EMEA General Client Communication

For Wells Fargo EMEA Corporate & Investment Banking ("CIB") and Commercial Banking ("CB")

For professional clients & eligible counterparties only – This communication has been prepared by Wells Fargo Corporate & Investment Banking and/or Commercial Banking team members within the Europe, Middle East and Africa (“EMEA”) region and this is not an independent research product produced by the Wells Fargo Research Department.

Wells Fargo & Company conducts financial services within EMEA, through various entities, including duly authorized and regulated subsidiaries and their respective branches. The entities and branches described below are herein referred to collectively as “Wells Fargo EMEA”.

Wells Fargo EMEA – CB commercial banking products & CIB corporate banking products and services, including certain lending, payments, derivatives and other commercial banking activitie s are offered in EMEA by the following:

Wells Fargo Corporate & Investment Banking (“CIB”) which is the trade name for the corporate banking, capital markets, and investment banking services of Wells Fargo & Company.

Wells Fargo Bank, National Association (“WFBNA”) is a national banking association organized under the laws of the United States, with its head office at 420 Montgomery Street, San Francisco, California 94104 USA. WFBNA's registered office is at 101 North Phillips Avenue, Sioux Falls, South Dakota, 57104, USA. WFBNA is registered with the U.S. Comptroller of the Currency under charter number 1.

WFBNA London Branch is registered with the United Kingdom's Companies House under number FC026633 and its principal place of business in the United Kingdom is at 33 King William Street, London, EC4R 9AT, United Kingdom. Authorised and regulated by the Office of the Comptroller of the Currency and authorised by the Prudential Regulation Authority. Subject to regulation by the Financial Conduct Authority and limited regulation by the Prudential Regulation Authority in the UK. Details about the extent of our regulation by the Prudential Regulation Authority are available from us on request.

WFBNA Dubai International Finance Centre Branch (“DIFC Branch”) is an offshore entity in the UAE and recognized company operating from 111-115, Level 1, Gate Village Building 5, Dubai International Finance Centre, Dubai, 53089, UAE. WFBNA DIFC Branch is regulated by the Dubai Financial Services Authority.

Wells Fargo Bank International Unlimited Company (“WFBI”) is a public unlimited company incorporated under the laws of the Republic of Ireland, with its head and registered office at 5th Floor, 2 Harbourmaster Place, I.F.S.C., Dublin 1, Ireland, D01 X5P3. WFBI is registered with the Irish Companies Registration Office under registration number 429222. WFBI is licensed and regulated by the Central Bank of Ireland.

WFBI's Board of Directors comprises the following members:, Fiona Gallagher, Mark Jacob, John Cotter, Peter Keegan, Louise Li (UK), John Langley (UK), Mary Katherine Dubose (US), Gervaise Slowey and Fiona Tierney.

WFBI Frankfurt Branch is registered with the German Commercial Register (Handelsregister) under registration number HRB 86699 and its principal place of business in Germany is at Friedrich-Ebert-Anlage 49, 60308 Frankfurt am Main. WFBI Frankfurt Branch is licensed and regulated by the Central Bank of Ireland and subject to limited regulation by the German Federal Financial Supervisory Authority (Bundesanstalt für Finanzdienstleistungsaufsicht – the "BaFin").

Wells Fargo EMEA – CIB capital markets and investment banking products and services are offered in EMEA primarily by the following:

Wells Fargo Securities International Limited (“WFSIL”) is a private limited company incorporated under the laws of England and Wales with its head office and registered office at 33 King William Street, London, EC4R 9AT, United Kingdom. WFSIL is registered with the United Kingdom's Companies House under company number 3426903. WFSIL is authorised and regulated by the Financial Conduct Authority. "Wells Fargo Securities" is registered with the Financial Conduct Authority as a trading name of WFSIL.

Wells Fargo Securities Europe S.A., (“WFSE”) is a société anonyme à conseil d’ administration incorporated under the laws of France with SIREN number 842 610 255 RCS Paris, with its head office and registered office at1-5 rue Paul Cézanne, 75008 Paris, France. WFSE is authorised by the Autorité de contrôle prudentiel et de résolution and regulated by the Autorité des marchés financiers.

Wells Fargo EMEA - Commercial Banking services are provided through the following:

Wells Fargo Capital Finance, Commercial Distribution Finance, and Global Receivables and Trade Finance which are trade names for certain Commercial Banking (“CB”) asset-based lending, inventory financing services and trade financing services of Wells Fargo & Company, and other duly authorised and regulated subsidiaries.

Wells Fargo Bank International Unlimited Company ("WFBI") – see above.

WFBI Frankfurt Branch - see above

WFBNA London Branch - see above

WFBNA DIFC Branch- see above

Wells Fargo Capital Finance (“WFCF”) (UK) Limited which is a private limited company incorporated under the laws of England and Wales with its head office and registered office at 33 King William Street, London, EC4R 9AT, United Kingdom. Wells Fargo Capital Finance (UK) Limited is registered with the UK’s Companies House under company number 02656007.

WFCF (UK) Limited Amsterdam Branch – is the Amsterdam Branch of WFCF (UK) Limited with its office at Zuidplein 36, Office 220 and 218, Amsterdam World Trade Center H-Tower, Amsterdam, 1077XW, Netherlands.

WFCF (UK) Limited Stockholm Branch - is the Stockholm Branch of WFCF (UK) Limited with its office at Solna Business Park, Svetsarvagen 15 - 2tr, 171 41, Solna, Sweden

Wells Fargo International Finance (France) S.A.S. (“WFIF France”) is a société par actions simplifiée incorporated under the laws of France with SIREN number 818 909 293 RCS Paris, with its head office and registered office at 42 rue Washington, 75008 Paris and with a share capital of 1000.00 euros. WFIF France is the mandataire exclusif in banking transactions and payment services of WFBI and is registered with the ORIAS under registration number 16004815.

In accordance with the Wells Fargo EMEA’s Standard Terms and Conditions of Business, this communication is for distribution to Eligible Counterparties and Professional Clients (as defined in the Markets in Financial Instruments Directive 2014/65/EU) , the FCA Rules, the DFSA Rulebook or any other similar legal persons to whom Wells Fargo EMEA may lawfully communicate) only and is not intended for retail clients or any other private individuals, and must not be distributed to or relied on by persons other than the intended recipient, whom in each and every instance will be a Professional Client or Eligible Counterparty. This communication may relate to matters that are not regulated by any applicable financial services regulatory body, and not subject to protections under any relevant law including protection under any applicable financial services compensation scheme.

To the extent that this communication (and any attachments) has been prepared by Wells Fargo EMEA, it is intended for distribution solely to clients of Wells Fargo EMEA in jurisdictions where such distribution is permitted, and the recipient shall not provide or distribute such materials to any person located in a jurisdiction where it would otherwise trigger a financial services licensing requirement.

Unless otherwise stated, any pricing information provided is indicative only and does not reflect a level where Wells Fargo EMEA (as applicable) is prepared to execute a trade or constitute part of any agreement a recipient may subsequently enter into with Wells Fargo EMEA in respect of any products or services detailed herein. The price or value of an investment will depend on fluctuations in the financial markets outside of anyone's control. Past performance is no indicator of future performance, and this communication is not intended to forecast or predict future events. Prior to dealing, you should determine whether any transactions described in this communication are appropriate for you given your objectives, experience, financial and operational resources, and other relevant circumstances.

Any reference contained in this communication to market colour, economic climate, generic advice, research or other such information communicated or otherwise made available to you are provided merely for your information and are incidental to the provision of other services by us to you. This communication is not based on an assessment of your individual circumstances, nor can this be relied upon as an assessment of the suitability of a transaction for you. Nothing contained in this communication, or the Materials represents an investment recommendation as defined under the Market Abuse Regulation.

This communication is prepared from information believed to be reliable, however Wells Fargo EMEA makes no representation, warranty or guarantee as to the accuracy or completeness of such information, or as to the tax consequences if any. To the extent permitted by law, Wells Fargo EMEA nor any of their affiliates, nor any directors, employees or agents of Wells Fargo EMEA or any of their affiliates accepts any liability for any loss or damage arising out of the use of all or any part of this communication.

You should assume that Wells Fargo EMEA’s trading desks and/or its affiliates makes markets and/or hold positions and may have conducted underwriting or other investment banking activities related to any of the securities or companies referenced herein. Well Fargo EMEA, its affiliates and employees, may purchase, hold (long or short) or sell positions in the underlying securities or related derivatives identified in the communication or the Materials. Wells Fargo EMEA may provide advice or loans to or participate in the underwriting or restructuring of the obligations of, the legal entities mentioned herein. Wells Fargo EMEA maintains appropriate conflicts of interest policies in this respect.

Wells Fargo EMEA or its affiliates may submit prices, rates, estimates or values to data sources that publish indices or benchmarks which may be referenced in products or transactions discussed in this communication. Such submissions may have an impact on the level of the relevant index or benchmark and consequently on the value of the products or transactions. Wells Fargo EMEA maintains appropriate conflicts of interest policies in this respect.

