Company: WFC-PC
Filing Date: 2025-04-11
Form Type: PX14A6G
Source: 0001214659-25-005803
Chunk: 5

Company: WELLS FARGO & COMPANY/MN
Filing Date: 2025-04-11
Form: PX14A6G
Chunk 5
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insights/banks - great - carbon - challenge/

| 5 |

Lessons from JPMorgan’s ESR Disclosure • Demonstrates feasibility and investor value: JPMorgan called it "An excellent example of what ongoing engagements and pragmatic requests can accomplish“ • JPMorgan weighed “the relevance of the subject matter of the [2024 NYC shareholder] proposal in the context of our business and its value to long - term shareholders” in making its disclosure decision • Improves upon BNEF approach by incorporating lending and other internal data , offering a more comprehensive and forward - looking picture • Transparent methodology can inform future standardization efforts This is not a solicitation of authority to vote your proxy. Please do not send us your proxy card as it will not be accepted.

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Reasons to vote FOR “ESR” Proposal 8 Climate - Related Disclosures at Risk • A dollar - based ESR complements financed emissions disclosure to provide a clearer, more comprehensive view of the bank’s role in the energy transition • Given its retreat from its public climate commitments, investors are concerned that the bank will also discontinue essential and decision - useful financed emissions disclosures • Financed emissions disclosure remains essential, however, such concern underscores the need for ESR Captures Pace and Scale of Bank’s Energy Transition • ESR provides an integrated financial metric that uniquely captures both the scaling up of low - carbon energy and the phasing down of fossil fuels — essential for mitigating systemic financial and physical climate risks • Pace at which low - carbon energy supply is scaled up will dictate rate at which fossil fuels are phased down (IEA) Not Prescriptive • Proposal seeks only disclosure, leaving methodology and definitions entirely at management’s discretion • It does not request targets nor constrain any of the banks’ financing activities Feasible with expert guidance available This is not a solicitation of authority to vote your proxy. Please do not send us your proxy card as it will not be accepted.

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Reasons to vote FOR the “ESR” Proposal 8 More Reliable Than Third - Party Estimates • A bank - calculated ESR based on internal data rather than third - party estimates like BNEF — which rely solely on public information and may be costly or inaccessible to many investors — enhances reliability, transparency, and accountability • Notably, BNEF estimates do not include lending Clarifies Real Economy Impact • ESR reflects the bank’s financial flows — enabling investors to better assess the bank’s role in financing the energy transition Early Adoption Benefits Investors • Demon