Environmental, Social, and Governance Report Published July 2021 Table of Contents A letter from the CEO . 5 About Wells Fargo . 6 Providing enhanced ESG disclosure . 7 Identifying our ESG priorities . 8 ESG goals and progress . 10 Contributing to the United Nations Sustainable Development Goals . 11 Working together to drive positive impact . 12 Continued response to the COVID-19 pandemic . 13 Corporate governance and ethics . 15 Board of Directors . 15 Select governance practices and shareholder rights . 17 Executive compensation . 18 ESG governance . 19 Code of Ethics and Business Conduct . 21 Risk management . 24 Public policy and political contributions . 28 Tax overview . 30 Delivering value to our customers . 31 Financial health programs . 31 Responsible treatment of customers with debt repayment problems . 31 Customer satisfaction . 33 Integration of ESG criteria in Wealth & Investment Management . 35 Expanding financial inclusion . 38 2 Responsible marketing supports informed decisions . 45 Information and cybersecurity . 45 Protecting customer and employee privacy . 47 Investing in our employees . 49 Culture . 49 Diversity, equity, and inclusion . 50 Addressing harassment in the workplace . 57 Performance management . 57 Employee training and development . 58 Competitive compensation . 59 Employee benefits . 61 Employment security and responsible workforce restructuring . 64 Safety and health . 65 Dealing fairly and ethically with our suppliers . 68 Supplier Code of Conduct . 68 Third-Party Center of Excellence . 68 Supplier diversity . 68 Integrating ESG into supplier selection and engagement . 70 Community engagement . 71 Philanthropy . 71 Global philanthropy . 74 Employee service and impact . 74 3 Understanding environmental and social impacts . 75 Global financial crimes risk management . 75 Bank Secrecy Act/anti-money laundering . 75 Global sanctions . 76 Anti-bribery and corruption . 76 Environmental and social risk management . 76 Respecting human rights . 79 Advancing environmental sustainability . 84 Climate commitment . 85 Climate-related disclosure . 86 Sustainable finance . 86 Operational efficiency . 88 Environmental risk and compliance . 90 Forward-looking statements . 91 Securities and Exchange Commission filings . 91 References and resources . 92 4 A letter from the CEO As communities around the world begin to emerge socioeconomic opportunity, and renewable from the COVID-19 pandemic, it’s incumbent on us energy . We also announced our Banking Inclusion to reflect on the lessons of this difficult period . The Initiative, a 10-year commitment to help past year and a half has clearly demonstrated that unbanked individuals gain access to affordable, significant economic, social, and environmental mainstream, digitally enabled transactional challenges disproportionately impact our most accounts . The initiative will focus on reaching vulnerable communities . unbanked communities, with particular emphasis on helping remove barriers to financial inclusion Wells Fargo has a significant role to play in for Black and African American, Hispanic, and delivering practical solutions to urgent challenges . Native American/Alaska Native families, which We have the resources, business expertise, account for more than half of America’s 7 million ingenuity, and relationships with public and unbanked households .1 private sector organizations to do so . Our work to support an inclusive recovery from the COVID-19 This report provides a comprehensive picture pandemic, and to address the systemic issues it of the environmental, social, and governance has exposed, spans numerous areas . (ESG) work underway at Wells Fargo . I hope it will help inform you and all our stakeholders on In early 2021, Wells Fargo announced a goal of our progress, as it increases our accountability aligning our business activities with the goals of for meeting our ESG-related goals . We know this the Paris Climate Agreement and achieving net- work has no finish line; we still have much more to zero greenhouse gas emissions by 2050, including do . But we’ve made a long-term commitment to our financed emissions . We also launched an these efforts, and I’m confident they will continue initiative that aims to manage the deployment of to deliver positive impacts . $500 billion in financing to sustainable business activities by 2030 . Climate change is one of the most urgent environmental and social issues of our time . It impacts all communities, particularly our most vulnerable ones, and inaction is not an option . ‒ Charlie Scharf Earlier this year we also issued Wells Fargo’s CEO, Wells Fargo & Company Inclusive Communities and Climate Bond — our first sustainability bond — which will fund projects and programs that support housing affordability, 1. 