Wells Fargo & Company

Wells Fargo manages a variety of risks that can significantly affect our financial performance and our ability to meet the expectations of our customers, shareholders, regulators and other stakeholders. These risks are regularly evolving. For example, recent advancements in artificial intelligence have enhanced the capability to identify and potentially exploit previously unidentified cybersecurity vulnerabilities, contributing to increased information security risk across a range of customers and industries.

Wells Fargo manages a variety of risks that can significantly affect our financial performance and our ability to meet the expectations of our customers, shareholders, regulators and other stakeholders. These risks are regularly evolving. For example, recent advancements in artificial intelligence have enhanced the capability to identify and potentially exploit previously unidentified cybersecurity vulnerabilities, contributing to increased information security risk across a range of customers and industries.

Senior Executive Vice President, Co-CEO of Consumer Banking and Lending, and Head of Artificial Intelligence since November 2025;

A failure in or breach of our operational or security systems, controls or infrastructure, or those of the third parties on which we rely, could disrupt our businesses, damage our reputation, increase our costs and cause losses. As a large financial institution that serves customers through numerous physical locations, ATMs, the internet, mobile banking and other distribution channels across the U.S. and internationally, we depend on our ability to safeguard Wells Fargo’s operations and infrastructure and to process, record and monitor a large number of customer transactions on a continuous basis. As our customer base and locations have a broad geographic footprint throughout the U.S. and internationally, as we have increasingly used the internet and mobile banking to provide products and services to our customers, as customer, public, legislative and regulatory expectations regarding operational and information security have increased, and as cyber and other information security attacks have become more prevalent and complex, our operational systems, controls and infrastructure must continue to be safeguarded and monitored for potential failures, breaches, disruptions and breakdowns. Our business, financial, accounting, data processing systems, or other operating systems and facilities may stop operating properly, become insufficient based on our evolving business needs, or become disabled or damaged as a result of a number of factors including events that are wholly or partially beyond our control. For example, there have been and could in the future be sudden increases in customer transaction volume; electrical or telecommunications outages; degradation or loss of internet, website or mobile banking availability; natural disasters such as earthquakes, wildfires, tornados, and hurricanes; disease pandemics such as COVID-19; events arising from local or larger scale political or social matters, including terrorist acts; and, as described below, cyberattacks or other information security incidents. Pandemics such as COVID-19 could result in the occurrence of new, unanticipated adverse effects on us or the recurrence of adverse effects similar to those already experienced, including creating additional operational and compliance risks, such as the need to comply with rapidly changing regulatory requirements and to quickly implement new measures to protect the functionality of our systems, networks, and operations. Additionally, the adoption or use of new or emerging technologies, including artificial intelligence (AI), digital assets, or distributed ledger technology, may continue to create new operational and compliance risks or add more complexity and the need to implement changes to our infrastructure or operating systems.

A cyberattack or other information security incident could have a material adverse effect on our results of operations, financial condition, or reputation. Information security risks for large financial institutions such as Wells Fargo have generally increased in recent years in part because of the proliferation of new technologies, the use of the internet, mobile devices, and cloud technologies to conduct financial transactions, the increased reliance on third parties, the use of remote work arrangements, and the increased sophistication and activities of organized crime, hackers, terrorists, activists, and other external parties, including foreign state-sponsored parties. Those parties also continue to attempt to misrepresent personal or financial information to commit fraud, obtain loans or other financial products from us, or attempt to fraudulently induce employees, customers, or other users of our systems to disclose confidential, proprietary, or other information to gain access to our networks, data or information belonging to our customers. Geopolitical matters may also continue to elevate the risk of an information security threat, particularly by foreign state-sponsored parties or their supporters. In addition, we continue to experience information security threats arising from the increased availability and use of AI to conduct attacks that can be difficult

to detect, including attacks that may exploit AI to make fraud detection and authentication more difficult.

