CORRECTING and REPLACING Wells Fargo & Company Declares Cash Dividends on Preferred Stock

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WELLS FARGO & COMPANY DECLARES CASH DIVIDENDS ON PREFERRED STOCK

Wells Fargo & Company (NYSE: WFC) today announced dividends on 12 series of preferred stock.

A quarterly cash dividend of $18.75 per share was declared on its 7.50% non-cumulative perpetual convertible class A preferred stock, Series L, liquidation preference $1,000 per share, which is traded on the New York Stock Exchange under the symbol “WFCPrL”. The Series L dividend is payable on June 15, 2020, to holders of record as of the close of business on May 29, 2020.

A quarterly cash dividend of $325.00 per share was declared on its 5.20% non-cumulative perpetual class A preferred stock, Series N, liquidation preference $25,000 per share. This dividend equals $0.325 per depositary share, each representing a 1/1,000th interest in a share of Series N preferred stock, which is traded on the New York Stock Exchange under the symbol “WFCPrN”. The Series N dividend is payable on June 15, 2020, to holders of record as of the close of business on May 29, 2020.

A quarterly cash dividend of $320.31 per share was declared on its 5.125% non-cumulative perpetual class A preferred stock, Series O, liquidation preference $25,000 per share. This dividend equals $0.32031 per depositary share, each representing a 1/1,000th interest in a share of Series O preferred stock, which is traded on the New York Stock Exchange under the symbol “WFCPrO”. The Series O dividend is payable on June 15, 2020, to holders of record as of the close of business on May 29, 2020.

A quarterly cash dividend of $328.13 per share was declared on its 5.25% non-cumulative perpetual class A preferred stock, Series P, liquidation preference $25,000 per share. This dividend equals $0.32813 per depositary share, each representing a 1/1,000th interest in a share of Series P preferred stock, which is traded on the New York Stock Exchange under the symbol “WFCPrP”. The Series P dividend is payable on June 15, 2020, to holders of record as of the close of business on May 29, 2020.

A quarterly cash dividend of $365.63 per share was declared on its 5.85% fixed-to-floating non-cumulative perpetual class A preferred stock, Series Q, liquidation preference $25,000 per share. This dividend equals $0.36563 per depositary share, each representing a 1/1,000th interest in a share of Series Q preferred stock, which is traded on the New York Stock Exchange under the symbol “WFCPrQ”. The Series Q dividend is payable on June 15, 2020, to holders of record as of the close of business on May 29, 2020.

A quarterly cash dividend of $414.06 per share was declared on its 6.625% fixed-to-floating non-cumulative perpetual class A preferred stock, Series R, liquidation preference $25,000 per share. This dividend equals $0.41406 per depositary share, each representing a 1/1,000th interest in a share of Series R preferred stock, which is traded on the New York Stock Exchange under the symbol “WFCPrR”. The Series R dividend is payable on June 15, 2020, to holders of record as of the close of business on May 29, 2020.

A quarterly cash dividend of $375.00 per share was declared on its 6.00% non-cumulative perpetual class A preferred stock, Series T, liquidation preference $25,000 per share. This dividend equals $0.375 per depositary share, each representing a 1/1,000th interest in a share of Series T preferred stock, which is traded on the New York Stock Exchange under the symbol “WFCPrT”. The Series T dividend is payable on June 15, 2020, to holders of record as of the close of business on May 29, 2020.

A quarterly cash dividend of $375.00 per share was declared on its 6.00% non-cumulative perpetual class A preferred stock, Series V, liquidation preference $25,000 per share. This dividend equals $0.375 per depositary share, each representing a 1/1,000th interest in a share of Series V preferred stock, which is traded on the New York Stock Exchange under the symbol “WFCPrV”. The Series V dividend is payable on June 15, 2020, to holders of record as of the close of business on May 29, 2020.

A quarterly cash dividend of $356.25 per share was declared on its 5.70% non-cumulative perpetual class A preferred stock, Series W, liquidation preference $25,000 per share. This dividend equals $0.35625 per depositary share, each representing a 1/1,000th interest in a share of Series W preferred stock, which is traded on the New York Stock Exchange under the symbol “WFCPrW”. The Series W dividend is payable on June 15, 2020, to holders of record as of the close of business on May 29, 2020.

A quarterly cash dividend of $343.75 per share was declared on its 5.50% non-cumulative perpetual class A preferred stock, Series X, liquidation preference $25,000 per share. This dividend equals $0.34375 per depositary share, each representing a 1/1,000th interest in a share of Series X preferred stock, which is traded on the New York Stock Exchange under the symbol “WFCPrX”. The Series X dividend is payable on June 15, 2020, to holders of record as of the close of business on May 29, 2020.

A quarterly cash dividend of $351.56 per share was declared on its 5.625% non-cumulative perpetual class A preferred stock, Series Y, liquidation preference $25,000 per share. This dividend equals $0.35156 per depositary share, each representing a 1/1,000th interest in a share of Series Y preferred stock, which is traded on the New York Stock Exchange under the symbol “WFCPrY”. The Series Y dividend is payable on June 15, 2020, to holders of record as of the close of business on May 29, 2020.

A quarterly cash dividend of $296.88 per share was declared on its 4.75% non-cumulative perpetual class A preferred stock, Series Z, liquidation preference $25,000 per share. This dividend equals $0.29688 per depositary share, each representing a 1/1,000th interest in a share of Series Z preferred stock, which is traded on the New York Stock Exchange under the symbol “WFCPrZ”. The Series Z dividend is payable on June 15, 2020, to holders of record as of the close of business on May 29, 2020.

About Wells Fargo

Wells Fargo & Company (NYSE: WFC) is a diversified, community-based financial services company with $1.98 trillion in assets. Wells Fargo’s vision is to satisfy our customers’ financial needs and help them succeed financially. Founded in 1852 and headquartered in San Francisco, Wells Fargo provides banking, investment and mortgage products and services, as well as consumer and commercial finance, through 7,400 locations, more than 13,000 ATMs, the internet (wellsfargo.com) and mobile banking, and has offices in 31 countries and territories to support customers who conduct business in the global economy. With approximately 263,000 team members, Wells Fargo serves one in three households in the United States. Wells Fargo & Company was ranked No. 29 on Fortune’s 2019 rankings of America’s largest corporations.

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