[{"_1":2,"_3":-5,"_4":-5},"loaderData",{"_5":6,"_7":8},"actionData","errors","root",{"_102":103},"en-item",{"_9":10,"_10":11},"kind","item",{"_12":13,"_14":15,"_16":17,"_18":19,"_20":21,"_22":23,"_24":25,"_26":27,"_28":29,"_30":31,"_32":31,"_33":34,"_35":36,"_37":38,"_39":40,"_41":42,"_43":44,"_45":46,"_47":-5,"_48":49,"_50":-5,"_51":-5,"_52":53,"_54":55,"_56":57,"_58":42,"_59":42,"_60":61,"_62":42,"_63":64},"id","lr9xtd3jq9vu0056d7u9vhvgo","revision",3,"title","Wells Fargo发行多只挂钩指数的市场挂钩证券，存在本金损失风险","originalTitle","WELLS FARGO & COMPANY/MN (0000072971) (Filer)","summary","Wells Fargo发行PRS-5、PRS-14至PRS-23系列市场挂钩证券，挂钩标普500、罗素2000及公用事业ETF，到期日为2031年10月10日。若表现最差标的低于下行阈值，投资者可能损失全部或大部分本金。证券不上市交易，流动性受限，且税务处理存在不确定性。","reason","Wells Fargo发行多只挂钩指数的市场挂钩证券，存在本金损失风险，税务处理存在不确定性，且流动性受限。","source",{"_12":93,"_94":95,"_9":96,"_97":42,"_98":99,"_100":101},"links",{"_90":91,"_78":92},"publishedAt","2026-10-09T13:23:33.000Z","discoveredAt","2026-10-09T13:41:37.760Z","timelineAt","category","tip","tags",[84,85,86,87,88,89],"stockSymbols",[83],"score",61,"selected",true,"channel","news","story",{"_73":74,"_16":75},"x","readingMode","full","author","language","body",{"_64":77,"_78":-5,"_79":80,"_81":82},"outline",[],"relatedStories",[76],"indexable","markdownAvailable","group",{"_65":66,"_45":67,"_68":69,"_70":71,"_72":69},"hasTranslation","bodyLanguage","zh","factId","f3he2aDAKFc4",{"_73":74,"_16":75},"reportCount",1,"additionalSourceCount",0,"developmentCount","publicId","b601c930-0e1a-4e9c-befe-1c11dd9f03c9","Wells Fargo发行多只挂钩指数的高风险证券",{"_73":74,"_16":75},"\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

\n	\n	\n	\n	\n	\n	\n
\n \n	\n \n	\n \n
\n 根据规则424(b)(2)提交注册编号 333-292881 和 333-292881-01 \n
\n \n 定价补充文件第273号，日期为2026年10月7日 \n （至产品补充文件第1号，日期为2026年2月13日， \n 市场衡量补充文件第1号，日期为2026年2月13日， \n 招股说明书补充文件，日期为2026年2月13日 \n 和招股说明书，日期为2026年2月13日） \n	\n \n \n
\n \n	\n \n	\n \n	\n
\n \n	\n Wells Fargo Finance LLC \n 中期票据，系列B \n 由Wells Fargo & Company完全且无条件担保 \n 股权指数和ETF关联证券 \n \n	\n
\n \n	\n 市场关联证券—可赎回且附带条件股息和条件下行 \n 本金风险证券，与Russell 2000®指数、S&P 500®指数和State Street®公用事业精选行业SPDR® ETF中表现最差的证券相关，到期日为2031年10月10日 \n	\n
\n ■ 与Russell 2000®指数、S&P 500®指数和State Street®公用事业精选行业SPDR® ETF（每个均称为“标的资产”）中表现最差的证券相关 \n ■ 这些证券是Wells Fargo Finance LLC的可赎回债务证券，与普通债务证券不同，它们不提供固定利息支付，也不在规定到期日偿还固定本金金额。这些证券是否支付条件股息，以及如果在到期前未被赎回，您是否在规定到期日收到证券的面值，将取决于相关计算日表现最差的标的资产的收盘价。在任何计算日，表现最差的标的资产是指在该计算日收盘价相对于其起始值的百分比最低的标的资产 \n ■ 条件股息。如果且仅如果某个月计算日表现最差的标的资产的收盘价大于或等于其股息门槛值，这些证券将在每月支付条件股息，直到规定到期日或提前赎回。然而，如果某个月计算日表现最差的标的资产的收盘价小于其股息门槛值，您将不会收到该月的任何条件股息。如果表现最差的标的资产在每个计算日的收盘价都小于其股息门槛值，您在整个证券期限内将不会收到任何条件股息。每个标的资产的股息门槛值等于其起始值的70%。条件股息率为每年10.40% \n ■ 选择性赎回。Wells Fargo Finance LLC可在发行后大约六个月开始的任何条件股息支付日，根据其自身选择赎回这些证券。如果Wells Fargo Finance LLC选择在到期前赎回这些证券，您将收到面值加上最终的条件股息支付（如果原本应支付的话） \n ■ 本金可能损失。如果Wells Fargo Finance LLC在规定到期日前未赎回这些证券，您将在规定到期日收到面值，且仅当最后计算日表现最差的标的资产的收盘价大于或等于其下行门槛值时。如果最后计算日表现最差的标的资产的收盘价小于其下行门槛值，您将损失超过35%，甚至可能全部的证券面值。每个标的资产的下行门槛值等于其起始值的65% \n ■ 如果在规定到期日之前未赎回证券，如果最终计算日的标的物收盘价低于其下行阈值，您将完全承担从初始价值开始表现最差的标的物的下行风险，但您不会参与任何标的物的增值，也不会获得基金股份或任何包含在或由任何标的物持有的证券的股息 \n ■ 您在证券上的收益将完全取决于每个计算日表现最差的标的物的表现。您不会以任何方式从表现更好的标的物的表现中获益。因此，如果任何标的物表现不佳，即使其他标的物表现良好，您将受到不利影响 \n ■ 证券的所有支付都受信用风险影响，您无法就基金的股份或任何包含在或由任何标的物持有的证券要求支付；如果作为发行人的Wells Fargo Finance LLC和作为担保人的Wells Fargo & Company未能履行其义务，您可能会损失部分或全部投资 \n ■ 无交易所上市；设计为持有至到期 \n	\n

目前证券的估计价值为每证券978.04美元。证券的估计价值是由Wells Fargo Securities, LLC使用其专有定价模型为我们确定的。这并不代表对我们或Wells Fargo Securities, LLC或我们任何其他关联方的实际利润的指示，也不代表Wells Fargo Securities, LLC或任何其他人在发行后任何时候可能愿意从您手中购买证券的价格，如果有的话。详见本定价补充文件中的“证券的估计价值”

证券具有复杂特征，投资证券涉及与传统债务证券无关的风险。详见本文第PRS-11页开始的“主要风险考虑因素”以及随附的产品补充文件第PS-5页开始的“风险因素”

证券是Wells Fargo Finance LLC的无担保义务，因此所有支付都受信用风险影响。如果作为发行人的Wells Fargo Finance LLC和作为担保人的Wells Fargo & Company未能履行其义务，您可能会损失部分或全部投资。证券不是储蓄账户、存款或其他存款机构的义务，也不受联邦存款保险公司、存款保险基金或其他政府机构的保险

证券交易委员会或任何州证券委员会或其他监管机构均未批准或否决这些证券，也未对本定价补充文件或随附的产品补充文件、市场指标补充文件、招股说明书补充文件和招股说明书的准确性或充分性进行审查。与此相反的任何陈述都是刑事犯罪

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\n	\n	\n	\n
\n \n	\n 原始发行价格 \n \n	\n 代理折扣(1) \n \n	\n Wells Fargo Finance LLC的收益 \n \n
\n 每证券 \n	\n $1,000.00 \n	\n $7.50 \n	\n $992.50 \n
\n 总计 \n	\n $1,200,000.00 \n	\n $3,000.00 \n	\n $1,197,000.00 \n

(1) 上表中的每只证券代理折扣代表每只证券可支付的最大代理折扣。上表中的总代理折扣和向 Wells Fargo Finance LLC 支付的总收益反映了证券实际应付的总代理折扣。Wells Fargo Securities, LLC 是 Wells Fargo Finance LLC 的关联公司，也是 Wells Fargo & Company 的全资子公司，是证券分销的代理机构，并作为交易商行事。有关更多信息，请参阅本定价补充文件中的“证券条款—代理”和“证券估计价值”。

Wells Fargo Securities

市场关联证券—附条件赎回与附条件息票

与 Russell 2000® 指数、S&P 500® 指数和 State Street® Utilities Select Sector SPDR® ETF 中表现最差者挂钩的资本风险证券，到期日为 2031 年 10 月 10 日

\n \n \n \n \n \n \n

证券条款

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\n \n

发行人：

Wells Fargo Finance LLC。

担保人：

Wells Fargo & Company。

市场指标：

市场指标（每个称为“标的”，合称为“标的”）、Bloomberg 股票代码、起始价值、息票阈值价值和下行阈值价值列于下表。Russell 2000® 指数和 S&P 500® 指数在此有时分别称为“指数”，合称为“指数”。State Street® Utilities Select Sector SPDR® ETF 在此有时称为“基金”。

\n \n \n \n \n \n \n

市场指标

\n \n

Bloomberg 股票代码

\n \n

起始价值(1)

\n \n

息票阈值价值(2)

\n \n

下行阈值价值(3)

\n \n \n

Russell 2000® 指数

\n \n

RTY

\n \n

2,793.204

\n \n

1,955.2428

\n \n

1,815.5826

\n \n \n

S&P 500® 指数

\n \n

SPX

\n \n

7,801.77

\n \n

5,461.239

\n \n

5,071.1505

\n \n \n

State Street® Utilities Select Sector SPDR® ETF

\n \n

XLU

\n \n

$41.15

\n \n

$28.805

\n \n

$26.7475

\n \n \n \n

(1) 就每个标的而言，指定价日的收盘价。

(2) 就每个标的而言，指其起始价值的 70%。

(3) 就每个标的而言，指其起始价值的 65%。

定价日期：

2026 年 10 月 7 日。

发行日期：

2026 年 10 月 13 日。

原始发行价：

每只证券 1,000 美元。

面额：

每只证券 1,000 美元。本定价补充文件中提到的“证券”是指面额为 1,000 美元的证券。

附条件息票支付：

在每个附条件息票支付日，除非证券已被提前赎回，否则如果且仅当相关计算日表现最差的标的的收盘价大于或等于其息票阈值价值，您将按年利率等于附条件息票率的比率收到附条件息票支付。任何“附条件息票支付”（如有）将按每只证券计算如下：($1,000 × 附条件息票率)/12。任何附条件息票支付将四舍五入到最接近的美分，不足半分向上取整。

