Wells Fargo & Company 401(k) Plan

Frequently asked questions Wells Fargo & Company 401(k) Plan Below are answers to frequently asked questions about the Wells Fargo & Company 401(k) Plan ( 401(k) Plan ). These responses are meant to provide a summary response only to questions. For additional details, please refer to the Wells Fargo & Company 401(k) Plan Summary Plan Description ( SPD ), Wells Fargo & Company 401(k) Plan Summary of Material Modifications ( SMM ) as well as the fund fact sheets, disclosure documents and prospectuses that are posted on the 401(k) Plan site. Q1. Am I eligible to participate in the Wells Fargo 401(k) Plan? A1. The eligibility rules for the 401(k) Plan are below: To contribute you are eligible to make contributions if you complete one full calendar month of service; are classified as a regular or part-time team member by Wells Fargo; have certified compensation in a pay period in which you are actively employed at least one day; and are employed by a participating employer. For employer matching contributions if you are eligible to actively participate in the 401(k) Plan, you are eligible for the quarterly employer matching contributions as of the first day of the calendar quarter following completion of a 365-day period of employment. For discretionary profit sharing contributions if you were eligible to actively participate in the 401(k) Plan as of December 31 of the plan year (with certain exceptions), even if you did not make employee contributions to the 401(k) Plan during the year; you have completed one year of service with Wells Fargo by September 30 of the plan year; you received certified compensation from a participating employer during the plan year; and you were not on a salary continuation leave of absence on December 31 of the plan year. Q2. How do I enroll in the Wells Fargo 401(k) Plan? A2. Eligible team members can enroll in the 401(k) Plan at any time by signing on to the 401(k) Plan site or by phone. Your enrollment will be effective on the next available payroll cycle following your enrollment in the 401(k) Plan. Enroll online - From work: go to Teamworks, then select 401(k) Plan under Pay & Benefits From home: go to teamworks.wellsfargo.com, and then select Wells Fargo & Company 401(k) Plan Active team members under Retirement & Stock Plans 1

Enroll by phone - Call 1-877-HRWELLS (1-877-479-3557), option 1 to speak to a plan specialist. Relay service calls are accepted. Plan specialists are available Monday through Friday, 8:00 a.m. to 9:00 p.m. Eastern Time. Q3. Will I be immediately vested in the Wells Fargo 401(k) Plan? A3. You are always 100% vested in your own contributions to the 401(k) Plan. If you were an employee of Wells Fargo on or after January 1, 2010, you are immediately 100% vested in the employer matching contributions and associated earnings. You will become 100% vested in the employer discretionary profit sharing contributions after you complete three years of vesting service. You earn a year of vesting service for each 365-day period you work. Q4. What is the easy enrollment feature? A4. Easy enrollment is a feature that is available to new enrollees. Easy enrollment provides the following: Preset contribution rate of 6% Contributions automatically invested in a Wells Fargo/State Street Target Date CIT based on your normal retirement age of 65 Auto rebalance of your entire 401(k) Plan account, assuming certain criteria are met, generally every three months to reflect your current investment elections Automatic 1% contribution rate increase annually, generally in March of each year, up to a maximum of 12% Automatic reinvestment of dividends in the Wells Fargo ESOP Fund You can change your contribution rate, your participation in the automatic 1% increase and auto rebalance features, and/or the investment of your account at any time. Please note: Although the maximum is 12% for the automatic increase feature, the maximum amount you may contribute to the 401(k) Plan is 50% of your certified compensation, up to the Internal Revenue Code (IRC) 402(g) limit (which is $18,500 in 2018). Q5. How does the automatic 1% contribution increase feature work? A5. If your contribution rate is less than 12% and you elect the automatic 1% increase, your contribution rate will automatically increase by 1% annually, generally in March of each year, up to a maximum of 12%. You can start or stop the annual automatic 1% increase at any time. You can take advantage of the automatic 1% increase feature when you first enroll or at any time after you enroll in the 401(k) Plan. 2

