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

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

Page 3 © 2012 Wells Fargo Bank, N.A. All rights reserved. FOR INSTITUTIONAL INVESTOR USE ONLY – NOT FOR USE WITH THE PUBLIC 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

Page 4 © 2012 Wells Fargo Bank, N.A. All rights reserved. FOR INSTITUTIONAL INVESTOR USE ONLY – NOT FOR USE WITH THE PUBLIC 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 4

Page 5 © 2012 Wells Fargo Bank, N.A. All rights reserved. FOR INSTITUTIONAL INVESTOR USE ONLY – NOT FOR USE WITH THE PUBLIC Target date funds: Strategy summaries 5 *Source: Morningstar Wells Fargo Advantage Dow Jones Target Date Funds Alliance Bernstein Retirement Strategies Funds American Century LIVESTRONG Funds American Funds Target Date Retirement Funds BlackRock LifePath Funds Fidelity Advisor Freedom Funds JP Morgan Smart- Retirement Funds T. Rowe Price Retirement Funds Vanguard Target Retirement Funds Description Seeks to replicate the Dow Jones Global Target Date Indices. Optimization model is run monthly to match allocations to specified equity risk targets. A series of broad asset-allocation funds combining actively managed, style- pure portfolios with established track records in a mix that changes to suit the participant’s risk and return requirements at different life stages. Funds invest in a mix of underlying actively managed American Century funds. Glidepath is fairly conservative leading up to retirement and the subasset classes are skewed more conservatively as the glidepath progresses. Funds invest in a mix of underlying American funds. Allocations vary between growth funds, growth and income funds, equity income/balanced funds, and bond funds based on retirement date. Funds invest in enhanced index strategies. Optimization model is run weekly to allow for rebalancing and tactical shifts. -Please note the 2010 Fund merged into the Retirement Fund as of November Funds invest in multiple Fidelity mutual funds and "Series" funds (created for sole use in the Freedom Funds). Utilizes a moderate asset allocation strategy designed for investors expecting to retire on or near the target date. Funds invests in a diverse pool of actively managed JP Morgan Funds. Glide path is set based on internally researched broad based assumptions that differ from conventional investor retirement savings wisdom. Funds invest in several T. Rowe Price funds. Allocations are largely pre-set along the glide path with some degree of tactical flexibility. -Please note that the T. Rowe Price Retirement Fund is not part of this series. Its static 40%/60% allocation is not the landing point for these funds. Funds invest in six Vanguard funds - all passive except a small allocation to an actively managed TIPS Fund and Money Market Fund. Allocations are largely pre-set along the glide path. - Please note that the 2005 Fund merged into the 2010 Fund on February 10, Inception Date Mutual Fund Target Date Assets* $13.8B$1.4B$5.8B$12.7B$8.1B$16.7B$8.9B$77.6B$117.5B Active/ Passive Passive (published indexes) Active Active/Alpha Tilt and iShares ETFs Active Primarily Active Almost all Passive

Page 6 © 2012 Wells Fargo Bank, N.A. All rights reserved. FOR INSTITUTIONAL INVESTOR USE ONLY – NOT FOR USE WITH THE PUBLIC Target date funds: Strategy summaries 6 *Source: Morningstar Wells Fargo Advantage Dow Jones Target Date Funds Alliance Bernstein Retirement Strategies Funds American Century LIVESTRONG Funds American Funds Target Date Retirement Funds BlackRock LifePath Funds Fidelity Advisor Freedom Funds JP Morgan Smart- Retirement Funds T. Rowe Price Retirement Funds Vanguard Target Retirement Funds Glide Path Equity Risk Allocation: Equity Allocation: Most Aggressive 90% (2055)95% (2055)85% (2055) Approx. 90% (2055) >90% (2055)90% (2055)85% (2055)90% (2055)90% (2060) Retirement Date 28%65%45%Approx. 50%38%50%33%55%50% Landing Point 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) Asset Allocation Mix (Sample 2040)* 13 unique, non- overlapping indices represented 12 actively managed, style- pure portfolios 15 actively managed American Century funds actively managed American funds Up to 10 funds and/or iShare ETFs Approx. 23 Fidelity funds Approx actively managed JP Morgan strategies 18 T. Rowe Price funds 3-5 Vanguard funds Domestic Equity (%) Internationa l Equity (%) Fixed Income (%) Cash/Other (%) Expense* % (Adm) % (K) % (Inv) % (R4) % (A) % (A) % (Sel) % (Adv) % % (R) % (A) % (R) % (T) % (A) % (R)

