Obligation Wells Fargo & Company 6.011% ( US95001B6E92 ) en USD

Wells Fargo & Company

100 % ▲

Etas-Unis

US95001B6E92 ( en USD )

6.011% par an ( paiement semestriel )

31/08/2023 - Obligation échue

Prospectus brochure de l'obligation Wells Fargo US95001B6E92 en USD 6.011%, échue

1 000 USD

1 900 000 USD

95001B6E9

N/A

Wells Fargo est une société financière américaine offrant des services bancaires, d'investissement et de gestion de patrimoine à des particuliers et des entreprises.

L'Obligation émise par Wells Fargo & Company ( Etas-Unis ) , en USD, avec le code ISIN US95001B6E92, paye un coupon de 6.011% par an.
Le paiement des coupons est semestriel et la maturité de l'Obligation est le 31/08/2023

424B2 1 wfc-424b2_082718.htm DEFINITIVE PRICING SUPPLEMENT NO. 108

File d P u rs u a n t to Ru le 4 2 4 ( b ) ( 2 )
Re gis tra tio n N o . 3 3 3 -2 2 13 2 4

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 August 31, 2023

$1,900,000

$236.55

(1)
The total filing fee of $236.55 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. 108 dat ed August 27, 2018
( To Market Measure Supplem ent dat ed May 18, 2018,
Prospect us Supplem ent dat ed January 24, 2018
and Prospect us dat ed April 27, 2018)

W e lls Fa r go & Com pa n y
M e diu m - Te r m N ot e s, Se r ie s S

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--Au t o - 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 Au gu st 3 1 , 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" )
¦
Unlike ordinary debt securit ies, t he securit ies do not provide for fixed paym ent s of int erest , do not repay a fixed am ount of
principal at st at ed m at urit y and are subj ect t o pot ent ial aut om at ic call prior t o st at ed m at urit y upon t he t erm s described
below. Whet her t he securit ies pay a cont ingent coupon, whet her t he securit ies are aut om at ically called prior t o st at ed m at urit y
and, if t hey are not aut om at ically called, whet her you are repaid t he original offering price of your securit ies at st at ed m at urit y
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 quart erly basis unt il t he earlier of st at ed m at urit y or
aut om at ic call 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 quart er 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 quart er. 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 coupon t hreshold level for each I ndex is equal t o 75% of it s st art ing
level. The cont ingent coupon rat e is 6.011% per annum
¦
Au t om a t ic Ca ll. I f t he closing level of t he lowest perform ing I ndex on any of t he quart erly calculat ion days from August 2019 t o
May 2023, inclusive, is great er t han or equal t o it s st art ing level, we will aut om at ically call t he securit ies for t he original offering
price plus a final cont ingent coupon paym ent
¦
Pot e n t ia l Loss of Pr in cipa l. I f t he securit ies are not aut om at ically called 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 downside t hreshold level for each I ndex is equal t o 60% of it s st art ing level
¦
I f t he securit ies are not aut om at ically called 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
https://www.sec.gov/Archives/edgar/data/72971/000138713118004304/wfc-424b2_082718.htm[8/29/2018 11:00:52 AM]

adversely affect ed if a n y I n de x 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 list ing; designed t o be held t o m at urit y
On t h e da t e of t h is pr icin g su pple m e n t , t h e e st im a t e d va lu e of t h e se cu r it ie s is $ 9 4 3 .7 6 pe r se cu r it y. Th e e st im a t e d va lu e of t h e
se cu r it ie s w a s de t e r m in e d for u s by W e lls Fa r go Se cu r it ie s, LLC u sin g it s pr opr ie t a r y pr icin g m ode ls. I t is n ot a n in dica t ion of a ct u a l
pr ofit t o u s or t o W e lls Fa r go Se cu r it ie s, LLC or a n y of ou r ot h e r a ffilia t e s, n or is it a n in dica t ion of t h e pr ice , if a n y, a t w h ich W e lls Fa r go
Se cu r it ie s, LLC or a n y ot h e r pe r son m a y be w illin g t o bu y t h e se cu r it ie s fr om you a t a n y t im e a ft e r issu a n ce . Se e "I n ve st m e n t
D e scr ipt ion " in t h is pr icin g su pple m e n t .
Th e se cu r it ie s h a ve com ple x fe a t u r e s a n d in ve st in g in t h e se cu r it ie s in volve s r isk s n ot a ssocia t e d w it h a n
in ve st m e n t in con ve n t ion a l de bt se cu r it ie s. Se e "Risk Fa ct or s" h e r e in on pa ge PRS- 1 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 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 P rice
Age n t D is co u n t ( 1)
P ro ce e d s to W e lls Fa rgo

