New Issue: Wells Fargo prices $10.05 million 15-year step-up callable notes with 3% initial rate

New York, Dec. 15 – Wells Fargo & Co. priced $10.05 million of step-up callable notes due Dec. 15, 2032, according to a 424B2 filing with the Securities and Exchange Commission.

Interest will be 3% for the first three years, stepping up to 3.25% on Dec. 15, 2020, 3.5% on Dec. 15, 2022, 4% on Dec. 15, 2024, 4.5% on Dec. 15, 2026, 5% on Dec. 15, 2028 and 5.5% on Dec. 15, 2030. Interest is payable semi-annually.

The payout at maturity will be par.

The notes will be callable at par on any quarterly redemption date after three years.

Wells Fargo Securities LLC is the agent.

Issuer:	Wells Fargo & Co.
Issue:	Step-up callable notes
Amount:	$10.05 million
Maturity:	Dec. 15, 2032
Coupon:	3% initially, stepping up to 3.25% on Dec. 15, 2020, 3.5% on Dec. 15, 2022, 4% on Dec. 15, 2024, 4.5% on Dec. 15, 2026, 5% on Dec. 15, 2028 and 5.5% on Dec. 15, 2030; payable semiannually
Price:	Par
Payout at maturity:	Par
Call option:	At par on any quarterly date beginning Dec. 15, 2020
Pricing date:	Dec. 13
Settlement date:	Dec. 15
Agent:	Wells Fargo Securities, LLC
Fees:	1%
Cusip:	95000N3L1

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