1 q13 emtr china equity 0513

Wells Fargo Asset Management and Wells Capital Management are trade names of the investment management services

provided by certain subsidiaries of Wells Fargo & Company and marketed by Wells Fargo Securities International Limited.

Wells Fargo Securities International Limited is authorised and regulated by the U.K. Financial Services Authority.

Emerging Markets Equity Total Return

Wells Fargo Asset Management

Delivering investment success to a diverse mix of clients with a

distinctive focus on dynamic client partnerships - we identify client

challenges, develop innovative solutions and execute tailored

investment strategies.

Solutions leverage 35+ specialized and autonomous investment

teams, spanning all major asset classes, organized strategically and

supported by independent risk management.

Clients include institutions (e.g. retirement plans, corporations,

insurance companies, endowments and foundations, sovereign

wealth funds and central banks), financial advisors, and individual

investors worldwide.

AUM USD 452B

CEO Mike Niedermeyer, CFA

Team Members Over 1,600

Investment

Professionals

500+

Investment Teams 35+

Headquarters San Francisco, CA

22nd largest U.S.-based asset manager1

39th largest global asset manager2

Wells Fargo Advantage Funds is 11th

largest U.S. mutual fund company3

Note: All figures as of 3/31/13 1 2012 Institutional Investor, pro-forma rank based on assets as of

12/31/11 2 2012 P&I Towers Watson Global 500 Survey, pro-forma rank based on

assets as of 12/31/11 3 Strategic Insight, as of 03/31/13

Business Snapshot

WFAM Assets as of March 31, 2013

EQUITY FIXED INCOME ALTERNATIVE/

MULTI STRATEGY

Wells Capital Management

($342B)

By Geography By Geography

Currency

Income-oriented

Liability-driven

U.S.

Global

Global ex-U.S.

Emerging Markets

U.S.

Global

Global ex-US

Emerging Markets

By Market Cap By Duration

All Cap

Large Cap

Mid Cap

SMID Cap

Small Cap

Money Market

Short

Intermediate

Long

By Style By Sector

Core

Growth

Value

Unconstrained/specialty

Government

Investment Grade Credit

Mortgage

Municipal

High Yield/Bank Loans

The Rock Creek Group4

($7B)

Multi-Manager Emerging Markets (local

managers)

Hedge Fund of Funds

Golden Capital Management5

($6B)

Quantitative Global Equity

Peregrine Capital Management

($2B)

U.S. Small Cap Equity

Nelson Capital Management

($1B)

U.S. SRI/ESG Equity

ECM Asset Management

($9B)

Multi Asset Class Credit Alternative Credit Strategies

Overland Advisors4

($1B)

Multi-strategy Relative Value

Hedge Fund

Galliard Capital Management

($85B)

Stable Value & Intermediate

Fixed Income

WFAM Investment Capabilities wellsfargoassetmanagement.com

4 Wells Fargo owns a minority stake in The Rock Creek Group and Overland Advisors. 5 Wells Fargo owns a majority stake in Golden Capital Management.


www.wellscap.com First Quarter 2013

WELLS CAPITAL MANAGEMENT® is a registered service mark of Wells Capital Management, Inc.

Wells Capital Management is the trade name of the investment management services provided by certain subsidiaries of Wells Fargo & Company and marketed by Wells

Fargo Securities International Limited and Wells Capital Management, Inc. Wells Fargo Securities International Limited is authorised and regulated by Financial Conduct

Authority within the U.K.

Emerging Markets Equity Income-Focused Strategies – First Quarter 2013 5

Table of Contents

I. Overview

II. Investment Philosophy and Process

III. Emerging Markets Equity Total Return Performance and Portfolio Characteristics

IV. China Equity Strategy Performance and Portfolio Characteristics

V. Addendum


Overview


Wells Capital Management (“WellsCap”) is a

leading institutional investment management

firm with the strength and resources of our

parent, Wells Fargo Bank, N.A.

Wells Capital Management

Autonomous Investment Teams

Preserve agility and focus

Consistently generate alpha

Have freedom from the distractions of running a business

Dynamic Client Relationships

We listen, inform, and analyze

We customize solutions as appropriate

We are consultative to meet clients’ evolving needs

Independent Risk Management

Instills a culture of accountability for performance

Facilitates a detailed understanding of portfolio risk

Impels portfolio managers to deliver results consistent

with client expectations

Focused on three key principles that allow us to exceed our clients’ expectations

We believe skillful, autonomous investment

boutiques are successful with the support of

independent risk management.

We are committed to delivering superior

investment service to our clients with

expertise in all traditional asset classes.