如果在任何计算日表现最差的标的的收盘价小于其息票阈值价值，您将不会在相关的附条件息票支付日收到任何附条件息票支付。如果在所有计算日表现最差的标的的收盘价都小于其息票阈值价值，您将不会在整个证券期限内收到任何附条件息票支付。

\n \n

附条件息票支付日：

每月，在每个计算日后的第三个工作日（如适用，根据下文“—市场中断事件及延期条款”的规定，每个此类计算日可能被推迟）；但与最后一个计算日相关的或有票息支付日将是规定的到期日。

或有票息率：

“或有票息率”为每年 10.40%。

计算日：

每月，从 2026 年 11 月开始，至 2031 年 9 月结束的每个月的 7 日，以及最后一个计算日，均受下文“—市场中断事件及延期条款”中所述的延期规定约束。我们将 2031 年 10 月 7 日称为“最后一个计算日”。

PRS-2

市场关联证券—可赎回且带有或有票息及或有下行风险

本金有风险证券，与罗素 2000® 指数、S&P 500® 指数和道富银行® 公用事业精选行业 SPDR® ETF 表现最差的挂钩，到期日为 2031 年 10 月 10 日

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可选赎回：

Wells Fargo Finance LLC 可在其选择下，在任何可选赎回日赎回证券，但只能全部赎回，不能部分赎回。如果 Wells Fargo Finance LLC 选择在规定的到期日之前赎回证券，您将有权在适用的可选赎回日收到每份证券的美元现金支付，金额等于面值加上最终或有票息支付（如果适用）。

如果 Wells Fargo Finance LLC 在可选赎回日赎回证券，Wells Fargo Finance LLC 将在紧接该可选赎回日之前的计算日当天或之前，向存管信托公司（“DTC”）发出通知，作为证券的唯一注册持有人。任何证券的赎回均由 Wells Fargo Finance LLC 选择，不会自动根据任何标的物的表现发生。

如果证券被赎回，它们将在适用的可选赎回日停止流通，您在该日期后将不再享有证券项下的任何权利。

由于 DTC 是证券的唯一注册持有人，赎回通知将仅根据其适用的政策和程序送达给 DTC。证券的受益所有人不会直接收到我们的赎回通知。受益所有人应联系其持有证券的经纪商、银行或其他中介机构，以获取任何通知及相关程序的信息。我们不对任何中介机构向受益所有人提供通知的方式负责，也不对其加以控制。

可选赎回日：

每月，从发行日大约六个月后开始，在从 2027 年 4 月到 2031 年 9 月期间安排的每个计算日之后的或有票息支付日。

规定到期日

日期：

2031 年 10 月 10 日，受延期规定约束。在规定到期日之前，证券不受任何证券持有人选择赎回的影响。

到期支付金额：

如果 Wells Fargo Finance LLC 未在规定到期日之前赎回证券，您将有权在规定到期日收到每份证券的美元现金支付，金额等于到期支付金额（此外，如果适用，还包括最终或有票息支付）。每份证券的“到期支付金额”将等于：

• 如果在最终计算日表现最差的 Underlier 的期末值大于或等于其下行阈值：$1,000；或者

• 如果在最终计算日表现最差的 Underlier 的期末值小于其下行阈值：

$1,000 × 最终计算日表现最差的 Underlier 的表现系数

如果 Wells Fargo Finance LLC 未在到期日前赎回证券，且最终计算日表现最差的 Underlier 的期末值小于其下行阈值，您将在到期时损失超过 35%，甚至可能是全部的面值。

证券的任何回报将限于您的或有息票支付总额（如有）。您不会参与任何 Underlier 的升值，但如果该 Underlier 的期末值小于其下行阈值，您将完全承担最终计算日表现最差的 Underlier 的下行风险。

表现最差的 Underlier：

对于任何计算日，“表现最差的 Underlier”将是该计算日表现系数最低的 Underlier。

表现系数：

对于任何计算日的 Underlier，其在该计算日的收盘价除以其起始价（以百分比表示）。

收盘价：

对于每个 Index，收盘价具有随附产品补充文件中“General Terms of the Securities—Certain Terms for Securities Linked to an Index—Certain Definitions”下分配给“closing level”的含义。

对于该 Fund，收盘价具有随附产品补充文件中“General Terms of the Securities—Certain Terms for Securities Linked to a Fund—Certain Definitions”下分配给“fund closing price”的含义。该 Fund 的收盘价将根据随附产品补充文件中描述的调整系数进行调整。

期末值：

Underlier 的“期末值”将是其在最终计算日的收盘价。

PRS-3

市场关联证券—可赎回且带有或有息票和或有下行

风险本金证券，挂钩 Russell 2000® 指数、S&P 500® 指数和 State Street® Utilities Select Sector SPDR® ETF 中表现最差的一个，到期日为 2031 年 10 月 10 日

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市场中断事件及延期条款：

每个计算日都可能因非交易日和市场中断事件的发生而延期。此外，如果最终计算日被延期，到期日也将被推迟，并针对非交易日进行调整。

如需了解关于计算日调整、或有利息支付日、可选赎回日及到期日的更多信息，请参阅随附产品补充文件中的“证券一般条款——市场中断事件的影响；计算日延期——与多种市场指标挂钩的证券”和“——支付日”。就随附产品补充文件而言，每个或有利息支付日、每个可选赎回日及到期日均为“支付日”。此外，如需了解可能导致市场中断事件的情况，请参阅随附产品补充文件中关于指数的“证券一般条款——与指数挂钩的证券的某些条款——市场中断事件”，以及关于基金的“——与基金挂钩的证券的某些条款——市场中断事件”。

计算代理人：

Wells Fargo Securities, LLC

重要税务后果：

关于持有和处置证券的重要美国联邦所得税后果的讨论，请参阅“美国联邦税务考虑事项”。

代理人：

Wells Fargo Securities, LLC，是 Wells Fargo Finance LLC 的关联公司，也是 Wells Fargo & Company 的全资子公司。代理人可按证券的原始发行价减去每证券不超过 2.50 美元的折让向其他证券经销商转售证券。此外，对于本发行中出售的某些证券，代理人可向选定的证券经销商支付每证券最高 5.00 美元的费用，以换取在向其他证券经销商分销证券时进行营销及其他服务。此类费用将从代理人收到的折让中支付。

我们的代理人或其另一家关联公司预计将实现其专有定价模型所预测的对冲收益，前提是它承担了证券项下我们对冲义务所固有的风险。如果参与证券分销的任何经销商或其任何关联公司为我们与证券相关的对冲活动进行对冲，该经销商或其关联公司预计将实现其专有定价模型从此类对冲活动中预测的利润。任何此类预测利润将加上您购买证券时收到的任何折让、让价或费用。

面额：

$1,000 及其任何整数倍的 $1,000。

CUSIP：

95001HS69

PRS-4

市场挂钩证券——可赎回且带有或有利息和或有下行风险

到期日为 2031 年 10 月 10 日，与 Russell 2000® 指数、S&P 500® 指数和 State Street® Utilities Select Sector SPDR® ETF 中表现最差的挂钩的承险本金证券

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关于发行人、担保人和证券的更多信息

您应连同日期为2026年2月13日的产品补充文件第1号、市场指标补充文件第1号、招股说明书补充文件（日期为2026年2月13日）以及招股说明书（日期为2026年2月13日）一并阅读本定价补充文件，以了解有关证券的更多信息。如果本定价补充文件中的披露与产品补充文件、市场指标补充文件、招股说明书补充文件或招股说明书中的披露不一致，则本定价补充文件中的披露为准。本文件中使用但未定义的某些定义术语具有产品补充文件、招股说明书补充文件或招股说明书中规定的含义。

在本定价补充文件中，当我们提及“我们”、“我们”或“我们的”时，我们仅指Wells Fargo Finance LLC，而不指其任何关联方，包括Wells Fargo & Company。

您可以通过SEC网站www.sec.gov访问产品补充文件、市场指标补充文件、招股说明书补充文件和招股说明书，方法如下（或如果该地址已更改，请通过SEC网站上我们针对相关日期的备案进行查阅）：

• 日期为2026年2月13日的产品补充文件第1号：

https://www.sec.gov/Archives/edgar/data/72971/000183988226009729/wffprincipal-424b2_021326.htm

• 日期为2026年2月13日的市场指标补充文件第1号：

https://www.sec.gov/Archives/edgar/data/72971/000183988226009710/wffseriesb-424b2_021326.htm

• 日期为2026年2月13日的招股说明书补充文件：

https://www.sec.gov/Archives/edgar/data/1738143/000183988226009700/seriesb-424b2_021326.htm

• 日期为2026年2月13日的招股说明书：

https://www.sec.gov/Archives/edgar/data/72971/000183988226009692/standalone-424b2_021326.htm

PRS-5

市场关联证券—可赎回附条件息票及条件性下行风险

与罗素2000®指数、标普500®指数及道富银行公用事业精选行业SPDR® ETF表现最差者挂钩的风险本金证券，到期日为2031年10月10日

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证券的估计价值

每只证券的原始发行价格包含您承担的某些成本。由于这些成本，证券在定价日的估计价值低于原始发行价格。原始发行价格中包含的成本与证券的销售、结构安排、对冲和发行有关，以及与我们就此类债务的融资考虑有关。

与证券的销售、结构安排、对冲和发行相关的成本包括（i）代理折扣（如有），（ii）我们的对冲对手方（可能为我们的关联方之一）在承担对冲我们证券项下义务所固有风险方面预期实现的预计利润，以及（iii）与证券发行相关的对冲和其他成本。

我们的融资考虑因素考虑到市场关联债务（如证券）与Wells Fargo & Company同等期限的传统债务相比具有更高的发行、运营和持续管理成本，以及我们及我们的关联方的流动性和偏好。我们的融资考虑因素反映在以下事实中：我们基于一个通常低于我们内部融资率的假设利率来确定证券的经济条款，该内部融资率如下所述，并用于确定证券的估计价值。

