U.S. High Yield Bond Fund MARKETING COMMUNICATION

Home , Bond fund

WELLS FARGO (LUX) WORLDWIDE FUND | QUARTERLY COMMENTARY Q4 2020 | All information is as of 31 Dec 2020 unless otherwise indicated.

Quarterly review GENERAL FUND INFORMATION ● The fund outperformed the ICE BofA US High Yield Constrained Index and Portfolio managers: Michael J. three-month LIBOR for the three-month period that ended 31 December 2020. Schueller, CFA®; and Chris Lee, CFA® ● Sector allocation and curve positioning dominated relative performance over the quarter, followed by rating distribution and security selection. Sub-adviser: Wells Capital Management, Incorporated Market review Benchmark: ICE BofA U.S. High Yield Constrained Index 2020 was an extraordinary year, and the fourth quarter was no exception. The Fund inception: 1 Apr 2008 COVID-19 pandemic raged on whilst the US elected a new president, central banks remained accommodative, US Congress passed a US$900 billion stimulus bill and the INVESTMENT OBJECTIVES prospect of a virus vaccine emerged. All of this eased financial pressures. This drove US AND PROCESS Treasury yields modestly higher and weakened the US dollar, whilst the US Treasury ● The fund seeks total return consisting yield curve steepened, credit spreads narrowed and stock prices surged. of a high level of current income and In high yield, higher US Treasury yields were more than offset by tighter credit spreads, capital appreciation. which bolstered the price of many high yield bonds. Higher prices drove yields lower, ● The fund invests at least two-thirds of its assets in below investment grade which enabled many corporate borrowers to tap capital markets for fresh funding. US corporate debt securities. Meanwhile, strong investment performance encouraged investors to add money to ● The fund's sub-adviser focuses on fixed income mutual funds and exchange-traded funds. This virtuous cycle helped individual security selection primarily improve the overall creditworthiness of the high yield market. adopting a bottom-up approach to identify high yield securities that At the sector level, energy and COVID-19-related sectors, such as consumer cyclicals appear comparatively undervalued. and transportation, had the best performance. Conversely, defensive sectors tended to The fund: lag the overall market. In terms of rating, a select number of CCC-rated credits performed best whilst many B-rated credits lagged. Higher rates weighed on bond ● may invest principally in below investment grade securities of US prices with longer maturities, whereas the front end of the curve performed best. corporate issuers, which includes traditional corporate bonds Calendar year performance (%) ● may invest up to 20% of fund assets in 2020 2019 2018 2017 2016 2015 2014 2013 2012 2011 preferred and convertible securities, convertible bonds, bonds with options U.S. High Yield Bond Fund - 4.21 12.99 -2.61 7.56 14.34 -2.41 4.04 5.47 12.21 5.74 and US Government–issued bonds Class I (USD)

● expects its average credit quality to be ICE BofA U.S. High Yield 6.07 14.41 -2.27 7.48 17.49 -4.61 2.51 7.41 15.55 4.37 equivalent to B or higher Constrained Index ● uses futures/derivatives for hedging or efficient portfolio management Past performance is not indicative of future performance. Fund performance calculations are net of all applicable fees and are calculated on an NAV-to-NAV basis in US dollars (with purposes income re-invested). Share class inception date: 1 Apr 2008

Key risks Debt securities risk: debt securities are subject to credit risk and interest rate risk and are affected by an issuer’s ability to make interest payments or repay principal when due. High yield securities risk: high yield securit ies are rated below investment grade, are predominantly speculative, have a much greater risk of default and may be more volatile than higher-rated securities of similar maturity. Geographic concentration risk: investments concentrated in specific geographic regions and markets may be subject to greater volatility due to economic downturns and other factors affecting the specific geographic regions. Derivatives risk: the use of derivatives presents risks different from, and possibly greate r than, the risks associated with investing directly in traditional securities. The use of derivatives can lead to losses because of adverse movements in the price or value of the underlying asset, index or rate, which may be magnified by certain features of the derivatives. FOR PROFESSIONAL/QUALIFIED INVESTOR USE ONLY. CFA® and Chartered Financial Analyst® are trademarks owned by CFA Institute. CM708 01-21 (See pages 5-6 for important information.) QUARTERLY COMMENTARY Q4 2020 | All information is as of 31 Dec 2020 unless otherwise indicated.