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

Page 8 © 2012 Wells Fargo Bank, N.A. All rights reserved. FOR INSTITUTIONAL INVESTOR USE ONLY – NOT FOR USE WITH THE PUBLIC Target date funds: Allocation comparisons 8 Source: Morningstar Wells Fargo Advantage Alliance Bernstein American Century American Funds BlackRock Fidelity Advisor JP Morgan T. Rowe Price Vanguard Composition Date 11/30/2012 9/30/201212/31/201211/30/2012 9/30/ % US Stocks % Non-US Stocks % Bonds % Other/Cash % US Stocks % Non-US Stocks % Bonds % Other/Cash % US Stocks % Non-US Stocks % Bonds % Other/Cash % US Stocks % Non-US Stocks % Bonds % Other/Cash % US Stocks N/A32.14N/A % Non-US Stocks N/A12.26N/A % Bonds N/A44.39N/A % Other/Cash N/A11.22N/A Today/ Income % US Stocks N/A N/A20.54 % Non-US Stocks N/A N/A9.17 % Bonds N/A N/A62.17 % Other/Cash N/A N/A8.11

Page 9 © 2012 Wells Fargo Bank, N.A. All rights reserved. FOR INSTITUTIONAL INVESTOR USE ONLY – NOT FOR USE WITH THE PUBLIC Retirement date based funds comparison: Performance ( ) 9 Annualized 3 Year Expense Category/FundTickerQTD1 Year3 Years5 Years Sharpe Ratio Ratio Dow Jones Global Target Today Index 1 N/A N/A AllianceBernstein 2000 Retirement Str KLTAKX American Century LIVESTRONG Inc InvARTOX BlackRock LifePath Retirement RLPRRX Fidelity Advisor Freedom Inc AFAFAX JP Morgan SmartRetirement Income SelJSRSX Vanguard Target Retirement IncomeVTINX Wells Fargo Advantage DJ Target Tod Adm 2 WFLOX Morningstar Avg: Retirement Income Annualized 3 Year Expense Category/FundTickerQTD1 Year3 Years5 Years Sharpe Ratio Ratio Dow Jones Global Target 2010 Index 1 N/A N/A AllianceBernstein 2010 Retirement Str KLTDKX American Funds Trgt Date Retire 2010 R4RDATX Fidelity Advisor Freedom 2010 AFACFX JP Morgan SmartRetirement 2010 SelJSWSX T. Rowe Price Retirement 2010 AdvPARAX Vanguard Target Retirement 2010VTENX Wells Fargo Advantage DJ Target 2010 Adm 2 WFLGX Morningstar Avg: Target Date 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

Page 10 © 2012 Wells Fargo Bank, N.A. All rights reserved. FOR INSTITUTIONAL INVESTOR USE ONLY – NOT FOR USE WITH THE PUBLIC Retirement date based funds comparison: Performance ( ) 10 Annualized 3 Year Expense Category/FundTickerQTD1 Year3 Years5 Years Sharpe Ratio Ratio Dow Jones Global Target 2030 Index 1 N/A N/A AllianceBernstein 2030 Retirement Str KLTKKX American Century LIVESTRONG 2030 InvARCVX N/A American Funds Trgt Date Retire 2030 R4RDETX BlackRock LifePath 2030 RLPRNX Fidelity Advisor Freedom 2030 AFAFEX JP Morgan SmartRetirement 2030 SelJSMSX T. Rowe Price Retirement 2030 AdvPARCX Vanguard Target Retirement 2030VTHRX Wells Fargo Advantage DJ Target 2030 Adm 2 WFLIX Morningstar Avg: Target Date Annualized 3 Year Expense Category/FundTickerQTD1 Year3 Years5 Years Sharpe Ratio Ratio Dow Jones Global Target 2020 Index 1 N/A N/A AllianceBernstein 2020 Retirement Str KLTHKX American Century LIVESTRONG 2020 InvARBVX N/A American Funds Trgt Date Retire 2020 R4RDCTX BlackRock LifePath 2020 RLPRMX Fidelity Advisor Freedom 2020 AFDAFX JP Morgan SmartRetirement 2020 SelJTTSX T. Rowe Price Retirement 2020 AdvPARBX Vanguard Target Retirement 2020VTWNX Wells Fargo Advantage DJ Target 2020 Adm 2 WFLPX Morningstar Avg: Target Date 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