We also use AI to help improve efficiency and further inform or automate certain business decisions, operations, and risk management practices, as well as to enhance our models and data management activities, and to improve our customer service. However, there is no assurance that AI will appropriately or sufficiently replicate certain outcomes or human assessment or accurately predict future events or exposures. For example, the algorithms or datasets underlying our AI may be inaccurate or include other weaknesses that could result in incorrect, deficient or biased data outputs or other unintended consequences. In addition, the complexity and limited transparency of certain AI models can make it challenging to understand why they are generating particular outputs. Accordingly, even though we may have controls, our use of AI could result in ineffective business decisions, operations, risk management practices, or customer service, legal or regulatory proceedings, reputational harm, or other adverse effects on our business or financial results.

payment, clearing, and settlement processes have the potential to reduce reliance on traditional depository institutions and other financial intermediaries, could lead to a reduction in deposits at banks, and could lead to changes in how financial services are accessed, offered, and delivered. These advances, together with an evolving regulatory environment, could shape the pace and scale at which these innovations are adopted and, in turn, impact our competitive landscape. In addition, we may face more difficulty responding to competitive threats if our competitors, including non-depository institutions, are subject to fewer regulatory requirements than us. Furthermore, technological advances, such as AI, and other innovations may be leveraged by competitors to develop and improve their products and services, efficiencies, operations, and customer service. We may not respond effectively to these and other competitive threats from existing and new competitors and may be forced to offer products and services at lower prices, increase our investment in our business to modify or adapt our existing products and services, and/or develop new products and services to respond to our customers’ needs and preferences. To the extent we are not successful in developing and introducing new products and services or responding or adapting to the competitive landscape or to changes in customer preferences, we may lose customer relationships and our growth prospects and results of operations may be materially adversely affected.

Our ability to attract and retain qualified employees is critical to the success of our business and failure to do so could adversely affect our business performance, competitive position and future prospects. The success of Wells Fargo is heavily dependent on the talents and efforts of our employees, including our senior leaders, and in many areas of our business, including commercial banking, brokerage, investment advisory, capital markets, risk management, and technology, the competition for highly qualified personnel is intense. We also seek to retain a pipeline of employees to provide continuity of succession for our senior leadership positions. In order to attract and retain highly qualified employees, we must provide competitive compensation, benefits and work arrangements, and effectively manage employee performance and development. Furthermore, to the extent our regulators impose restrictions on our compensation practices, our ability to attract and retain these qualified employees may be adversely affected, especially if our competitors are not subject to the same restrictions. Moreover, advances in technology, including automation and AI, could continue to require additional training of employees and lead to increased competition for candidates with advanced technological skills. Similarly, union organizing activity, some of which has been successful, could continue to increase our operational complexity and costs. In addition, our response to this activity could be perceived negatively and harm our reputation and business, subject us to legal actions, or adversely affect our ability to attract and retain qualified employees. If we are unable to continue to attract and retain qualified employees, including successors for senior leadership positions, our business performance, competitive position and future prospects may be adversely affected.

184Q25 Financial Results $54.8 (0.7) 0.8 0.4 0.3 $55.7 2025 Expense 2026 Outlook 1.1 0.8 0.8 Efficiency initiatives Incremental technology expense Incremental other investments Other including expected merit increases 2026 Expense Expectation ($ in billions) Expected net other expense change details Higher revenue- related expense Lower severance expense Higher FDIC assessment expense Net other expense change $(2.4) 2026 expense expectation • 2026 expense expectations – Lower severance expense – Higher revenue-related expense in Wealth and Investment Management (assumes modestly higher equity markets) – Higher FDIC assessment expense driven by assumed balance sheet growth and a special assessment credit in 4Q25 • Efficiency initiatives include: – Operational efficiencies from continued business optimization and process rationalization – Technology driven efficiencies, including increased automation through more modern data platforms and tools – Continued enhancements to our digital infrastructure to further improve service delivery – Continue to see more opportunities past 2026, including acceleration of artificial intelligence (AI) capabilities focused on improved productivity • Incremental technology expense includes investments in infrastructure and business capabilities • Incremental other investments - see page 19 for additional detail • Other includes: – Expected merit and benefit increases as well as performance-based discretionary compensation – Lower expense due to the sale of our rail car leasing business in 1Q26 (offset by a reduction in noninterest income) ~

