2018 Guide to Effective Proxies

2.6 Timelines | 113 6 TH EDITION | GUIDE TO EFFECTIVE PROXIES UNISYS CORPORATION VOYA FINANCIAL, INC. WELLS FARGO Our Transformation We continue to execute against our business strategy and improve our financial performance as depicted below. Development of strategic priorities and implementation of restructuring plan Rev. Growth 2015 2016 2017 First year providing guidance in over a decade Guidancemetrics correspond to compensationmetrics Achieved guidance on revenue, non- GAAP operating profit and exceeded on adjusted free cash flow Positioning company for revenue inflection and growth Focus on targeted industries and launching new industry-specific solutions Exceeded guidance on non-GAAP operating profit margin and adjusted free cash flow and achieved high end of revenue guidance Non-GAAP Op. Margin (10)% 5.8% (6)% 7.7% 8.5% (3)% -15% -10% -5% 0% Revenue Growth HistoricalRevenueTrend 2015 2016 2017 Since 2015, we have continued to improve the rate of revenue decline and believe we are making progress on driving to our revenue inflection point to grow our company. We believe that continued focus on increasing our services productivity and efficiency will drive a leaner competitive cost structure and improve our operating margin. In 2017, we exceeded or achieved full-year guidance on all guidance metrics as shown below. Our 2017 results represent the second consecutive year of exceeding or achieving full-year guidance since we re-established the process of issuing guidance two years ago. 2017 Actual: 8.5% 2017 Actual: $2.74B 2017 Actual: $199M Exceeded Achieved High-end Exceeded Guidance 7.25 – 8.25% Revenue Adjusted Free Cash Flow Guidance $130M - $170M Guidance $2.65B - $2.75B Non-GAAP Operating Profit Margin 28 SignificantCompensationandGovernanceChangesSinceourIPOin2013 Thechangeswemadein2017areacontinuationofmulti-yearenhancementstoourexecutivecompensation programwhichstrengthenedthealignmentofpayandperformanceandincludedtheadoptionofmore transparentperformancemetrics.WeareaformersubsidiaryofINGGroupandcompletedourIPOinMay2013. InMarch2015,INGGroupcompletedthesaleofallofitsholdingofourcommonstock.Asaresultofour history,followingtheIPO,weweresubjecttoEuropeanregulationsthatlimitedourabilitytofullyimplement ourintendedcompensationprograms.ThechartsbelowdescribechangesimplementedsinceourIPOand summarizeourexecutivecompensationgovernancepractices. 2013 2014 2015 2016 • IPO complete • Post-IPO, ING Group stillhelda significant ownership interest inVoya,andas such,wewere subject toEuropean regulationswhich limited theuseof performanceunits • Introduced stock ownership guidelines that require our directors and executives to own significant amounts of stock, including 5x base salary forCEO, 4x base salary for COO andCFO, and 3x base salary for otherNEOs. Directors are required to ownVoya stock that is 5x annual board cash fees. • Adopted anti-hedging and anti-pledging policy for all of our directors and employees • INGGroup completed its selldownofour common stock • Shifted from100% time-basedRSUs to 55%PSUs (where vesting is subject to achievementof performancemetrics) and45%RSUs • Adopted a robust clawback policy whereby all performance-based and equity-based compensation is subject to clawback upon restatement ormisconduct • Adopted non-compete provision in the long-term incentive program whereby non-compliance results in forfeiture of the award • Adopted 10b5-1 plan policy that provides clear parameters onwhen a 10b5-1 plan can be entered into and the terms of the 10b5-1 plan • Changed from distributable earnings to distributable cashflow as ametric, and provided detailed calculation to enhance transparency • Added relative total shareholder return versus compensation peer group,which replacedDistributable CashFlowBefore HoldingCompany Expenses as ametric for the long-term incentive plan • Added strategic indicators as ametric for annual incentive plan Extended the performanceperiod againstwhichPSUs willbemeasured to three years from one year • • Adopted a new severance plan and non-compete policy 2017 • Added consolidated operating earnings per share,which replaced OngoingBusiness AdjustedOperating Earnings in the annual incentive plan • Increased the weightings ofOngoing BusinessAdjusted OperatingROE and consolidated operating earnings per share in the annual incentive plan • Increased theweighting of relative total shareholder return versus per group in the long-term incentive plan -27- Corporate Governance Demonstrated Track Record of Responsiveness to Investors and Other Stakeholders OurBoardvaluesandconsidersthefeedbackitreceivesfromourinvestorsandotherstakeholdersandhastakenanumberof actionsoverthelastseveralyearstoincreaseshareholderrightsandenhancetheBoard’sstructurethattookintoaccountthose perspectives. 2018 • Enhancedexistingshareholderrighttocallaspecialmeeting –reducedthresholdfrom25%to20%of outstandingshares(since2011ourshareholdershavehadameaningfulrighttocallspecialmeetingsofshareholders underourBy-Laws) • ContinuedBoardrefreshmentprocessbegunin2017withfourdirectorsretiringatour2018annual meeting • EnhancedourgovernancepracticesasreflectedinourCorporateGovernanceGuidelines,includingto : O MorefullyarticulatetheroleoftheBoardandworkitisdoingtoenhancegovernanceandoversight practices O ReflecttheimportanceofperiodicBoardrefreshment andmaintainingandappropriatebalanceoftenure,skills, knowledge,experience,andperspectivesontheBoard O ProvidemoredetailabouttheBoard’sself-evaluationprocess ,includingby: • ProvidingthattheGNCandtheBoardannuallyassessthemosteffectiveformatfortheBoard’sandeach committee’sself-evaluationandthattheBoardmaydeterminetoengageathirdpartytofacilitatetheevaluation periodically • SpecifyingthattheBoardconsidersatleastannuallyupcomingretirementsunderitsdirectorretirementpolicy,the averagetenureandoverallmixofdirectortenuresoftheBoard,alongwithotherfactors,aspartofBoard successionplanninganditsdirectornominationprocess O ExplainthattheGNCwillconsiderbestpracticeswithrespecttocommitteerefreshmentandcommitteechair rotationsinconnectionwiththeGNC’sandtheBoard’sannualreviewofcommitteememberassignmentsandchair positions • Disclosed additional informationonour Company’sgender and racial/ethnicpaygapsintheU.S. on our website at http://stories.wf.com/wells-fargo-releases-pay-equity-study-results/ ; we have committed to expand our pay equity reviews to other geographic areas of operation in the future, make compensation adjustments in line with a goal of gender pay equity, and review a report on pay gaps on an annual basis 2017 • ElectedsixnewBoardmembersandreconstitutedtheleadershipandcompositionofkeyBoard committees,includingtheRiskCommitteeandGovernanceandNominatingCommittee –See Board RefreshmentandComposition formoreinformation • Enhancedthequalifications andexperiencerepresentedonourBoardconsistentwithourstrategyandrisk profile throughrecentcompositionchanges,includingfinancialservices,riskmanagement,technology/cyber, regulatory,humancapitalmanagement,financialreporting,accounting,consumer,andsocialresponsibilityexperience • Fivedirectorsretiredduring2017 ,includingthreelong-tenureddirectorsattheendof2017 • AmendedvariousBoardCommitteecharterstoenhanceoversightofrisk O See OurBoardandItsCommittees–CommitteesofOurBoard formoreinformationaboutchangesmadetoBoard committeecharterstoenhanceoversightofrisk,includingconductrisk,compliancerisk,operationalrisk,technology risk,andinformationsecurity/cyberrisk • LaunchedexternalStakeholderAdvisoryCounciltoprovidefeedbackoncurrentandemergingissues– Sevenmembers,allexternal,representgroupsfocusedonconsumerrights,fairlending,theenvironment,human rights,civilrights,andgovernance 16 WellsFargo&Company 2018ProxyStatement Total of 02 pages in section