Target date fund comparison Adminretirement shares December 31

Target date fund comparison Admin/retirement shares December 31, 2012

Considerations: Target date funds § Diversification § Asset allocation § Risk posture over time § Active/passive § Quality of component pieces/underlying funds § Expense ratios Page 2 Wells Fargo Bank, N. A. All rights reserved. FOR INSTITUTIONAL INVESTOR USE ONLY – NOT FOR USE WITH THE PUBLIC © 2012 2

Considerations: Determining a shared “risk” philosophy § Evaluate risk in terms of the following: § Potential drawdowns based on market assumptions § Realized drawdowns over shorter term market movements § In both percentage and dollar losses on an average participant’s balance § Take ownership of the glide path and consider exploring target date solutions that share a similar fiduciary view towards risk for the participant base. § Find a target date provider that provides a thoughtful, transparent, repeatable process for delivering appropriate returns based on your “best fit” glide path. § Diversification – meaningful across relevant asset classes or marketing driven? § Asset Allocation – thoughtful & disciplined, static vs. market driven § Underlying Funds - active/passive, ongoing monitoring, policy for manager replacement, overlap, style drift, capacity Source: planadviser TM, from the publishers of PLANSPONSOR, Fall 2007 Page 3 Wells Fargo Bank, N. A. All rights reserved. FOR INSTITUTIONAL INVESTOR USE ONLY – NOT FOR USE WITH THE PUBLIC © 2012 3

Considerations: Target date evaluation & benchmarking § Choose a fund family that shares your philosophy on what level of risk is appropriate for your participants at each stage of retirement saving § Different glide path decisions will have predictable consequences § Be aware of the magnitude of the consequences, not just the probability § Realize that no one fund family will fully address both “longevity risk” and “volatility risk” there is a tradeoff § Consider a target date product’s role in overall plan design § Seek a fiducially sound “product foundation” on which behavior enhancing changes like auto-enrollment and auto-increase can be implemented § Monitor the chosen product on how well it delivers on your shared philosophy, not necessarily how well it does versus peers Page 4 Wells Fargo Bank, N. A. All rights reserved. FOR INSTITUTIONAL INVESTOR USE ONLY – NOT FOR USE WITH THE PUBLIC © 2012 4

Target date funds: Strategy summaries Wells Fargo Advantage Dow Jones Target Date Funds Description Inception Date Mutual Fund Target Date Assets* Active/ Passive Alliance Bernstein Retirement Strategies Funds American Century LIVESTRONG Funds American Funds Target Date Retirement Funds Black. Rock Fidelity Advisor Life. Path Funds Freedom Funds JP Morgan Smart. Retirement Funds T. Rowe Price Retirement Funds Vanguard Target Retirement Funds Seeks to A series of broad Funds invest in a Funds invest in Funds invests in Funds invest in replicate the asset-allocation mix of underlying enhanced index multiple Fidelity a diverse pool of several T. Rowe six Vanguard Dow Jones funds combining actively managed American funds. strategies. mutual funds and actively managed Price funds - all Global Target actively American Allocations vary Optimization "Series" funds JP Morgan Funds. Allocations are passive except a Date Indices. managed, style- Century funds. between growth model is run (created for sole Glide path is set largely pre-set small allocation Optimization pure portfolios Glidepath is fairly funds, growth weekly to allow use in the based on along the glide to an actively model is run with established conservative and income for rebalancing Freedom Funds). internally path with some managed TIPS monthly to track records in a leading up to funds, equity and tactical shifts. Utilizes a researched broad degree of tactical Fund and Money match allocations mix that changes retirement and income/balanced moderate asset based flexibility. Market Fund. to specified to suit the subasset funds, and bond -Please note the allocation assumptions that Allocations are equity risk participant’s risk classes are funds based on 2010 Fund strategy differ from -Please note that largely pre-set targets. and return skewed more retirement date. merged into the designed for conventional the T. Rowe Price along the glide requirements at conservatively as Retirement Fund investors investor Retirement Fund path. different life the glidepath as of November expecting to retirement is not part of this stages. progresses. 2009. retire on or near savings wisdom. series. Its static - Please note the target date. 40%/60% that the 2005 allocation is not Fund merged the landing point into the 2010 for these funds. Fund on February 10, 2012. 1994 2005 2004 2007 1994 2003 2006 2002 2003 $13. 8 B $1. 4 B $5. 8 B $12. 7 B $8. 1 B $16. 7 B $8. 9 B $77. 6 B $117. 5 B Passive (published indexes) Active/Alpha Tilt and i. Shares ETFs Active Primarily Active Almost all Passive *Source: Morningstar Page 5 Wells Fargo Bank, N. A. All rights reserved. FOR INSTITUTIONAL INVESTOR USE ONLY – NOT FOR USE WITH THE PUBLIC © 2012 5