P e r S e cu rity
$ 1,0 0 0 .0 0
$ 41.25
$ 958 .75
To ta l
$ 1,90 0 ,0 0 0 .0 0
$ 78 ,375.0 0
$ 1,8 21,625.0 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--Au t o - 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 Au gu st 3 1 , 2 0 2 3

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

Is s u e r:
Wells Fargo & Com pany ("Wells Fargo").
Ma rke t
The S&P 50 0 ® Index, the Russell 20 0 0 ® Index and the Dow J ones Industrial Average® (each referred to as an
Me a s u re s :
"Index," and collectively as the "Indices").
Pricin g D a te :
August 27, 20 18 .
Is s u e D a te :
August 30 , 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
Offe rin g P rice :
$ 1,0 0 0 .
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
Pa ym e n t:
o n a ll q u a rte rly 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 quarterly contingent coupon paym ent, if any, will be calculated per security as follows: $ 1,0 0 0 × contingent
coupon rate × (90 / 360 ). Any contingent coupon paym ents will be rounded to the nearest cent, with one-half cent
rounded upward.
Quarterly, 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.
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Co n tin ge n t
The "contingent coupon rate" is 6.0 11% per annum .
Co u p o n Ra te :
If the closing level of the lowest perform ing Index on any of the quarterly calculation days from August 20 19 to May
20 23, inclusive, is greater than or equal to its starting level, the securities will be autom atically called, and on the
related call settlem ent date you will be entitled to receive a cash paym ent per security in U.S. dollars equal to the
Au to m a tic
original offering price per security plus a final contingent coupon paym ent. The securities will not be subject to
Ca ll:
autom atic call until the fourth quarterly calculation day, which is approxim ately one year after the issue date.
If the securities are autom atically called, they will cease to be outstanding on the related call settlem ent date and you
will have no further rights under the securities after such call settlem ent date. You will not receive any notice from us
if the securities are autom atically called.
Quarterly, on the 28 th day of each February, May, August and Novem ber, com m encing Novem ber 20 18 and ending
Ca lcu la tio n
May 20 23, and the final calculation day, each subject to postponem ent as described below under "--Postponem ent of a
D a ys :
Calculation Day." We refer to August 28 , 20 23 as the "final calculation day."
Ca ll
Three business days after the applicable calculation day (as such calculation day m ay be postponed pursuant to "--
S e ttle m e n t
Postponem ent of a Calculation Day" below, if applicable). If a calculation day is postponed with respect to one or m ore
D a te :
Indices, the related call settlem ent date will be three business days after the last calculation day as postponed.
August 31, 20 23. If the final calculation day is postponed, the stated m aturity date will be the later of (i) August 31,
20 23 and (ii) three business days after the last final calculation day as postponed. See "--Postponem ent of a
S ta te d Ma tu rity
Calculation Day" below. If the stated m aturity date is not a business day, the paym ent to be m ade on the stated
D a te :
m aturity date will be m ade on the next succeeding business day with the sam e force and effect as if it had been m ade
on the stated m aturity date. The securities are not subject to repaym ent at the option of any holder of the securities
prior to the stated m aturity date.