Q6. How do I designate beneficiaries for my 401(k) Plan account? A6. Designate your beneficiaries for your 401(k) Plan account on the 401(k) Plan site. When you sign on to the 401(k) Plan site for the first time, messaging will display to encourage you to make your beneficiary designation(s). Your beneficiary designation for the 401(k) Plan is separate from your other benefit and retirement plans. It s a good idea to periodically review all of your beneficiary designations to ensure that they reflect your wishes. To make or change your beneficiary designation for your 401(k) Plan account: Access your account online from Teamworks or teamworks.wellsfargo.com. Enter your Username and Password. If you are an inactive participant and do not have a username and password, you must establish a username and password by clicking on First Time User under View Your Retirement Accounts. From My Accounts, select My Profile, then select Manage Beneficiary. Spousal consent - If you are married and you want to designate someone other than your spouse as your sole primary beneficiary, the law requires that your spouse consent to this designation in writing (must also be notarized). You will receive a spousal consent form in the mail after making your election. If your spouse does not consent, your vested 401(k) Plan accounts will be paid to your surviving spouse. The spousal consent requirement does not apply to a domestic partner or same-sex spouse. Once you elect a 401(k) Plan beneficiary, your election will be displayed on your quarterly account statement. If you do not have a valid 401(k) Plan beneficiary election on file or if your designated beneficiary or beneficiaries predecease you, the 401(k) Plan provides for an automatic designation of beneficiaries in the following order: 1. Your surviving spouse or domestic partner 2. Your children equally, except that if any of your children predeceases you but leaves surviving descendants, the descendants shall take the share their parent would have taken if living 3. Your parents, equally 4. Your brothers and sisters, equally 5. Your estate Q7. Can I roll over contributions from another plan into the 401(k) Plan? A7. If you are eligible to participate in the 401(k) Plan, you may be able to roll over a distribution from your former employer s qualified retirement plan such as a 401(k) plan, profit sharing plan, money purchase plan, pension plan, 403(b) plan, 457 plan, or other qualified plan. Roth contributions, after-tax contributions, and loan-offsets from your former employer s qualified retirement plan may also be rolled to this 401(k) Plan. 3

Rollover contributions may only be accepted in cash (no in-kind rollovers of stock shares or certificates are accepted). Although you do have to be eligible to participate in the 401(k) Plan, you do not have to be making employee contributions to be eligible to roll over qualified contributions into the 401(k) Plan. Rollover contributions may require certification from the prior plan administrator or plan sponsor that those contributions qualify prior to being deposited in this 401(k) Plan. Your rollover proceeds will be invested in your 401(k) Plan account according to your investment elections on file. If you do not have investment elections on file, your rollover contributions will be invested in a Wells Fargo/State Street Target Date CIT based on your normal retirement age of 65. Rollover contributions are not eligible for the employer matching contributions. To initiate the rollover process, download the 401(k) Plan rollover form under Plan Forms on the 401(k) Plan site or call 1-877-HRWELLS (1-877-479-3557), option 1 to speak with a plan specialist. Q8. What limits affect my contributions and Wells Fargo s contributions to my 401(k) Plan account? A8. The following 401(k) Plan or IRC limits affect contributions: IRC Section 401(a)(17) limits compensation that may be considered for calculating your employee contributions, matching contributions, and any discretionary profit sharing contributions for a calendar year. For 2018, the compensation limit is $275,000. IRC Section 402(g) limits your before-tax and Roth deferral contributions, or a combination of both, to your 401(k) Plan account (plus any amount you deferred under any other employer s qualified plan in a calendar year). For 2018, the maximum deferral limit is $18,500. If you are age 50 or will reach age 50 in the calendar year, you may make before-tax and Roth catch-up contributions to your 401(k) Plan account. For 2018, the combined before-tax and Roth catch-up contribution limit is $6,000. IRC Section 415 limits the total amount of employee contributions, matching contributions, and any discretionary employer contributions made to your 401(k) Plan account in a calendar year. Catch-up contributions are not included in this limit. For 2018, the limit is the lesser of $55,000, or 100% of your eligible compensation. Q9. How does certified compensation affect contributions to my 401(k) Plan account? A9. Your employee contributions, employer matching contributions, and employer discretionary profit sharing contributions to your 401(k) Plan are calculated on your certified compensation. Certified compensation generally includes all compensation you receive from a participating employer during the plan year while you are an eligible team member that is reportable on Form W-2, with a few exceptions. 4