如果与证券销售、结构化、套期保值和发行相关的成本较低，或者我们用于确定证券经济条款的假设利率较高，则证券的经济条款将对你更有利，且估计价值也会更高。截至定价日的证券估计价值列示在本定价补充文件的封面上。

确定估计价值

我们的关联公司 Wells Fargo Securities, LLC (“WFS”) 根据其专有的定价模型计算了本定价补充文件封面上列示的证券的估计价值。基于本节下文提及的这些定价模型和相关市场输入及假设，WFS 通过估算能够复制证券支付情况的假设金融工具组合的价值，确定了证券的估计价值，该组合由不计息的固定收益债券（“债务组件”）和一种或多种构成证券经济条款的衍生工具（“衍生组件”）组成。

债务组件的估计价值基于反映我们及我们的关联公司对证券融资价值看法的内部融资利率。我们之所以使用该利率来确定证券的估计价值，是因为我们预期 WFS 或其任何关联公司提供的证券的二级市场价格（如有）通常能反映该利率。WFS 基于这一内部融资利率确定了证券的估计价值，而不是我们用于确定证券经济条款的假设利率，原因相同。

WFS 基于专有的衍生品定价模型计算了衍生组件的估计价值，该模型根据各种输入生成了构成衍生组件的衍生工具的理论价格，其中包括“衍生组件因素”，这些因素在“选定的风险考虑事项——与证券及任何二级市场估计价值相关的风险——证券在到期前的价值将受多种因素影响，其中一些因素以复杂方式相关联”中进行了识别。这些输入可能是可观察的市场数据，也可能是 WFS 根据其自行判断做出的假设。

WFS 确定的证券估计价值存在重要局限性。请参阅“选定的风险考虑事项——与证券及任何二级市场估计价值相关的风险——证券估计价值由我们的关联公司的定价模型确定，这些模型可能与其他交易商的模型不同”以及“——我们及担保人的经济利益以及任何参与发行的交易商的利益可能与您的利益相悖”。

发行后证券的估值

证券的估计价值并非表明 WFS 或任何其他方在二级市场上从您处购买证券的价格（如有）。WFS 或其任何关联方在二级市场上购买证券的价格（如有）将基于 WFS 的专有定价模型，并因市场条件和其他相关因素的变化而在证券期限内波动。然而，除非市场条件和其他相关因素发生有利于您的重大变化，否则二级市场价格将低于定价日的估计价值，因为二级市场价格将扣除买卖价差，该价差可能因二级市场交易中拟购买的证券总面额以及预期解除任何相关对冲交易的成本而有所不同。因此，除非市场条件和其他相关因素发生有利于您的重大变化，证券的任何二级市场价格很可能低于原始发行价。

如果 WFS 或其任何关联方在发行日之前或发行日后 5 个月内为证券提供二级市场，则 WFS 或其任何关联方提供的二级市场价格将增加，增加的金额反映原始发行价中包含的与出售、结构化、对冲和发行证券相关的部分成本。由于发行时未完全扣除这部分成本，在此期间 WFS 或其任何关联方提供的任何二级市场价格将高于仅基于 WFS 的专有定价模型减去上述买卖价差和对冲解除成本的价格。在此 5 个月内，二级市场价格的增幅将稳步下降至零。如果您通过 WFS 或其任何关联方的账户持有证券，我们预计这一增幅也将反映在您的经纪账户报表中证券的估值上。

PRS-6

市场挂钩证券—可赎回附条件息票与附条件下行

本金有风险证券，挂钩表现最差的罗素 2000® 指数、标普 500® 指数和道富银行公用事业精选行业 SPDR® ETF，到期日为 2031 年 10 月 10 日

如果 WFS 或其任何关联方为证券提供二级市场，WFS 预计将通过持有证券的非关联经纪自营商以及商业定价供应商向其提供这些二级市场价格。如果您通过非 WFS 或其任何关联方的经纪自营商账户持有证券，该经纪自营商可能从 WFS（直接或间接）获得证券的市场价格，但也可能从其他来源获得此类市场价格，并且可能愿意在任何给定时间以不同于 WFS 或其任何关联方愿意购买证券的价格购买证券。因此，如果您通过非 WFS 或其任何关联方的经纪自营商账户持有证券，您的经纪账户报表中证券的价值可能与您在 WFS 或其任何关联方处持有证券时不同。

这些证券将不会在任何证券交易所或任何自动报价系统上上市或显示。虽然 WFS 及/或其关联公司可能从投资者手中购买这些证券，但他们没有义务这样做，也不被要求为这些证券做市。无法保证会形成二级市场。

PRS-7

市场挂钩证券—可赎回附条件息票和附条件下行

挂钩表现最差的罗素 2000® 指数、S&P 500® 指数和道富银行® 公用事业精选行业 SPDR® ETF 的本金风险证券，到期日为 2031 年 10 月 10 日

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投资者考量

这些证券并不适合所有投资者。这些证券可能适合寻求以下投资的投资者：

◼ 寻求一种附条件息票支付的投资，其息票率等于附条件息票率，直至较早的到期日或可选赎回日，前提是且仅当适用计算日表现最差的 Underlier 的收盘值大于或等于其息票阈值值时；

◼ 理解如果我们不行使赎回权，且最终计算日表现最差的 Underlier 的结束值小于其下行阈值值，他们将完全暴露于表现最差的 Underlier 从其起始值开始的下跌中，并在到期日损失证券面值的大部分，甚至可能全部；

◼ 愿意接受在证券期限内可能获得很少或没有附条件息票支付的风险；

◼ 理解我们可能会在可选赎回日根据我们的选择在到期日前赎回这些证券，且更有可能在我们赎回证券时，对他们继续持有证券更为有利；

◼ 理解证券的回报将完全取决于表现最差的 Underlier 在每个计算日的表现，他们将不会以任何方式从表现更好的 Underlier 的表现中受益；

◼ 理解这些证券比仅挂钩一个 Underlier 或挂钩由每个 Underlier 组成的篮子的替代投资风险更大；

◼ 理解并愿意接受每个 Underlier 的全部下行风险；

◼ 愿意放弃参与任何 Underlier 的任何升值以及基金股份和任何 Underlier 包含或持有的证券的股息；以及

◼ 愿意持有证券直至到期日。

这些证券可能不适合寻求以下投资的投资者：

◼ 寻求流动性投资或无法或不愿持有证券至到期日；

◼ 要求在到期日全额支付证券面值；

◼ 寻求具有固定期限的证券；

◼ 不愿购买定价日估计价值低于封底所列原始发行价的证券；

◼ 不愿接受最终计算日表现最差的 Underlier 的结束值可能小于其下行阈值值的风险；

◼ 在证券期限内寻求当前收入的确定性；

◼ 寻求接触任何或每个 Underlier 的上行表现；

◼ 寻求接触由每个基础资产或类似投资组成的篮子，该投资的整体回报基于各基础资产表现的混合，而非仅基于表现最差的基础资产；

◼ 不愿接受接触基础资产的风险；

◼ 不愿接受 Wells Fargo Finance LLC 和 Wells Fargo & Company 的信用风险；或

◼ 更倾向于投资信用评级相当的公司发行的、期限可比的固定收益投资所具有的较低风险。

上述考虑因素并非详尽无遗。证券是否适合您投资，将取决于您的个人情况，您应在您和您的投资、法律、税务、会计及其他顾问仔细考虑在您特定情况下投资证券的适当性之后，再做出投资决策。您还应仔细阅读本节标题为“Selected Risk Considerations”（选定的风险考虑因素）的部分以及随附产品补充文件中标题为“Risk Factors”（风险因素）的部分，以了解与投资证券相关的风险。有关基础资产的更多信息，请参阅下文标题为“The Russell 2000® Index”（罗素 2000® 指数）、“The S&P 500® Index”（标普 500® 指数）和“The State Street® Utilities Select Sector SPDR® ETF”（道富环球投资管理美国精选行业公用事业 SPDR® ETF）的章节。

PRS-8

市场挂钩证券—附条件赎回且附条件息票

本金有风险证券，挂钩罗素 2000® 指数、标普 500® 指数和道富环球投资管理美国精选行业公用事业 SPDR® ETF 中表现最差的一项，到期日为 2031 年 10 月 10 日

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确定附条件息票支付日及到期日的支付金额

除非我们已根据选择权提前赎回证券，否则在每个附条件息票支付日，您将根据相关计算日表现最差的基础资产的收盘值，要么收到附条件息票支付，要么收不到附条件息票支付。

步骤 1：确定相关计算日表现最差的基础资产。任何计算日表现最差的基础资产是指该计算日表现因子最低的基础资产。基础资产在计算日的表现因子是其收盘值占其起始值的百分比（即其收盘值除以其起始值）。

步骤 2：根据相关计算日表现最差的基础资产的收盘值，确定是否在适用的附条件息票支付日支付附条件息票，如下所示：

如果我们未在规定的到期日之前赎回证券，那么在到期时，您将收到每份证券的现金支付（到期支付金额），计算如下：

步骤 1：确定最终计算日表现最差的基础资产。最终计算日表现最差的基础资产是指该计算日表现因子最低的基础资产。基础资产在最终计算日的表现因子是其结束值占其起始值的百分比（即其结束值除以其起始值）。

第 2 步：根据最终计算日表现最差的 Underlier 的期末价值计算到期支付金额，如下：

PRS-9

市场关联证券—可赎回附或有息票和或有下行风险

与罗素 2000® 指数、S&P 500® 指数和道富银行公用事业精选行业 SPDR® ETF 表现最差的挂钩的到期日为 2031 年 10 月 10 日的本金风险证券

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假设支付概况

下表说明了证券在到期时的潜在到期支付金额（除非另有规定，不包括最终或有息票支付），该金额基于最终计算日表现最差的 Underlier 从起始价值到期末价值的假设表现范围，并假设证券在规定的到期日之前未被赎回。如该表所示，在任何情况下，您仅根据到期时收到的到期支付金额都不会获得正回报；任何正回报将仅基于证券期限内收到的或有息票支付（如有）。本图表仅供说明之用。您的实际回报将取决于证券是否在规定的到期日之前被赎回、最终计算日表现最差的 Underlier 的实际期末价值以及您是否持有证券至规定的到期日。表现较好的 Underlier 的表现与您的证券回报无关。

PRS-10

市场关联证券—可赎回附或有息票和或有下行风险

与罗素 2000® 指数、S&P 500® 指数和道富银行公用事业精选行业 SPDR® ETF 表现最差的挂钩的到期日为 2031 年 10 月 10 日的本金风险证券

