proceedings while some or all of its operating subsidiaries are maintained as going concerns.
In this case, the effects on creditors of Wells Fargo would likely be similar to those arising under the orderly liquidation
authority, as described above. We are not obligated to maintain a single point of entry strategy, and the strategy reflected in
our resolution plan submission is not binding in the event of an actual resolution of Wells Fargo, whether conducted under
the U.S. Bankruptcy Code or by the FDIC under the orderly liquidation authority. To carry out a single point of entry
strategy, Wells Fargo may seek to recapitalize its subsidiaries or provide them with liquidity in order to preserve them as
going concerns prior to the commencement of Wells Fargo's bankruptcy proceeding. Moreover, Wells Fargo could seek to
elevate the priority of its guarantee obligations relating to its major subsidiaries' derivatives contracts over its other
obligations, so that cross-default and early termination rights under derivatives contracts at its subsidiaries would be
stayed under the ISDA Resolution Stay Protocol. This elevation would result in holders of our debt securities (including the
notes) incurring losses ahead of the beneficiaries of those guarantee obligations. It is also possible that holders of our debt
securities (including the notes) could incur losses ahead of other similarly situated creditors.
In response to the regulators' guidance and to facilitate the orderly resolution of Wells Fargo, we entered into an
intercompany support agreement with WFC Holdings, LLC, an intermediate holding company and subsidiary of Wells
Fargo (the "IHC"), Wells Fargo Bank, National Association ("WFBNA"), Wells Fargo Securities, LLC ("WFS"), Wells Fargo
Clearing Services, LLC ("WFCS") and certain of our other subsidiaries (the "Support Agreement"). Pursuant to the Support
Agreement, Wells Fargo transferred a significant amount of its assets, including among other things, cash and liquid
securities, to the IHC and will continue to transfer such assets to the IHC from time to time. In the event of Wells Fargo's
material financial distress or failure, the IHC will be obligated to use the transferred assets to provide capital and/or
liquidity to certain key subsidiaries in order to help ensure their continued operations. Wells Fargo and the IHC's
respective obligations under the Support Agreement are secured pursuant to a related security agreement. In the ordinary
course, the IHC will provide Wells Fargo with funding under the Support Agreement through subordinated notes and a
committed line of credit, which, together with dividend payments, is expected to provide Wells Fargo, during business as
usual operating conditions, with the same access to cash necessary to service its debts, pay dividends, repurchase its shares
and perform its other obligations as it would have if it had not entered into these arrangements and transferred any assets.
If certain liquidity and/or capital metrics fall below triggers specified in the Support Agreement, the subordinated notes
would be forgiven and the committed line of credit would be terminated. Dividend payments to us from our subsidiaries
may also be restricted if specified liquidity and/or capital metrics fall below defined triggers or if our board of directors
authorizes us to file a case under the U.S. Bankruptcy Code. The forgiveness of subordinated notes, termination of the
committed line of credit or restrictions on dividend payments to us from our subsidiaries could materially and adversely
affect our ability to satisfy our obligations, including any payments to holders of our debt securities (including the notes),
and could result in the commencement of bankruptcy proceedings by Wells Fargo at an earlier time that might have
otherwise occurred if the Support Agreement were not implemented. If the single point of entry strategy--the preferred
strategy for our rapid and orderly resolution--proves to be