Breadth of Investment Management Expertise

By Sector1 AUM (USD B)

Equity 71

Fixed Income2 67

Blend 6

Short Duration3 61

By Client Type AUM (USD B) Assets (%)

Corporate 57 17

Foundation/Endowment/Non-Profit 12 3

Public/Government 17 5

Sovereign Wealth Fund/Central Bank 5 2

Union 2 1

Sub-Advisory4 110 54

Other 6 1

WellsCap Assets Under Management As of March 31, 2013 – Diversified Client and Asset Base in excess of USD 342B

1 Total firm assets under management are in excess of USD 342B. The charts above exclude USD 137B in Money Market Mutual Funds and other Wells

Fargo Affiliated Money Market Accounts. Assets under management, excluding Money Market Mutual Funds and other Wells Fargo Affiliated Money

Market accounts total USD 205B. 2 Includes accounts with durations over 1-5 year benchmarks. 3 Includes accounts with durations up to 1-5 year benchmarks, excluding Money Market Funds. 4 Sub-Advisory consists of USD 85B in long-term funds sub-advised for Wells Fargo and USD 25B in external sub-advisory funds.

U.S. Fixed Income2

(30%)

Blend

(3%)

U.S. Equity

(28%)

Short Duration3

(30%)

Non-U.S. Equity

(6%) Non-U.S. Fixed Income2

(3%)


Emerging Markets Equity Income

Each security in the portfolio has a dividend yield greater than the index

Primary focus of the portfolio is income, but not at the expense of growth


Each security pays a dividend and the dividend yield of the portfolio is greater than the yield of the index

A portion of the portfolio is focused on growth in addition to income

Strategy Profiles


WellsCap Emerging Markets Equity Team

Note: CFA® and Chartered Financial Analyst® are trademarks owned by CFA Institute.

Anthony Cragg

Senior Portfolio Manager

Asia

Alison Shimada

Associate Portfolio Manager,

and Product Specialist

EMEA

Research Analysts Portfolio Managers

Elaine Tse

Senior Analyst

Asia

Svetlana Silverman

Senior Analyst

EMEA

Jack Cloonan

Trader

Latin America & Asia

Steven C. Connolly

Senior Trader

EMEA

International Equity Traders – 24 Hour Regional Coverage

Clayton Carlin

Trader

Asia

Peter Fetter

Trader

Latin America & Asia

Connie Ou, CFA

Analyst

Asia & Latin America

Sergio Torres

Senior Analyst

Latin America

Yuan Yiu Tsai

Associate Analyst

Asia


WellsCap Emerging Markets Equity Team

Depth of Regional Skills and Experience

Research Team Countries Lived in Language Fluency Coverage Education

Joined

Team

Investment

Experience

Anthony Cragg U.S., U.K., Hong Kong,

Japan, Singapore

English Asia BA Christ Church College, Oxford

MA Christ Church College, Oxford

2006 32 years

Alison Shimada U.S., Japan, Malaysia English, Japanese EMEA BA University of California Berkeley

MBA Harvard Business School

2005 27 years

Elaine Tse U.S, Hong Kong,

Taiwan

English, Mandarin,

Cantonese, Spanish

Asia BA & BS University of Pennsylvania

MBA Harvard Business School

2000 22 years

Sergio Torres U.S., Mexico English, Spanish Latin America BA Universidad Panamericana 2012 18 years

Svetlana Silverman U.S., Kazakhstan,

Russia, Ukraine

English, Russian EMEA MS D. Mendeleev University of

Chemical Technology of Russia

MBA University of San Francisco

2006 15 years

Connie Ou, CFA U.S., China English, Mandarin,

Cantonese

Asia,

Latin America

BA Sun Yat-Sen University

MBA University of San Francisco

2004 10 years

Yuan Yiu Tsai U.S., Singapore, Taiwan English, Mandarin Asia BS Duke University

MS University of Pennsylvania

2012 5 years

Note: CFA® and Chartered Financial Analyst® are trademarks owned by CFA Institute.


Investment Philosophy and Process


Investment Philosophy

Observations

In emerging markets, dividend-paying companies exist across a wide range of sectors and countries

Unlike in developed markets, these companies offer long-term growth potential along with current income

We believe

Emerging markets require a fundamental approach to final stock selection for best alpha generation

Sector and country rotation offers substantial opportunity and growth prospects given the inefficient nature

of emerging markets

Dividend yield is a leading indicator for good companies with attributes we seek: strong business models,

attractive growth prospects, sustainable cash flow generation, strong financial profiles and minority

shareholder friendly management


High Yield Versus Low Yield Emerging Market Stocks

Source: FactSet

Note: Data as of 12/31/2012. High Yield is defined as the group of securities in the top half of the MSCI-EM index as measured by

dividend yield. Low yield is defined as the group of securities in the bottom half of the MSCI-EM index as measured by dividend yield.

Within the emerging markets, high dividend yielding stocks tend to outperform low

dividend yielding stocks over the full market cycle.