Certified compensation includes any employee contributions made under the 401(k) Plan and salary reductions made to an IRC Section 125 Plan (including contributions to the Wells Fargo & Company Health Plan and Wells Fargo & Company Health Care Flexible Spending Accounts Plan) or qualified transportation program. Certified compensation does not include relocation expenses, perquisites, salary continuation pay, severance pay, contributions to or distributions from nonqualified deferred compensation plans, stock option or other equity gains and other forms of compensation. For more information, refer to the 401(k) Plan SPD. The amount of compensation that can be considered on an annual basis is also subject to an annual IRS limitation. Certified compensation for purposes of the employer matching contributions and employer discretionary contributions is counted only after you satisfy the service eligibility requirements. Q10. What are Roth contributions? A10. In addition to making before-tax contributions, you have the option to make Roth contributions to your 401(k) Plan account. Roth contributions are made on an after-tax basis, which means they are deducted from eligible pay after federal, state, and local income taxes have been withheld. The advantage is that you will not pay taxes on your Roth contributions upon distribution from your 401(k) Plan account (for example - at retirement). Investment earnings on your Roth contributions will not be taxed in the event of your death or if you meet the following criteria when withdrawing your Roth account: Your Roth account must be at least five years old at the time of distribution; and You must be over age 59½; or You must be disabled, as defined by the 401(k) Plan. Q11. Are loans available from the 401(k) Plan? A11. Three loans are allowed from the 401(k) Plan at any one time, of which only one loan may be classified as a principal residence loan. If you have a deemed loan, you are prohibited from taking a new loan from the 401(k) Plan until the deemed loan is paid in full. To learn more about loans, including required documentation, download the Loan Rules on the 401(k) Plan site or call 1-877-HRWELLS (1-877-479-3557), option 1 to speak with a plan specialist. Q12. What is a principal residence loan? A12. A principal residence loan is available only for the purchase or construction of your principal residence. It cannot be used to remodel or refinance your existing home or to pay off an existing mortgage. The minimum term is 61 months and the maximum term is 20 years. When you request a principal residence loan from your 401(k) Plan account with a repayment period in excess of five years for the purchase or construction of your primary 5

residence, the IRS requires that you provide documentation to the plan administrator verifying the home purchase or construction before the loan can be approved. Q13. How is the interest rate determined for 401(k) Plan loans? A13. The interest rate is determined daily and is set at 2% above the prime rate charged by Wells Fargo Bank, N.A., the Plan Trustee. The interest rate remains the same throughout the entire term of the loan. Both general purpose loans and principal residence loans bear the same interest rate. The interest you pay on a 401(k) Plan loan is invested in your 401(k) Plan account. Q14. What amount is available for a 401(k) Plan loan? A14. The minimum amount for a loan is $500. Federal law sets the maximum amount for a loan. The maximum amount available for a loan is the lesser of (a) $50,000, less the highest outstanding balance of all 401(k) Plan loans in the past 12-month period (including any defaulted loans, plus accrued interest); or (b) 50% of your vested 401(k) Plan account balance. The actual application of the above statements is as follows: Verify that you have a loan available from the Plan (3 outstanding at any time). Total Account Balance divided by 2 (half of the total account balance) minus any outstanding loan balances = Maximum Plan Loan Availability. $50,000 minus the highest outstanding loan balance in a rolling 12 month period = Maximum IRS Loan Availability. Compare the Maximum Plan Loan Availability and the Maximum IRS Loan Availability amounts. The lesser of these two amounts is what would be available for a new loan. Q15. Which of the funds enforce trading restrictions? A15. A few of the investment options in the 401(k) Plan enforce trading restrictions as a way to protect existing investors from the impact of frequent trading activity. The following funds impose 30-day purchase restrictions, if you transfer $5,000 or more out of the fund: Global Bond Fund Large Cap Value Fund Large Cap Growth Fund Small Cap Fund International Equity Fund Emerging Markets Equity Fund Wells Fargo/State Street Target Date CITs 6