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选定的风险考量

该证券具有复杂特征，投资该证券将涉及与投资传统债务证券无关的风险。适用于投资该证券的一些风险总结如下，但我们敦促您阅读随附产品补充文件中“风险因素”部分关于证券风险的更详细说明。您应在与您的顾问仔细考虑您的具体情况后，再对投资该证券的适当性做出投资决定。

证券一般风险

如果我们在规定的到期日之前不赎回证券，您可能在规定的到期日损失部分或全部证券的面值。

我们不会在规定的到期日按固定金额偿还您证券。如果我们不行使在规定的到期日之前赎回证券的权利，您将收到到期支付金额，该金额将等于或低于面值，具体取决于最终计算日表现最差的 Underlier 的期末价值。

如果最终计算日表现最差的标的物的期末值小于其下行阈值，则到期支付金额将低于面值，您将完全承担该标的物从起始值下跌的风险，且该标的物在最终计算日的期末值每低于其起始值 1%，您将损失面值的 1%。因此，如果最终计算日表现最差的标的物的期末值小于其下行阈值，您将在到期时损失面值的大部分甚至全部。即使该标的物在最终计算日的价值大于或等于其起始值或下行阈值，只要在证券期限内某些时候低于这些值，情况也是如此。

即使最终计算日表现最差的标的物的期末值大于其下行阈值，到期支付金额也不会超过面值，且考虑到您在证券期限内可能收到的任何或有利息支付，您的证券收益率可能低于您购买富国金融有限责任公司或另一家信用评级相似的发行人的传统附息债务证券所能获得的收益率。

证券不提供固定利息支付，您可能在一个或多个或有利息支付日，甚至在整个证券期限内，收不到任何或有利息支付。

在每个或有利息支付日，只有当相关计算日表现最差的标的物的收盘价大于或等于其利息阈值时，您才会收到或有利息支付。如果任何计算日表现最差的标的物的收盘价小于其利息阈值，您将不会收到相关或有利息支付日的任何或有利息支付；如果在证券期限内每个计算日表现最差的标的物的收盘价都小于其利息阈值，您将收不到整个证券期限内的任何或有利息支付。

证券受每个标的物的全部风险影响，如果任何标的物表现不佳，即使其他标的物表现良好，证券也会受到负面影响。

您受每个标的物的全部风险影响。如果任何标的物表现不佳，即使其他标的物表现良好，您也会受到负面影响。证券并非与由标的物组成的篮子挂钩，篮子中某些标的物的较好表现无法抵消其他标的物的较差表现。相反，您受每个计算日表现最差的标的物的全部风险影响。因此，证券的风险高于仅与其中一个标的物挂钩或与由每个标的物组成的篮子挂钩的替代投资。除非您理解并愿意接受每个标的物的全部下行风险，否则不应投资于这些证券。

您的证券回报将完全取决于每笔计算日表现最差的参考资产的表现，您将不会以任何方式从表现较好的参考资产的表现中获益。

您在证券上的回报将完全取决于每笔计算日表现最差的参考资产的表现。尽管为了您在相关附条件股息支付日获得附条件股息支付，每个参考资产在相关计算日必须收盘于或高于其相应的股息门槛值，并且为了您在最终计算日获得证券的面值，每个参考资产在最终计算日必须收盘于或高于其相应的下行门槛值，但您不会以任何方式从表现较好的参考资产的表现中获益。由于在这种情况下，表现较好的参考资产的表现将与表现最差的参考资产的表现混合，从而产生比单独表现最差的参考资产更好的回报，因此证券可能表现不如与参考资产组合相关的其他投资。

您将面临来自参考资产之间关系的风险。

从您的角度来看，参考资产之间具有相关性更为有利，这样它们的价值将倾向于在相似的时间以相似的幅度上涨或下跌。通过投资于证券，您承担了参考资产不会表现出这种关系的风险。参考资产之间的相关性越低，其中某个参考资产在任何时候表现不佳的可能性就越大

PRS-11

市场联动证券—附有条件股息且附有下行风险

本金风险证券，与罗素2000®指数、标准普尔500®指数和State Street®公用事业选择行业SPDR®ETF（截至2031年10月10日）中表现最差的证券挂钩

在证券期限内，只要其中一个参考资产表现不佳，证券就可能表现不佳；表现较好的参考资产的表现与您在证券上的回报无关。无法预测证券期限内参考资产之间的关系。如果参考资产代表不同的权益市场，这些权益市场在证券期限内可能不会表现相似。

您可能在最终计算日因表现最差的参考资产从起始值下跌而承担全部风险，但不会参与任何参考资产的任何正向表现。

尽管如果表现最差的参考资产在最终计算日的结束值低于其下行门槛值，您将完全承担其价值下跌的风险，但您不会参与证券期限内任何参考资产价值的上涨。您在证券上的最大可能回报将仅限于您收到的附条件股息支付的总和（如有）。因此，您在证券上的回报可能显著低于您通过一种允许参与任何或每个参考资产价值上涨的其他投资所能获得的回报。

更高的附条件股息率伴随着更大的风险。

证券发行的附条件票息支付在支付时的利率高于我们对相同到期日的传统债务证券所支付的固定利率。与传统债务证券相比，这些更高的潜在附条件票息支付在定价日时与更高的预期风险水平相关，包括您可能在一次或多次，或任何附条件票息支付日无法收到附条件票息支付的风险，以及您可能在到期时损失大部分甚至全部面值的风险。相关资产的波动率以及相关资产之间的相关性是影响这种风险的重要因素。波动率是对相关资产价值每日波动的大小和频率的衡量，通常是在特定时间段内观察到的。波动率可以通过多种方式衡量，包括基于历史数据或基于市场期权价格所隐含的预期数据。相关性是对相关资产价值同时、同方向和同幅度波动程度的衡量。在定价日，相关资产的预期波动率越高或相关资产之间的预期相关性越低，可能导致更高的附条件票息率，但这也意味着在定价日时，预期在一次或多次计算日中至少一个相关资产的收盘价将低于其票息阈值的可能性更大，从而导致您在证券期限内可能无法收到一次或多次，或任何附条件票息支付，并且在最终计算日至少一个相关资产的收盘价将低于其下行阈值，从而导致您在到期时可能损失大部分甚至全部的面值。一般来说，附条件票息率相对于我们对传统债务证券所支付的固定利率越高，您在证券期限内可能无法收到一次或多次，或任何附条件票息支付，以及在到期时可能损失大部分甚至全部面值的预期风险就越大。

我们的赎回权可能会限制您获得附条件票息支付的潜力。

我们可以在任何选择性赎回日根据我们的选择赎回证券。尽管行使赎回权完全是我们单方面的决定，但我们更可能在最低表现相关资产从您的角度来看表现良好的时候赎回证券——换句话说，如果证券继续存续，您更有可能继续收到附条件票息支付并收到面值的时候。因此，如果最低表现相关资产从您的角度来看表现良好，我们的赎回权可能会限制您获得附条件票息支付的潜力。另一方面，当最低表现相关资产从您的角度来看表现不佳时，我们不太可能赎回证券——换句话说，当您继续持有证券时，您继续收到附条件票息支付的可能性较低，且在到期时收到面值的可能性也较低。

如果我们行使赎回权，证券的期限将缩短。不能保证您在本公司提前赎回证券的情况下，能够以类似的风险水平获得可比的收益进行再投资。

投资于证券的美国联邦税务后果尚不明确。

目前没有直接的法律依据说明证券的适当美国联邦税务处理方式，我们无意向美国国税局（“IRS”）申请裁定。因此，证券税务处理的许多方面存在不确定性，IRS 或法院可能不同意本定价补充文件中“美国联邦税务考虑”部分所述的证券处理方式。如果 IRS 成功主张另一种处理方式，证券的所有权和处置的税务后果可能会受到重大不利影响。

非美国投资者应注意，就证券而言，有代扣责任的人员可能对支付给非美国投资者的任何票息进行代扣，通常税率为 30%。在我们对证券有代扣责任的范围内，我们打算进行代扣。

如果最终计算日推迟，约定到期日可能会被推迟。

如果原定的最终计算日不是交易日，或者计算代理人在最终计算日确定发生了市场中断事件或该事件仍在持续，最终计算日将被推迟。如果发生此类推迟，约定到期日可能会被推迟。有关更多信息，请参阅附带的产品补充文件中的“证券一般条款—市场中断事件的后果；计算日的推迟—与多项市场指标挂钩的证券”以及“—支付日期”。

PRS-12

市场联动证券—可赎回附带条件票息和条件下行风险

本金风险证券，与 Russell 2000® 指数、S&P 500® 指数和 State Street® 通用电气行业 SPDR® ETF（到期日为 2031 年 10 月 10 日）中表现最差的挂钩

投资于摩根大通金融有限公司债务证券的风险，包括证券

证券存在信用风险。

证券是我们的义务，由担保人完全且无条件担保，且无论直接或间接，都不是任何其他第三方的义务。证券项下的任何应付金额均受信用状况的影响，您将无法就基金的股份或任何底层资产中包含或持有的证券进行追索。因此，我们和担保人的实际和感知信用状况可能会影响证券的价值，并且如果我们和担保人未能履行证券和担保项下的义务，您可能无法根据证券条款获得任何应付金额。

作为一家金融子公司，我们没有独立的业务和资产。

作为一家金融子公司，我们除了证券的发行和管理之外没有独立的业务，并且在破产、清算或类似程序中，如果证券持有人就此类证券提出索赔，我们将没有可供分配给证券持有人的独立资产。因此，此类持有人的任何追偿都将限于担保人提供的相关担保项下的金额，而该担保将与担保人的所有其他无担保、未优先的债务处于同等地位。证券持有人根据担保只能向担保人及其资产提出单一索赔。因此，证券持有人应认为在任何此类程序中，他们不会优先于担保人的其他无担保、未优先的债权人，包括担保人发行的无担保、未优先债务证券的持有人而得到对待。

证券持有人的加速权利有限。

如果我们或担保人将我们或其全部或几乎全部资产转让、转移或租赁给担保人的一个或多个子公司，证券持有人可能面临更大的结构性次级风险。

证券不会受益于与担保人其他债务的交叉违约或交叉加速条款；与担保人相关的破产、无力偿债、接管或清算事件，以及担保人未能履行其任何担保条款或保证（付款违约除外）不会构成证券的违约事件。