$50

$100

$150

$200

$250

$300

12/2004 12/2005 12/2006 12/2007 12/2008 12/2009 12/2010 12/2011 12/2012

MSCI Emerging Markets Return Decomposition Growth of $100 (2005 - 2012)

High Yield

Low Yield

Total


Competitive Advantages

Research focus on management’s attitude towards cash is indicator of good companies

Risk management embedded throughout process with clear sell policy as it relates to yield

Total portfolio yield lowers return volatility, positions strategy as strong compliment to high beta peers


Investment Process Overview

Idea Generation Macroeconomic

and Fundamental

Analysis

Portfolio

Construction

Actionable Items


Idea Generation

300 – 400 companies for additional research

Emerging Markets Equity universe (2,500-3,000 companies)

Quantitative Screens

Dividend Yield Screen

EM Total Return: DY > 0

(2500 companies)

EME Income: DY > Index DY

(500-900 companies)

Market Cap > US$200M

(300-500 companies)

Trading Liquidity

Qualitative Sources

Company Management and

Local Expertise

Industry Conferences,

Experts

Competitors, Customers

Macro Views


Macroeconomic Views

Macroeconomic Analysis

Country

Geopolitical framework

GDP growth

Inflation

Consumption

Currency

Underlying risks

Sector

Structural change

Capacity expansion

Supply/demand

Global growth

Sector headwinds

Analysts understand this Macroeconomic View when identifying good companies

20% of stock selection can come from this macroeconomic research


Fundamental Analysis

Macroeconomic Views

Competitive Positioning

Business model strengths,

catalysts

Supply chain, operational risks

Global sector growth and

positioning

Management quality and

expectations

Valuation Spreadsheet

Industry-specific metrics: P/E,

P/B, Sum of parts, DCF model

Growth prospects

Price targets

Upside/downside scenarios

Company Management

Face-to-face meetings or

on-sites

Attitude toward

shareholders, dividends

Approach to cash

Each analyst’s Actionable Items incorporate these four inputs, including macroeconomic analysis

Actionable Items


Actionable Items

Decision-Making Process

Organized meeting schedule

Efficient communication and ongoing dialog outside of meeting schedule for best turnaround time

Analyst Research

Deliverables

Company meeting notes

Financial models

Valuation spreadsheet

Recommendation report with

stock rating 1-5, target price

Summary of all ratings and

target prices

Regional meeting notes with

macro update

Team Collaboration

Weekly team and regional

meetings

Discuss company events

Macroeconomic outlook

Valuation questions

Actionable items and new

recommendations

Buy/Sell Decisions

Analysts make stock

recommendations

Analysts and PMs discuss

investment case

PMs consult on every decision

Lead PM has ultimate authority


Portfolio Construction

Portfolio Construction Guidelines

Benchmark is MSCI Emerging Markets Net Index

All holdings pay a dividend yield

Emerging Markets Equity Income – all holdings pay a dividend yield greater than index

Emerging Markets Equity Total Return – portfolio dividend yield greater than index

80 – 120 holdings

Position limit 10%, typically 1-3%

Sector weights

Emerging Markets Equity Income – 50% maximum

Emerging Markets Equity Total Return – 40% maximum

Country weights limited to 30%

Regional weights unconstrained

Cash limit 10%, typically 5%


Risk Management

Risk is managed throughout Fundamental Research and Portfolio Construction

Sell Discipline

Stock reaches price target (dividend yield decline)

Elimination of dividend; Deterioration in company fundamentals, dividend policy, yield

Idea replacement

Sector/country allocation changes

Change in risk parameters

Reevaluate when stock price declines by 20% from purchase price

Portfolio Monitoring

Justify active risk exposures at stock and sector levels

Guard against unintended risk exposures


Risk Management

Macroeconomic outlook

Risk reward target price

Stock rating 1-5

Diversification guidelines

Individual position limits

Cash balance limit

Sector constraints

Fundamental Research


24/7 trading

Back up portfolio

managers

Automated alerts for

potential guideline

violation

Automated daily trade

report

Counterparty risk

monitor

Trade Execution


Daily portfolio holding

report

Weekly performance

attribution

Monthly portfolio updates

Semi-annual, annual

reports

Quarterly client calls

Performance Evaluation

Daily Office of CIO

risk communication

Monthly firm

management reviews

Quarterly senior

management review

Barra analysis

Projected tracking

error, beta

Risk Management

Oversight

Team Firm

Strong Risk Management Controls



Performance and Portfolio


Investment Results

Annualized Returns As of March 31, 2013

All returns greater than one year are annualized. Note: The GIPS compliant presentation can be found at the end of this presentation.

1.9%

8.9%

4.3%

11.9%12.8%

1.6%

7.7%

4.2%

10.7%11.5%

-1.6%

2.0%

-3.6%

3.3%3.8%

-5.0%

0.0%

5.0%

10.0%

15.0%

3 Month 1 Year 2 Year 3 Year Since Inception (1/1/10)

Emerging Markets Equity Total Return Composite (Gross)

Emerging Markets Equity Total Return Composite (Net)

MSCI Emerging Markets Net Index


*This information is based on a representative account within the Emerging Markets Equity Total Return Composite. The representative account has been

selected by meeting the following criteria: 1) the account is in the Emerging Markets Equity Total Return Composite, 2) Wells Capital Management represents

that the holdings, characteristics and risk profile are representative of the strategy/style of the Emerging Markets Equity Total Return Composite. Any changes to

the representative account must be approved by the director of investment risk management. Source: FactSet