Page 11 © 2012 Wells Fargo Bank, N.A. All rights reserved. FOR INSTITUTIONAL INVESTOR USE ONLY – NOT FOR USE WITH THE PUBLIC Retirement date based funds comparison: Performance ( ) 11 Annualized 3 Year Expense Category/FundTickerQTD1 Year3 Years5 Years Sharpe Ratio Ratio Dow Jones Global Target 2040 Index 1 N/A N/A AllianceBernstein 2040 Retirement Str KLTSKX American Century LIVESTRONG 2040 InvARDVX N/A American Funds Trgt Date Retire 2040 R4RDGTX BlackRock LifePath 2040 RLPRKX Fidelity Advisor Freedom 2040 AFAFFX JP Morgan SmartRetirement 2040 SelSMTSX T. Rowe Price Retirement 2040 AdvPARDX Vanguard Target Retirement 2040VFORX Wells Fargo Advantage DJ Target 2040 Adm 2 WFLWX Morningstar Avg: Target Date 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 Annualized 3 Year Expense Category/FundTickerQTD1 Year3 Years5 Years Sharpe Ratio Ratio Dow Jones Global Target 2050 Index 1 N/A N/A AllianceBernstein 2050 Retirement Str KLTQKX American Century LIVESTRONG 2050 InvARFVX N/A American Funds Trgt Date Retire 2050 R4RDITX BlackRock LifePath 2050 RLPRPX N/A Fidelity Advisor Freedom 2050 AFFFLX JP Morgan SmartRetirement 2050 SelJTSSX N/A T. Rowe Price Retirement 2050 AdvPARFX Vanguard Target Retirement 2050VFIFX Wells Fargo Advantage DJ Target 2050 Adm 2 WFQDX Morningstar Avg: Target Date

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

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

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

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

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

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

Page 18 © 2012 Wells Fargo Bank, N.A. All rights reserved. FOR INSTITUTIONAL INVESTOR USE ONLY – NOT FOR USE WITH THE PUBLIC Retirement date based funds comparison: Expenses 18 Source: Morningstar Category 1 Category 2 Category 3 Category 4 Category 5 Category 6 Series NameStrategyTickerExpenseStrategyTickerExpenseStrategyTickerExpenseStrategyTickerExpenseStrategyTickerExpenseStrategyTickerExpense Series Average Expense Wells Fargo Advtg Dow Jones Target Date Admin TodayWFLOX WFLGX WFLPX WFLIX WFLWX WFQDX AllianceBernstein Retirement K 2000LTAKX LTDKX LTHKX LTKKX LTSKX LTQKX American Century LIVESTRONG Inv IncomeARTOX0.77N/A 2020ARBVX ARCVX ARDVX ARFVX American Funds Target Date Retirement R4 N/A 2010RDATX RDCTX RDETX RDGTX RDITX BlackRock LifePath RRetmntLPRRX1.35N/A 2020LPRMX LPRNX LPRKX LPRPX1.35 Fidelity Advisor Freedom A IncomeFAFAX FACFX FDAFX FAFEX FAFFX FFFLX JP Morgan SmartRetirement Sel IncomePLSPX PTAPX PTBPX PTCPX PTDPX JTSSX T. Rowe Price Retirement Advisor N/A 2010PARAX PARBX PARCX PARDX PARFX Sub-Group Average Vanguard Target Retirement IncomeVTINX VTENX VTWNX VTHRX VFORX VFIFX Group Average: