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

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: planadviserTM, from the publishers of PLANSPONSOR, Fall 2007

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

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 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 2009. 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, 2012. Inception Date 1994 2005 2004 2007 2003 2006 2002 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 Primarily Active Almost all Passive *Source: Morningstar

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 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% (2060) Retirement Date 28% 65% 45% Approx. 50% 38% 50% 33% 55% 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 17-20 actively managed American funds Up to 10 funds and/or iShare ETFs Approx. 23 Fidelity funds Approx. 18-23 actively managed JP Morgan strategies 18 T. Rowe Price funds 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 Cash/Other (%) 6.69 6.16 4.42 8.93 3.98 12.87 6.70 4.32 1.33 Expense* 0.80-0.87% (Adm) 0.81-1.01% (K) 0.77-1.01% (Inv) 0.70-0.81% (R4) 1.10-1.10% (A) 0.72-1.04% (A) 0.74-0.94% (Sel) 0.82-1.03% (Adv) 0.17-0.19% 1.06-1.26% (R) 1.02-1.26% (A) 1.35-1.35% (R) 0.97-1.29% (T) 0.84-1.04% (A) 1.07-1.28% (R) *Source: Morningstar

Equity allocation comparisons: Sample universe Source: Morningstar

Target date funds: Allocation comparisons   Wells Fargo Advantage Alliance Bernstein American Century American Funds BlackRock Fidelity Advisor JP Morgan T. Rowe Price Vanguard Composition Date 11/30/2012 9/30/2012 12/31/2012 2050 % US Stocks 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 % Bonds 5.99 5.53 15.56 7.72 6.62 12.12 15.85 6.64 9.33 % Other/Cash 6.52 2.63 2.87 8.93 2.92 12.98 6.83 4.40 1.35 2040 55.76 50.44 58.54 53.30 51.28 47.76 47.18 59.93 61.87 27.94 37.90 16.24 30.04 28.76 23.62 30.24 29.08 27.56 9.60 5.50 20.80 7.73 15.98 15.75 15.88 6.66 9.24 6.69 6.16 4.42 3.98 12.87 6.70 4.32 1.33 2030 44.50 43.15 49.00 51.83 43.72 41.06 40.13 55.59 54.25 22.30 33.70 13.18 29.28 23.63 20.30 26.63 26.70 23.99 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 2020 28.79 32.75 41.75 42.46 34.11 32.74 31.48 46.77 43.87 14.53 27.22 9.39 21.01 17.64 16.12 20.68 22.02 19.46 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 2010 13.49 23.65 N/A 32.14 28.34 20.43 35.34 29.60 6.76 20.31 12.26 13.86 11.66 16.14 13.31 69.73 42.23 44.39 41.35 51.30 41.39 52.43 10.02 13.81 11.22 16.45 16.60 7.13 4.66 Today/ Income 9.55 15.08 37.86 12.03 20.54 13.03 6.22 11.33 5.92 11.70 9.17 75.23 58.32 41.81 55.33 53.70 50.64 62.17 10.39 13.57 14.11 8.59 28.35 17.12 8.11 Source: Morningstar

Retirement date based funds comparison: Performance (12.31.12)   Annualized 3 Year Expense Category/Fund Ticker QTD 1 Year 3 Years 5 Years Sharpe Ratio Ratio Dow Jones Global Target Today Index1 N/A -0.02 5.44 6.40 5.29 1.80 AllianceBernstein 2000 Retirement Str K LTAKX 1.33 7.07 5.92 1.74 0.87 0.81 American Century LIVESTRONG Inc Inv ARTOX 0.71 10.13 7.88 4.05 1.02 0.77 BlackRock LifePath 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 SmartRetirement Income Sel JSRSX 1.56 10.15 7.35 4.49 1.04 0.74 Vanguard Target Retirement Income VTINX 8.23 7.61 4.87 1.57 0.17 Wells Fargo Advantage DJ Target Tod Adm2 WFLOX -0.16 4.74 5.59 4.46 0.80 Morningstar Avg: Retirement Income 9.01 6.77 2.94 1.09 0.99   Annualized 3 Year Expense Category/Fund Ticker QTD 1 Year 3 Years 5 Years Sharpe Ratio Ratio Dow Jones Global Target 2010 Index1 N/A 0.20 6.40 6.85 4.42 1.53 AllianceBernstein 2010 Retirement Str K LTDKX 2.01 9.61 6.59 0.98 0.65 0.89 American Funds Trgt Date Retire 2010 R4 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 SmartRetirement 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 Vanguard Target Retirement 2010 VTENX 1.02 10.12 8.25 3.73 1.08 0.17 Wells Fargo Advantage DJ Target 2010 Adm2 WFLGX 0.03 5.62 6.02 3.61 1.33 0.83 Morningstar Avg: Target Date 2000-2010 1.18 7.03 0.92 0.97 1 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