Portfolio Characteristics

Relative Regional and Country Weights As of March 31, 2013

Overweight Underweight

0.7%

0.7%

0.7%

-2.4%

0.9%

0.8%

-1.4%

-5% -4% -3% -2% -1% 0% 1% 2% 3% 4% 5%

Panama

Norway

Australia

Middle East/Africa

Emerging Europe

Latin America

Total Asia

Emerging Markets

Equity Total Return*

MSCI EM

Net Index Difference

Brazil 12.8 12.7 0.1

Chile 4.9 2.0 2.9

Colombia 0.6 1.2 -0.6

Mexico 4.1 5.6 -1.5

Peru 0.5 0.6 -0.1

Latin America 22.9 22.1 0.8

China 15.6 12.6 3.0

Hong Kong 6.3 5.5 0.8

India 2.2 6.6 -4.4

Indonesia 2.2 3.0 -0.8

Malaysia 4.7 3.5 1.2

Philippines 4.8 1.1 3.7

Singapore 2.4 0.0 2.4

South Korea 6.0 14.8 -8.8

Taiwan 10.2 10.7 -0.5

Thailand 4.7 2.7 2.0

Total Asia 59.1 60.5 -1.4

Czech Republic 0.0 0.2 -0.2

Hungary 0.0 0.2 -0.2

Poland 1.6 1.5 0.1

Russia 6.7 5.9 0.8

Turkey 2.5 2.1 0.4

Emerging Europe 10.8 9.9 0.9

Egypt 0.0 0.3 -0.3

Morocco 0.0 0.1 -0.1

South Africa 5.1 7.1 -2.0

Middle East/Africa 5.1 7.5 -2.4

Australia 0.7 0.0 0.7

Panama 0.7 0.0 0.7

Norway 0.7 0.0 0.7



Characteristics

Portfolio Characteristics Portfolio*

MSCI EM

Net Index

Price/Earnings (1Yr. Forecasted) 10.6x 10.7x

EPS Growth (1 Yr. Forecasted) (%) 14.1 15.3

Dividend Yield (%) 3.8 2.7

Number of Countries 22 22

Number of Holdings (ex-cash) 108 823

Weighted Average Market Cap ($B) 41.6 45.9

Market Cap Profile (%)

$0 - $2 Billion 20.9 2.4

$2 - $5 Billion 20.1 13.1

$5 - $10 Billion 9.5 15.8

$10 - $15 Billion 11.4 12.6

$15+ Billion 38.1 56.1

*This information is based on a representative account within the Emerging Markets Equity Total Return Composite. The representative account has been

selected by meeting the following criteria: 1) the account is in the Emerging Markets Equity Total Return Composite, 2) Wells Capital Management represents

that the holdings, characteristics and risk profile are representative of the strategy/style of the Emerging Markets Equity Total Return Composite. Any changes to

the representative account must be approved by the director of investment risk management. 1Top ten holdings are based on market value of the representative account and not necessarily held in all client portfolios. The information shown is not intended

to be, nor should it be construed to be, a recommendation to buy or sell an individual security. Past performance is not indicative of future results. A list of all

holdings from the prior one-year period is available upon request.

Source: Bank of New York Mellon Corporation, FactSet and Bloomberg

Sector Distribution

Top Ten Equity Holdings1

Company Country

Trailing

Div. Yield

Portfolio*

Weight (%)

Industrial & Commercial Bank of China Ltd. China 5.3 2.0

SK Telecom Co. Ltd. Korea 5.2 2.0

China Construction Bank Corp. China 5.1 1.9

Taiwan Semiconductor Manufacturing Co. Ltd. Taiwan 3.0 1.7

Lukoil Holdings ADS Russia 3.9 1.5

Itau Unibanco Holding SA Pref Brazil 3.2 1.5

Powszechny Zaklad Ubezpieczen S.A. Poland 5.6 1.5

Transmissora Alianca de Energia Eletrica SA Unit Brazil 4.2 1.5

United Microelectronics Corp. ADS Taiwan 4.5 1.5

Sberbank Rossia Russia 4.5 1.4

29.1%

16.6% 10.6% 9.8% 9.1% 8.9% 6.5% 4.3% 3.9% 1.1%

27.7%

7.5% 12.0%

7.7% 10.7% 13.8%

6.5% 9.1% 3.6%

1.4%

0.0%

20.0%

40.0%

Fin

ancia

ls

Te

lecom

munic

atio

n S

erv

ices

Energ

y

Consum

er

Dis

cre

tio

nary

Ma

teria

ls

Info

rmatio

nT

echn

olo

gy

Industr

ials

Consum

er

Sta

ple

s

Utilit

ies

Health C

are

Portfolio* MSCI EM Net Index

As of March 31, 2013


China Equity Strategy

Performance and Portfolio


China Equity Investment Philosophy and Objective

Philosophy

We believe that China is in the early stages of a structural shift towards an economy that

can be supported by domestic consumption and that will move up the value chain to

produce higher value-added goods and services.

Objective

The investment objective of the strategy is to achieve long term capital appreciation

through investing in the strong and sustainable growth of the Chinese economy.