If you transfer or reallocate $5,000 or more from any of the funds listed above, you are required to wait 30 calendar days before transferring or reallocating $5,000 or more back into the same fund; however, you may continue to transfer or reallocate assets out of the fund during this 30-day time period. Trading restrictions apply only to participantdirected transfers and reallocations. Trading restrictions do not apply to employee contributions, loan repayments, rollovers, transfers out for new loans, in-service withdrawals, or distributions. Certain restrictions will also apply if you transfer all or any portion of your balance in the Wells Fargo Stable Value Fund to the new Wells Fargo 100% Treasury Money Market Fund. The 100% Treasury Money Market Fund is considered a competing fund to the Stable Value Fund. You may not transfer directly from the Stable Value Fund to the 100% Treasury Money Market Fund. If you d like to transfer money from the Stable Value Fund to the 100% Treasury Money Market Fund, you ll first need to transfer the money for 90 days into one or more of the other investment fund options within the 401(k) Plan. All other investment fund options in the 401(k) Plan are considered noncompeting funds. After 90 days, you can transfer the money from any noncompeting fund or funds you chose into the 100% Treasury Money Market Fund. Q16. How do the Wells Fargo/State Street Target Date CITs work? A16. Each target date fund is a multi-fund portfolio designed for your retirement timeframe you simply consider the target date fund that most closely corresponds to the year in which you plan to retire. Through the target date fund s underlying investment funds, you have a well-diversified portfolio that offers exposure to small-, mid- and large-cap domestic and international stocks, as well as bonds and money market instruments. As you approach and enter retirement, the asset mix in the fund gradually and automatically becomes more conservative by reducing the proportion invested in stocks and increasing the proportion invested in bonds and money market securities. Q17. How do I calculate the equivalent number of shares of Wells Fargo & Company common stock that I have in the Wells Fargo ESOP Fund? A17. The Wells Fargo ESOP Fund is unitized, which means you do not own shares of Wells Fargo & Company common stock directly. Instead, you own units in the Wells Fargo ESOP Fund. You can calculate the approximate number of shares of Wells Fargo & Company common stock held in your Plan account by taking the market value of your total units held in the Wells Fargo ESOP and dividing it by the closing share price on the New York Stock Exchange of the Wells Fargo & Company common stock from the prior business day. This calculation will result in an approximate number of shares held in your Plan account, but not the exact number of shares due to the small balance of cash held in the Wells Fargo ESOP Fund to provide for liquidity. 7

