Company: WFC-PC
Filing Date: 2025-04-11
Form Type: PX14A6G
Source: 0001214659-25-005803
Chunk: 2

Company: WELLS FARGO & COMPANY/MN
Filing Date: 2025-04-11
Form: PX14A6G
Chunk 2
---
SR metric, based on internal bank data, provides an essential perspective on the institution’s                
 positioning within the energy transition. In light of Wells Fargo’s abandonment of its GHG emissions targets—investors are            
 appropriately concerned that Wells Fargo intends to discontinue its financed emissions and other disclosures making the ESR even more 
 important.                                                                                                                            |

| · | Not Prescriptive: The proposal leaves the ESR’s methodology                                                                        
 entirely at Bank of America’s discretion while ensuring critical transparency for investors. The proposal does not request targets 
 nor constrain any of the bank’s financing activities.                                                                              |

| · | More Reliable Than Third-Party Estimates: A bank-calculated ESR using                                                               
 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.            |

| · | Management of Climate Risks and Opportunities: A bank-calculated ESR                                                                    
 will enable investors to better assess the extent to which the bank is addressing risks associated with continued fossil fuel financing 
 and capitalizing on the opportunities created by surging clean energy demand.                                                           |

| · | Bank’s Real-World Impact: Directly addresses the bank’s                                     
 role in the energy supply, offering a clearer picture of its role in the energy transition. |

| · | Early Adoption Benefits Investors: ESR disclosure by Wells Fargo would                                                                    
 enable year-over-year trend analysis of Wells Fargo and inform future industry-led standardization (e.g. PCAF); delaying such disclosures 
 until standardization is achieved deprives investors of urgently needed insights into capital allocation decisions.                       |

Conclusion

I strongly encourage you to vote FOR Item 6 to ensure investors
have the transparency needed to assess the bank’s progress towards its climate goals and its commitment to the energy transition.

For a more detailed analysis of why investors should support Proposal
8, please refer to the presentation available at https://comptroller.nyc.gov/wp-content/uploads/2025/04/Wells-Fargo-ESR-Proposal-2025.pdf
or see the attached copy included with this letter.

Please contact CorporateGovernanceTeam@comptroller.nyc.gov for any
questions or to discuss the proposal.

Sincerely,

Brad Lander

Comptroller, City of New York

1 https://www.jpmorgan.com/content/dam/jpm/cib/complex/content/investment-banking/carbon-compass/JPMC