We identify high quality, high return companies with significant operations, production

activities, investments and or assets in China.


China Equity Investment Process

Investment Process Overview – Four Steps

China Equity

Portfolio

(60-120 securities)

Initial Screening

China stock universe:

500 companies

Macroeconomic

analysis

Identify China related

investment themes

and subthemes

IPOs

Trading liquidity

Fundamental

Company Analysis

200-250 Companies

Viability of business

model

Growth prospects

Financial forecasts

Corporate governance

Company meetings/

visits

Channel checks

Appraisal of intrinsic

value

Market perception/

expectation


Conviction level

Expected return

Risk and reward

Diversification

Investment

guidelines

Monitoring & Sell Decisions

Sell disciplines

Deterioration in

company

fundamentals

Stocks reaching or

exceeding intrinsic

value

Idea replacement

Sector allocation

changes

Change in risk

parameters


Investment Results

China Equity Strategy Periods Ending March 31, 2013

0.5%

12.5%

-1.5%

9.0%

4.7%

-2.2%

17.2%16.0%

-2.4%

7.8%

-2.6%

3.6%

6.6%

-3.6%-4.5%

-10.0%

0.0%

10.0%

20.0%

3 Months 1 Year 2 Years 3 Years Since Inception

(4/1/09)

China Equity Strategy (Gross) China Equity Strategy (Net) MSCI China (Net) Index

All returns greater than one year are annualized. Note: The GIPS compliant presentation can be found at the end of this presentation.


Country Allocations – China Equity Strategy

*This information is based on a representative account within the China Equity Strategy Composite. The representative account has been selected by meeting the

following criteria: 1) the account is in the China Equity Strategy Composite, 2) Wells Capital Management represents that the holdings, characteristics and risk

profile are representative of the strategy/style of the China Equity Strategy Composite. Any changes to the representative account must be approved by the

director of investment risk management. Source: FactSet

Underweight Overweight

Percentage Overweight or Underweight

vs. MSCI China Gross Index As of March 31, 2013

China Equity

Strategy*

MSCI China

(Net) Index Difference

China 70.3 69.6 0.7

Hong Kong 27.1 30.4 -3.3

Taiwan 2.6 0.0 2.6


Sector Allocation


Portfolio Profile

China Equity Strategy* MSCI China (Net) Index Difference (%)

Financials 26.8 40.1 -13.3

Industrials 19.7 6.2 13.5

Energy 12.3 17.0 -4.7

Consumer Discretionary 8.6 4.9 3.7

Information Technology 6.4 6.2 0.2

Health Care 6.4 0.9 5.5

Utilities 6.2 3.6 2.6

Materials 6.0 4.2 1.8

Telecommunication Services 5.3 11.4 -6.1

Consumer Staples 2.2 5.4 -3.2

*This information is based on a representative account within the China Equity Strategy Composite. The representative account has been selected by meeting

the following criteria: 1) the account is in the China Equity Strategy Composite, 2) Wells Capital Management represents that the holdings, characteristics and

risk profile are representative of the strategy/style of the China Equity Strategy Composite. Any changes to the representative account must be approved by the

director of investment risk management.

Source: The Bank of New York Mellon Corporation


Portfolio Profile

*This information is based on a representative account within the China Equity Strategy Composite. The representative account has been selected by meeting



director of investment risk management. Top ten holdings are based on market value of the representative account and not necessarily held in all client

portfolios. The information shown is not intended to be, nor should it be construed to be, a recommendation to buy or sell an individual security. Past

performance is not indicative of future results. A list of all holdings from the prior one-year period is available upon request.

Top Ten Equity Holdings*


Description

Industrial & Commercial Bank of China Ltd. Commercial Banks

China Construction Bank Corp. Commercial Banks

PetroChina Co. Ltd. Oil Gas & Consumable Fuels

China Mobile Ltd. Wireless Telecommunication Services

CNOOC Ltd. Oil Gas & Consumable Fuels

China Resources Power Holdings Co. Ltd. Independent Power Producers & Energy Traders

China Life Insurance Co. Ltd. (China) Insurance

Cosco Pacific Ltd. Transportation Infrastructure

China Petroleum & Chemical Corp. Oil Gas & Consumable Fuels

Air China Ltd. Airlines


Portfolio Profile



1This information is based on a representative account within the China Equity Strategy Composite. The representative account has been selected by meeting



director of investment risk management.

Source: The Bank of New York Mellon Corporation and FactSet

China Equity Strategy1 MSCI China (Net) Index

Valuation

Price/Earnings (1 Yr. Forecasted) 10.1x 9.3x

EPS Growth (1 Yr. Forecasted) 14.4% 12.9%

Dividend Yield 2.7% 3.0%

Construction

Weighted Average Market Cap $67.7B $93.4B

Capitalization Profile

< $5 Billion 62.1 61.7

$5 - $10 Billion 12.1 10.5

$10 - $15 Billion 7.0 6.8

>$15 Billion 42.3 44.4

Countries 3 2

Holdings (ex-cash) 79 139


Addendum


WellsCap Emerging Markets

Equity Income

Stock selection incorporates both dividend yield

as well as growth opportunities that support

dividend growth

90 – 120 holdings

All cap strategy

Well diversified by sector, country, and region

Yield provides for more consistent absolute

performance; Higher tracking error but more

competitive information ratio

Traditional Emerging Market

Equity Competitors

Stock selection often focuses on market growth

and earnings growth

80-100 holdings on average

Mostly all cap strategies

Many strategies are diversified by sector,

country, and region

Traditional Emerging Market Equity Strategies vs. EME Income


Why Invest in an Emerging Markets Equity Income Strategy?