Q18. How are the 401(k) Plan s investment choices evaluated? A18. The investment choices offered within the 401(k) Plan are monitored and reviewed formally on a quarterly basis. This review process includes a detailed evaluation of each choice s results relative to comparable types of strategies and/or market benchmarks over various short and long-term time periods and the expenses associated with each of the choices. Also, as a function of this review process, consideration is given to the types of funds to be offered in the 401(k) Plan with an emphasis on striking a balance between providing a range of choices to allow our team members the ability to achieve a well diversified investment strategy and avoiding providing an excessive number of choices as to make it problematic and difficult for our broad base of participants to make well-informed decisions regarding this important aspect of their retirement program. Q19. Why does the 401(k) Plan offer multimanager funds instead of individual mutual funds? A19. The multimanager funds are constructed in a similar manner to how many large corporations, governments and other institutional investors manage large portfolios of assets. Rather than concentrating all of the assets with a single manager, multiple managers are used to provide additional diversification benefits that result from the combination of strategies and also the complementary results that can be derived from mixing managers together, even within a general asset class, which may perform differently depending on particular market conditions. Furthermore, these multimanager funds are in some instances structured to take advantage of various investment vehicles in order to achieve more efficient pricing. Detailed information regarding the composition of these multimanager funds can be found on their respective Fund Fact Sheets and the investment disclosure document located on the 401(k) Plan site. Q20. How do I track the investment returns on the multimanager investment options? A20. You can find the performance of the combination of these managers historical results according to their prescribed allocation weightings for each of the multimanager funds on the quarterly fund fact sheets, which can be found on the 401(k) Plan site. Reported performance will be based on the 'live' track record of the custom fund itself beginning with the first full month following their inception date. Each month, actual return history is posted on the 401(k) Plan site and the Fund Fact Sheets are updated quarterly to reflect performance history. 8

Q21. Where can I find the ticker symbols for the State Street Global Advisors (SSGA) funds offered in the 401(k) plan? A21. The SSGA funds are collective investment funds, and as such, are not publicly traded like a typical mutual fund; therefore, SSGA funds do not have ticker symbols. Collective investment funds are only available to certain qualified plans and cannot be purchased on an open market. These types of funds are often used by plans the size of Wells Fargo s 401(k) Plan in order to obtain access to investment strategies at a cost to our team members that is lower than a comparable mutual fund s fees and/or that is simply not available as a publicly traded mutual fund alternative from a particular investment manager. Please refer to the Fund Fact Sheets available on the 401(k) Plan site for details on these funds. Q22. Why are my holdings of some of the 401(k) Plan investment funds shown in units and some in shares? A22. There are different situations where the 401(k) Plan investment funds are priced in units: The multimanager investment funds are unitized as they contain multiple underlying investment funds, including both collective funds and mutual funds, and the mutual funds that are included rebate back a portion of the investment management fees to the 401(k) Plan. The Wells Fargo ESOP Fund is unitized as it contains both shares of Wells Fargo & Company common stock and a small balance of cash to provide for liquidity. The Wells Fargo 100% Treasury Money Market Fund is unitized as the fund rebates back a portion of the investment management fees to the 401(k) Plan, which effectively lowers the cost of this fund for participants in the 401(k) Plan. Q23. Which funds in the 401(k) Plan are unitized? A23. The following funds in the 401(k) Plan are unitized: Wells Fargo 100% Treasury Money Market Global Bond Fund Large Cap Value Fund Large Cap Growth Fund Small Cap Value Fund International Equity Fund Emerging Markets Equity Fund Wells Fargo ESOP Fund Q24. What is Cost Basis? A24. Cost basis is the fair market value of Wells Fargo & Company common stock each time you invest in the Wells Fargo ESOP Fund. 9

Q25. What is Net Unrealized Appreciation? A25. Net Unrealized Appreciation is the difference between the cost basis of your stock and the fair market value of that stock. Net unrealized appreciation generally is the increase in the value of the stock while the 401(k) Plan holds it. Q26. Who is responsible for choosing the investment options offered within the 401(k) Plan? A26. As provided by the terms of the 401(k) Plan, the Employee Benefits Review Committee (EBRC) selects and monitors the 401(k) Plan s investment options. Internal investment advisors and an outside independent investment advisor assist the EBRC in discharging these duties. Q27. Does the 401(k) Plan offer a company stock fund as an investment option? A27. Yes, the 401(k) Plan offers the Wells Fargo ESOP Fund as a company stock investment option. The Wells Fargo ESOP fund is a unitized fund invested primarily in shares of Wells Fargo & Company common stock. Eligible 401(k) Plan participants can elect to invest in the Wells Fargo ESOP Fund, which is the portion of the 401(k) Plan considered an Employee Stock Ownership Plan (ESOP). Team members can elect to have the common stock dividends either reinvested in the Wells Fargo ESOP Fund or paid out to them in cash. You may diversify funds out of the Wells Fargo ESOP Fund into any of the other investment options under the 401(k) Plan at any time. Q28. Where can I find information about the investment management fees? A28. The investment management fees are disclosed in the Wells Fargo & Company 401(k) Plan Prospectus ( Prospectus ) Addendum C and in the Wells Fargo & Company 401(k) Plan Comparative Fee Disclosure Chart, both of which are posted on the 401(k) Plan site. Q29. What is meant by diversification? A29. To help achieve long-term retirement security, you should give careful consideration to the benefits of a well-balanced and diversified investment portfolio. Spreading your assets among different types of investments can help you achieve a favorable rate of return, while minimizing your overall risk of losing money. This is because market or other economic conditions that cause one category of assets, or one particular security, to perform very well often cause another asset category, or another particular security, to perform poorly. If you invest more than 20% of your retirement savings in any one company or industry, your savings may not be properly diversified. Although diversification is not a guarantee against loss, it is an effective strategy to help you manage investment risk. 10