PRS-2
M a r k e t Lin k e d Se cu r it ie s--Au t o - Ca lla ble w it h 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 Au gu st 3 1 , 2 0 2 3

If the securities are not autom atically called 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 performing 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 performing Index on the final calculation day is less than its downside threshold
level:
Ma tu rity
$ 1,0 0 0 × perform ance factor of the lowest perform ing Index on the final calculation day
Pa ym e n t
If th e s e cu ritie s a re n o t a u to m a tica lly ca lle d p rio r to 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
Am o u 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
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, bu 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).
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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: 28 96.74, its closing level on the pricing date.
S ta rtin g Le ve l:
With respect to the Russell 20 0 0 Index: 1728 .40 6, its closing level on the pricing date.
With respect to the Dow J ones Industrial Average: 260 49.64, its closing level on the pricing date.
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: 2172.555, which is equal to 75% of its starting level.
Co u p o n
Th re s h o ld
With respect to the Russell 20 0 0 Index: 1296.30 45, which is equal to 75% of its starting level.
Le ve l:
With respect to the Dow J ones Industrial Average: 19537.23, which is equal to 75% of its starting level.
With respect to the S&P 50 0 Index: 1738 .0 44, 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: 10 37.0 436, which is equal to 60 % of its starting level.
Le ve l:
With respect to the Dow J ones Industrial Average: 15629.78 4, 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
Po 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
o f a Ca lcu la tio n
is 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--Au t o - 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 Au gu st 3 1 , 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
$ 41.25 per security.
The agent or another affiliate of ours expects to realize hedging profits projected by its proprietary pricing m odels to
Age n t:
the extent it assum es the risks inherent in hedging our obligations under the securities. If any dealer participating in
the distribution of the securities or any of its affiliates conducts hedging activities for us in connection with the
securities, that dealer or its affiliate will expect to realize a profit projected by its proprietary pricing m odels from such
hedging activities. Any such projected profit will be in addition to any discount 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 1B6E9

PRS-4
https://www.sec.gov/Archives/edgar/data/72971/000138713118004304/wfc-424b2_082718.htm[8/29/2018 11:00:52 AM]

M a r k e t Lin k e d Se cu r it ie s--Au t o - Ca lla ble w it h 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 Au gu st 3 1 , 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 August 31, 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 potential autom atic call upon the term s
described in this pricing supplem ent. Whether the securities pay a quarterly contingent coupon, whether the securities are autom atically called
prior to stated m aturity and, if they are not autom atically called, 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:
(i)
quarterly contingent coupon paym ents at a rate of 6.0 11% per annum until the earlier of stated m aturity or autom atic call if, a n d
o n ly if, the closing level of the lowest perform ing Index on the applicable quarterly calculation day is greater than or equal to 75%
of its starting level;
(ii)
the possibility of an autom atic early call of the securities for an am ount equal to the original offering price plus a final contingent
coupon paym ent if the closing level of the lowest perform ing Index on any of the quarterly calculation days from August 20 19 to
May 20 23, inclusive, is greater than or equal to its starting level; and
(iii)
if the securities are not autom atically called 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 q u a rte rly ca lcu la tio n d a y is le s s th a n 75 % 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 q u a rte r. If th e s e cu ritie s a re n o t a u to m a tica lly ca lle d p rio r to 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 b y 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 be 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 a u to m a tica lly ca lle 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 b e 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
be 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 ba 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 be 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 b e 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 b e 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.
Be 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 b y p o o r p e rfo rm a n ce b y 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--Au t o - 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 Au gu st 3 1 , 2 0 2 3
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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 May 18 , 20 18 , the prospectus supplem ent dated
J anuary 24, 20 18 and the prospectus dated April 27, 20 18 for additional inform ation about the securities. When you read the accom panying
prospectus supplem ent, please note that all references in such supplem ent to the prospectus dated Novem ber 3, 20 17, or to any sections therein,
should refer instead to the accom panying prospectus dated April 27, 20 18 or to the corresponding sections of such prospectus, as applicable.
Inform ation included in this pricing supplem ent supersedes inform ation in the m arket m easure supplem ent, prospectus supplem ent and
prospectus to the extent it is different from that inform ation. Certain defined term s used but not defined herein have the m eanings set forth in
the prospectus supplem ent.
You m ay access the m arket m easure supplem ent, prospectus supplem ent and prospectus on the SEC website www.sec.gov as follows (or if such
address has changed, by reviewing our filing for the relevant date on the SEC website):
·
Market Measure Supplem ent dated May 18 , 20 18 :
https:/ / www.sec.gov/ Archives/ edgar/ data/ 72971/ 0 0 0 119312518 167616/ d593569d424b2.htm
·
Prospectus Supplem ent dated J anuary 24, 20 18 :
https:/ / www.sec.gov/ Archives/ edgar/ data/ 72971/ 0 0 0 119312518 0 18 256/ d4660 41d424b2.htm
·
Prospectus dated April 27, 20 18 :
https:/ / www.sec.gov/ Archives/ edgar/ data/ 72971/ 0 0 0 119312518 13690 9/ d55798 3d424b2.htm