Allows investor to participate in up markets and also provides downside protection;

Offers attractive future dividends along with solid market appreciation

Offers some of the highest dividend yielding stocks making them particularly attractive relative

to other equities

Can incorporate good growth potential unlike dividend paying companies in developed markets

EME Income Team has a proven track record; Our outlook remains positive and the prospects

for economic recovery are greater


Investment Team

Anthony L.T. Cragg

Managing Director and Senior Portfolio Manager, Emerging Markets and Asia Pacific Equities

Anthony Cragg is the lead portfolio manager of the Emerging Markets and Asia Pacific Equities teams at Wells Capital Management.

Anthony has more than 30 years of experience in international equity investing, which includes both the developed and emerging markets.

He joined Wells Capital Management in 2005 with the asset acquisition of Strong Financial. Anthony joined Strong Capital in 1993 and was

instrumental in developing Strong Capital's international investment capabilities. Prior to this, he helped establish Dillon, Read International

Asset Management. Anthony began his investment career in 1980 at Gartmore, Ltd., as an international investment manager, where his

tenure included assignments in London, Hong Kong, and Tokyo. Anthony earned a bachelor's and master's degree in English literature from

Christ Church College at Oxford University.

Alison Shimada

Associate Portfolio Manager and Product Specialist, Emerging Markets Equity

Alison Shimada is an associate portfolio manager and product specialist of the Emerging Markets team. She served as a senior analyst

covering the EMEA (Eastern Europe, Middle East and Africa) region for three years at Wells Capital Management. She joined Wells Capital

Management in October 2003 after serving as an investment officer of the University of California Regents-Office of the Treasurer. She

began her responsibilities at Wells Capital Management as the head of equity research for the developed markets (EAFE) international

equity team and a senior investment analyst for Japan and Australia/New Zealand. Her investment career began in 1985 and she has served

as a portfolio manager specializing in Malaysian equities at Commerce Asset Fund Managers and as senior equity analyst covering Japanese

securities at Fidelity Investments Japan. Alison received her bachelor’s degree in political economies of industrial societies from the

University of California at Berkeley. She earned a master's degree in business administration from Harvard Business School.


Investment Team (continued)

Elaine Tse Senior Research Analyst As part of the Emerging Markets Equity team, Elaine Tse is a senior analyst responsible for North Asia. Elaine began her investment career in 1990 and joined the team after working for Fidelity Investments Management, LTD in Hong Kong, where she was an investment analyst. Prior to Fidelity, Elaine was a consultant at The Boston Consulting Group, Inc. in Hong Kong. Elaine earned bachelor’s degrees in communications and economics from the University of Pennsylvania. In addition, she earned a master’s degree in business administration from Harvard Business School. Elaine is fluent in Mandarin and Cantonese and is proficient in Spanish. Svetlana Silverman Senior Research Analyst Svetlana Silverman is a senior research analyst for the Emerging Markets Equity team at Wells Capital Management. She is responsible for covering EMEA (Emerging Europe, Middle East and Africa) region and has been with the firm since 2006. Svetlana began her investment career in 1997 at Robertson Stephens, a boutique investment bank, followed by equity research experience at RCM, a company of Allianz Global Investors. Prior to joining WellsCap she also briefly worked as a financial analyst at Wells Fargo Bank. She earned a master’s degree in chemical engineering from D. Mendeleev University of Chemical Technology of Russia in Moscow, Russia and a master’s degree in business administration from the University of San Francisco. She is a native Russian speaker. Sergio Torres Senior Research Analyst Sergio Torres is a senior research analyst for the Emerging Markets Equity team at Wells Capital Management, where he covers Latin America. He joined WellsCap in 2012 from JP Morgan Chase where he served as a senior analyst covering oil and gas firms in Latin America. Earlier, Sergio served as a senior associate analyst specializing in oil and gas firms in Latin America and EMEA for Bear Stearns and as an associate analyst responsible for Latin American industrials and construction firms at Goldman Sachs. He has been in the investment industry since 1994. Sergio earned a bachelor’s degree in economics from Universidad Panamericana. Sergio has complete Level I of the CFA program and is fluent in Spanish. Connie Ou, CFA Analyst Connie Ou joined the Emerging Markets Equity team as an analyst in 2004. Prior to this, she worked with the Wells Capital Management strategic planning group. Connie holds a bachelor’s degree in international finance from Sun Yat-sen University in China and a master’s degree in business administration–finance from the University of San Francisco, graduating Beta Gamma Sigma. Connie is fluent in Mandarin and Cantonese and has earned the right to use the CFA designation.


Investment Team (continued)

Yuan Yiu Tsai

Associate Analyst Yuan Yiu is an associate analyst on the Emerging Markets team at Wells Capital Management. He covers India and ASEAN and is based in

Singapore. Yuan Yiu joined WellsCap in 2012 from Nomura Securities where he served in a similar role since 2008. He began his investment career in 2007 as a management associate at Citigroup. Yuan Yiu earned a bachelor’s degree in biomedical engineering and electrical

engineering from Duke University. He earned a master’s degree in systems engineering from the University of Pennsylvania.

Steven C. Connolly

Senior Trader

Steve Connolly is a senior trader for international equity securities at Wells Capital Management. He joined WellsCap from Evergreen Investments, where he began his investment industry career in 1995. Earlier, he served as a compliance analyst for Scudder Investments and as

a fund accountant for State Street Bank. He earned a bachelor’s degree in business administration and economics from the University of New Hampshire, Durham. Steve has completed Level I of the CFA program and is a member of the Boston Security Traders Association.

Clayton Carlin

Trader Clay Carlin is a trader for international equity securities at Wells Capital Management. He joined WellsCap from Evergreen Investments, where

he began his investment industry career in 1999. Prior to his current role, he served as a global settlements specialist and as a dealer services representative for the firm. Clay earned a bachelor’s degree in history from the University of Scranton in Pennsylvania. He is a member of the

Boston Security Traders Association.

Jack Cloonan

Trader

Jack Cloonan is a trader on the International Equity team at Wells Capital Management. He joined WellsCap from Evergreen Investments, where he began in 1998 as an assistant vice president of Investment Operations. He began his investment industry career in 1995 as an officer

with State Street. He earned a bachelor’s degree in marketing and entrepreneurial studies from Babson College, Wellesley, MA.

Peter Fetter

Trader

Peter Fetter is a trader for international equity securities at Wells Capital Management. He joined WellsCap from Evergreen Investments, where he served in a similar role since 2007. Earlier, he served as a senior international trader for Columbia Wanger Asset Management and as an

international trader for Driehaus Capital Management. He began his investment industry career in 1998 as a trading assistant for MFS Investment Management. Peter earned a bachelor’s degree in finance from Villanova University.


This document is for your information only and is not an offer to sell, or a solicitation of an offer to buy, the securities or instruments

named or described in this document. Interested parties are advised to contact the entity with which they deal, or the entity that provided

this document to them, if they desire further information. The information in this document has been obtained or derived from sources

believed by Wells Capital Management to be reliable, but Wells Capital Management does not represent that this information is accurate or

complete. Any opinions or estimates contained in this document represent the judgment of Wells Capital Management, at this time, and

are subject to change without notice. Wells Capital Management and its affiliates may from time to time provide advice with respect to,

acquire, hold, or sell a position in, the securities or instruments named or described in this document.

Wells Capital Management is the trade name of the investment management services provided by certain subsidiaries of Wells

Fargo & Company and marketed by Wells Fargo Securities International Limited and Wells Capital Management, Inc. Wells

Fargo Securities International Limited is authorised and regulated by the Financial Conduct Authority within the U.K.

Wells Capital Management provides investment advisory services to institutional clients. The rules contained under the Financial Services

and Markets Act 2000 concerning the protection of Retail Clients does not apply, nor will the Financial Services Compensation Scheme be

available.

For the purposes of Section 21, U.K. Financial Services and Markets Act 2000 (the “Act”), the content of this communication has been

approved by Wells Fargo Securities International Limited, a regulated person under the Act.

Disclaimer


Primary Index: MSCI Emerging Markets Net Index

1. Wells Capital Management (“WellsCap”) claims compliance with the Global Investment Performance Standards (GIPS®) and has prepared and presented this report in compliance with the GIPS standards. WellsCap has been

independently verified for the periods from January 1, 1997 through December 31, 2012. Verification assesses whether (1) the firm has complied with all the composite construction requirements of the GIPS standards on a firm-wide

basis and (2) the firm’s policies and procedures are designed to calculate and present performance in compliance with the GIPS standards. The Emerging Markets Equity Total Return Composite has been examined for the periods

from January 1, 2011 through December 31, 2012. The verification and performance examination reports are available upon request.

2. WellsCap is a registered investment adviser and a wholly owned subsidiary of Wells Fargo Bank, N.A. Since the firm’s creation in 1996, the firm has acquired a number of investment teams and/or assets through mergers and

acquisitions. These include assets and/or investment teams from Norwest Investment Management Inc., Sutter Advisors, LLC, Montgomery Asset Management, Benson Associates, Strong Financial Corporation, Evergreen

Investments, First International Advisors, LLC, Metropolitan West Capital Management, LLC and EverKey Global Partners. In all cases, the investment teams involved in each acquisition and merger remain autonomous teams

within WellsCap.