与证券估计价值及任何二级市场相关的风险

根据WFS的专有定价模型，证券在定价日的估计价值低于原始发行价格。

证券的原始发行价格包含了一些由您承担的成本。由于这些成本，证券在定价日的估计价值低于原始发行价格。原始发行价格中包含的成本涉及证券的销售、结构设计、对冲和发行，以及我们对此类债务的资金考虑。与证券的销售、结构设计、对冲和发行相关的成本包括（i）代理折扣（如有），（ii）我们对冲交易对手（可能是我们的关联方）预期因承担证券项下义务的对冲风险而实现的预期利润，以及（iii）与证券发行相关的对冲和其他成本。我们的资金考虑体现在我们根据通常低于我们内部资金利率的假设利率确定证券的经济条款这一事实中，该假设利率在“证券的估计价值—确定估计价值”部分中有上述描述。如果与证券销售、结构设计、对冲和发行相关的成本较低，或者如果我们用于确定证券经济条款的假设利率较高，证券的经济条款将对您更有利，估计价值也将更高。

证券的估计价值由我们的关联方的定价模型确定，这些模型可能与其他交易商的模型不同。

WFS 使用其专有的定价模型及相关市场输入和假设（如上文“证券的预估价值—确定预估价值”中所述）为我们确定了证券的预估价值。这些模型的某些输入可能由 WFS 自主决定。WFS 对这些输入的观点可能与其他交易商的观点不同，WFS 对证券的预估价值可能高于，甚至可能显著高于市场上其他交易商确定的证券预估价值。WFS 的模型及其输入和相关假设可能被证明是错误的，因此可能无法准确反映证券的价值。

证券的预估价值并不是 WFS 或任何其他人可能在二级市场从您处购买证券的价格（如有）的指示。

WFS 或其任何关联公司可能在二级市场购买证券的价格（如有）将基于 WFS 的专有定价模型，并且由于市场和其他因素的变化而随证券期限的推移而波动，这些因素在下一个风险因素中有所描述。任何此类二级市场价格也将因买卖差价而减少，该差价可能根据二级市场交易中要购买的证券总面值而有所不同，以及预期的

PRS-13

与市场挂钩的证券—可赎回附带条件票息和条件下行风险

本金风险证券，与 Russell 2000® 指数、S&P 500® 指数和 State Street® 通用电气选择行业 SPDR® ETF（到期日为 2031 年 10 月 10 日）中表现最差的证券挂钩

对任何相关对冲交易的平仓成本。除非下一个风险因素中描述的因素在您的有利情况下发生重大变化，否则任何此类二级市场价格很可能低于原始发行价格。

如果 WFS 或其任何关联公司在发行日之前或发行日后 5 个月期间的任何时间在证券的二级市场进行交易，WFS 或其任何关联公司提供的二级市场价格将增加一个金额，该金额反映了与销售、结构设计、对冲和发行证券相关的部分成本，这些成本包含在原始发行价格中。由于这部分成本在发行时并未完全扣除，因此在此期间 WFS 或其任何关联公司提供的任何二级市场价格将高于仅基于 WFS 的专有定价模型减去买卖差价和上述对冲平仓成本的情况。在此 5 个月期间，二级市场价格的增加幅度将稳步下降至零。如果您通过 WFS 或其任何关联公司的账户持有证券，我们预计此增加额也将反映在您的经纪账户对账单上所显示的证券价值中。如果您通过非 WFS 或其任何关联公司的经纪交易商账户持有证券，您的经纪账户对账单上证券的价值可能与您通过 WFS 或其任何关联公司持有证券时的价值不同，如上文“证券的预估价值—发行后证券的估值”中所述。

在约定到期日之前，证券的价值将受到众多因素的影响，其中一些因素以复杂的方式相互关联。

在约定到期日之前，证券的价值将受到当时每只相关资产的价值、当时利率以及许多其他因素的影响，其中一些因素以复杂的方式相互关联。其中一个因素的影响可能会被另一个因素的影响所抵消或放大。以下因素（我们将其称为“衍生组件因素”），并在随附的产品补充文件中进行了更详细的描述，预计会影响证券的价值：相关资产的表现；利率；相关资产的波动性；相关资产之间的相关性；剩余到期时间；以及任何相关资产所包含或持有的证券的股息收益率。当我们提到“价值”时，我们指的是如果您能够在约定到期日之前在公开市场上出售证券，您能够获得的证券价值。

In addition to the derivative component factors, the value of the securities will be affected by actual or anticipated changes in our and the Guarantor’s creditworthiness. The value of the securities will also be limited by our redemption right because if we redeem the securities, you will not receive the contingent coupon payments that would have accrued, if any, after the early redemption. You should understand that the impact of one of the factors specified above, such as a change in interest rates, may offset some or all of any change in the value of the securities attributable to another factor, such as a change in the value of any or all of the Underliers. Because numerous factors are expected to affect the value of the securities, changes in the values of the Underliers may not result in a comparable change in the value of the securities.

The Securities Will Not Be Listed On Any Securities Exchange And We Do Not Expect A Trading Market For The Securities To Develop.

The securities 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 securities from holders, they are not obligated to do so and are not required to make a market for the securities. 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 securities, the price at which you may be able to sell your securities is likely to depend on the price, if any, at which the agent is willing to buy your securities.

If a secondary market does exist, it may be limited. Accordingly, there may be a limited number of buyers if you decide to sell your securities prior to stated maturity. This may affect the price you receive upon such sale. Consequently, you should be willing to hold the securities to stated maturity.

Risks Relating To The Underliers

Any Payments On The Securities Will Depend Upon The Performance Of The Underliers And Therefore The Securities Are Subject To The Following Risks, Each As Discussed In More Detail In The Accompanying Product Supplement.

●Investing In The Securities Is Not The Same As Investing In The Underliers. Investing in the securities is not equivalent to investing in the Underliers. As an investor in the securities, your return will not reflect the return you would realize if you actually owned and held the shares of the Fund or the securities included in the Indices for a period similar to the term of the securities because you will not receive any dividend payments, distributions or any other payments paid on those shares or securities. As a holder of the securities, you will not have any voting rights or any other rights that holders of the Fund or the securities included in the Indices would have.

●Historical Values Of The Underliers Should Not Be Taken As An Indication Of The Future Performance Of The Underliers During The Term Of The Securities.

●Changes That Affect The Underliers Or The Fund Underlying Index May Adversely Affect The Value Of The Securities And Any Payments On The Securities.

●We Cannot Control Actions By Any Of The Unaffiliated Companies Whose Securities Are Included In Or Held By Any Underlier.

●We And Our Affiliates Have No Affiliation With The Index Sponsors, The Fund Sponsor Or The Fund Underlying Index Sponsor And Have Not Independently Verified Their Public Disclosure Of Information.

PRS-14

Market Linked Securities—Callable with Contingent Coupon and Contingent Downside

Principal at Risk Securities Linked to the Lowest Performing of the Russell 2000® Index, the S&P 500® Index and the State Street® Utilities Select Sector SPDR® ETF due October 10, 2031

●An Investment Linked To The Shares Of A Fund Is Different From An Investment Linked To Its Fund Underlying Index.

●There Are Risks Associated With The Fund.

●Anti-dilution Adjustments Relating To The Shares Of The Fund Do Not Address Every Event That Could Affect Such Shares.

The Securities Are Subject To Small-Capitalization Companies Risk With Respect To The Russell 2000® Index.

The Russell 2000® Index tracks securities issued by companies with relatively small market capitalizations. These companies often have greater stock price volatility, lower trading volume and less liquidity than large-capitalization companies. As a result, the value of the Russell 2000® Index may be more volatile than that of a market measure that does not track solely small-capitalization stocks. Stock prices of small-capitalization companies are also generally more vulnerable than those of large-capitalization companies to adverse business and economic developments, and the stocks of small-capitalization companies may be thinly traded and may be less attractive to many investors if they do not pay dividends. In addition, small-capitalization companies are often less well-established and less stable financially than large-capitalization companies and may depend on a small number of key personnel, making them more vulnerable to loss of personnel. Small-capitalization companies are often subject to less analyst coverage and may be in early, and less predictable, periods of their corporate existences. Small-capitalization companies tend to have lower revenues, less diverse product lines, smaller shares of their target markets, fewer financial resources and fewer competitive strengths than large-capitalization companies. These companies may also be more susceptible to adverse developments related to their products or services.

The Equity Securities Composing The State Street® Utilities Select Sector SPDR® ETF Are Concentrated In The Utilities Sector.

All or substantially all of the equity securities composing the State Street® Utilities Select Sector SPDR® ETF are issued by companies whose primary line of business is directly associated with the utilities sector. As a result, the value of the securities may be subject to greater volatility and may be more adversely affected by a single economic, political or regulatory occurrence affecting this sector than a different investment linked to securities of a more broadly diversified group of issuers. Utility companies may be affected by supply and demand, operating costs, government regulation, environmental factors, liabilities for environmental damage and general civil liabilities and rate caps or rate changes. In addition, natural disasters, terrorist attacks, government intervention or other factors may negatively impact profitability. Among the risks that may affect utility companies are the following: risks of increases in fuel and other operating costs; the high cost of borrowing to finance capital construction during inflationary periods; restrictions on operations and increased costs and delays associated with compliance with environmental and nuclear safety regulations; and the difficulties involved in obtaining natural gas for resale or fuel for generating electricity at reasonable prices. Other risks include those related to the construction and operation of nuclear power plants, the effects of energy conservation and the effects of regulatory changes.

Risks Relating To Conflicts Of Interest

Our And The Guarantor’s Economic Interests And Those Of Any Dealer Participating In The Offering Are Potentially Adverse To Your Interests.

You should be aware of the following ways in which our and the Guarantor’s economic interests and those of any dealer participating in the distribution of the securities, which we refer to as a “participating dealer,” are potentially adverse to your interests as an investor in the securities. In engaging in certain of the activities described below and as discussed in more detail in the accompanying product supplement, our affiliates or any participating dealer or its affiliates may take actions that may adversely affect the value of and your return on the securities, and in so doing they will have no obligation to consider your interests as an investor in the securities. Our affiliates or any participating dealer or its affiliates may realize a profit from these activities even if investors do not receive a favorable investment return on the securities.