Retirement date based funds comparison: Performance (12.31.12)   Annualized 3 Year Expense Category/Fund Ticker QTD 1 Year 3 Years 5 Years Sharpe Ratio Ratio Dow Jones Global Target 2020 Index1 N/A 0.98 9.23 7.80 3.32 1.02 AllianceBernstein 2020 Retirement Str K LTHKX 2.55 11.16 6.44 -0.32 0.53 0.97 American Century LIVESTRONG 2020 Inv ARBVX 1.00 11.47 8.47 0.93 0.83 American Funds Trgt Date Retire 2020 R4 RDCTX 1.66 12.65 7.96 1.50 0.79 0.74 BlackRock LifePath 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 SmartRetirement 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 12.35 8.54 2.81 0.81 0.17 Wells Fargo Advantage DJ Target 2020 Adm2 WFLPX 8.51 7.02 2.63 0.92 0.85 Morningstar Avg: Target Date 2016-2020 1.44 11.68 7.85 1.89 1.07   Annualized 3 Year Expense Category/Fund Ticker QTD 1 Year 3 Years 5 Years Sharpe Ratio Ratio Dow Jones Global Target 2030 Index1 N/A 1.81 12.56 8.76 2.52 0.73 AllianceBernstein 2030 Retirement Str K LTKKX 2.86 12.79 6.06 -1.36 0.45 1.01 American Century LIVESTRONG 2030 Inv ARCVX 1.17 8.92 0.83 0.88 American Funds Trgt Date Retire 2030 R4 RDETX 2.33 16.03 8.57 1.67 0.67 0.77 BlackRock LifePath 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 SmartRetirement 2030 Sel JSMSX 3.28 17.09 9.31 2.80 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 Wells Fargo Advantage DJ Target 2030 Adm2 WFLIX 1.80 11.87 8.01 1.95 0.86 Morningstar Avg: Target Date 2026-2030 13.59 8.13 0.69 1.11 1 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

Retirement date based funds comparison: Performance (12.31.12)   Annualized 3 Year Expense Category/Fund Ticker QTD 1 Year 3 Years 5 Years Sharpe Ratio Ratio Dow Jones Global Target 2040 Index1 N/A 2.41 14.88 9.23 2.09 0.62 AllianceBernstein 2040 Retirement Str K LTSKX 3.09 13.76 5.77 -1.80 0.41 1.01 American Century LIVESTRONG 2040 Inv ARDVX 1.39 14.50 9.51 0.76 0.95 American Funds Trgt Date Retire 2040 R4 RDGTX 2.34 16.42 8.49 1.56 0.64 0.78 BlackRock LifePath 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 SmartRetirement 2040 Sel SMTSX 3.52 18.16 9.43 2.71 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 Wells Fargo Advantage DJ Target 2040 Adm2 WFLWX 2.46 14.25 8.53 1.58 0.87 Morningstar Avg: Target Date 2036-2040 1.97 14.64 8.23 0.57 1.13   Annualized 3 Year Expense Category/Fund Ticker QTD 1 Year 3 Years 5 Years Sharpe Ratio Ratio Dow Jones Global Target 2050 Index1 N/A 2.55 15.35 9.31 2.13 0.60 AllianceBernstein 2050 Retirement Str K LTQKX 2.98 14.52 5.76 -1.32 0.40 1.01 American Century LIVESTRONG 2050 Inv ARFVX 1.57 15.39 9.76 0.73 1.00 American Funds Trgt Date Retire 2050 R4 RDITX 2.40 16.42 8.47 1.56 0.64 0.79 BlackRock LifePath 2050 R LPRPX 2.10 15.59 7.66 0.51 1.35 Fidelity Advisor Freedom 2050 A FFFLX 0.95 14.67 8.01 -0.61 0.55 1.04 JP Morgan SmartRetirement 2050 Sel JTSSX 3.49 18.14 9.49 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 Wells Fargo Advantage DJ Target 2050 Adm2 WFQDX 2.70 14.76 8.63 1.76 0.61 0.87 Morningstar Avg: Target Date 2046-2050 2.05 15.07 8.28 0.54 1.12 1 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

Retirement date based funds comparison: Performance (12.31.12) Retirement series Source: Zephyr Analytics

Retirement date based funds comparison: Performance (12.31.12) 2010 series Source: Zephyr Analytics

Retirement date based funds comparison: Performance (12.31.12) 2020 series Source: Zephyr Analytics

Retirement date based funds comparison: Performance (12.31.12) 2030 series Source: Zephyr Analytics

Retirement date based funds comparison: Performance (12.31.12) 2040 series Source: Zephyr Analytics

Retirement date based funds comparison: Performance (12.31.12) 2050 series Source: Zephyr Analytics

Retirement date based funds comparison: Expenses   Category 1 Category 2 Category 3 Category 4 Category 5 Category 6 Series Name Strategy Ticker Expense Series Average Expense Wells Fargo Advtg Dow Jones Target Date Admin Today WFLOX 0.80 2010 WFLGX 0.83 2020 WFLPX 0.85 2030 WFLIX 0.86 2040 WFLWX 0.87 2050 WFQDX AllianceBernstein Retirement K 2000 LTAKX 0.81 LTDKX 0.89 LTHKX 0.97 LTKKX 1.01 LTSKX LTQKX 0.95 American Century LIVESTRONG Inv Income ARTOX 0.77 N/A ARBVX ARCVX 0.88 ARDVX ARFVX 1.00 American Funds Target Date Retirement R4 RDATX 0.70 RDCTX 0.74 RDETX RDGTX 0.78 RDITX 0.79 0.76 BlackRock LifePath R Retmnt LPRRX 1.35 LPRMX LPRNX LPRKX LPRPX Fidelity Advisor Freedom A FAFAX 0.72 FACFX FDAFX 0.91 FAFEX 0.98 FAFFX 1.02 FFFLX 1.04 0.92 JP Morgan SmartRetirement Sel PLSPX PTAPX PTBPX 0.99 PTCPX PTDPX 1.03 JTSSX 0.94 T. Rowe Price Retirement Advisor PARAX PARBX PARCX PARDX PARFX Sub-Group Average Vanguard Target Retirement VTINX 0.17 VTENX VTWNX VTHRX 0.18 VFORX 0.19 VFIFX Group Average: 0.75 Source: Morningstar