Living our commitment

1 Living our commitment 2017. Wells Fargo & Company corporate social responsibility report W. e pledge to make every community in which we live and do business better . through our products and services, our culture and business practices, and our many forms of philanthropy. W E L L S FA R G O & C O M PA N Y. By nurturing our customers, communities, and team members, we realize our commitment to satisfy our customers' financial needs and help them succeed financially. 1. 2 0 1 7 C O R P O R AT E S O C I A L R E S P O N S I B I L I T Y R E P O R T. Table of contents 3 2017 corporate social responsibility performance highlights 4 Letter to stakeholders from CEO Tim Sloan 8 A message from Wells Fargo's 2 12 head of corporate responsibility Developing the workforce of tomorrow 15 Building resilient communities 19 Revitalizing and strengthening underserved communities 22 Our 2020 goals and progress 28 Diversity and social inclusion 40 Economic empowerment 56 Environmental sustainability 66 Leadership and governance 72 About this report 73 Awards and recognition W E L L S FA R G O & C O M PA N Y.

2 2017. corporate social responsibility performance highlights $15/hr. $ | Investing in team members Supporting communities Raised minimum wage to $15 per hour Invested $ million and (effective March 2018) and added four volunteered 2+ million hours in new paid holidays for team members. nonprofits in 2017. More than 15,800. 3. LIFT homebuyers have purchased $ | 8,300 $2 billion in real estate nationally since 2012. $55m | $ Advancing diversity and social inclusion Awarded $ million through diverse Empowering diverse businesses scholarship programs, increasing access to education and employment Provided $55 million in grants opportunities. Hired 2,300 military and capital to grow diverse small veterans since 2016, for a total of more businesses since 2015. Spent than 8,300 veteran team members. $ billion with diverse suppliers, or of our controllable procurement $ | $12b budget in 2017. Accelerating clean technology 100% | 28%. Donated $ million to support clean Reducing our operational impact technology, environmental education, Met 100% of our electricity needs with and strengthening community renewable energy.

3 Achieved LEED . resiliency. Provided $12 billion in certification for 28% of total square financing for renewable energy, footage in buildings. clean technology, and other sustainable businesses. 2 0 1 7 C O R P O R AT E S O C I A L R E S P O N S I B I L I T Y R E P O R T. Letter to stakeholders from CEO Tim Sloan TO OUR CUSTOMERS, TEAM MEMBERS, COMMUNITIES, A N D O T H E R S TA K E H O L D E R S , Welcome to Wells Fargo's 2017 corporate social responsibility report , Living our commitment . Here you will learn how we are carrying out our pledge to make 4 every community in which we live and do business better through our products and services, our culture and business practices, and our philanthropy. W. ells Fargo's top priority Governors, was elected independent Wells Fargo's top remains rebuilding board chair, making her the first female priority remains trust with all of our board chair of a major bank. Betsy rebuilding trust stakeholders. In 2017, we made also leads our new external Stakeholder with all of our substantial progress in our work to Advisory Council, which was formed stakeholders.

4 Fix problems, make things right for to provide stakeholder perspectives on customers, and transform into a better, current and emerging issues. stronger company. We have more work For more details about our to do, but we have achieved a lot. comprehensive effort to rebuild trust, Our board of directors, for example, I invite you to read our 2017 Annual has made significant changes report at adding new members, making changes investor-relations. I also recommend to the leadership and composition the interactive timeline called Building of its committees, and strengthening a better bank: Our progress, which oversight and reporting. We're very is updated regularly on Wells Fargo proud that Betsy Duke, former member Stories at our online of the Federal Reserve Board of journal that illustrates the many ways Wells Fargo works with customers and communities. W E L L S FA R G O & C O M PA N Y. One of our most significant accomplishments during the year was meeting 100 percent of our global electricity needs with renewable energy.

5 We look forward to working with our community partners and 100%. other stakeholders to identify additional opportunities for Wells Fargo to invest in economic growth while continuing to execute our business strategies and provide long-term value to stakeholders. Living our commitment the largest corporate cash donors in the , contributing $ million to While we are working to rebuild more than 14,500 nonprofits in 2017 to trust, I am pleased that in 2017. support critical social , economic, and Wells Fargo continued to make environmental challenges. Looking progress on achieving our 2020 goals ahead, we look forward to working with for corporate social responsibility our community partners and other (page 22). These are organized around 5. stakeholders to identify additional three priorities: opportunities for Wells Fargo to invest Advancing diversity and in economic growth while continuing social inclusion. to execute our business strategies Creating economic opportunity in and provide long-term value underserved communities.