● We will exercise our rights under the securities without taking your interests into account. We may, at our option, redeem the securities on any optional redemption date. Any redemption of the securities will be at our option and will not automatically occur based on the performance of any Underlier. As described under “Selected Risk Considerations—Our Redemption Right May Limit Your Potential To Receive Contingent Coupon Payments” above, we are more likely to redeem the securities at a time when it would otherwise be advantageous for you to continue to hold the securities, and we are less likely to redeem the securities at a time when it would otherwise be advantageous to you for us to exercise our redemption right.

● The calculation agent is our affiliate and may be required to make discretionary judgments that affect the return you receive on the securities. WFS, which is our affiliate, will be the calculation agent for the securities. As calculation agent, WFS will determine any values of the Underliers and make any other determinations necessary to calculate any payments on the securities. In making these determinations, WFS may be required to make discretionary judgments that may adversely affect any payments on the securities. See the sections entitled “General Terms of the Securities—Certain Terms for Securities Linked to an Index—Market Disruption Events,” “—Adjustments to an Index” and “—Discontinuance of an Index,” with respect to the Indices, and “General Terms of the Securities—Certain Terms for Securities Linked to a Fund—Market Disruption Events” and “—Anti-dilution Adjustments Relating to a Fund; Alternate Calculation,” with respect to the Fund, in the accompanying product supplement. In making these discretionary judgments, the fact that WFS is our affiliate may cause it to have economic interests that are adverse to your interests as an investor in the securities, and WFS’s determinations as calculation agent may adversely affect your return on the securities.

PRS-15

Market Linked Securities—Callable with Contingent Coupon and Contingent Downside

Principal at Risk Securities Linked to the Lowest Performing of the Russell 2000® Index, the S&P 500® Index and the State Street® Utilities Select Sector SPDR® ETF due October 10, 2031

● The estimated value of the securities was calculated by our affiliate and is therefore not an independent third-party valuation.

● Research reports by our affiliates or any participating dealer or its affiliates may be inconsistent with an investment in the securities and may adversely affect the values of the Underliers.

● Business activities of our affiliates or any participating dealer or its affiliates with the companies whose securities are included in or held by any Underlier may adversely affect the values of the Underliers.

● Hedging activities by our affiliates or any participating dealer or its affiliates may adversely affect the values of the Underliers.

● Trading activities by our affiliates or any participating dealer or its affiliates may adversely affect the values of the Underliers.

● A participating dealer or its affiliates may realize hedging profits projected by its proprietary pricing models in addition to any selling concession and/or other fee, creating a further incentive for the participating dealer to sell the securities to you.

PRS-16

Market Linked Securities—Callable with Contingent Coupon and Contingent Downside

Principal at Risk Securities Linked to the Lowest Performing of the Russell 2000® Index, the S&P 500® Index and the State Street® Utilities Select Sector SPDR® ETF due October 10, 2031

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Hypothetical Returns

If we redeem the securities prior to the stated maturity date:

If we redeem the securities prior to stated maturity, you will receive the face amount of your securities plus a final contingent coupon payment, if otherwise payable, on the applicable optional redemption date. If we redeem the securities prior to stated maturity, your total return on the securities will equal any contingent coupon payments received prior to the applicable optional redemption date and the contingent coupon payment received on such optional redemption date, if otherwise payable.

If we do not redeem the securities prior to the stated maturity date:

If we do not redeem the securities prior to stated maturity, the following table illustrates, for a range of hypothetical performance factors of the lowest performing Underlier on the final calculation day, the hypothetical maturity payment amount payable at stated maturity per security (excluding the final contingent coupon payment, if otherwise payable). The performance factor of the lowest performing Underlier on the final calculation day is its ending value expressed as a percentage of its starting value (i.e., its ending value divided by its starting value).

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

\n	\n	\n
\n \n	\n
\n Hypothetical Performance Factor of Lowest Performing Underlier on Final Calculation Day \n	\n Hypothetical Maturity Payment Amount per Security \n
\n 175.00% \n	\n $1,000.00 \n
\n 160.00% \n	\n $1,000.00 \n
\n 150.00% \n	\n $1,000.00 \n
\n 140.00% \n	\n $1,000.00 \n
\n 130.00% \n	\n $1,000.00 \n
\n 120.00% \n	\n $1,000.00 \n
\n 110.00% \n	\n $1,000.00 \n
\n 100.00% \n	\n $1,000.00 \n
\n 90.00% \n	\n $1,000.00 \n
\n 80.00% \n	\n $1,000.00 \n
\n 70.00% \n	\n $1,000.00 \n
\n 65.00% \n	\n $1,000.00 \n
\n 64.00% \n	\n $640.00 \n
\n 60.00% \n	\n $600.00 \n
\n 50.00% \n	\n $500.00 \n
\n 40.00% \n	\n $400.00 \n
\n 30.00% \n	\n $300.00 \n
\n 25.00% \n	\n $250.00 \n
\n 0.00% \n	\n $0.00 \n

The above figures do not take into account contingent coupon payments, if any, received during the term of the securities. As evidenced above, in no event will you have a positive rate of return based solely on the maturity payment amount received at maturity; any positive return will be based solely on the contingent coupon payments, if any, received during the term of the securities.

The above figures are for purposes of illustration only and may have been rounded for ease of analysis. If we do not redeem the securities prior to the stated maturity date, the actual amount you will receive at stated maturity will depend on the actual ending value of the lowest performing Underlier on the final calculation day. The performance of the better performing Underliers is not relevant to your return on the securities.

PRS-17

Market Linked Securities—Callable with Contingent Coupon and Contingent Downside

Principal at Risk Securities Linked to the Lowest Performing of the Russell 2000® Index, the S&P 500® Index and the State Street® Utilities Select Sector SPDR® ETF due October 10, 2031

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Hypothetical Contingent Coupon Payments

Set forth below are examples that illustrate how to determine whether a contingent coupon payment will be paid on a contingent coupon payment date, assuming we have not previously redeemed the securities. The examples do not reflect any specific contingent coupon payment date. The following examples assume the hypothetical starting value, coupon threshold value and closing values for each Underlier indicated in the examples. The terms used for purposes of these hypothetical examples do not represent any actual starting value or coupon threshold value. The hypothetical starting value of 100.00 for each Underlier has been chosen for illustrative purposes only and does not represent the actual starting value for any Underlier. The actual starting value and coupon threshold value for each Underlier are set forth under “Terms of the Securities” above. For actual historical data of the Underliers, see the historical information set forth herein. These examples are for purposes of illustration only and the values used in the examples may have been rounded for ease of analysis. If we were to redeem the securities on the relevant contingent coupon payment date in either of the examples below, you would receive the face amount on the contingent coupon payment date in addition to a final contingent coupon payment, if otherwise payable.

Example 1. The closing value of the lowest performing Underlier on the relevant calculation day is greater than or equal to its coupon threshold value. As a result, investors receive a contingent coupon payment on the applicable contingent coupon payment date:

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\n	\n	\n	\n
\n \n	\n Russell 2000® Index \n	\n S&P 500® Index \n	\n State Street® Utilities Select Sector SPDR® ETF \n
\n Hypothetical starting value: \n	\n 100.00 \n	\n 100.00 \n	\n $100.00 \n
\n Hypothetical closing value on the relevant calculation day: \n	\n 90.00 \n	\n 95.00 \n	\n $98.00 \n
\n Hypothetical coupon threshold value: \n	\n 70.00 \n	\n 70.00 \n	\n $70.00 \n
\n Performance factor: \n	\n 90.00% \n	\n 95.00% \n	\n 98.00% \n

Step 1: Determine which Underlier is the lowest performing Underlier on the relevant calculation day.

In this example, the Russell 2000® Index has the lowest performance factor and is, therefore, the lowest performing Underlier on the relevant calculation day.

Step 2: Determine whether a contingent coupon payment will be paid on the applicable contingent coupon payment date.

Since the hypothetical closing value of the lowest performing Underlier on the relevant calculation day is greater than or equal to its hypothetical coupon threshold value, you would receive a contingent coupon payment on the applicable contingent coupon payment date. The contingent coupon payment would be equal to $8.67 per security, determined as follows: (i) $1,000 multiplied by 10.40% per annum divided by (ii) 12, rounded to the nearest cent.

PRS-18

Market Linked Securities—Callable with Contingent Coupon and Contingent Downside

Principal at Risk Securities Linked to the Lowest Performing of the Russell 2000® Index, the S&P 500® Index and the State Street® Utilities Select Sector SPDR® ETF due October 10, 2031

Example 2. The closing value of the lowest performing Underlier on the relevant calculation day is less than its coupon threshold value. As a result, investors do not receive a contingent coupon payment on the applicable contingent coupon payment date:

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\n	\n	\n	\n
\n \n	\n Russell 2000® Index \n	\n S&P 500® Index \n	\n State Street® Utilities Select Sector SPDR® ETF \n
\n Hypothetical starting value: \n	\n 100.00 \n	\n 100.00 \n	\n $100.00 \n
\n Hypothetical closing value on the relevant calculation day: \n	\n 69.00 \n	\n 125.00 \n	\n $105.00 \n
\n Hypothetical coupon threshold value: \n	\n 70.00 \n	\n 70.00 \n	\n $70.00 \n
\n Performance factor: \n	\n 69.00% \n	\n 125.00% \n	\n 105.00% \n

Step 1: Determine which Underlier is the lowest performing Underlier on the relevant calculation day.

In this example, the Russell 2000® Index has the lowest performance factor and is, therefore, the lowest performing Underlier on the relevant calculation day.

Step 2: Determine whether a contingent coupon payment will be paid on the applicable contingent coupon payment date.

Since the hypothetical closing value of the lowest performing Underlier on the relevant calculation day is less than its hypothetical coupon threshold value, you would not receive a contingent coupon payment on the applicable contingent coupon payment date. As this example illustrates, whether you receive a contingent coupon payment on a contingent coupon payment date will depend solely on the closing value of the lowest performing Underlier on the relevant calculation day. The performance of the better performing Underliers is not relevant to your return on the securities.

