Company: WFC-PC
Filing Date: 2025-04-11
Form Type: PX14A6G
Source: 0001214659-25-005803
Chunk: 1

Company: WELLS FARGO & COMPANY/MN
Filing Date: 2025-04-11
Form: PX14A6G
Chunk 1
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bon and fossil fuel projects. This data will provide investors with insight into
the bank's energy transition priorities, risk management, and impact on energy supply— essential for assessing the bank’s
progress on its climate commitments and its role in reducing global emissions.

Recent Company, Industry and Policy Developments Strengthen the Investor Case for ESR

Since receiving 26% support at Bank of America’s 2024 annual
meeting, key industry developments have reinforced the feasibility, growing adoption, and investor relevance of ESR
disclosure, and provided expert guidance for banks considering ESR disclosure:

| · | Wells Fargo exited NZBA and discontinued its sector-specific 2030                                                                     
 interim financed emissions targets and its goal to achieve net zero by 2050 for financed emissions. Investors are concerned           
 it will also discontinue essential and decision-useful financed emissions disclosures, thereby limiting investors’ visibility into    
 how the bank intends to manage long-term climate-related risks, opportunities, and their potential impact. This development makes ESR 
 disclosure essential.                                                                                                                 |

| · | JPMorgan                                                                        
 has now disclosed its ESR, confirming that it is feasible and provides "an      
 insightful metric for our stakeholders that is also consistent with how we make 
 financing decisions."1                                                          |

| · | Five of the top 20 fossil fuel financiers—including Citi, JPMorgan, 
 RBC, BNP Paribas, and Scotiabank—have committed to ESR disclosure.  |

| · | BloombergNEF (BNEF) published an ESR Implementation Guide,                                  
 providing a methodology and clear definitions for “low carbon” and “fossil fuel” financing. |

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| · | The Institute of International Finance (IIF) released a White Paper                                                                 
 outlining key considerations for banks evaluating ESR disclosure and offering a potential standardized disclosure of methodological 
 design choices.                                                                                                                     |

| · | The U.S. SEC's retreated from mandatory climate disclosure, the E.U. delayed                                                        
 CSRD/CS3D, further underscoring the urgent need for voluntary and timely climate-related financial disclosures on the bank’s energy 
 transition risks and opportunities.                                                                                                 |

Investor Benefits of ESR Disclosure

| · | Reflects financial flows in to the energy transition and real-world impact:                                                           
 The ESR—a dollar-based E