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--Au t o - 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 Au gu st 3 1 , 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
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determ ining the estim ated value of the securities.
If the costs relating to selling, structuring, hedging and issuing the securities were lower, or if the assum ed funding rate we use to determ ine the
econom ic term s of the securities were higher, the econom ic term s of the securities would be m ore favorable to you and the estim ated value
would be higher. The estim ated value of the securities as of the pricing date is set forth on the cover page of this pricing supplem ent.
Determ in in g the estim ated v alue
Our affiliate, Wells Fargo Securities, LLC ("WFS"), calculated the estim ated value of the securities set forth on the cover page of this pricing
supplem ent based on its proprietary pricing m odels. Based on these pricing m odels and related m arket inputs and assum ptions referred to in
this section below, WFS determ ined an estim ated value for the securities by estim ating the value of the com bination of hypothetical financial
instrum ents that would replicate the payout on the securities, which com bination consists of a non -interest bearing, fixed -incom e bond (the
"debt com ponent") and one or m ore derivative instrum ents underlying the econom ic term s of the securities (the "derivative com ponent").
The estim ated value of the debt com ponent is based on a reference interest rate, determ ined by WFS as of a recent date, that generally tracks
our secondary m arket rates. Because WFS does not continuously calculate our reference interest rate, the reference interest rate used in the
calculation of the estim ated value of the debt com ponent m ay be higher or lower than our secondary m arket rates at the tim e of that
calculation. As noted above, we determ ine the econom ic term s of the securities based upon an assum ed funding rate that is generally lower
than our secondary m arket rates. In contrast, in determ ining the estim ated value of the securities, we value the debt com ponent using a
reference interest rate that generally tracks our secondary m arket rates. Because the reference interest rate is generally higher than the assum ed
funding rate, using the reference interest rate to value the debt com ponent generally results in a lower estim ated value for the debt com ponent,
which we believe m ore closely approxim ates a m arket valuation of the debt com ponent than if we had used the assum ed funding rate.
WFS calculated the estim ated value of the derivative com ponent based on a proprietary derivative-pricing m odel, which generated a theoretical
price for the derivative instrum ents that constitute the derivative com ponent based on various inputs, including the "derivative com ponent
factors" identified in "Risk Factors--The Value Of The Securities Prior To Stated Maturity Will Be Affected By Num erous Factors, Som e Of
Which Are Related In Com plex Ways." These inputs m ay be m arket-observable or m ay be based on assum ptions m ade by WFS in its discretion.
The estim ated value of the securities determ ined by WFS is subject to im portant lim itations. See "Risk Factors--The Estim ated Value Of The
Securities Is Determ ined By Our Affiliate's Pricing Models, Which May Differ From Those Of Other Dealers" and "--Our Econom ic Interests
And Those Of Any Dealer Participating In The Offering Are Potentially Adverse To Your Interests."
Valuation of the securities after issuan ce
The estim ated value of the securities is not an indication of the price, if any, at which WFS or any other person m ay be willing to buy the
securities from you in the secondary m arket. The price, if any, at which WFS or any of its affiliates m ay purchase the securities in the secondary
m arket will be based upon WFS's proprietary pricing m odels and will fluctuate over the term of the securities due to changes in m arket
conditions and other relevant factors. However, absent changes in these m arket conditions and other relevant factors, except as otherwise
described in the following paragraph, any secondary m arket price will be lower than the estim ated value on the pricing date because the
secondary m arket price will be reduced by a bid -offer spread, which m ay vary depending on the aggregate face am ount of the securities to be
purchased in the secondary m arket transaction, and the expected cost of unwinding any related hedging transactions. Accordingly, unless
m arket conditions and other relevant factors change significantly in your favor, any secondary m arket price for the securities is likely to be less
than the original offering price.
If WFS or any of its affiliates m akes a secondary m arket in the securities at any tim e up to the issue date or during the 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