PRS-19

Market Linked Securities—Callable with Contingent Coupon and Contingent Downside

Principal at Risk Securities Linked to the Lowest Performing of the Russell 2000® Index, the S&P 500® Index and the State Street® Utilities Select Sector SPDR® ETF due October 10, 2031

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Hypothetical Payment at Stated Maturity

Set forth below are examples of calculations of the maturity payment amount payable at stated maturity, assuming that we have not redeemed the securities prior to the stated maturity date and assuming the hypothetical starting value, coupon threshold value, downside threshold value and ending values for each Underlier indicated in the examples. The terms used for purposes of these hypothetical examples do not represent any actual starting value, coupon threshold value or downside threshold value. The hypothetical starting value of 100.00 for each Underlier has been chosen for illustrative purposes only and does not represent the actual starting value for any Underlier. The actual starting value, coupon threshold value and downside threshold value for each Underlier are set forth under “Terms of the Securities” above. For actual historical data of the Underliers, see the historical information set forth herein. These examples are for purposes of illustration only and the values used in the examples may have been rounded for ease of analysis.

Example 1. The ending value of the lowest performing Underlier on the final calculation day is greater than its starting value. As a result, the maturity payment amount is equal to the face amount of your securities and you receive a final contingent coupon payment:

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\n	\n	\n	\n
\n \n	\n Russell 2000® Index \n	\n S&P 500® Index \n	\n State Street® Utilities Select Sector SPDR® ETF \n
\n Hypothetical starting value: \n	\n 100.00 \n	\n 100.00 \n	\n $100.00 \n
\n Hypothetical ending value: \n	\n 145.00 \n	\n 125.00 \n	\n $135.00 \n
\n Hypothetical coupon threshold value: \n	\n 70.00 \n	\n 70.00 \n	\n $70.00 \n
\n Hypothetical downside threshold value: \n	\n 65.00 \n	\n 65.00 \n	\n $65.00 \n
\n Performance factor: \n	\n 145.00% \n	\n 125.00% \n	\n 135.00% \n

Step 1: Determine which Underlier is the lowest performing Underlier on the final calculation day.

In this example, the S&P 500® Index has the lowest performance factor and is, therefore, the lowest performing Underlier on the final calculation day.

Step 2: Determine the maturity payment amount based on the ending value of the lowest performing Underlier on the final calculation day.

Since the hypothetical ending value of the lowest performing Underlier on the final calculation day is greater than its hypothetical downside threshold value, the maturity payment amount would equal the face amount. Although the hypothetical ending value of the lowest performing Underlier on the final calculation day is significantly greater than its hypothetical starting value in this scenario, the maturity payment amount will not exceed the face amount.

In addition to any contingent coupon payments received during the term of the securities, on the stated maturity date you would receive $1,000 per security. In addition, because the hypothetical ending value of the lowest performing Underlier on the final calculation day is greater than its hypothetical coupon threshold value, you would receive a final contingent coupon payment on the stated maturity date.

PRS-20

Market Linked Securities—Callable with Contingent Coupon and Contingent Downside

Principal at Risk Securities Linked to the Lowest Performing of the Russell 2000® Index, the S&P 500® Index and the State Street® Utilities Select Sector SPDR® ETF due October 10, 2031

Example 2. The ending value of the lowest performing Underlier on the final calculation day is less than its starting value but greater than its coupon threshold value and its downside threshold value. As a result, the maturity payment amount is equal to the face amount of your securities, and you will receive a final contingent coupon payment:

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\n	\n	\n	\n
\n \n	\n Russell 2000® Index \n	\n S&P 500® Index \n	\n State Street® Utilities Select Sector SPDR® ETF \n
\n Hypothetical starting value: \n	\n 100.00 \n	\n 100.00 \n	\n $100.00 \n
\n Hypothetical ending value: \n	\n 90.00 \n	\n 105.00 \n	\n $115.00 \n
\n Hypothetical coupon threshold value: \n	\n 70.00 \n	\n 70.00 \n	\n $70.00 \n
\n Hypothetical downside threshold value: \n	\n 65.00 \n	\n 65.00 \n	\n $65.00 \n
\n Performance factor: \n	\n 90.00% \n	\n 105.00% \n	\n 115.00% \n

Step 1: Determine which Underlier is the lowest performing Underlier on the final calculation day.

In this example, the Russell 2000® Index has the lowest performance factor and is, therefore, the lowest performing Underlier on the final calculation day.

Step 2: Determine the maturity payment amount based on the ending value of the lowest performing Underlier on the final calculation day.

Since the hypothetical ending value of the lowest performing Underlier on the final calculation day is less than its hypothetical starting value, but not by more than 35%, you would receive the face amount of your securities at maturity.

Example 3. The ending value of the lowest performing Underlier on the final calculation day is less than its starting value and its coupon threshold value but greater than its downside threshold value. As a result, the maturity payment amount is equal to the face amount of your securities at maturity; however, you would not receive a final contingent coupon payment at maturity:

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\n	\n	\n	\n
\n \n	\n Russell 2000® Index \n	\n S&P 500® Index \n	\n State Street® Utilities Select Sector SPDR® ETF \n
\n Hypothetical starting value: \n	\n 100.00 \n	\n 100.00 \n	\n $100.00 \n
\n Hypothetical ending value: \n	\n 67.50 \n	\n 115.00 \n	\n $110.00 \n
\n Hypothetical coupon threshold value: \n	\n 70.00 \n	\n 70.00 \n	\n $70.00 \n
\n Hypothetical downside threshold value: \n	\n 65.00 \n	\n 65.00 \n	\n $65.00 \n
\n Performance factor: \n	\n 67.50% \n	\n 115.00% \n	\n 110.00% \n

Step 1: Determine which Underlier is the lowest performing Underlier on the final calculation day.

In this example, the Russell 2000® Index has the lowest performance factor and is, therefore, the lowest performing Underlier on the final calculation day.

Step 2: Determine the maturity payment amount based on the ending value of the lowest performing Underlier on the final calculation day.

In addition to any contingent coupon payments received during the term of the securities, on the stated maturity date you would receive $1,000 per security. However, because the hypothetical ending value of the lowest performing Underlier on the final calculation day is less than its hypothetical coupon threshold value, you would not receive a final contingent coupon payment on the stated maturity date.

PRS-21

Market Linked Securities—Callable with Contingent Coupon and Contingent Downside

Principal at Risk Securities Linked to the Lowest Performing of the Russell 2000® Index, the S&P 500® Index and the State Street® Utilities Select Sector SPDR® ETF due October 10, 2031

Example 4. The ending value of the lowest performing Underlier on the final calculation day is less than its downside threshold value. As a result, the maturity payment amount is less than the face amount of your securities and you do not receive a final contingent coupon payment at maturity:

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

\n	\n	\n	\n
\n \n	\n Russell 2000® Index \n	\n S&P 500® Index \n	\n State Street® Utilities Select Sector SPDR® ETF \n
\n Hypothetical starting value: \n	\n 100.00 \n	\n 100.00 \n	\n $100.00 \n
\n Hypothetical ending value: \n	\n 120.00 \n	\n 75.00 \n	\n $45.00 \n
\n Hypothetical coupon threshold value: \n	\n 70.00 \n	\n 70.00 \n	\n $70.00 \n
\n Hypothetical downside threshold value: \n	\n 65.00 \n	\n 65.00 \n	\n $65.00 \n
\n Performance factor: \n	\n 120.00% \n	\n 75.00% \n	\n 45.00% \n

Step 1: Determine which Underlier is the lowest performing Underlier on the final calculation day.

In this example, the State Street® Utilities Select Sector SPDR® ETF has the lowest performance factor and is, therefore, the lowest performing Underlier on the final calculation day.

Step 2: Determine the maturity payment amount based on the ending value of the lowest performing Underlier on the final calculation day.

Since the hypothetical ending value of the lowest performing Underlier on the final calculation day is less than its hypothetical starting value by more than 35%, you would lose a portion of the face amount of your securities and receive the maturity payment amount equal to $450.00 per security, calculated as follows:

= $1,000 × performance factor of the lowest performing Underlier on the final calculation day

= $1,000 × 45.00%

= $450.00

In addition to any contingent coupon payments received during the term of the securities, on the stated maturity date you would receive $450.00 per security. Because the hypothetical ending value of the lowest performing Underlier on the final calculation day is less than its hypothetical coupon threshold value, you would not receive a final contingent coupon payment on the stated maturity date.

These examples illustrate that you will not participate in any appreciation of any Underlier, but will be fully exposed to a decrease in the lowest performing Underlier if the ending value of the lowest performing Underlier on the final calculation day is less than its downside threshold value, even if the ending values of the other Underliers have appreciated or have not declined below their respective downside threshold value.

To the extent that the starting value, coupon threshold value, downside threshold value and ending value of the lowest performing Underlier differ from the values assumed above, the results indicated above would be different.

PRS-22

Market Linked Securities—Callable with Contingent Coupon and Contingent Downside

Principal at Risk Securities Linked to the Lowest Performing of the Russell 2000® Index, the S&P 500® Index and the State Street® Utilities Select Sector SPDR® ETF due October 10, 2031

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The Russell 2000® Index

The Russell 2000® Index measures the capitalization-weighted price performance of 2,000 U.S. small-capitalization stocks listed on eligible U.S. exchanges and is designed to track the performance of the small-capitalization segment of the U.S. equity market. For more information about the Russell 2000® Index, see “Description of Equity Indices—The Russell Indices” in the accompanying market measure supplement.

Historical Information

We obtained the closing levels of the Russell 2000® Index in the graph below from Bloomberg Finance L.P. (“Bloomberg”), without independent verification.

The following graph sets forth daily closing levels of the Russell 2000® Index for the period from January 4, 2021 to October 7, 2026. The closing level on October 7, 2026 was 2,793.204. The historical performance of the Russell 2000® Index should not be taken as an indication of its future performance during the term of the securities.

_________

“Russell 2000®” and “FTSE Russell” are trademarks of the London Stock Exchange Group companies, and have been licensed to Wells Fargo & Company, our parent company, for use by Wells Fargo & Company and certain of its affiliated or subsidiary companies (including us). The securities, based on the performance of the Russell 2000® Index, are not sponsored, endorsed, sold or promoted by FTSE Russell and FTSE Russell makes no representation regarding the advisability of investing in the securities.

PRS-23

Market Linked Securities—Callable with Contingent Coupon and Contingent Downside

Principal at Risk Securities Linked to the Lowest Performing of the Russell 2000® Index, the S&P 500® Index and the State Street® Utilities Select Sector SPDR® ETF due October 10, 2031

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The S&P 500® Index

The S&P 500® Index consists of stocks of 500 companies selected to provide a performance benchmark for the U.S. equity markets. For more information about the S&P 500® Index, see “Description of Equity Indices—The S&P U.S. Indices” in the accompanying market measure supplement.

Historical Information

We obtained the closing levels of the S&P 500® Index in the graph below from Bloomberg, without independent verification.