Target date funds: Strategy summaries Wells Fargo Advantage Dow Jones Target Date Funds Alliance Bernstein Retirement Strategies Funds American Century LIVESTRONG Funds American Funds Target Date Retirement Funds Black. Rock Fidelity Advisor Life. Path Funds Freedom Funds JP Morgan Smart. Retirement Funds T. Rowe Price Retirement Funds Vanguard Target Retirement Funds Glide Path Equity Risk Allocation: Most Aggressive 90% (2055) 95% (2055) 85% (2055) Approx. 90% (2055) >90% (2055) 85% (2055) 90% (2060) Retirement Date 28% 65% 45% Approx. 50% 38% 50% 33% 55% 50% 20% (10 years post) 35% (15 years post) 45% (at retirement) Approx. 15% (30 years post) 38% (at retirement) 20% (10 -15 years post) 33% (at retirement) 20% (30 years post) 30% (7 years post) 15 actively managed American Century funds 17 -20 actively managed American funds Up to 10 funds and/or i. Share ETFs Approx. 23 Fidelity funds Landing Point Equity Allocation: Equity Allocation: Asset 13 unique, non 12 actively Allocation overlapping managed, style. Mix (Sample indices pure portfolios 2040)* represented Approx. 18 -23 actively managed 18 T. Rowe Price JP Morgan funds strategies 3 -5 Vanguard funds Domestic Equity (%) 55. 76 50. 44 58. 54 53. 30 51. 28 47. 76 47. 18 59. 93 61. 87 International Equity (%) 27. 94 37. 90 16. 24 30. 04 28. 76 23. 62 30. 24 29. 08 27. 56 Fixed Income (%) 9. 60 5. 50 20. 80 7. 73 15. 98 15. 75 15. 88 6. 66 9. 24 6. 16 4. 42 0. 77 -1. 01% (Inv) 8. 93 3. 98 12. 87 6. 70 0. 74 -0. 94% (Sel) 4. 32 0. 82 -1. 03% (Adv) 0. 84 -1. 04% (A) 1. 07 -1. 28% (R) Cash/Other (%) Expense* 6. 69 0. 80 -0. 87% (Adm) 0. 81 -1. 01% (K) 1. 06 -1. 26% (R) 1. 02 -1. 26% (A) 0. 70 -0. 81% (R 4) 1. 10 -1. 10% (A) 0. 72 -1. 04% (A) 1. 35 -1. 35% (R) 0. 97 -1. 29% (T) 1. 33 0. 17 -0. 19% *Source: Morningstar Page 6 Wells Fargo Bank, N. A. All rights reserved. FOR INSTITUTIONAL INVESTOR USE ONLY – NOT FOR USE WITH THE PUBLIC © 2012 6

Equity allocation comparisons: Sample universe Source: Morningstar Page 7 Wells Fargo Bank, N. A. All rights reserved. FOR INSTITUTIONAL INVESTOR USE ONLY – NOT FOR USE WITH THE PUBLIC © 2012 7

