WFCNP Wells Fargo and Company (PK)

The “Make-Whole Redemption Period” is the period commencing on, and including, January  , 2026 and ending on, and including, January  , 2030.

The “Make-Whole Spread” is %.

Any redemption may be subject to prior regulatory approval and will be effected pursuant to the procedures described under “Description of Debt Securities—Redemption and Repayment—Optional Redemption By Us” and “—Redemption and Repayment—Optional Make-Whole Redemption of Debt Securities”, as applicable, in the accompanying prospectus.

Price to Public (Issue Price):

 %, plus accrued interest, if any, from January  , 2025

Agent Discount (Gross Spread):

 %

All-in Price (Net of Agent Discount):

 %, plus accrued interest, if any, from January  , 2025

Net Proceeds:

$   

Interest Rate:

The notes will bear interest at a fixed rate from January  , 2025 to, but excluding, January  , 2030 (the “Fixed Rate Period”) and, if not previously redeemed, at a floating rate from, and including, January  , 2030 to, but excluding, maturity (the “Floating Rate Period”).

Fixed Rate Period:

See “Description of Debt Securities—Interest and Principal Payments” and “—Fixed Rate Debt Securities” in the accompanying prospectus for additional information.

Interest Rate:

 %

Interest Payment Dates:

Each January   and July  , commencing July  , 2025 and ending January  , 2030

Benchmark:

UST  % due

Benchmark Yield:

 %

Spread to Benchmark:

+  basis points

Re-Offer Yield:

 %

Floating Rate Period:

See “Description of Debt Securities—Interest and Principal Payments,” “—Floating Rate Debt Securities” and “—Floating Rate Debt Securities—Base Rates—Compounded SOFR Notes” in the accompanying prospectus for additional information.

Base Rate:

Compounded SOFR

Spread:

+  basis points

0% per annum

Interest Payment Dates:

Each January  , April  , July   and October  , commencing April  , 2030, and at maturity.

Calculation Agent:

The Calculation Agent for the notes has not been appointed, but we will appoint a Calculation Agent prior to the commencement of the Floating Rate Period. An affiliate of ours may be appointed the Calculation Agent. Neither the Security Registrar nor the Paying Agent identified below shall be named as “our designee” or as Calculation Agent.

Listing:

None

Principal Amount

Agent (Sole Bookrunner):

Wells Fargo Securities, LLC

$

Agents (Joint Lead Managers):

Agents (Co-Managers):

Total:

$

On January , 2025, we agreed to sell to the Agents, and the Agents agreed to purchase, the notes at a purchase price of  %, plus accrued interest, if any, from January , 2025. The purchase price equals the issue price of  % less a discount of  % of the principal amount of the notes.

In the opinion of Faegre Drinker Biddle & Reath LLP, the notes should be considered variable rate debt securities that provide for stated interest at a fixed rate in addition to a qualified floating

rate. See “United States Federal Income Tax Considerations—U.S. Federal Income Taxation of U.S. Holders—Debt Securities—Variable Rate Debt Securities” in the accompanying prospectus. Notwithstanding that we expect that the notes will be issued at par, under rules governing notes with a fixed rate in addition to a qualified floating rate, it is possible that the notes could be issued with OID. Whether the notes are issued with OID will be determined at the time of issue. Information regarding the determination of the amount of OID, if any, on the notes may be obtained by submitting a written request to Wells Fargo Bank, National Association, Treasury Funding Desk, N9310-060, 550 South Fourth Street, Minneapolis, MN 55415-1529.

Additional tax considerations are discussed under “United States Federal Income Tax Considerations” in the accompanying prospectus.

Security Registrar and Paying Agent:

Computershare Trust Company, N.A., acting through its office at CTSO Mail Operations, 1505 Energy Park Drive, St. Paul, MN 55108, Attn: CCT Administrator for Wells Fargo (or at such other place or places as may be designated from time to time).

CUSIP:

95000U3P6