The following graph sets forth daily closing levels of the S&P 500® Index for the period from January 4, 2021 to October 7, 2026. The closing level on October 7, 2026 was 7,801.77. The historical performance of the S&P 500® Index should not be taken as an indication of its future performance during the term of the securities.

_________

The S&P 500® Index is a product of S&P Dow Jones Indices LLC (“SPDJI”), and has been licensed to Wells Fargo & Company (“WFC”), our parent company, for use by WFC and certain of its affiliated or subsidiary companies (including us). Standard & Poor’s®, S&P® and S&P 500® are registered trademarks of Standard & Poor’s Financial Services LLC (“S&P”); Dow Jones® is a registered trademark of Dow Jones Trademark Holdings LLC (“Dow Jones”); and these trademarks have been licensed for use by SPDJI and sublicensed for certain purposes by WFC. The securities are not sponsored, endorsed, sold or promoted by SPDJI, Dow Jones, S&P, their respective affiliates, and none of such parties make any representation regarding the advisability of investing in such product(s) nor do they have any liability for any errors, omissions, or interruptions of the S&P 500® Index.

PRS-24

Market Linked Securities—Callable with Contingent Coupon and Contingent Downside

Principal at Risk Securities Linked to the Lowest Performing of the Russell 2000® Index, the S&P 500® Index and the State Street® Utilities Select Sector SPDR® ETF due October 10, 2031

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The State Street® Utilities Select Sector SPDR® ETF

The State Street® Utilities Select Sector SPDR® ETF (formerly known as the Utilities Select Sector SPDR® Fund) is issued by the Select Sector SPDR® Trust, a registered open-end management investment company. The State Street® Utilities Select Sector SPDR® ETF seeks investment results that correspond generally to the price and yield performance, before expenses, of the Utilities Select Sector Index, an equity index that is intended to provide investors with a way to track the movements of certain public companies that represent the utilities sector of the S&P 500® Index. For more information about the State Street® Utilities Select Sector SPDR® ETF, see “Description of Exchange-Traded Funds—The Select Sector SPDR® Funds” in the accompanying market measure supplement.

Historical Information

We obtained the closing prices of the State Street® Utilities Select Sector SPDR® ETF in the graph below from Bloomberg, without independent verification.

The following graph sets forth daily closing prices of the State Street® Utilities Select Sector SPDR® ETF for the period from January 4, 2021 to October 7, 2026. The closing price on October 7, 2026 was $41.15. The historical performance of the State Street® Utilities Select Sector SPDR® ETF should not be taken as an indication of its future performance during the term of the securities.

SPDR®, S&P® and S&P 500® are trademarks of Standard & Poor’s Financial Services LLC, and Select Sector® is a trademark of S&P Dow Jones Indices LLC (“S&P DJI”). The securities are not sponsored, endorsed, sold or promoted by the Select Sector SPDR Trust (the “SPDR Trust”), SSGA Funds Management, Inc. (“SSGA FM”), S&P DJI or Standard & Poor’s Financial Services LLC. None of the SPDR Trust, SSGA FM, S&P DJI or Standard & Poor’s Financial Services LLC makes any representations or warranties to the holders of the securities or any member of the public regarding the advisability of investing in the securities. None of the SPDR Trust, SSGA FM, S&P DJI or Standard & Poor’s Financial Services LLC will have any obligation or liability in connection with the registration, operation, marketing, trading or sale of the securities or in connection with Wells Fargo Finance LLC’s or Wells Fargo & Company’s use of information about the State Street® Utilities Select Sector SPDR® ETF.

PRS-25

Market Linked Securities—Callable with Contingent Coupon and Contingent Downside

Principal at Risk Securities Linked to the Lowest Performing of the Russell 2000® Index, the S&P 500® Index and the State Street® Utilities Select Sector SPDR® ETF due October 10, 2031

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United States Federal Tax Considerations

You should review carefully the section entitled “United States Federal Tax Considerations” in the accompanying product supplement. The following discussion, when read in combination with that section, constitutes the full opinion of our counsel, Davis Polk & Wardwell LLP, regarding the material U.S. federal income tax consequences of owning and disposing of the securities.

Generally, this discussion assumes that you purchased the securities for cash in the original issuance at the stated issue price and does not address other circumstances specific to you. Moreover, as discussed in the section entitled “United States Federal Tax Considerations” in the accompanying product supplement, we have not attempted to ascertain whether any issuer of any shares (or other equity interests) to which a security relates is a U.S. real property holding corporation or a passive foreign investment company. If any such issuer were so treated, certain adverse U.S. federal income tax consequences might apply, to a U.S. holder in the case of a passive foreign investment company, or to a non-U.S. holder in the case of a U.S. real property holding corporation. You should consult your tax advisor regarding these issues, including the effect any circumstances specific to you may have on the U.S. federal income tax consequences of your ownership of a security.

Due to the absence of statutory, judicial or administrative authorities that directly address the treatment of the securities or instruments that are similar to the securities for U.S. federal income tax purposes, no assurance can be given that the IRS or a court will agree with the tax treatment described herein. We intend to treat a security for U.S. federal income tax purposes as a prepaid derivative contract that provides for a coupon that will be treated as gross income to you at the time received or accrued in accordance with your regular method of tax accounting. In the opinion of our counsel, this treatment of the securities is reasonable under current law; however, our counsel has advised us that it is unable to conclude affirmatively that this treatment is more likely than not to be upheld, and that alternative treatments are possible.

The U.S. Treasury Department and the IRS have requested comments on various issues regarding the U.S. federal income tax treatment of “prepaid forward contracts” and similar financial instruments and have indicated that such transactions may be the subject of future regulations or other guidance. In addition, members of Congress have proposed legislative changes to the tax treatment of derivative contracts. Any legislation, Treasury regulations or other guidance promulgated after consideration of these issues could materially and adversely affect the tax consequences of an investment in the securities, possibly with retroactive effect. You should consult your tax advisor regarding the U.S. federal income tax consequences of an investment in the securities, including possible alternative tax treatments of the securities and potential changes in applicable law.

Non-U.S. Holders. Because significant aspects of the tax treatment of the securities are uncertain, persons having withholding responsibility in respect of the securities may withhold on any coupon payment to you, generally at a rate of 30%. To the extent that we have (or an affiliate of ours has) withholding responsibility in respect of the securities, we intend to so withhold. In order to claim an exemption from, or a reduction in, the 30% withholding, you may need to comply with certification requirements to establish that you are not a U.S. person and are eligible for such an exemption or reduction under an applicable tax treaty. You should consult your tax advisor regarding the tax treatment of the securities, including the possibility of obtaining a refund of any amounts withheld and the certification requirement described above.

Section 871(m) of the Internal Revenue Code of 1986, as amended, and Treasury regulations promulgated thereunder (“Section 871(m)”) generally impose a 30% withholding tax on dividend equivalents paid or deemed paid to non-U.S. holders with respect to certain financial instruments linked to equities that could pay U.S.-source dividends for U.S. federal income tax purposes (each, an “Underlying Security”). An IRS notice excludes from the scope of Section 871(m) instruments issued prior to January 1, 2029 that do not have a delta of one with respect to any Underlying Security. Based on the terms of the securities and representations provided by us, our counsel is of the opinion that the securities should not be treated as transactions that have a “delta” of one within the meaning of the regulations with respect to any Underlying Security and, therefore, should not be subject to withholding tax under Section 871(m). A determination that the securities are not subject to Section 871(m) is not binding on the IRS, and the IRS may disagree with this determination. Section 871(m) is complex and its application may depend on your particular circumstances, including whether you enter into other transactions with respect to an Underlying Security. You should consult your tax advisor regarding the potential application of Section 871(m) to the securities.

In the event of any withholding on the securities, we will not be required to pay any additional amounts with respect to amounts so withheld.

PRS-26

Market Linked Securities—Callable with Contingent Coupon and Contingent Downside

Principal at Risk Securities Linked to the Lowest Performing of the Russell 2000® Index, the S&P 500® Index and the State Street® Utilities Select Sector SPDR® ETF due October 10, 2031

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Validity of the Securities and the Guarantee

In the opinion of Davis Polk & Wardwell LLP, as special counsel to Wells Fargo Finance LLC and Wells Fargo & Company, when the securities offered by this pricing supplement have been issued by Wells Fargo Finance LLC pursuant to the indenture, the trustee has made, in accordance with the instructions of Wells Fargo Finance LLC, the appropriate entries or notations in its records relating to the master global note that represents such securities (the “master note”) identifying such securities as supplemental obligations thereunder, and such securities have been delivered against payment as contemplated herein, such securities will be valid and binding obligations of Wells Fargo Finance LLC and the related guarantee will constitute a valid and binding obligation of Wells Fargo & Company, in each case, enforceable in accordance with their terms, subject to applicable bankruptcy, insolvency and similar laws affecting creditors’ rights generally, concepts of reasonableness and equitable principles of general applicability (including, without limitation, concepts of good faith, fair dealing and the lack of bad faith), provided that such counsel expresses no opinion as to (i) the enforceability of any waiver of rights under any usury or stay law or (ii)(x) the effect of fraudulent conveyance, fraudulent transfer or similar provision of applicable law on the conclusions expressed above or (y) any provision of the indenture that purports to avoid the effect of fraudulent conveyance, fraudulent transfer or similar provision of applicable law by limiting the amount of Wells Fargo & Company’s obligation under the related guarantee. This opinion is given as of the date hereof and is limited to the laws of the State of New York, the General Corporation Law of the State of Delaware and the Delaware Limited Liability Company Act, except that such counsel expresses no opinion as to (i) any law, rule or regulation that is applicable to Wells Fargo & Company or Wells Fargo Finance LLC, the indenture, the master note and the securities (the indenture, the master note and the securities referred to collectively as the “Documents”) or such transactions solely because such law, rule or regulation is part of a regulatory regime applicable to any party to any of the Documents or any of its affiliates due to the specific assets or business of such party or such affiliate or (ii) any law, rule or regulation relating to national security. In addition, this opinion is subject to customary assumptions about the trustee’s authorization, execution and delivery of the indenture and the authentication of the master note and the validity, binding nature and enforceability of the indenture with respect to the trustee, all as stated in the letter of such counsel dated January 22, 2026, which was filed as an exhibit to the Registration Statement on Form S-3 by Wells Fargo & Company on January 22, 2026.

PRS-27

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