194Q25 Financial Results Areas of focus for 2026 investments Firmwide • Continue to enhance risk and control infrastructure • Enhance cybersecurity monitoring and tools, including access management, incident response and threat detection capabilities • Continue migration into new data centers and transition of applications to public/private cloud • Scale investment in generative artificial intelligence (AI) to drive more automation and improvement in client service • Continue to invest in data platforms to better leverage AI and drive more insights • Continue modernization and consolidation of office real estate Consumer, Small and Business Banking Consumer Lending • Continue to modernize core banking and call center platforms; use AI to accelerate efforts • Invest in digital offerings, including Wells Fargo mobile® app, FargoTM, Zelle® (including stablecoin offering) and PazeSM • Enhance Wells Fargo Premier® and Business Banking product offerings and service experience • Expand marketing efforts to accelerate customer acquisition and organic growth • Grow Wells Fargo Premier® by recruiting and improving productivity of branch-based bankers and financial advisors • Continue to refurbish and strategically position physical branch network • Continue to improve and accelerate rollout of core credit card capabilities including offers/marketing, underwriting, servicing and rewards • Expand credit card product offerings focused on Wells Fargo Premier® clients • Continue to improve the profitability and returns of Home Lending • Grow auto loan originations and returns by enhancing pricing and decisioning capabilities • Continue modernization of auto loan servicing systems Commercial Banking • Continue lending platform modernization to improve efficiency and automation • Continue investment to build out coverage in underpenetrated and high growth markets and improve overall banker productivity • Continue to enhance digital tools through our Vantage™ platform across banking, lending and foreign exchange • Continue to modernize and improve core payment platforms to meet clients’ expanding needs • Launch a pilot using tokenized deposits to enhance cross- border payment experience Corporate and Investment Banking Wealth and Investment Management • Continue hiring in priority sectors and products within investment banking and capital markets to support growth initiatives • Grow and expand financing capabilities, expand electronic trading and launch new products • Continue investment to enhance market/counterparty risk management capabilities in line with expected growth in the business • Enhance liquidity and payments products, including cross‑border payments, automated foreign exchange and instant payments • Improve advisor productivity with investment in new proposal generation and risk analytics to drive net asset flows • Increase penetration of banking and lending products • Enhance independent channel offering and build out of Registered Investment Advisor (RIA) solutions • Expand our discretionary Unified Managed Account (UMA) platform that allows advisors to seamlessly manage assets across all investment strategies

cloud technologies to conduct financial transactions, the increased reliance on third parties, the increase in remote work arrangements, and the increased sophistication and activities of organized crime, hackers, terrorists, activists, and other external parties, including foreign state-sponsored parties. Those parties also may continue to attempt to misrepresent personal or financial information to commit fraud, obtain loans or other financial products from us, or attempt to fraudulently induce employees, customers, or other users of our systems to disclose confidential, proprietary, or other information to gain access to our networks, data or information belonging to our customers. Geopolitical matters may also continue to elevate the risk of an information security threat, particularly by foreign state-sponsored parties or their supporters. In addition, we continue to experience information security threats arising from the increased availability and use of artificial intelligence to conduct attacks that can be difficult to detect. As noted above, our operations rely on the secure processing, transmission and storage of confidential, proprietary, and other information in our computer systems and networks. Our banking, brokerage, investment advisory, and capital markets businesses rely on our digital technologies, computer and email systems, software, hardware, and networks to conduct their operations. In addition, to access our products and services, our customers may use computers, personal smartphones, tablets, and other mobile devices that are beyond our control systems. Our technologies, systems, software, networks, and our customers’ devices continue to be the target of cyberattacks or other information security threats, which could materially adversely affect us, including as a result of fraudulent activity, the unauthorized release, gathering, monitoring, misuse, loss or destruction of Wells Fargo’s or our customers’ confidential, proprietary and other information, or the disruption of Wells Fargo’s or our customers’ or other third parties’ business operations. For example, various retailers have reported they were victims of cyberattacks in which large amounts of their customers’ data, including debit and credit card information, was obtained. In these situations, we generally incur costs to replace compromised cards and address fraudulent transaction activity affecting our customers. We also continue to be exposed to the risk that an employee or other person acting on behalf of the Company fails to comply with applicable policies and procedures and inappropriately circumvents information security controls for personal gain or other improper purposes.