PRS-6
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unsuccessful, multiple, competing resolution proceedings could ensue and holders of our debt securities (including the
notes) may as a consequence be in a worse position than if the strategy had not been effectuated. In all cases, any payments
to holders of our debt securities (including the notes) are dependent on our ability to make such payments and are
therefore subject to our credit risk.
The COVID-19 Pandemic Has Adversely Impacted Our Business And Financial Results, And The Ultimate
Impact Will Depend On Future Developments, Which Are Highly Uncertain And Cannot Be Predicted,
Including The Scope And Duration Of The Pandemic And Actions Taken By Governmental Authorities In
Response To The Pandemic.
The COVID-19 pandemic has negatively impacted the global economy, disrupted global supply chains, lowered equity
market valuations, created significant volatility and disruption in financial markets, and increased unemployment levels.
In addition, the pandemic has resulted in temporary closures of many businesses and the institution of social distancing
and sheltering in place requirements in many states and communities. As a result, the demand for our products and
services may be significantly impacted, which could adversely affect our revenue. Furthermore, the pandemic could
continue to result in the recognition of credit losses in our loan portfolios and increases in our allowance for credit losses,
particularly if businesses remain closed, the impact on the global economy worsens, or more customers draw on their lines
of credit or seek additional loans to help finance their businesses. Similarly, because of changing economic and market
conditions affecting issuers, we may be required to recognize further impairments on the securities we hold as well as
reductions in other comprehensive income. Our business operations may also be disrupted if significant portions of our
workforce are unable to work effectively, including because of illness, quarantines, government actions, or other
restrictions in connection with the pandemic, and we have already temporarily closed certain of our branches and offices.
In response to the pandemic, we have also suspended residential property foreclosure sales, evictions, and involuntary
automobile repossessions, and are offering fee waivers, payment deferrals, and other expanded assistance for credit card,
automobile, mortgage, small business and personal lending customers, and future governmental actions may require these
and other types of customer-related responses. In addition, we have temporarily suspended share repurchases and could
take other capital actions in response to the COVID-19 pandemic. The extent to which the COVID-19 pandemic impacts our
business, results of operations, and financial condition, as well as our regulatory capital and liquidity ratios, will depend on
future developments, which are highly uncertain and cannot be predicted, including the scope and duration of the
pandemic and actions taken by governmental authorities and other third parties in response to the pandemic.

PRS-7
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UNITED STATES FEDERAL TAX CONSIDERATIONS
The following is a discussion of the material U.S. federal income and certain estate tax consequences of the ownership and
disposition of the notes. It applies to you only if you purchase a note for cash in the initial offering at the "issue price,"
which is the first price at which a substantial amount of the notes is sold to the public, and hold the note as a capital asset
within the meaning of Section 1221 of the Internal Revenue Code of 1986, as amended (the "Code"). It does not address all
of the tax consequences that may be relevant to you in light of your particular circumstances or if you are an investor
subject to special rules, such as:

a financial institution;

a "regulated investment company";

a "real estate investment trust";

a tax-exempt entity, including an "individual retirement account" or "Roth IRA";

a dealer or trader subject to a mark-to-market method of tax accounting with respect to the notes;

a person holding a note as part of a "straddle" or conversion transaction or who has entered into a "constructive
sale" with respect to a note;

a U.S. holder (as defined below) whose functional currency is not the U.S. dollar; or

an entity classified as a partnership for U.S. federal income tax purposes.
If an entity that is classified as a partnership for U.S. federal income tax purposes holds the notes, the U.S. federal income
tax treatment of a partner will generally depend on the status of the partner and the activities of the partnership. If you are
a partnership holding the notes or a partner in such a partnership, you should consult your tax adviser as to the particular
U.S. federal tax consequences of holding and disposing of the notes to you.
This discussion is based on the Code, administrative pronouncements, judicial decisions and final, temporary and
proposed Treasury regulations, all as of the date hereof, changes to any of which subsequent to the date hereof may affect
the tax consequences described herein, possibly with retroactive effect. This discussion does not address the effects of any
applicable state, local or non-U.S. tax laws, any alternative minimum tax consequences, the potential application of the
Medicare tax on net investment income or the consequences to taxpayers subject to special tax accounting rules under
Section 451(b) of the Code. You should consult your tax adviser concerning the application of U.S. federal income and
estate tax laws to your particular situation, as well as any tax consequences arising under the laws of any state, local or non-
U.S. taxing jurisdiction.
General
In the opinion of our counsel, Davis Polk & Wardwell LLP, the notes will be treated as debt instruments for U.S. federal
income tax purposes. Based on representations provided by us, the notes should be treated as issued without original issue
discount. The remaining discussion is based on this treatment.
Tax Consequences to U.S. Holders
This section applies only to U.S. holders. You are a "U.S. holder" if you are a beneficial owner of a note that is, for U.S.
federal income tax purposes:

a citizen or individual resident of the United States;

a corporation created or organized in or under the laws of the United States, any state therein or the District of
Columbia; or

an estate or trust the income of which is subject to U.S. federal income taxation regardless of its source.
Interest on the Notes. Stated interest on the notes will generally be taxable to you as ordinary interest income at the time it
accrues or is received in accordance with your method of accounting for U.S. federal income tax purposes.
PRS-8
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Sale, Exchange or Retirement of the Notes. You will recognize capital gain or loss on the sale, exchange or retirement of a
note equal to the difference between the amount received (other than amounts received in respect of accrued interest,
which will be treated as described under "--Interest on the Notes") and your adjusted tax basis in the note. Your adjusted
tax basis in a note generally will be equal to your original purchase price for the note. Your gain or loss generally will be
long-term capital gain or loss if at the time of the sale, exchange or retirement you held the notes for more than one year,
and short-term capital gain or loss otherwise. Long-term capital gains recognized by non-corporate U.S. holders are
generally subject to taxation at reduced rates. Any capital loss you recognize may be subject to limitations.
Tax Consequences to Non-U.S. Holders
This section applies only to non-U.S. holders. You are a "non-U.S. holder" if you are a beneficial owner of a note that is, for
U.S. federal income tax purposes:

an individual who is classified as a nonresident alien;

a foreign corporation; or

a foreign estate or trust.
You are not a non-U.S. holder for purposes of this discussion if you are (i) an individual who is present in the United States
for 183 days or more in the taxable year of disposition, (ii) a former citizen or resident of the United States or (iii) a person
for whom income or gain in respect of the notes is effectively connected with the conduct of a trade or business in the
United States. If you are or may become such a person during the period in which you hold a note, you should consult your
tax adviser regarding the U.S. federal tax consequences of an investment in the notes.
Treatment of Income and Gain on the Notes. You should not be subject to U.S. federal income or withholding tax in
respect of the notes, provided that interest on the notes qualifies as "portfolio interest" and is not subject to withholding
under the "FATCA" regime described below. Interest on the notes should generally qualify as portfolio interest, exempt
from withholding (which for an individual non-U.S. holder is pursuant to Section 871(h) of the Code), provided that:

you do not own, directly or by attribution, ten percent or more of the total combined voting power of all classes of
our stock entitled to vote;

you are not a controlled foreign corporation related, directly or indirectly, to us through stock ownership;

you are not a bank receiving interest under Section 881(c)(3)(A) of the Code; and

you provide to the applicable withholding agent an appropriate Internal Revenue Service ("IRS") Form W-8 on
which you certify under penalties of perjury that you are not a U.S. person.
U.S. Federal Estate Tax
A note held by an individual non-U.S. holder who at death is not a citizen or a resident of the United States for U.S. federal
estate tax purposes generally will not be includible in the individual's gross estate, and will be deemed "property without
the United States" under Section 2105 of the Code, for U.S. federal estate tax purposes if, at the time of death, interest on
the note would qualify as portfolio interest exempt from withholding under Section 871(h), as described above, without
regard to the certification requirement described in the fourth bullet above under "--Treatment of Income and Gain on the
Notes."
You should consult your tax adviser regarding the U.S. federal estate tax consequences of an investment in the notes in
your particular situation.
Backup Withholding and Information Reporting
Information returns generally will be filed with the IRS with respect to payments of interest on the notes and may be filed
with the IRS in connection with the payment of proceeds from a sale, exchange or other disposition of the notes. If you fail
to provide certain identifying information (such as an accurate taxpayer identification number if you are a U.S. holder) or
meet certain other conditions, you may also be subject to backup withholding at the rate
PRS-9
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10/13