CNB Investment Trust II (the "Trust"), an indirect, wholly owned subsidiary of Wells Fargo & Company (the "Company") (NYSE: WFC), submitted today a redemption notice for redemption on February 1, 2018 of all of its Series B Preferred Shares (CUSIP numbers 12615C204, 12615C303), at a redemption price equal to $1,000 stated value per share plus dividends accrued and unpaid for the current dividend period through the redemption date. The redemption agent for the Series B Preferred Shares is Wells Fargo Bank, National Association, 1110 Centre Pointe Curve, Suite 101, Mendota Heights, Minnesota 55120. Payment of the redemption price will be made by the redemption agent for certificated shares, and through the facilities of The Depository Trust Company for book-entry shares. Following the redemption of the Series B Preferred Shares, and subject to the requisite consent of its remaining shareholders, the Trust is expected to dissolve. CNB Investment Trust I, an indirect, wholly owned subsidiary of the Company, is also expected to dissolve. About Wells Fargo Wells Fargo & Company (NYSE: WFC) is a diversified, community-based financial services company with $1.9 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, insurance, investments, mortgage, and consumer and commercial finance through more than 8,500 locations, 13,000 ATMs, the internet (wellsfargo.com) and mobile banking, and has offices in 42 countries and territories to support customers who conduct business in the global economy. With approximately 271,000 team members, Wells Fargo serves one in three households in the United States. Wells Fargo & Company was ranked No. 25 on Fortune's 2017 rankings of America's largest corporations.