We also use artificial intelligence to help further inform or automate certain business decisions, operations, and risk management practices, as well as to improve our customer service, but there is no assurance that artificial intelligence will appropriately or sufficiently replicate certain outcomes or human assessment or accurately predict future events or exposures. For example, the algorithms or datasets underlying our artificial intelligence may be inaccurate or include other weaknesses that could result in deficient or biased data outputs or other unintended consequences. Accordingly, even though we may have controls, our use of artificial intelligence could result in ineffective business decisions, operations, risk management practices, or customer service, legal or regulatory proceedings, reputational harm, or other adverse effects on our business or financial results.

e-commerce have made it possible for non-depository institutions to offer products and services that traditionally were banking products, and for financial institutions and other companies to provide electronic and internet-based financial solutions, including electronic securities trading, lending and payment solutions. In addition, technological advances, including digital currencies and alternative payment methods, may diminish the importance of depository institutions and other financial intermediaries in the transfer of funds between parties. Furthermore, technological advances, such as artificial intelligence, and other innovations may be leveraged by competitors to improve their products and services, efficiencies, operations, and customer service. We may not respond effectively to these and other competitive threats from existing and new competitors and may be forced to offer products and services at lower prices, increase our investment in our business to modify or adapt our existing products and services, and/or develop new products and services to respond to our customers’ needs and preferences. Moreover, we may face more difficulty responding to competitive threats if our competitors, including non-depository institutions, are subject to fewer regulatory requirements than us. To the extent we are not successful in developing and introducing new products and services or responding or adapting to the competitive landscape or to changes in customer preferences, we may lose customer relationships and our growth prospects and results of operations may be materially adversely affected.

204Q24 Financial Results Areas of focus for 2025 investments Consumer Lending • Continue to invest in core card capabilities that improve the customer experience • Continue modernization of auto loan servicing systems • Improve pricing models, enhance credit decisioning and strengthen fraud capabilities • Improve Home Lending sales and fulfillment efficiency with enhanced digital capabilities Corporate and Investment Banking • Hiring in priority sectors and products within investment banking and capital markets to support growth initiatives • Continue investment in electronic trading, market driven modeling enhancements, and new product capabilities • Enhance risk management capabilities and capital decision making across lines of business, in line with expected higher institutional client volumes Commercial Banking • Improve lending systems and architecture through platform modernization • Continue to enhance Vantage℠ , including modernizing experience across payments, FX, liquidity, and lending • Modernize and improve core payment platforms to meet clients’ expanding needs • Continue to build out coverage in under-penetrated markets and key industries • Continue to enhance new sales enablement and client insights capabilities to improve prospect prioritization and relationship planning Wealth and Investment Management • Continue modernization of Advisor GatewaySM , to enable advisors to better serve clients across all channels • Continue investment in the client digital experience for opening accounts and moving money • Broaden unified managed account platform to better enable advisors to model and move assets across investment strategies and transact digitally for alternative investments • Build out a best-in-class independent channel offering that provides the full suite of Wells Fargo products and tools • Continue to build our risk and control infrastructure and remediate regulatory issues • Enhance automated monitoring and response tools for cyber threats • Continue transition of applications to public/private cloud to increase scalability and improve speed to market • Begin migration into new data centers • Continue research and investment in use cases for automation through generative artificial intelligence • Invest in data platforms to drive more insights • Continue modernization and consolidation of office real estate Firmwide / Risk & Control Consumer, Small and Business Banking • Modernization of our core banking platform • Continue investment in digital product offerings, including further enhancements to Wells Fargo Mobile® app, digital account opening, FargoTM, Zelle®, and PazeSM • Scale marketing efforts to drive customer acquisition and organic growth • Invest in Wells Fargo Premier® by hiring additional bankers and financial advisors • Continue efforts to refurbish, optimize, and strategically position physical branch network