Target date funds: Allocation comparisons Composition Date 2050 2030 American Funds Black. Rock Fidelity Advisor T. Rowe Price Vanguard 9/30/2012 JP Morgan 11/30/2012 9/30/2012 58. 29 52. 73 63. 79 53. 27 58. 09 50. 13 47. 43 59. 96 61. 92 % Non-US Stocks 29. 21 39. 12 17. 78 30. 08 32. 38 24. 76 29. 89 29. 00 27. 40 5. 99 5. 53 15. 56 7. 72 6. 62 12. 12 15. 85 6. 64 9. 33 % Bonds 12/31/2012 11/30/2012 6. 52 2. 63 2. 87 8. 93 2. 92 12. 98 6. 83 4. 40 1. 35 % US Stocks 55. 76 50. 44 58. 54 53. 30 51. 28 47. 76 47. 18 59. 93 61. 87 % Non-US Stocks 27. 94 37. 90 16. 24 30. 04 28. 76 23. 62 30. 24 29. 08 27. 56 % Bonds 9. 60 5. 50 20. 80 7. 73 15. 98 15. 75 15. 88 6. 66 9. 24 % Other/Cash 6. 69 6. 16 4. 42 8. 93 3. 98 12. 87 6. 70 4. 32 1. 33 % US Stocks 44. 50 43. 15 49. 00 51. 83 43. 72 41. 06 40. 13 55. 59 54. 25 % Non-US Stocks 22. 30 33. 70 13. 18 29. 28 23. 63 20. 30 26. 63 26. 70 23. 99 % Bonds 25. 73 12. 55 29. 44 9. 94 27. 41 26. 32 24. 97 12. 90 19. 59 7. 47 10. 61 8. 39 8. 95 5. 25 12. 32 8. 27 4. 82 2. 17 % US Stocks 28. 79 32. 75 41. 75 42. 46 34. 11 32. 74 31. 48 46. 77 43. 87 % Non-US Stocks 14. 53 27. 22 9. 39 21. 01 17. 64 16. 12 20. 68 22. 02 19. 46 % Bonds 48. 81 26. 68 38. 48 26. 82 41. 36 37. 06 39. 88 25. 43 33. 38 7. 87 13. 35 10. 38 9. 72 6. 89 14. 08 7. 97 5. 78 3. 29 13. 49 23. 65 N/A 32. 14 N/A 28. 34 20. 43 35. 34 29. 60 6. 76 20. 31 N/A 12. 26 N/A 13. 86 11. 66 16. 14 13. 31 % Bonds 69. 73 42. 23 N/A 44. 39 N/A 41. 35 51. 30 41. 39 52. 43 % Other/Cash 10. 02 13. 81 N/A 11. 22 N/A 16. 45 16. 60 7. 13 4. 66 9. 55 15. 08 37. 86 N/A 24. 76 12. 03 20. 54 N/A 20. 54 4. 82 13. 03 6. 22 N/A 11. 33 5. 92 11. 70 N/A 9. 17 75. 23 58. 32 41. 81 N/A 55. 33 53. 70 50. 64 N/A 62. 17 10. 39 13. 57 14. 11 N/A 8. 59 28. 35 17. 12 N/A 8. 11 % Other/Cash % US Stocks 2010 American Century 11/30/2012 % Other/Cash 2020 Alliance Bernstein % US Stocks % Other/Cash 2040 Wells Fargo Advantage % Non-US Stocks % US Stocks Today/ % Non-US Stocks Income % Bonds % Other/Cash Source: Morningstar Page 8 Wells Fargo Bank, N. A. All rights reserved. FOR INSTITUTIONAL INVESTOR USE ONLY – NOT FOR USE WITH THE PUBLIC © 2012 8

Retirement date based funds comparison: Performance (12. 31. 12) Annualized Category/Fund Dow Jones Global Target Today Index 1 3 Year Expense Ticker QTD 1 Year 3 Years 5 Years Sharpe Ratio N/A 5. 44 7. 07 6. 40 5. 92 5. 29 1. 74 1. 80 0. 87 N/A 0. 81 Alliance. Bernstein 2000 Retirement Str K LTAKX -0. 02 1. 33 American Century LIVESTRONG Inc Inv ARTOX 0. 71 10. 13 7. 88 4. 05 1. 02 0. 77 Black. Rock Life. Path Retirement R LPRRX 0. 69 8. 26 6. 79 3. 91 1. 06 1. 35 Fidelity Advisor Freedom Inc A FAFAX 0. 41 6. 01 5. 14 3. 41 1. 26 0. 72 JP Morgan Smart. Retirement Income Sel JSRSX 1. 56 10. 15 7. 35 4. 49 1. 04 0. 74 Vanguard Target Retirement Income VTINX 0. 72 8. 23 7. 61 4. 87 1. 57 0. 17 Wells Fargo Advantage DJ Target Tod Adm 2 WFLOX -0. 16 4. 74 5. 59 4. 46 1. 56 0. 80 0. 81 9. 01 6. 77 2. 94 1. 09 0. 99 Morningstar Avg: Retirement Income Annualized Category/Fund Dow Jones Global Target 2010 Index 1 3 Year Expense Ticker QTD 1 Year 3 Years 5 Years Sharpe Ratio N/A Alliance. Bernstein 2010 Retirement Str K LTDKX 0. 20 2. 01 6. 40 9. 61 6. 85 6. 59 4. 42 0. 98 1. 53 0. 65 N/A 0. 89 American Funds Trgt Date Retire 2010 R 4 RDATX 1. 16 10. 17 7. 64 2. 22 1. 07 0. 70 Fidelity Advisor Freedom 2010 A FACFX 0. 63 10. 04 7. 13 2. 54 0. 80 0. 86 JP Morgan Smart. Retirement 2010 Sel JSWSX 1. 61 10. 31 7. 53 3. 83 1. 03 0. 75 T. Rowe Price Retirement 2010 Adv PARAX 1. 32 12. 16 8. 15 3. 37 0. 82 0. 86 Vanguard Target Retirement 2010 VTENX 1. 02 10. 12 8. 25 3. 73 1. 08 0. 17 Wells Fargo Advantage DJ Target 2010 Adm 2 WFLGX 0. 03 5. 62 6. 02 3. 61 1. 33 0. 83 1. 18 9. 61 7. 03 2. 54 0. 92 0. 97 Morningstar Avg: Target Date 2000 -2010 This information is based on back-tested data. Please see disclaimers contained elsewhere. Please note that Index returns are for illustrative purposes only and do not represent fund performance. Index performance returns do not reflect management fees, transaction costs or expenses. Indexes are unmanaged and one cannot invest directly in an index. 2 The shareholders of the Wells Fargo Advantage Funds have approved changes to the Wells Fargo Advantage Outlook Funds. Effective June 26, 2006, the Funds are sub-advised by Global Index Advisors, Inc. ("GIA") and will be managed to track the performance of the Dow Jones Target Date Indexes before fees and expenses. As represented above, each Fund’s name has been changed to correspond to the name of the Dow Jones Target Date Index that it will seek to replicate. "Dow Jones" and "Dow Jones Target Date Indexes" are service marks of Dow Jones & Company, Inc. and have been licensed for use for certain purposes by Global Index Advisors, Inc. and Wells Fargo Funds Management, LLC. The Wells Fargo Advantage Dow Jones Target Date Funds, based on the Dow Jones Target Date Indexes, are not sponsored, endorsed, sold or promoted by Dow Jones, and Dow Jones makes no representation regarding the advisability of investing in such product(s). . Source: Zephyr Analytics, Morningstar 1 Page 9 Wells Fargo Bank, N. A. All rights reserved. FOR INSTITUTIONAL INVESTOR USE ONLY – NOT FOR USE WITH THE PUBLIC © 2012 9