Q30. Who is the recordkeeper and what recordkeeping system do they use to administer the 401(k) Plan? A30. Recordkeeping and trustee services are provided by Wells Fargo Institutional Retirement and Trust, a business unit of Wells Fargo Bank, N.A. Wells Fargo Institutional Retirement and Trust uses the WySTAR recordkeeping system. Q31. Can I withdraw funds from my 401(k) Plan account while I m employed with Wells Fargo? A31. You may be entitled to request a withdrawal of all or a portion of your vested 401(k) Plan accounts while you re actively employed at Wells Fargo. Some legal restrictions apply to withdrawals of certain 401(k) Plan contributions. The following types of in-service withdrawals are available from the 401(k) Plan: After-tax withdrawals Regular withdrawals Age 59½ all available withdrawals Age 59½ taxable only withdrawals Age 59½ Roth only withdrawals Hardship withdrawals Q32. How are the employer matching contributions determined? A32. Wells Fargo matches your employee contributions, dollar for dollar, up to 6% of your certified compensation, up to the IRS limit, allocated on a quarterly basis. Catch-up contributions are generally not eligible for matching contributions. Q33. How are employer matching contributions invested? A33. Employer matching contributions are 100% invested in the Wells Fargo ESOP Fund. You may elect to transfer your employer matching contributions into other investment funds offered under the 401(k) Plan at any time. Q34. Do I have to be employed on the last day of the calendar quarter to receive the employer matching contributions? A34. You do not have to be employed on the last day of the calendar quarter to be eligible to receive matching contributions for that quarter. If you are eligible for the employer matching contributions and made eligible employee contributions to the 401(k) Plan during your last quarter of employment, you will receive the matching contributions on those eligible employee contributions at the end of the quarter. 11

Q35. If I reach the combined before-tax and Roth contribution limit during the year, will my employer matching contributions be limited? A35. If you are eligible to receive employer matching contributions during a plan year and do not receive the maximum matching contribution possible on your eligible employee contributions due to the quarterly limit on matching contributions of 6% of your certified compensation or due to reaching the contribution limit early in the calendar year, your matching contributions may continue in quarters in which you are eligible but do not make employee contributions, up to the annual match limit. This is commonly referred to as a match true-up. Q36. When will I receive the employer matching contributions? A36. The employer matching contributions will be paid generally on the last business day of each calendar quarter, assuming you meet the eligibility criteria. Q37. If I will not be eligible for match until later this year, do I need to take this into consideration when electing my employee contribution rate? A37. Yes, if you will not be eligible for the employer matching contributions until later in the plan year, you need to carefully consider your employee contribution rate before you become match eligible. You will not receive employer-matching contributions on employee contributions made before the quarter in which you are eligible for employer matching contributions. That means if you reach the annual IRS limit on employee contributions prior to becoming match eligible, you will not receive matching contributions for that calendar year. Q38. Who decides if a profit sharing contribution will be made for a particular year? A38. The Human Resources Committee of the Wells Fargo & Company Board of Directors makes the decision based on company performance. Q39. What are the eligibility rules for the profit sharing contribution? A39. Generally, eligible team members employed on the last day of the plan year will be eligible for the profit sharing contribution, even if you did not contribute to the 401(k) Plan during the plan year. Refer to the 401(k) Plan SPD for additional details. You are eligible if you: Were a regular or part-time U.S.-based Wells Fargo team member. Received certified compensation from a Wells Fargo-participating employer during the calendar year. Were employed by Wells Fargo on the last day of the calendar year, with certain exceptions, including retirement at age 65 or older, disability as defined by the 401(k) Plan, or death. 12

