Company: WFC-PC
Filing Date: 2025-04-11
Form Type: PX14A6G
Source: 0001214659-25-005803
Chunk: 4

Company: WELLS FARGO & COMPANY/MN
Filing Date: 2025-04-11
Form: PX14A6G
Chunk 4
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 Wells Fargo exited NZBA and discontinued its sector specific 2030 interim financed emissions targets and its net zero by 2050 goal − limiting investors’ visibility into how the bank intends to manage long - term climate - related risks, opportunities, and their potential impact • Regulatory developments further elevates need for voluntary climate - related financial disclosure • U.S. SEC backing off its climate disclosure rule and EU delaying and revising CSRD/CS3D • JPMorgan disclosed its ESR and published its Energy Supply Financing Ratio Methodology , stating that it aimed to provide “an insightful metric for our stakeholders that is also consistent with how we make financing decisions ” • Five of the top 20 fossil fuel financiers have now committed to ESR disclosure • Citi, JPMorgan, RBC, BNP Paribas, and Scotiabank • BloombergNEF (BNEF) published Energy Supply Banking Ratios: Implementation Guide, providing a methodology with clear definitions for “low carbon” and “fossil fuel” financing — but excludes lending • Institute of International Finance (IIF) released White Paper on an Energy Supply Ratio (ESR) for Bank Disclosures, outlining key design decisions for banks considering ESR calculation and disclosure ▪ Offers a potential standardized disclosure of methodological design choices 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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Constants since Wells Fargo’s 2024 AGM Low Carbon investment requirements continue to create significant business opportunity • Achieving net - zero GHG emissions by 2050 is crucial to mitigate most severe climate impacts (IPCC) • Global annual clean energy investment must triple to by 2030 to achieve net - zero emissions by 2050 (IEA) • Surging energy demand continues to drive renewables investments • “Banks that embrace the challenge very soon stand to emerge as more proﬁtable, credible leaders in a greener economy” (Bain & Company) 1 Wells Fargo recognizes opportunities, but lacks disclosures specific to its annual clean energy financing or an energy supply ratio • Wells Fargo “see[s] significant business opportunities in supporting our clients’ climate transition efforts” • Investors still lack clarity on the specifics of the bank’s energy supply financing within its reported “Sustainable Finance” investment 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. 1 https://www.bain.com/