37 Wells Fargo Investment Institute The Wells Fargo Investment Institute (WFII) provides education, guidance, and insights to inform investment decisions . WFII creates core investment strategies, investment research, and other forms of intellectual capital to support WIM businesses . WFII thought leadership includes the 2020 thematic report on Sustainable Investing ‒ Investing with a purpose . WFII’s Global Manager Research (GMR) team provides information about how investment managers use ESG criteria in their investment offerings . GMR has categorized, according to a proprietary methodology, all investment managers and solutions on its list of approved investment strategies . GMR has published several pieces which detail the GMR ESG Analysis Framework methodology and highlight the results and findings . GMR’s ESG categorizations (immaterial, aware, integrated, key driver, and impact leader) facilitate a better understanding of investment managers’ level of ESG focus/ integration and can help create diversified, ESG-focused solutions that go beyond simple investment product labels and cursory claims . WFII’s Global Portfolio Management team manages “ESG Aware/Focus” portfolios that range from conservative income to aggressive growth investment objectives . The ESG portfolios offer Wells Fargo Advisors and The Private Bank clients the combined benefits of sound investment and ESG principles, active mutual fund and passive ETF investing, and the tactical asset allocation guidance, money manager research, and portfolio management best practices provided by WFII . Wells Fargo Private Bank Wells Fargo Private Bank serves high-net- worth and ultra-high-net-worth individuals, business owners, family offices, foundations, and endowments . Wells Fargo Private Bank’s Social Impact Investing team specializes in managing sustainable and responsible investment portfolios for individuals and institutions . ESG analysis is incorporated into the Social Impact Investing team’s investment decisions and offers clients values-based customization capabilities . Offerings include ESG strategies for separately managed accounts aligned for specific client financial goals/values, such as sustainable, responsible, animal welfare, and religious values . These are offered across equities and real estate investment trusts (REIT) strategies, and — through the Social Impact Investing team’s partnership with the Fixed Income Strategies team — fixed income as well . The team practices active ownership principles, including engagement and proxy voting, and aligns its engagement efforts with the United Nations Sustainable Development Goals . The Private Bank has actively invested millions of dollars in targeted impact and ESG-oriented investments, particularly in the private capital arena, for more than a decade . Such investment opportunities include water, alternative energy, sustainable farming, double bottom line businesses, technological enhancement, health care innovation funds that target care for growing middle classes in emerging countries, and a variety of other impact and ESG-specific investments .