6 To stakeholders. Accelerating the transition to a low- Second, I'm proud that we are doing carbon economy and healthier planet. our part to address climate change and other sustainability issues in the You can learn much more about our and around the world. In 2017, we progress in all of these areas beginning met and surpassed our 2020 carbon- on page 22, and I would like to share a reduction goal of 45 percent three few highlights with you. years ahead of schedule, and we met First, we have committed to increasing 100 percent of our global electricity our corporate philanthropy by needs with renewable energy. As one 40 percent in 2018, and we have set a of the largest financers of renewable long-term goal of investing 2 percent energy, clean technology, and of our after-tax profits in corporate energy efficiency in the , we are philanthropy, beginning in 2019. committed to supporting new growth in this important sector. This includes I am especially pleased with this supporting product innovation commitment because it speaks and collaboration with multiple volumes about the kind of company Wells Fargo is.

7 We're already one of 2 0 1 7 C O R P O R AT E S O C I A L R E S P O N S I B I L I T Y R E P O R T. In early 2017, Wells Fargo Letter to Stakeholders reaffirmed its long-standing from CEO Tim Sloan commitment to corporate social responsibility when CEO and President Tim Sloan included it as one of six goals that he and the Operating Committee set for the company's future. All six goals are included in a streamlined company booklet shared with every team stakeholders, working with nonprofit In appreciation: Our team members organizations that focus on bringing are building better . renewable energy to underserved We know that we cannot transform communities, and boosting early- into a better, stronger Wells Fargo stage companies that are focused without the hard work, talent, and on sustainability. dedication of our more than 260,000. Third, and especially meaningful to me, team members, who are our most 6 we continue to increase our investment valuable resource. And during a year in the Wells Fargo team.

8 For example, of significant challenge and change, in 2017 we raised the minimum wage our team continued to focus on what base range for , entry- matters supporting our customers, level team members to $ per communities, and each other. hour and then to $15 an hour in In 2017, 91,000 team members During a year of March 2018. We also enhanced our or about one-third of our entire significant challenge benefits package (page 30). We added company participated in business and change, our two company holidays to our paid resource groups including Volunteer team continued time off program, plus two personal Chapters, Green Teams, Team Member to focus on what holidays that team members can use Networks, and Innovators Club. And matters supporting for religious, family, cultural, patriotic, our team members volunteered a our customers, community, or diversity significance, record 2 million hours, valued at an communities, and among other reasons. And in the first estimated $48 million,1 to help address each other.

9 Quarter of 2018, we granted restricted the issues, causes, and values most share rights to about 250,000 team important to them. In addition, they members; these are equivalent to 50 contributed $85 million to 40,000. shares of Wells Fargo common stock nonprofit organizations; as a result, our to eligible full-time employees, and annual workplace giving campaign the equivalent of 30 shares to eligible was named by United Way Worldwide part-time employees, with a two-year as No. 1 in the for the ninth vesting period. consecutive year. Calculation based on the value of one volunteer hour ($ ) in 2017, 1 . according to Independent Sector. W E L L S FA R G O & C O M PA N Y. member, The Vision, Values & customers, people as a competitive Goals of Wells Fargo, which clearly advantage, ethics, diversity and expresses the principles that guide inclusion, and leadership. our team as we work every day to Goals: We want to become build the best Wells Fargo possible: the financial services leader in We recognize that achieving Vision: We want to satisfy our customer service and advice, team our goal to become the customers' financial needs and help member engagement, innovation, financial services leader them succeed financially.

10 Risk management, corporate in corporate citizenship citizenship, and shareholder value. requires a specific, Values: Five values guide every sustainable commitment action we take what's right for from leaders and engagement from all levels of the company. In 2017, our team members also of the company. It also requires that personally contributed $ million to we consistently look for new ways the Wells Fargo WE Care fund on to take a leadership role in helping top of our corporate donation of address long-term and complex global $ million to assist team members challenges that are important to our affected by disasters or other financial company and stakeholders. I am hardships. They also spent countless pleased that we are making progress 7. volunteer hours on activities like on both fronts. assembling emergency kits, blood Thank you for placing your trust in drives, beach cleanups, fostering Wells Fargo and for your support. displaced pets, and rebuilding homes. I believe we have a solid foundation, A special thanks is due to team exceptional businesses, and an members like Chase McKinney outstanding team whose generosity (page 7), a business development underscores our company's most manager for Wells Fargo Auto in important values and inspires our Sugarland, Texas, who used his own investments in the communities we boat to rescue neighbors during the call home.