Completed at least one year of service with Wells Fargo prior to the start of the calendar year, or were credited with at least one year of vesting service during the calendar year. If you do not have at least one year of vesting service prior to the start of the calendar year but complete one year of vesting service during the year, you will be eligible to receive the profit sharing contribution, which will be based on your certified compensation paid during the period, beginning the first day of the calendar quarter that follows the date on which you complete one year of service through the end of the calendar year. Were not on a Salary Continuation Leave on the last day of the calendar year. Q40. If the Human Resources Committee of the Board approves a profit sharing contribution, when will the profit sharing contribution be posted to my 401(k) Plan account? A40. The profit sharing contribution will generally be posted to your 401(k) Plan account no later than June 30 following the year for which the profit sharing contribution is applicable, assuming that you meet the eligibility rules. Once processed, you can view the profit sharing contribution in your account on the 401(k) Plan site, and the contribution will appear on your first or second quarter statement, depending on the contribution date. Refer to profit sharing contribution announcements for the exact contribution date for any particular year. Q41. How will the profit sharing contribution be invested? A41. The profit sharing contribution is invested in the Wells Fargo ESOP Fund. You can reallocate the contribution to any of the other investment options in the 401(k) Plan at any time. Q42. When will I be vested in the profit sharing contribution? A42. You will be 100% vested in your profit sharing contributions after three years of vesting service. You earn a year of vesting service for each 365-day period you work. If you have one or two years of service, you will be 0% vested in your profit sharing contributions. After three years of service, you will be 100% vested in your profit sharing contributions. The vesting provision applies to your years of service and not to each profit sharing contribution independently. 13

Q43. What compensation is used to calculate the profit sharing contribution? A43. If you have completed one year of vesting service with Wells Fargo prior to the beginning of the calendar year for which a profit sharing contribution will be made, your profit sharing contribution will be based on your certified compensation paid from a participating employer during the calendar year, assuming you satisfy the other eligibility requirements. If you have not completed one year of vesting service with Wells Fargo prior to the beginning of the calendar year for which a profit sharing contribution will be made, your profit sharing contribution for that year will be based only on your certified compensation paid from a participating employer after the first day of the calendar quarter that follows the date you complete one year of vesting service through the last day of that year,* assuming you satisfy the other eligibility requirements. *If you met the one year of vesting service requirement on or after October 1 of the calendar year, then your profit sharing contribution will be $0 because the profit sharing contribution is based on certified compensation for the period beginning the first day of the calendar quarter that follows the date on which you complete one year of vesting service through the end of the calendar year; therefore, the first of the calendar quarter following October 1 is January 1 of the next year. Q46. What percentage of my certified compensation will I receive as a profit sharing contribution if one is made for a particular year? A46. Wells Fargo may make a profit sharing contribution of up to 4% of each eligible team member s certified compensation for a calendar year. The contribution is discretionary, and Wells Fargo is not required to make a contribution for any year. Q47. When can I take a distribution from the 401(k) Plan? A47. When you terminate employment with Wells Fargo and all of its subsidiaries, or if you are determined to be disabled under the provisions of the 401(k) Plan, you are eligible to receive a distribution of your vested 401(k) Plan accounts. You may receive a distribution as a lump sum or partial lump sum. If your total vested 401(k) Plan accounts are $1,000 or less, distribution will be made to you in a single lump sum. If you transfer to an ineligible employment classification (i.e. flexible), to a nonparticipating subsidiary of Wells Fargo, or otherwise are ineligible to actively participate in the 401(k) Plan, you will not qualify for a distribution of your vested 401(k) Plan accounts until you terminate employment with Wells Fargo and all subsidiaries of Wells Fargo (with the exception of in-service withdrawals; see Q31). 14