A cyber attack or other information security incident could have a material adverse effect on our results of operations, financial condition, or reputation. Information security risks for large financial institutions such as Wells Fargo have generally increased in recent years in part because of the proliferation of new technologies, the use of the internet, mobile devices, and cloud technologies to conduct financial transactions, the increased prevalence and availability of artificial intelligence, the increase in remote work arrangements, and the increased sophistication and activities of organized crime, hackers, terrorists, activists, and other external parties, including foreign state-sponsored parties. Those parties also may continue to attempt to misrepresent personal or financial information to commit fraud, obtain loans or other financial products from us, or attempt to fraudulently induce employees, customers, or other users of our systems to disclose confidential, proprietary, or other information to gain access to our data or that of our customers. Geopolitical matters may also elevate the risk of an information security threat, particularly by foreign state-sponsored parties or their supporters. As noted above, our operations rely on the secure processing, transmission and storage of confidential, proprietary, and other information in our computer systems and networks. Our banking, brokerage, investment advisory, and capital markets businesses rely on our digital technologies, computer and email systems, software, hardware, and networks to conduct their operations. In addition, to access our products and services, our customers may use personal smartphones, tablets, and other mobile devices that are beyond our control systems. Our technologies, systems, software, networks, and our customers’ devices continue to be the target of cyber attacks or other information security threats, which could materially adversely affect us, including as a result of fraudulent activity, the unauthorized release, gathering, monitoring, misuse, loss or destruction of Wells Fargo’s or our customers’ confidential, proprietary and other information, or the disruption of Wells Fargo’s or our customers’ or other third parties’ business operations. For example, various retailers have reported they were victims of cyber attacks in which large amounts of their customers’ data, including debit and credit card information, was obtained. In these situations, we generally incur costs to replace compromised cards and address fraudulent

We also use artificial intelligence to help further inform or automate certain business decisions, operations, and risk management practices, as well as to improve our customer service, but there is no assurance that artificial intelligence will appropriately or sufficiently replicate certain outcomes or human assessment or accurately predict future events or exposures. For example, the algorithms or datasets underlying our artificial intelligence may be inaccurate or include other weaknesses that could result in deficient or biased data outputs or other unintended consequences. Accordingly, even though we may have controls, our use of artificial intelligence could result in ineffective business decisions, operations, risk management practices, or customer service, legal or regulatory proceedings, reputational harm, or other adverse effects on our business or financial results.

24Q23 Financial Results • Provided products to help customers avoid overdraft fees and meet short-term cash needs: – Over 3.2 million Clear Access BankingSM accounts, our checking account with no overdraft fees – Originated over 350,000 new Flex Loan accounts; a digital only, small dollar, short-term credit product • Banking Inclusion Initiative: Introduced HOPE Inside Centers in 15 markets now supporting 57 retail branches that provide financial education workshops and free one-on-one coaching • Refurbished over 550 branches for our customers and employees • Exceeded our $150 million Special Purpose Credit Program (SPCP) commitment to advance racial equity in homeownership, helping customers refinance their mortgages to below market rate loans with reduced closing costs • Launched $10,000 Homebuyer AccessSM grants that will be applied toward the down payment for eligible homebuyers who currently live in or are purchasing homes in certain underserved communities • Continued to partner with auto dealers across the country to award payment-free vehicles and financial mentoring to combat-wounded veterans and Gold Star families through Military Warriors Support Foundation’s Transportation4Heroes program • Entered into a strategic relationship with Centerbridge Partners to create Overland Advisors, which is focused on direct lending to middle market customers in Commercial Banking, thereby expanding their financing options Actively helped our customers and communities in 2023 Supporting our Customers • Continued enhancing the Wells Fargo Mobile® app for consumer and small business customers – 29.9 million mobile active customers1 with more mobile adoption momentum, adding 1.6 million mobile active customers in 2023 • Full rollout of FargoTM, our AI-powered virtual assistant that includes a Spanish- language capability, which had over 21.3 million interactions • Launched LifeSync®, our personalized digital approach to aligning customers' goals with their money, to all consumer customers • Relaunched WellsTrade®, our do-it-yourself investing platform, making it easier for customers to invest by expanding capabilities and streamlining the account opening process • Launched two Choice Hotels co-branded Mastercard credit cards • Expanded capabilities of VantageSM, our digital banking platform, to all Commercial Banking and Corporate and Investment Banking clients of the prior web version, as well as added new clients to the platform • Launched Vantage ConnectSM, a new embedded finance solution, and delivered 25+ new or significantly enhanced APIs throughout 2023 • Launched a single instant payments API which brings interoperability and simplicity to instant payments by providing a single solution for both FedNow Instant and TCH Real-Time Payments (RTP) New Digital and Product Offerings Amounts in the bullets are for full year 2023, unless otherwise noted. 1.

