Extended Hours Trading Risk Disclosure Statement

Wells Fargo Advisors (“WFA”) offers after-hours trading sessions for eligible accounts online via a mobile device, which are separate from and independent of the regular trading hours (“Extended Hours Trading”). WFA Regular trading hours are normally from 9:30 am to 4:00 pm ET, Monday through Friday. Extended Hours Trading is available from 4:01 p.m. to 6:30 p.m. ET, Monday through Friday, excluding market holidays and early close market days.

It is your responsibility to understand the difference between placing an order during Extended Hours Trading and regular trading hours. Please take your time to review this important information, including the Risks and Terms articulated below. WFA does not warrant or recommend that Extended Hours Trading is appropriate for you. As noted below, Extended Hours Trading involves unique risks, and it may not be appropriate for all investors. All investment decisions you make involving Extended Hours Trading are solely your responsibility.

You should consider the following points before engaging in Extended Hours Trading.

• Risk of Lower Liquidity. Liquidity refers to the ability of market participants to buy and sell securities. Generally, the more orders that are available in a market, the greater the liquidity. Liquidity is important because, with greater liquidity, it is easier for investors to buy or sell securities, and as a result, investors are more likely to pay or receive a competitive price for securities purchased or sold. There may be lower liquidity in Extended Hours Trading as compared to regular trading hours. As a result, your order may only be partially executed, or not at all.
• Risk of Higher Volatility. Volatility refers to the changes in price that securities undergo when trading. Generally, the higher the volatility of a security, the greater its price swings. There may be greater volatility in Extended Hours Trading than in regular trading hours. As a result, your order may only be partially executed, or not at all, or you may receive an inferior price when engaging in Extended Hours Trading than you would during regular trading hours.
• Risk of Changing Prices. The prices of securities traded in Extended Hours Trading may not reflect the prices either at the end of regular trading hours, or upon the opening the next morning. As a result, you may receive an inferior price when engaging in Extended Hours Trading than you would during regular trading hours.
• Risk of Unlinked Markets. Depending on the Extended Hours Trading system or the time of day, the prices displayed on a particular Extended Hours Trading system may not reflect the prices in other concurrently operating Extended Hours Trading systems dealing in the same securities. Accordingly, you may receive an inferior price in one Extended Hours Trading system than you would in another Extended Hours Trading system.
• Risk of News Announcements. Normally, issuers make news announcements that may affect the price of their securities after regular trading hours. Similarly, important financial information is frequently announced outside of regular trading hours. In Extended Hours Trading, these announcements may occur during trading, and if combined with lower liquidity and higher volatility, may cause an exaggerated and unsustainable effect on the price of a security.
• Risk of Lack of Calculation or Dissemination of Underlying Index Value or Intraday Indicative Value (“IIV”). For certain derivative securities products, an updated underlying index value or IIV may not be calculated or publicly disseminated during extended trading hours. Since the underlying index value and IIV are not calculated or widely disseminated during the pre-market and post-market sessions an investor who is unable to calculate implied values for certain derivative securities products in those sessions may be at a disadvantage to market professionals.
• Risk of Wider Spreads. The spread refers to the difference in price between what you can buy a security for and what you can sell it for. Lower liquidity and higher volatility in Extended Hours Trading may result in wider than normal spreads for a particular security.

• Your use of the Extended Hours Trading session is governed by your existing account agreements with WFA, to which you have provided consent.
• Terms not otherwise defined herein have the same meaning contained in your account agreement with us.
• Extended Hours Trading is currently only available online via a mobile device.
• Extended Hours Trading is limited to eligible exchange-listed stocks and ETFs. WFA reserves the right to modify these eligible securities and hours of operation for the Extended Hours Trading session at any time without prior notice. Additionally, WFA reserves the right to cancel any placed orders during Extended Hours Trading.
• Orders placed during Extended Hours Trading sessions may be subject to different order sizes compared to orders placed during regular trading hours.
• WFA will accept only Limit orders. Good-Til-Cancelled orders, Market orders, Stop orders and Short Sales will not be accepted.
• Orders placed during an Extended Hours Trading session that are not fully executed will expire at the close of that trading session (6:30 p.m. ET) and will not carry over to the next trading session. You must re-enter these orders if you still wish to have the trades executed.
• If the account in which you engage in Extended Hours Trading is a cash account that is subject to a 90-day freeze because a security was previously bought and sold before full payment was made, your settled funds available for trading during the Extended Hours Trading session may be reduced by the amount of any orders that expired at the close of the previous regular trading session.
• Trading may be halted for regulatory reasons such as corporate action and may not be lifted until after 6:30 p.m. ET or the next day.