U.S. High Yield Bond Fund

Portfolio positioning Duration and yield curve—contributor ● We maintained a modestly long duration position over the Portfolio attribution* and strategy course of the quarter, which contributed to performance. Country—neutral Longer-duration bonds with maturities greater than 10 years provided a significant contribution to performance over the ● The global economy showed signs of recovery but remains weak period. An underweight to bonds with one- to two-year as the ongoing impact of the severe shock prompted by the maturities helped boost performance. This strategy helped COVID-19 pandemic persists. Optimism over vaccine progress, neutralise duration shifts but was also able to capture shifts in efforts to sustain the US economic recovery and heightened the yield curve. political risks drove sentiment and risk appetite in the quarter. ● The volatility of US Treasury rates rose throughout the fourth ● The fund primarily invests in US-based issuers but may allocate quarter, but yields at the front end of the curve remained to issuers outside of the US in debt denominated in US dollars. relatively stable. The US Treasury 10-year versus 2-year yield Country exposures are driven by bottom-up security selection, curve steepened about 25 bps to 80 bps over the course of the not top-down country allocations. quarter. ● We continued to favour a yield-curve positioning that Currency—neutral emphasises key rate exposures with attractive valuations. Our ● The portfolio only invests in US-dollar-denominated debt. overweight to bonds in longer maturities beyond seven years Currency is not a factor in returns as a detractor or contributor. contributed to portfolio performance. This was modestly offset by our allocation to the shorter-than-one-year segment and Sector—contributor cash. ● An overweight to the energy and communication services ● Although the US Treasury curve steepened during the quarter, sectors aligned with better economic activity in the fourth the high yield yield curve flattened as credit spreads tightened quarter and hopes for better economic growth in 2021, which more than Treasury yields rose. helped portfolio performance. Conversely, exposure to capital Security selection—contributor goods and electric utilities detracted from performance. ● Low inventories, a cyclical upswing in economic activity and tight ● Our credit portfolios tend to be well diversified across a wide supply-side management all conspired to drive oil prices 20% range of issuers. However, we will often take measured higher over the quarter. As a result, high yield energy spreads credit-specific overweight and underweight positons in narrowed about 350 basis points (bps; 100 bps equal 1.00%) to portfolios. 530 bps during the period. ● Over the quarter, our top 10 best-performing credits ● An upsurge in COVID-19 cases reinforced the notion that many contributed the lion’s share of overall performance, whilst our Americans will remain tethered to their computers and mobile worst-performing credits modestly detracted from overall devices for the foreseeable future. As such, communication performance. The strong rally across most credits during the companies are likely to benefit from the sustained uptick in quarter contributed to this distribution of performance. demand for their services. ● The outlook for credit selection remains favourable heading into ● We continue to watch for further delays for aid or 2021 as the trajectory of the COVID-19 pandemic will likely disappointments with vaccine implementation as risks still dominate economic fundamentals, monetary and fiscal policy remain in all COVID-19-related sectors. An emergence of either decisions and techncials across fixed income markets. To could prompt volatility if investor expectations are not met. capitalise on this investment backdrop, short-term high yield investors will benefit from deft curve positioning, astute credit selection and default avoidance.

High yield bonds outperformed higher-quality fixed income during the quarter as investors cheered economic progress in the US and maintained hopes of more fiscal stimulus and progress on vaccine implementation.

*Performance attribution is discussed gross of expenses. The gross-of-expenses performance attribution does not reflect the deduction of the fund’s expenses as shown in the prospectus. 2 QUARTERLY COMMENTARY Q4 2020 | All information is as of 31 Dec 2020 unless otherwise indicated.