204Q23 Financial Results Areas of focus for 2024 investments Consumer Lending • Plans to launch additional credit cards, including a new travel card, as part of our AutographSM suite of products • Plans to launch a new small business credit card • Continued improvements in core card capabilities (e.g., credit risk decision engine, digital self service for collections) • Continued modernization of auto loan and servicing systems • Continued investment supporting an increase in homeownership for underserved communities Corporate and Investment Banking • Hiring in priority sectors and products within investment banking and capital markets to support growth initiatives • Continued investments to enhance Banking and CRE’s technology platform, including investments related to digital lending transformation, new issue trade and bookbuild execution, and banker experience capabilities • Continued investment in foreign exchange (FX) to evolve the business from payments provider to market liquidity provider • Enhance and automate electronic trading platform to drive greater client experience and efficiency, and reduce operational risk • Enhance risk management capabilities and capital decision making across lines of business and Risk in line with expected higher institutional client volumes Commercial Banking • Improve lending systems and architecture through platform modernization and client migration • Enhancements to Vantage℠ , including modernizing experience across payments, FX, liquidity, and lending • Improve core payment product functionality to meet clients’ expanding needs • New sales enablement and client insights capabilities • Focused buildout of coverage in under-penetrated markets and industries • Enhancements to pricing and profitability capabilities to drive customer profitability and capital efficiency Wealth and Investment Management • Advisory GatewaySM rollout for all advisor platforms – new front end for advisors to better serve clients • New streamlined client and advisor experience to transact digitally for alternative investments • A modern unified managed account platform enabling advisors to seamlessly model and move assets across investment strategies • Streamlined account opening and money movement experience to reduce paper and time for our advisors and clients Firmwide / Risk & Control • Continue to build our risk and control infrastructure and remediate regulatory issues • Further enhancements to automated monitoring and response tools for cyber threats • Continued transition of applications to public/private cloud to increase scalability and improve speed to market • Construction and core infrastructure build out of four new data centers • Continued investment in, and research on, use cases for generating automation through artificial intelligence Consumer, Small and Business Banking • Continued investment in product and digital offerings, including further enhancements to Wells Fargo Mobile® app, FargoTM, LifeSync®, our personalized digital financial advice platform, and the launch of PazeSM, a new digital wallet offering from Early Warning Services (EWS) • Accelerated efforts to refurbish and modernize an additional ~850 branches • Targeted hiring in top priority branches to maximize the affluent opportunity and elevate client experience and engagement • Scale marketing efforts to drive customer acquisition and organic growth

“In addition to making progress on our risk and control work, which is our top priority, we also continued to take steps to advance our business strategy. In the third quarter, we sold certain private equity investments; announced a new strategic relationship with Centerbridge Partners that will provide our middle market clients greater access to alternative sources of capital; continued to enhance our digital capabilities including adding a Spanish-language capability to FargoTM, our AI-powered virtual assistant; and made important hires across the businesses we are looking to grow,” Scharf added.

In certain instances, we rely on models to measure, monitor and predict risks, such as market, interest rate, liquidity and credit risks, as well as to help inform business decisions; however, there is no assurance that these models will appropriately or sufficiently capture all relevant risks or accurately predict future events or exposures. Furthermore, certain of our models are subject to regulatory review and approval, and any failure to meet regulatory standards or expectations could result in fines, penalties, restrictions on our ability to engage in certain business activities, or other adverse consequences, and any required modifications or changes to these models can impact our capital ratios and requirements and result in increased operational and compliance costs. In addition, we rely on data to aggregate and assess our various risk exposures and business activities, and any issues with the quality or effectiveness of our data, including our aggregation, management, and validation procedures, could result in ineffective risk management practices, business decisions or customer service, inefficient use of resources, or inaccurate regulatory or other risk reporting. We also use artificial intelligence to help further inform or automate our business decisions and risk management practices, but there is no assurance that artificial intelligence will appropriately or sufficiently replicate certain outcomes or human assessment or accurately predict future events or exposures. Previous financial and credit crises and resulting regulatory reforms highlighted both the importance and some of the limitations of managing unanticipated risks, and our regulators remain focused on ensuring that financial institutions, and Wells Fargo in particular, build and maintain robust risk management policies and practices. If our risk management framework proves ineffective, we could suffer unexpected losses which could materially adversely affect our results of operations or financial condition.