Retirement date based funds comparison: Performance (12. 31. 12) Annualized Category/Fund 3 Year Expense Ticker QTD 1 Year 3 Years 5 Years Sharpe Ratio N/A LTHKX 0. 98 2. 55 9. 23 11. 16 7. 80 6. 44 3. 32 -0. 32 1. 02 0. 53 N/A 0. 97 American Century LIVESTRONG 2020 Inv ARBVX 1. 00 11. 47 8. 47 N/A 0. 93 0. 83 American Funds Trgt Date Retire 2020 R 4 RDCTX 1. 66 12. 65 7. 96 1. 50 0. 79 0. 74 Black. Rock Life. Path 2020 R LPRMX 1. 13 10. 36 7. 16 2. 20 0. 75 1. 35 Fidelity Advisor Freedom 2020 A FDAFX 0. 71 11. 28 7. 67 1. 37 0. 73 0. 91 JP Morgan Smart. Retirement 2020 Sel JTTSX 2. 50 14. 42 9. 18 3. 64 0. 82 0. 84 T. Rowe Price Retirement 2020 Adv PARBX 1. 78 14. 78 8. 99 2. 83 0. 72 0. 95 Vanguard Target Retirement 2020 VTWNX 1. 37 12. 35 8. 54 2. 81 0. 17 WFLPX 0. 91 8. 51 7. 02 2. 63 0. 92 0. 85 1. 44 11. 68 7. 85 1. 89 0. 82 1. 07 3 Year Expense Dow Jones Global Target 2020 Index 1 Alliance. Bernstein 2020 Retirement Str K Wells Fargo Advantage DJ Target 2020 Adm 2 Morningstar Avg: Target Date 2016 -2020 Annualized Category/Fund Dow Jones Global Target 2030 Index 1 Ticker QTD 1 Year 3 Years 5 Years Sharpe Ratio N/A 2. 52 -1. 36 0. 73 0. 45 N/A 1. 01 Alliance. Bernstein 2030 Retirement Str K LTKKX 1. 81 2. 86 12. 56 12. 79 8. 76 6. 06 American Century LIVESTRONG 2030 Inv ARCVX 1. 17 12. 79 8. 92 N/A 0. 83 0. 88 American Funds Trgt Date Retire 2030 R 4 RDETX 2. 33 16. 03 8. 57 1. 67 0. 77 Black. Rock Life. Path 2030 R LPRNX 1. 50 12. 47 7. 38 1. 24 0. 63 1. 35 Fidelity Advisor Freedom 2030 A FAFEX 0. 85 13. 03 8. 02 0. 27 0. 64 0. 98 JP Morgan Smart. Retirement 2030 Sel JSMSX 3. 28 17. 09 9. 31 2. 80 0. 67 0. 91 T. Rowe Price Retirement 2030 Adv PARCX 2. 09 16. 56 9. 40 2. 26 0. 66 1. 00 Vanguard Target Retirement 2030 VTHRX 1. 66 14. 24 8. 88 1. 88 0. 70 0. 18 WFLIX 1. 80 11. 87 8. 01 1. 95 0. 70 0. 86 Wells Fargo Advantage DJ Target 2030 Adm 2 Morningstar Avg: Target Date 2026 -2030 1. 80 13. 59 8. 13 1. 00 0. 69 1. 11 This information is based on back-tested data. Please see disclaimers contained elsewhere. Please note that Index returns are for illustrative purposes only and do not represent fund performance. Index performance returns do not reflect management fees, transaction costs or expenses. Indexes are unmanaged and one cannot invest directly in an index. 2 The shareholders of the Wells Fargo Advantage Funds have approved changes to the Wells Fargo Advantage Outlook Funds. Effective June 26, 2006, the Funds are sub-advised by Global Index Advisors, Inc. ("GIA") and will be managed to track the performance of the Dow Jones Target Date Indexes before fees and expenses. As represented above, each Fund’s name has been changed to correspond to the name of the Dow Jones Target Date Index that it will seek to replicate. "Dow Jones" and "Dow Jones Target Date Indexes" are service marks of Dow Jones & Company, Inc. and have been licensed for use for certain purposes by Global Index Advisors, Inc. and Wells Fargo Funds Management, LLC. The Wells Fargo Advantage Dow Jones Target Date Funds, based on the Dow Jones Target Date Indexes, are not sponsored, endorsed, sold or promoted by Dow Jones, and Dow Jones makes no representation regarding the advisability of investing in such product(s). Source: Zephyr Analytics, Morningstar 1 Page 10 Wells Fargo Bank, N. A. All rights reserved. FOR INSTITUTIONAL INVESTOR USE ONLY – NOT FOR USE WITH THE PUBLIC © 2012 10

Retirement date based funds comparison: Performance (12. 31. 12) Annualized Category/Fund 3 Year Expense Ticker QTD 1 Year 3 Years 5 Years Sharpe Ratio N/A LTSKX 2. 41 3. 09 14. 88 13. 76 9. 23 5. 77 2. 09 -1. 80 0. 62 0. 41 N/A 1. 01 American Century LIVESTRONG 2040 Inv ARDVX 1. 39 14. 50 9. 51 N/A 0. 76 0. 95 American Funds Trgt Date Retire 2040 R 4 RDGTX 2. 34 16. 42 8. 49 1. 56 0. 64 0. 78 Black. Rock Life. Path 2040 R LPRKX 1. 88 14. 19 7. 52 0. 36 0. 56 1. 35 Fidelity Advisor Freedom 2040 A FAFFX 0. 89 14. 08 8. 01 -0. 15 0. 58 1. 02 JP Morgan Smart. Retirement 2040 Sel SMTSX 3. 52 18. 16 9. 43 2. 71 0. 64 0. 94 T. Rowe Price Retirement 2040 Adv PARDX 2. 21 17. 29 9. 47 2. 12 0. 63 1. 03 Vanguard Target Retirement 2040 VFORX 1. 85 15. 56 9. 06 1. 73 0. 65 0. 19 WFLWX 2. 46 14. 25 8. 53 1. 58 0. 62 0. 87 1. 97 14. 64 8. 23 0. 57 0. 64 1. 13 3 Year Expense Dow Jones Global Target 2040 Index 1 Alliance. Bernstein 2040 Retirement Str K Wells Fargo Advantage DJ Target 2040 Adm 2 Morningstar Avg: Target Date 2036 -2040 Annualized Category/Fund Dow Jones Global Target 2050 Index 1 Ticker QTD 1 Year 3 Years 5 Years Sharpe Ratio N/A 2. 13 -1. 32 0. 60 0. 40 N/A 1. 01 Alliance. Bernstein 2050 Retirement Str K LTQKX 2. 55 2. 98 15. 35 14. 52 9. 31 5. 76 American Century LIVESTRONG 2050 Inv ARFVX 1. 57 15. 39 9. 76 N/A 0. 73 1. 00 American Funds Trgt Date Retire 2050 R 4 RDITX 2. 40 16. 42 8. 47 1. 56 0. 64 0. 79 Black. Rock Life. Path 2050 R LPRPX 2. 10 15. 59 7. 66 N/A 0. 51 1. 35 Fidelity Advisor Freedom 2050 A FFFLX 0. 95 14. 67 8. 01 -0. 61 0. 55 1. 04 JP Morgan Smart. Retirement 2050 Sel JTSSX 3. 49 18. 14 9. 49 N/A 0. 64 0. 94 T. Rowe Price Retirement 2050 Adv PARFX 2. 22 17. 21 9. 44 2. 08 0. 63 1. 03 Vanguard Target Retirement 2050 VFIFX 1. 86 15. 58 9. 07 1. 71 0. 65 0. 19 WFQDX 2. 70 14. 76 8. 63 1. 76 0. 61 0. 87 2. 05 15. 07 8. 28 0. 54 0. 63 1. 12 Wells Fargo Advantage DJ Target 2050 Adm 2 Morningstar Avg: Target Date 2046 -2050 This information is based on back-tested data. Please see disclaimers contained elsewhere. Please note that Index returns are for illustrative purposes only and do not represent fund performance. Index performance returns do not reflect management fees, transaction costs or expenses. Indexes are unmanaged and one cannot invest directly in an index. 2 The shareholders of the Wells Fargo Advantage Funds have approved changes to the Wells Fargo Advantage Outlook Funds. Effective June 26, 2006, the Funds are sub-advised by Global Index Advisors, Inc. ("GIA") and will be managed to track the performance of the Dow Jones Target Date Indexes before fees and expenses. As represented above, each Fund’s name has been changed to correspond to the name of the Dow Jones Target Date Index that it will seek to replicate. "Dow Jones" and "Dow Jones Target Date Indexes" are service marks of Dow Jones & Company, Inc. and have been licensed for use for certain purposes by Global Index Advisors, Inc. and Wells Fargo Funds Management, LLC. The Wells Fargo Advantage Dow Jones Target Date Funds, based on the Dow Jones Target Date Indexes, are not sponsored, endorsed, sold or promoted by Dow Jones, and Dow Jones makes no representation regarding the advisability of investing in such product(s). Source: Zephyr Analytics, Morningstar 1 Page 11 Wells Fargo Bank, N. A. All rights reserved. FOR INSTITUTIONAL INVESTOR USE ONLY – NOT FOR USE WITH THE PUBLIC © 2012 11

Retirement date based funds comparison: Performance (12. 31. 12) Retirement series Source: Zephyr Analytics Page 12 Wells Fargo Bank, N. A. All rights reserved. FOR INSTITUTIONAL INVESTOR USE ONLY – NOT FOR USE WITH THE PUBLIC © 2012 12

Retirement date based funds comparison: Performance (12. 31. 12) 2010 series Source: Zephyr Analytics Page 13 Wells Fargo Bank, N. A. All rights reserved. FOR INSTITUTIONAL INVESTOR USE ONLY – NOT FOR USE WITH THE PUBLIC © 2012 13

Retirement date based funds comparison: Performance (12. 31. 12) 2020 series Source: Zephyr Analytics Page 14 Wells Fargo Bank, N. A. All rights reserved. FOR INSTITUTIONAL INVESTOR USE ONLY – NOT FOR USE WITH THE PUBLIC © 2012 14

Retirement date based funds comparison: Performance (12. 31. 12) 2030 series Source: Zephyr Analytics Page 15 Wells Fargo Bank, N. A. All rights reserved. FOR INSTITUTIONAL INVESTOR USE ONLY – NOT FOR USE WITH THE PUBLIC © 2012 15

Retirement date based funds comparison: Performance (12. 31. 12) 2040 series Source: Zephyr Analytics Page 16 Wells Fargo Bank, N. A. All rights reserved. FOR INSTITUTIONAL INVESTOR USE ONLY – NOT FOR USE WITH THE PUBLIC © 2012 16

Retirement date based funds comparison: Performance (12. 31. 12) 2050 series Source: Zephyr Analytics Page 17 Wells Fargo Bank, N. A. All rights reserved. FOR INSTITUTIONAL INVESTOR USE ONLY – NOT FOR USE WITH THE PUBLIC © 2012 17

Retirement date based funds comparison: Expenses Category 1 Series Name Wells Fargo Advtg Dow Jones Target Date Admin Alliance. Bernstein Retirement K American Century LIVESTRONG Inv American Funds Target Date Retirement R 4 Black. Rock Life. Path R Fidelity Advisor Freedom A JP Morgan Smart. Retirement Sel T. Rowe Price Retirement Advisor Category 2 Ticker 0. 80 2010 WFLGX 0. 83 2020 WFLPX 0. 85 2030 WFLIX 0. 86 2040 WFLWX 0. 87 2050 WFQDX 0. 87 0. 85 2000 LTAKX 0. 81 2010 LTDKX 0. 89 2020 LTHKX 0. 97 2030 LTKKX 1. 01 2040 LTSKX 1. 01 2050 LTQKX 1. 01 0. 95 Income ARTOX 0. 77 N/A N/A 2020 ARBVX 0. 83 2030 ARCVX 0. 88 2040 ARDVX 0. 95 2050 ARFVX 1. 00 0. 89 N/A N/A 2010 RDATX 0. 70 2020 RDCTX 0. 74 2030 RDETX 0. 77 2040 RDGTX 0. 78 2050 RDITX 0. 79 0. 76 Retmnt LPRRX 1. 35 N/A N/A 2020 LPRMX 1. 35 2030 LPRNX 1. 35 2040 LPRKX 1. 35 2050 LPRPX 1. 35 Income FAFAX 0. 72 2010 FACFX 0. 86 2020 FDAFX 0. 91 2030 FAFEX 0. 98 2040 FAFFX 1. 02 2050 FFFLX 1. 04 0. 92 Income PLSPX 0. 88 2010 PTAPX 0. 95 2020 PTBPX 0. 99 2030 PTCPX 1. 01 2040 PTDPX 1. 03 2050 JTSSX 0. 94 0. 97 N/A N/A 2010 PARAX 0. 86 2020 PARBX 0. 95 2030 PARCX 1. 00 2040 PARDX 1. 03 2050 PARFX 1. 03 0. 97 1. 00 0. 95 0. 19 0. 18 0. 91 0. 85 Group Average: VTINX 0. 17 0. 79 2010 VTENX 0. 17 0. 75 Ticker 0. 95 2020 VTWNX 0. 17 0. 86 Expense Strategy Ticker 0. 98 2030 VTHRX 0. 18 0. 89 Expense Strategy Series Ticker Expense Average Expense WFLOX 0. 85 Expense Strategy Category 6 Today Income Ticker Category 5 Ticker 0. 91 Expense Strategy Category 4 Strategy Sub-Group Average Vanguard Target Retirement Expense Strategy Category 3 1. 01 2040 VFORX 0. 19 0. 91 2050 VFIFX Source: Morningstar Page 18 Wells Fargo Bank, N. A. All rights reserved. FOR INSTITUTIONAL INVESTOR USE ONLY – NOT FOR USE WITH THE PUBLIC © 2012 18