U.S. High Yield Bond Fund

Portfolio characteristics Share class availability* ICE BofA U.S. High Yield Fund Gross Constrained Index TER Net TER Capped Annual excluding including expense management Avg. eff. duration 3.63 3.66 ISIN waiver waiver ratio fee Avg. eff. maturity (yrs.) 4.69 6.57 Class A LU0353189920 1.72 1.72 1.75 1.45 (USD)** AMT 0.00% 0.00% Class I LU0353190001 1.18 0.95 0.95 0.65 (USD)** Sector allocation (%) * Expenses based upon the fund's latest audited accounts Corporate bonds 100.00 100.00 **Accumulation share type Share class and currency availability varies by jurisdiction. Performance may differ from share class shown. Contact your WFAM representative or visit wellsfargoassetmanagement.com for Credit-quality allocation (%) 1 more information. Fund inception dates are: 1 Apr 2008 for Class A (USD) and Class I (USD). A/A 0.70 0.00 BBB/Baa 3.73 0.00 BB/Ba 48.01 54.76 B/B 37.65 32.97 CCC/Caa and below 7.85 12.27 Not rated 0.07 0.00 Cash & equivalents 1.98 0.00 1. The ratings indicated are from Standard & Poor's, Fitch Ratings, and/or Moody's Investors Service. The percentages of the fund’s portfolio with the ratings depicted in the chart are calculated based on the total investments of the fund. If a security was rated by all three rating agencies, the median rating was used. If a security was rated by two of the three rating agencies, the lower rating was used. If a security was rated by one of the agencies, that rating was used. Negative cash percentage and credit-quality allocation greater than 100% is due to unsettled derivative contract positions, which cause the sector/credit weight(s) to increase proportionately to the negative cash amount.

Fund facts Fund inception date 1 Apr 2008 Net expense ratio—Inst (USD) 0.95% Assets—all share classes $73.63m

Annualised performance (%) 3 1 3 5 10 month YTD year year year year U.S. High Yield Bond Fund 6.43 4.21 4.21 4.67 7.12 6.01 ICE BofA U.S. High Yield 6.47 6.07 6.07 5.85 8.42 6.61 Constrained Index Morningstar USD High Yield 5.84 5.01 5.01 4.60 6.46 5.17 Bond Average Past performance is not indicative of future performance. Fund performance calculations are net of all applicable fees and are calculated on an NAV-to-NAV basis in US dollars (with income re-invested). Share class inception date: 1 Apr 2008

3 QUARTERLY COMMENTARY Q4 2020 | All information is as of 31 Dec 2020 unless otherwise indicated.

U.S. High Yield Bond Fund

Rankings and ratings Definition of terms: Morningstar total return rankings—Institutional Class (as of 31 Dec 2020) Credit-quality ratings: Credit-quality ratings apply to underlying holdings of the fund and not the fund itself. Standard & Poor's and Fitch rate the creditworthiness of bonds from Morningstar Category USD high yield bond AAA (highest) to D (lowest). Standard & Poor's rates the creditworthiness of short-term notes 1 year 450 out of 723 from SP-1 (highest) to SP-3 (lowest). Ratings from A to CCC may be modified by the addition of 3 year 274 out of 588 a plus (+) or minus (-) sign to show relative standing within the rating categories.Moody’s rates the creditworthiness of bonds from Aaa (highest) to CC (lowest). Ratings Aa to B may be 5 year 152 out of 438 modified by the addition of a number 1 (highest) to 3 (lowest) to show relative standing within 10 year 32 out of 180 the ratings categories.Moody’s rates the creditworthiness of short-term U.S. tax-exempt municipal securities from MIG-1/VMIG-1 (highest) to SG (lowest). Credit quality and credit- Overall Morningstar Rating ™ ★★★★ quality ratings are subject to change. The Overall Morningstar Rating, a weighted average of the 3-, 5-, and 10-year (if applicable) Duration: Duration is the weighted average of the timing of cash-flow payments from fixed ratings, is out of 588 funds in the USD high yield bond category, based on risk-adjusted returns income securities. Duration is used as a measurement of sensitivity to interest rates. as of 31 Dec 2020. Ratings and awards are not an indication, promise, or guarantee of future Yield curve: The yield curve is a graphical representation of fixed-income security yields performance. Ratings and awards should not be relied upon when making (usually U.S. Treasuries) at their respective maturities, starting with the shortest time to an investment decision. maturity and sequentially plotting in a line chart to the longest maturity.