Q48. What is the auto rebalance feature? A48. The auto rebalance feature is an optional feature that allows eligible participants to elect to have their entire 401(k) Plan accounts (all investments, including the Wells Fargo ESOP Fund) rebalanced generally every three months so that the amounts invested in stocks, bonds, and cash are realigned to their current investment allocation elections, subject to certain rules. Because different fund options experience different rates of gains or losses due to market fluctuations, periodically rebalancing your account will allow your 401(k) Plan account to continue to be aligned with your current asset allocation elections on file. When you elect to participate in the auto rebalance feature, the recordkeeping system will rebalance your entire 401(k) Plan account generally every three months, assuming certain rules are met. When rebalancing your 401(k) Plan account, the system will sell enough of the investment funds that are above your asset allocation percentages and buy enough of the funds that are below your asset allocation percentages until all investment funds in your account realign to your current investment allocation elections on file. Q49. Does the auto rebalance feature include the Wells Fargo ESOP Fund? A49. Yes, all of the 401(k) Plan investment funds are included. Before making a decision regarding your 401(k) Plan account that could result in an investment transfer out of the Wells Fargo ESOP Fund, you should consult with a financial advisor to ensure that you understand the tax implications, including the loss of cost basis. Q50. Is there a minimum account balance requirement for the auto rebalance feature? A50. The auto rebalance feature imposes a minimum aggregate variation of 3% and a minimum aggregate account balance of $500. This means that your 401(k) Plan account will only be rebalanced on the scheduled rebalance date if the aggregate actual investment allocation percentage variation for all of your 401(k) Plan account investments exceeds the minimum percentage of 3% and your account balance is greater than or equal to $500. If your 401(k) Plan account does not meet these criteria at the time of a scheduled rebalance, then the next rebalance date will be reset for three months later. Q51. What is asset allocation? A51. Asset allocation is the way you invest your money among the three asset classes. To lower risk and help you meet your retirement goals, it is important to diversify your investment selections by spreading your contributions among different asset classes. This way, when one fund or asset class is doing well, it may balance out other funds or asset classes that aren t doing as well. 15

Q52. How do I determine my asset allocation? A52. When selecting an asset allocation strategy for your 401(k) Plan account, there are some principles to consider: your risk tolerance, your time frame until retirement, other savings and investments outside of your 401(k) Plan account and regular reviews of your asset allocation strategy. You can complete the Risk Tolerance Quiz on the 401(k) Plan site to help you determine the asset allocation strategy that is best for you. You can also find articles about investing in the Education Resource Center on the 401(k) Plan site. Q53. What resources are available if I have more questions? A53. Refer to the 401(k) Plan SPD and any subsequent SMMs, which are posted on Teamworks and on the 401(k) Plan site. Or, call 1-877-HRWELLS (1-877-479-3557), option 1 to speak with a plan specialist. Plan specialists are available Monday through Friday. Important Information If any information in this communication conflicts with the official 401(k) Plan document or the SPD, the official 401(k) Plan document will govern in all cases. Wells Fargo reserves the right to amend, modify or terminate the 401(k) Plan at any time. For more complete information on the 401(k) Plan, and before you elect to participate, please read the SPD, which is located on Teamworks and on the 401(k) Plan site. You may also request a paper copy of the SPD by calling 1-877-HRWELLS (1-877-479-3557), option 1, during business hours and speak to a plan specialist. Relay service calls are accepted. 16