2019 FDIC Survey of Household Use of Banking and Financial Services, released in October 2020. 5 About Wells Fargo Wells Fargo & Company is a leading financial services company that has approximately $1 .9 trillion in assets and proudly serves one in three U .S . households and more than 10% of all middle market companies and small businesses in the U .S . Wells Fargo ranked No . 30 on Fortune’s 2020 rankings of America’s largest corporations . In the communities we serve, the company focuses its social impact on building a sustainable, inclusive future for all by supporting housing affordability, small business growth, financial health, and a low-carbon economy . We provide a diversified set of banking, investment, and mortgage products and services, as well as consumer and commercial finance, through our four reportable operating segments: Consumer Banking and Lending Commercial Banking Corporate & Investment Banking Wealth & Investment Management This report contains forward-looking statements, which may include our current expectations and assumptions regarding our future activities, plans, and objectives and other future conditions . Please see the “Forward-looking statements” section for more information about factors that could cause our actual results to differ materially from our forward-looking statements . 6 Providing enhanced ESG disclosure Our ESG Report and ESG Goals and Performance Data (PDF) are our foundational ESG disclosures . They provide an extensive overview of our most Throughout this document you will material ESG topics and how we manage key see the following callout to indicate where information about performance ESG issues . The ESG Report and ESG Goals trends is included in our ESG Goals and and Performance Data are part of a suite of Performance Data (PDF). complementary ESG disclosures, which include the following: Performance trends can be • 2020 Social Impact and Sustainability found in the Wells Fargo Highlights Report (PDF) ESG Goals and Performance • 2020 Task Force on Climate-related Data (PDF) . Financial Disclosures (TCFD) Report (PDF) • Global Reporting Initiative (GRI) Index (PDF) • Sustainability Accounting Standards Board (SASB) Index (PDF) Additional ESG-related resources such as policies, statements, environmental data verification, sustainable investing, Modern Slavery Act statements, memberships and commitments, and ESG viewpoints, can be found on our Goals and Reporting webpage . We intend to update our foundational ESG disclosures regularly to provide information that is current and relevant . Please refer to the publication date on the cover page as an indication of when updates were last made . We aim to provide the most up-to-date and accurate information in our disclosures . Commitments and time frames may vary . 7 ENGAGING STAKEHOLDERS TO INFORM ESG PRIORITIES Understanding the perspectives of a wide range of stakeholders is critical Identifying our ESG priorities to identifying and managing our ESG Wells Fargo has an ongoing process to priorities. We engage with relevant assess and prioritize ESG topics that are stakeholders, including customers, employees, community members, most relevant to our company and our suppliers, shareholders, regulators, stakeholders . The topics covered in this media, analysts, and others. Engagement report reflect discussions with subject matter occurs through various channels, including experts from across our company, findings from face-to-face, telephone, email, social media, primary and secondary research, and feedback and surveys. Feedback is monitored and we receive and insights we gain through our shared with relevant groups across the ongoing engagement with stakeholders . organization. At Wells Fargo, we regularly monitor ESG trends to inform our ESG strategy, goals, and reporting priorities . We have been conducting formal ESG materiality assessments periodically since 2009 to identify topics most important for ESG purposes . Our most recent ESG materiality assessment included substantial research in light of the significant, recent changes in our business and heightened stakeholder feedback about current and emerging socioeconomic and environmental trends . This research included an evaluation of global standard expectations, including the Global Reporting Initiative (GRI), the United Nations Sustainable Development Goals (SDGs), the Sustainable Accounting 8 Standards Board (SASB), and the Task Force on Climate-related Financial Disclosures (TCFD) . The following 14 topics were identified by As part of our most recent ESG materiality Wells Fargo as being the most significant to assessment, we interviewed internal and our internal and external stakeholders in our external stakeholders, including more than