Benchmark descriptions:

The ICE BofA U.S. High Yield Constrained Index is a market-value-weighted index of all domestic and Yankee high-yield bonds, including deferred interest bonds and payment-in-kind securities. Issues included in the index have maturities of one year or more and have a credit rating lower than BBB-/Baa3 but are not in default. The ICE BofA U.S. High Yield Constrained Index limits any individual issuer to a maximum of 2% benchmark exposure. You cannot invest directly in an index. The Morningstar Category average is the average return for the peer group based on the returns of each individual fund within the group. The total return of the Morningstar Category average does not include the effect of sales charges. You cannot invest directly in a Morningstar Category average. Copyright 2021. ICE Data Indices, LLC. All rights reserved. The Morningstar Rating for funds, or star rating, is calculated for managed products (including mutual funds, variable annuity and variable life subaccounts, exchange-traded funds, closed-end funds, and separate accounts) with at least a three-year history. Exchange-traded funds and open-ended mutual funds are considered a single population for comparative purposes. It is calculated based on a Morningstar risk-adjusted return measure that accounts for variation in a managed product's monthly excess performance, placing more emphasis on downward variations and rewarding consistent performance. The Morningstar Rating does not include any adjustment for sales loads. The top 10% of products in each product category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars, and the bottom 10% receive 1 star. The Overall Morningstar Rating for a managed product is derived from a weighted average of the performance figures associated with its 3-, 5-, and 10- year (if applicable) Morningstar Rating metrics. The weights are: 100% 3-year rating for 36–59 months of total returns, 60% 5-year rating/40% 3-year rating for 60–119 months of total returns, and 50% 10-year rating/30% 5-year rating/20% 3-year rating for 120 or more months of total returns. While the 10-year overall star rating formula seems to give the most weight to the 10-year period, the most recent 3-year period actually has the greatest impact because it is included in all three rating periods. The U.S. High Yield Bond Fund received 3 stars among 588 funds, 3 stars among 438 funds, and 4 stars among 180 funds for the 3-, 5-, and 10-year periods, respectively. The Morningstar Rating is for the Institutional Class only; other classes may have different performance characteristics. The Morningstar absolute ranking is based on the fund’s total return rank relative to all funds that have the same category for the same time period. Morningstar rankings do not include the effect of sales charges. Past performance is no guarantee of future results. © 2021 Morningstar. All rights reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results.

4 QUARTERLY COMMENTARY Q4 2020 | All information is as of 31 Dec 2020 unless otherwise indicated.

U.S. High Yield Bond Fund

DISCLOSURES FOR EUROPE More information about the Wells Fargo (Lux) Worldwide Fund and its sub-funds (herein, the Fund), including our privacy policy, a copy of the prospectus or key investor information documents (KIIDs), which include detailed information such as objectives and specific risks, is available upon request from your regional Wells Fargo Asset Management (WFAM) contact, by emailing [email protected] or by visiting the fund’s website at wellsfargoassetmanagement.com. This information is a Marketing Communication, unless stated otherwise, for Professional Clients/Investors, eligible counterparties or Qualified Investors only (as defined by local regulation). Recipients who do not wish to be treated as Professional clients should notify their WFAM contact immediately. It does not form part of the prospectus relating to the Wells Fargo (Lux) Worldwide Fund and is not an offer, invitation or solicitation to subscribe for shares in the fund. Such an offer or solicitation can only be made pursuant to the applicable offering document. The Fund is authorised by the Luxembourg Supervisory Authority as a UCITS SICAV and has been authorised for public distribution only in certain jurisdictions. THIS DOCUMENT AND THE INFORMATION WITHIN DOES NOT CONSTITUTE AN OFFER OR SOLICITATION IN ANY JURISDICTION WHERE OR TO ANY PERSON TO WHOM IT WOULD BE UNAUTHORISED OR UNLAWFUL TO DO SO. Past performance is not a guarantee or reliable indicator of future results. Any past performance, forecast, projection, simulation or target is indicative and not guaranteed. All investments contain risk. The value, price or income of investments or financial instruments can fall as well as rise. You may not get back the amount originally invested. The Fund may not achieve its objective and/or you could lose money on your investment in the Fund. . Unless otherwise stated, WFAM is the source of all data (which is current or as of the date stated); content is provided for informational purposes only with no representation regarding its adequacy, accuracy or completeness; views, opinions, assumptions or estimates are not necessarily that of Wells Fargo & Company, WFAM or affiliates and are subject to change without notice; and information does not contain investment advice, an investment recommendation or investment research, as defined under the Markets in Financial Instruments Directive (Directive 2014/65/EU (MiFID II), and therefore does not comply with the requirements for the provision of such services. Any benchmark referenced is for comparative purposes only, unless specifically referenced in the Sub-Funds' Investment Objective and Policy in the prospectus. Distribution in the United Kingdom (UK), European Economic Area (EEA) and Switzerland: Wells Fargo Asset Management (WFAM) is the trade name for certain investment management companies owned by Wells Fargo & Company, including, but not limited to, Wells Fargo Asset Management (International) Limited (WFAMI Ltd.), an affiliated investment management company within WFAM, authorised and regulated by the UK Financial Conduct Authority (FCA), and Wells Fargo Asset Management Luxembourg S.A. (WFAML), authorised and regulated by the Commission de Surveillance du Secteur Financier (CSSF). WFAML has branches in Frankfurt and Paris and is allowed to provide services on a cross-border basis in the EEA. This material has been approved for distribution in the UK by WFAMI Ltd. for the purposes of Section 21 of the Financial Services and Markets Act 2000 (FSMA). WFAMI does not provide services to retail clients, the FSMA rules for retail clients will not apply and the UK Financial Services Compensation Scheme is not available. Unless otherwise stated, information does not contain investment advice, an investment recommendation or investment research as defined under UK FCA regulations or the Markets in Financial Instruments Directive (Directive 2014/65/EU (MiFID II) and therefore does not comply with the requirements for the provision of such services. For Professional investors only. Important information: Austria: the prospectus, KIIDs and other relevant material (such as the annual and semi-annual reports) are available free of charge from the Fund’s administrator or Austrian paying agent in English, except for the KIIDs, which are in German. France: this UCITS is managed by WFAML and is licensed and supervised by the CSSF and governed by MiFID II (and any applicable implementing local laws and regulations), its prospectus and its KIIDs. If a recipient of this material is not a Professional Client pursuant to MiFID II, they must return it immediately. This UCITS is authorised by the CSSF and notified to the French regulator (the AMF) for marketing purposes only. No regulator or government authority, including the AMF, has reviewed the merits, accuracy or information provided. WFAML has appointed CACEIS Bank France to act as centralising correspondent in France in compliance with Article 411-135 of the General Regulations of the AMF. The prospectus, KIIDs and any other relevant material (such as the annual and semi-annual reports) are available free of charge at the registered office of the Fund, 80 Route d’Esch, L-1420 Luxembourg, or from wellsfargoassetmanagement.com, in English, except for the KIIDs, which are in French per French regulations. A French prospectus is prepared for information purposes only. WFAML expresses no views as to the suitability of the investments described herein to the individual circumstances of any recipient. Prospective investors shall have the financial ability and willingness to accept the risks with regards to their investment in this UCITS. WFAML does not undertake to guarantee any risk (including capital losses) related to a potential investment in this UCITS. Germany: the prospectus and the KIIDs are available free of charge at Brown Brothers Harriman, 80, Route D’Esch, L-1470 Luxembourg, or from wellsfargoassetmanagement.com. The prospectus is in English and the KIIDs are in German. Italy: this document is for the exclusive use of Professional Clients/Investors, as defined in article 6, paragraphs 2-quinquies and 2-sexies, of Legislative Decree no. 58/1998 (as amended) by reference to Annex 3 of CONSOB Regulation no. 20307 of 2018, which, at turn, transposes Annex II of MiFID II in Italy with regards to private Professional Clients. Luxembourg: the prospectus, KIIDs and any other relevant material (such as the annual and semi-annual reports) are available free of charge at the registered office of the Fund, c/o Brown Brothers Harriman (Luxembourg) S.C.A., 80 Route d’Esch, L-1470 Luxembourg, or can be downloaded from wellsfargoassetmanagement.com. Documents are in English (the prospectus and annual and semi-annual reports are also available in French and German). The Netherlands: the Fund is registered in the Netherlands in the register kept by the AFM (see www.afm.nl/register). The prospectus and the KIIDs are available from wellsfargoassetmanagement.com. Spain: the Fund has been registered with the Securities Market Commission (Comisión Nacional del Mercado de Valores, or CNMV). The prospectus, articles of incorporation and annual and semi-annual reports of the Fund are available in English from Spanish-authorised distributors and the KIIDs are available in Spanish. All Spanish-authorised distributors of the Fund are on the website: cnmv.es. WFAMI Ltd. has been authorised to render cross-border services in Spain and is registered with the CNMV under no. 715. Sweden: historical performance is not a guarantee for future performance. Investments made in the Fund may increase as well as decrease in value, and it cannot be guaranteed that your initial investment will be returned in its entirety. Switzerland: the information provided herein does not constitute an offer of this UCITS in Switzerland pursuant to the Swiss Federal Law on Financial Services (FinSA) and its implementing ordinance. This is solely an advertisement pursuant to FinSA and its implementing ordinance for this UCITS. Copies of the prospectus, KIIDs, the articles of association and the annual and semi-annual reports are available free of charge from the Swiss Representative and Paying Agent: BNP Paribas Securities Services, Paris, succursale de Zurich, Selnaustrasse 16, 8002. United Kingdom: the prospectus, KIIDs and any other relevant material (including the annual and semi-annual reports) are available free of charge in English from the fund’s administrator.

U.S. High Yield Bond Fund

DISCLOSURES FOR SINGAPORE More information about the Wells Fargo (Lux) Worldwide Fund is available upon request. To obtain literature or a prospectus, please write to or call: RBC Investor Services Trust Singapore Limited (Singapore) 8 Marina View#26-01 Asia Square Tower 1 | Singapore 018960 +65 6230 1988 | wellsfargoassetmanagement.com. The information contained in this document is for professional clients and eligible counterparties only and must not be distributed to, read or relied upon by retail clients. This document has been prepared by Wells Fargo (Lux) Worldwide Fund and will be distributed in Singapore by appointed distributors duly licensed to market collective investment schemes or exempt from such licensing. The responsible person of the sub-funds is Wells Fargo (Lux) Worldwide Fund, the umbrella fund of the sub-funds. This document is intended for your general information only and must not be construed as an offer or solicitation of an offer to buy or sell any shares in a subfund or a recommendation to invest in any products, and neither does it take into account any investor’s particular circumstances, specific investment objectives, financial situation or needs. You may wish to seek advice from a financial adviser or consider whether a sub-fund is suitable for you before making a commitment to purchase any shares in a sub-fund. Wells Fargo Asset Management (WFAM) is a trade name used by the asset management businesses of Wells Fargo & Company. WFAM includes but is not limited to Wells Fargo Asset Management (International) Limited; Galliard Capital Management, Inc.; Wells Capital Management Inc.; Wells Fargo Asset Management (International), LLC; Wells Fargo Asset Management Luxembourg S.A.; Wells Fargo Funds Distributor, LLC; and Wells Fargo Funds Management, LLC. Investment involves risks, including the possible loss of the principal amount invested. The value of the shares in a sub-fund and the income accruing to the shares (if any) may fall or rise. Past performance of a sub-fund, the manager(s) of a sub-fund and/or any other person referred to herein and any opinions, assumptions or estimates made are not necessarily indicative of the future or likely performance of a sub-fund, the manager(s) of a sub-fund and/or any other person referred to herein. Investors should note that the sub-funds may invest in derivative instruments for efficient portfolio management and/or hedging purposes and the directors of the umbrella fund of the sub-funds do not expect the sub-funds to have a higher volatility as a result of such use of derivative instruments. Investors should read the Singapore prospectus of the sub-funds before deciding whether to invest in shares of a sub-fund. The Singapore prospectus of the sub-funds is available and may be obtained from any appointed distributors in Singapore. This advertisement has not been reviewed by the Monetary Authority of Singapore. © Wells Fargo Bank, NA, 2021. All rights reserved. DISCLOSURE FOR SOUTH KOREA More information about the Wells Fargo (Lux) Worldwide Fund is available upon request. To obtain literature or a prospectus, please write to or call: Wells Fargo Securities Asia Limited 27F | Three Pacific Place | 1 Queen's Road East | Hong Kong 852-3650-8000 wellsfargoassetmanagement.com. The information contained in this document is for professional clients and eligible counterparties only and must not be distributed to, read or relied upon by retail clients. This document has not been approved by the Securities and Futures Commission in Hong Kong, nor has any document been registered by the Registrar of Companies of Hong Kong. The fund interests have not been offered or sold in Hong Kong by means of any document, and each purchaser represents and agrees that it will not offer or sell any of these fund interests in Hong Kong, by means of any document, other than: (a) to “professional investors” as defined in the Securities and Futures Ordinance (Cap. 571) of Hong Kong and any rules made under that Ordinance; or (b) in other circumstances which do not result in the document being a “prospectus” as defined in the Companies (Winding Up and Miscellaneous Provisions) Ordinance (Cap. 32) of Hong Kong or which do not constitute an offer to the public within the meaning of that Ordinance. Wells Fargo (Lux) Worldwide Fund is a brand name, and the Wells Fargo (Lux) Worldwide Fund name is a trademark or registered trademark of the Wells Fargo group of companies. Wells Fargo Asset Management (WFAM) is a trade name used by the asset management businesses of Wells Fargo & Company. WFAM includes but is not limited to Wells Fargo Asset Management (International) Limited; Galliard Capital Management, Inc.; Wells Capital Management Inc.; Wells Fargo Asset Management (International), LLC; Wells Fargo Asset Management Luxembourg S.A.; Wells Fargo Funds Distributor, LLC; and Wells Fargo Funds Management, LLC. © Wells Fargo Securities Asia Limited, 2021. All rights reserved. DISCLOSURES FOR HONG KONG The Securities and Futures Commission (SFC) does not take any responsibility as to the accuracy of the statements made or opinions expressed in this material. SFC authorisation is not a recommendation or endorsement of a scheme, nor does it guarantee the commercial merits of a scheme or its performance. Offering documents should be read for further details, including for additional information regarding risk factors. Past performance information (where presented), is not indicative of future performance. The investment decision is yours, but you should not invest in this product unless the intermediary who sells it to you has advised you that it is suitable for you and has explained why, including how buying it would be consistent with your investment objectives. More information about the Wells Fargo (Lux) Worldwide Fund is available upon request. To obtain literature or a prospectus, please write to or call: Wells Fargo Securities Asia Limited 27F | Three Pacific Place | 1 Queen's Road East | Hong Kong 852-3650-8000 wellsfargoassetmanagement.com. The information contained in this document is for professional clients and eligible counterparties only and must not be distributed to, read or relied upon by retail clients. Hong Kong: This document is distributed in Hong Kong by Wells Fargo Securities Asia Limited ("WFSAL"), a Hong Kong incorporated investment firm licensed and regulated by the Securities and Futures Commission to carry on types 1, 4, 6 and 9 regulated activities (as defined in the Securities and Futures Ordinance (Cap. 571 The Laws of Hong Kong), "the SFO"). This report is not intended for, and should not be relied on by, any person other than professional investors (as defined in the SFO). Any securities and related financial instruments described herein are not intended for sale, nor will be sold, to any person other than professional investors (as defined in the SFO). The author or authors of this document is or are not licensed by the Securities and Futures Commission. This document has not been approved by the Securities and Futures Commission in Hong Kong, nor has any document been registered by the Registrar of Companies of Hong Kong. The fund interests have not been offered or sold in Hong Kong by means of any document, and each purchaser represents and agrees that it will not offer or sell any of these fund interests in Hong Kong, by means of any document, other than: (a) to “professional investors” as defined in the Securities and Futures Ordinance (Cap. 571) of Hong Kong and any rules made under that Ordinance; or (b) in other circumstances which do not result in the document being a “prospectus” as defined in the Companies (Winding Up and Miscellaneous Provisions) Ordinance (Cap. 32) of Hong Kong or which do not constitute an offer to the public within the meaning of that Ordinance. Wells Fargo (Lux) Worldwide Fund is a brand name, and the Wells Fargo (Lux) Worldwide Fund name is a trademark or registered trademark of the Wells Fargo group of companies. Wells Fargo Asset Management (WFAM) is a trade name used by the asset management businesses of Wells Fargo & Company. WFAM includes but is not limited to Wells Fargo Asset Management (International) Limited; Galliard Capital Management, Inc.; Wells Capital Management Inc.; Wells Fargo Asset Management (International), LLC; Wells Fargo Asset Management Luxembourg S.A.; Wells Fargo Funds Distributor, LLC; and Wells Fargo Funds Management, LLC. © Wells Fargo Securities Asia Limited, 2021. All rights reserved. PAR-0121-00317 | PAR-0121-00339 CM708 01-21