PRS-7
M a r k e t Lin k e d Se cu r it ie s--Au t o - Ca lla ble w it h 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 Au gu st 3 1 , 2 0 2 3

hedging unwind costs described above. The am ount of this increase in the secondary m arket price will decline steadily to 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
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(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
M a r k e t Lin k e d Se cu r it ie s--Au t o - Ca lla ble w it h 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 Au gu st 3 1 , 2 0 2 3

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

We have designed the securities for investors who:
¦
seek an investm ent with contingent quarterly coupon paym ents at a rate of 6.0 11% per annum until the earlier of stated m aturity or
autom atic call, if, a n d o n ly if, the closing level of the lowest perform ing Index on the applicable quarterly calculation day is greater than or
equal to 75% of its starting level;
¦
understand that if the closing level of the lowest perform ing 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 m ay not receive any contingent coupon paym ent on one or m ore, or any, quarterly 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 the securities m ay be autom atically called prior to stated m aturity and that the term of the securities m ay be as short as
approxim ately one year;
¦
understand that the return on the securities will depend solely on the perform ance of the Index that is the lowest perform ing 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 investm ents linked to only one of the Indices or linked to a basket com posed 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 m aturity.
The securities are not designed for, and m ay not be a suitable investm ent for, investors who:
¦
seek a liquid investm ent or are unable or unwilling to hold the securities to m aturity;
¦
require full paym ent of the original offering price of the securities at stated m aturity;
¦
seek a security with a fixed term ;
¦
are unwilling to purchase securities with an estim ated value as of the pricing date that is lower than the original offering price, as set forth
on the cover page;
¦
are unwilling to accept the risk that the closing level of the lowest perform ing Index on the final calculation day m ay decline by m ore than
40 % from its starting level;
¦
seek certainty of current incom e over the term of the securities;
¦
seek exposure to the upside perform ance of any or each Index;
¦
seek exposure to a basket com posed of each Index or a sim ilar investm ent in which the overall return is based on a blend of the
perform ances of the Indices, rather than solely on the lowest perform ing Index;
¦
are unwilling to accept the risk of exposure to the large - and sm all-capitalization segm ents of the United States equity m arket;
¦
are unwilling to accept the credit risk of Wells Fargo; or
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¦
prefer the lower risk of conventional fixed incom e investm ents with com parable m aturities issued by com panies with com parable credit
ratings.

PRS-9
M a r k e t Lin k e d Se cu r it ie s--Au t o - Ca lla ble w it h 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 Au gu st 3 1 , 2 0 2 3

D e t e r m in in g Pa ym e n t On A Con t in ge n t Cou pon Pa ym e n t D a t e a n d a t M a t u r it y
If the securities have not been previously autom atically called, on each quarterly 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 quarterly 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 the securities have not been autom atically called 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:
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PRS-10
M a r k e t Lin k e d Se cu r it ie s--Au t o - Ca lla ble w it h 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 Au gu st 3 1 , 2 0 2 3

H ypot h e t ica l Pa you t Pr ofile
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 autom atically called 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.
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Document Outline

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