5 As communities around the world begin to emerge from the COVID-19 pandemic, it’s incumbent on us to reflect on the lessons of this difficult period . The past year and a half has clearly demonstrated that significant economic, social, and environmental challenges disproportionately impact our most vulnerable communities . Wells Fargo has a significant role to play in delivering practical solutions to urgent challenges . We have the resources, business expertise, ingenuity, and relationships with public and private sector organizations to do so . Our work to support an inclusive recovery from the COVID-19 pandemic, and to address the systemic issues it has exposed, spans numerous areas . In early 2021, Wells Fargo announced a goal of aligning our business activities with the goals of the Paris Climate Agreement and achieving net- zero greenhouse gas emissions by 2050, including our financed emissions . We also launched an initiative that aims to manage the deployment of $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 . Earlier this year we also issued Wells Fargo’s Inclusive Communities and Climate Bond — our first sustainability bond — which will fund projects and programs that support housing affordability, socioeconomic opportunity, and renewable energy . We also announced our Banking Inclusion Initiative, a 10-year commitment to help unbanked individuals gain access to affordable, mainstream, digitally enabled transactional accounts . The initiative will focus on reaching unbanked communities, with particular emphasis on helping remove barriers to financial inclusion for Black and African American, Hispanic, and Native American/Alaska Native families, which account for more than half of America’s 7 million unbanked households . 1 This report provides a comprehensive picture of the environmental, social, and governance (ESG) work underway at Wells Fargo . I hope it will help inform you and all our stakeholders on our progress, as it increases our accountability for meeting our ESG-related goals . We know this work has no finish line; we still have much more to do . But we’ve made a long-term commitment to these efforts, and I’m confident they will continue to deliver positive impacts . ‒ Charlie Scharf CEO, Wells Fargo & Company A letter from the CEO 1. 2019 FDIC Survey of Household Use of Banking and Financial Services, released in October 2020.