Any securities referenced herein may not have been registered under the U.S. Securities Act of 1933, and, in such case, may not be offered or sold in the United States or to U.S. persons unless they have been registered under such Act, or except in compliance with an exemption from the registration requirements of such Act and / or the Securities Exchange Act of 1934 and applicable state laws. This communication may reference securities and related financial instruments which may be ineligible in certain other jurisdictions or to certain investors and may refer to certain products and services which are unregulated in certain jurisdictions. This communication should not be construed as an offer to sell or the solicitation of an offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal. Any decision to purchase any product or enter into any transaction referred to in this communication should be based upon the information contained in any associated offering document if one is available (including any risk factors or investment considerations mentioned therein) and/or the terms of any agreement.

In any instance where distribution of this communication is subject to the rules of the US Commodity Futures Trading Commission (“CFTC”), this communication constitutes an invitation to consider entering into a derivatives transaction under U.S. CFTC Regulations §§ 1.71 and 23.605, where applicable, but is not a binding offer to buy/sell any financial instrument. Any recipient that is a "Special Entity" within the meaning of 17 C.F.R. §23.401(c) is hereby notified that this communication (including any attachments) do not, are not intended to and should not be interpreted as an expression of an opinion within the meaning of 17 C.F.R. §23.440 by any person on behalf of Wells Fargo EMEA and its affiliates as to whether such Special Entity should enter into any swap or trading strategy involving a swap.

Wells Fargo EMEA regulatory notices

Any Investment products mentioned in this communication

Are not deposits of, or guaranteed by Wells Fargo Bank N.A.
May Lose Value.

MiFID product governance notice

Wells Fargo EMEA may act as (i) manufacturer (or co-manufacturer) for products, and/or (ii) distributor of such products in the primary and secondary markets on an execution-only basis.

As manufacturer, Wells Fargo EMEA will make appropriate arrangements to assign the target market for such products to ensure appropriate distribution.
Wells Fargo EMEA will only distribute products to investors who meet the criteria of Eligible Counterparties and Professional Clients, according to Wells Fargo EMEA’s internal policies and procedures.
Wells Fargo EMEA’s distribution strategy will be applicable to all products irrespective of those which may have been manufactured to be compatible for retail investors.

If you are a distributor to whom Wells Fargo EMEA sells such products, you are responsible for undertaking your own target market assessment and determining appropriate distribution channels for any onward distribution, taking into account your own specific knowledge of your client base.

PRIIPS notice

Wells Fargo EMEA will not undertake the production of a key information document (“KID”) for Packaged Retail and Insurance-based Investment Products (‘PRIIPS’) on behalf of third party issuers or manufacturers.

You acknowledge that PRIIPS should not be made available to retail investors in the EEA without a KID, and unless otherwise stated, you should assume that a KID has not been prepared for any transactions mentioned in this communication.

MiFID inducements notice

Wells Fargo EMEA may pay or receive fees, commissions or other minor non-monetary benefits (“MNMBs”), or share charges with, an associate or other third party in connection with Transactions carried out on your behalf where permitted by applicable law or regulations.
Wells Fargo EMEA has a Minor Non-Monetary Benefits (“MNMBs”) Policy Statement detailing the circumstances under which it may provide or receive such MNMBs and this is available on our website.

Wells Fargo EMEA may also be paid a fee by the Issuer in respect to the primary placement of fixed income products. Details of any such fee may be made available to investors from your usual sales contact. Please contact Wells Fargo EMEA if you require any further information.

Depositor protection notice

To the extent that eligible deposits are held by Wells Fargo EMEA on behalf of eligible claimants, eligible deposits are protected up to a total of 85,000 GBP by the UK Financial Services Compensation Scheme (“FSCS”), and eligible deposits maintained with WFBI may be protected up to a total of €100,000 by the Irish Deposit Guarantee Scheme (“DGS”) in each case subject to the terms of the FSCS or DGS, as applicable.

General notices

Certain business lines within Wells Fargo EMEA are required to retain certain electronic messages and other communications, which may be produced at the request of regulators or in connection with litigation. Certain business lines may record telephone conversations without the use of a warning tone, or any other notice to ensure that the material terms of transactions, and any other material information relating to transactions is promptly and accurately recorded.

The transmission and content of an e-communication cannot be guaranteed to be secure or free of errors or viruses. Therefore, Wells Fargo EMEA does not represent that any e-communication (or the information contained therein) is complete, accurate, uncorrupted, timely or free of viruses, and it should not be relied upon as such.

To understand how we use and protect personal information, access privacy policies and notices here and via our Wells Fargo website.

Complaints

If you have any complaint about Wells Fargo EMEA you should direct that complaint to our Compliance Director at the London Branch address provided above, who will investigate the nature of your complaint to try to resolve it in accordance with our internal procedures for dealing with customer complaints. Further information about our process is available on request.

For information about Wells Fargo EMEA and additional regulatory disclosures, visit our EMEA website.

All messages sent to and from Wells Fargo employees are retained and subject to monitoring, review, and/or disclosure.