3. The Emerging Markets Equity Total Return Composite (“Composite”), previously named the Emerging Markets Income and Growth Equity Composite, includes all discretionary accounts managed in this style. The strategy

invests in stocks with a sustainable high dividend yield backed by strong company financials and fundamentals. Accounts also may invest a portion of its holdings in stocks with a lower yield than that of the reference benchmark and

a higher growth profile. The manager selects stocks for an account in order to maximize the potential dividend yield of the overall portfolio while maintaining a controlled level of risk. Investment results are measured versus the

MSCI Emerging Markets (Net) Index. Prior to January 1, 2013, the Composite was measured versus the MSCI Emerging Markets (Gross) Index. The benchmark was changed in 2013 for all periods, to reflect a benchmark with

more relevant tax withholding status of securities. The MSCI Emerging Markets (Net) Index is a free float-adjusted market capitalization index that is designed to measure equity market performance of emerging markets. The

Composite was created in February 2010. The Composite inception date is January 1, 2010.

4. Composite returns are net of transaction costs and non-reclaimable withholding taxes, if any, are expressed in US dollars, and reflect the reinvestment of dividends and other earnings. A model fee is utilized for the net composite

returns, which is the maximum annual advisory fee based upon the fee schedule in effect during each respective performance period. Any changes to the fee schedule are reflected in the calculation of the net composite returns

beginning with the period in which the fee schedule is revised. Actual fees may vary depending on, among other things, the applicable fee schedule and portfolio size. WellsCap’s fee schedules are available upon request and may also

be found in Part 2 of Form ADV. The published fee schedule for this strategy is 1.10% for the first $50mm, 0.90% for the next $50mm, 0.85% for the next $100mm and 0.70% over $200mm. Additional information regarding

WellsCap’s policies for valuing accounts, calculating performance and preparing compliant presentations are available upon request.

5. Internal dispersion is the equal weighted standard deviation of the annual gross returns of all accounts included in the composite for the entire year. For years where there are 5 or fewer accounts in the composite for the entire year,

dispersion is not presented as it is not a meaningful statistical calculation. The three-year annualized standard deviation measures the variability of the gross composite returns and the index returns over the preceding 36-month time

period. The notation “n/a” (not available) will appear for periods, if any, where 36 monthly returns are not available for the composite and/or the index.

6. Index returns are provided to represent the investment environment existing during the time periods shown and are not covered by the report of independent verifiers..The MSCI Emerging Markets (Net) Index consists of the

following 21 emerging market country indices: Brazil, Chile, China, Colombia, Czech Republic, Egypt, Hungary, India, Indonesia, Korea, Malaysia, Mexico, Morocco, Peru, Philippines, Poland, Russia, South Africa, Taiwan,

Thailand, and Turkey. For comparison purposes, the index is fully invested, which includes the reinvestment of income. The returns for the index do not include any transaction costs, management fees or other costs..

7. Actual performance results may differ from composite returns, depending on the size of the account, investment guidelines and/or restrictions, inception date and other factors. Past performance is not indicative of future results. As

with any investment vehicle, there is always the potential for gains as well as the possibility of losses. Our registration as an Investment Adviser does not imply any level of skill or training. For a complete list of WellsCap composite

descriptions, please see https://www.wellscap.com/about/business_risk_compliance.html.

GIPS® Compliant Presentation

Emerging Markets Equity Total Return Composite Performance Summary

Period Gross Annual

Return (%)

Net Annual

Return (%)

Primary Index

Return (%)

Comp 3 Yr

Std. Dev.

Primary Index

3 Yr Std Dev

Internal

Dispersion

Number of

Accounts

Composite

Assets ($-mm)

Total Firm

Assets ($-mm)

2012 21.6 20.3 18.2 17.79 21.50 N.A. 3 170.1 332,154

2011 -7.0 -8.0 -18.4 N.A. N.A. N.A. 1 14.2 330,855

2010 28.2 26.8 18.9 N.A. N.A. N.A. 1 17.7 365,552


Primary Index: MSCI China (Net) Index

IP = Period from April 1, 2009 (Inception) through December 31, 2009.

1. Wells Capital Management (“WellsCap”) claims compliance with the Global Investment Performance Standards (GIPS®) and has prepared and presented this report in compliance with the GIPS standards. WellsCap has been

independently verified for the periods from January 1, 1997 through December 31, 2012. The verification reports are available upon request. Verification assesses whether (1) the firm has complied with all the composite construction

requirements of the GIPS standards on a firm-wide basis and (2) the firm’s policies and procedures are designed to calculate and present performance in compliance with the GIPS standards. Verification does not ensure the accuracy of

any specific composite presentation.

2. WellsCap is a registered investment adviser and a wholly owned subsidiary of Wells Fargo Bank, N.A. Since the firm’s creation in 1996, the firm has acquired a number of investment teams and/or assets through mergers and

acquisitions. These include assets and/or investment teams from Norwest Investment Management Inc., Sutter Advisors, LLC, Montgomery Asset Management, Benson Associates, Strong Financial Corporation, Evergreen

Investments, First International Advisors, LLC, Metropolitan West Capital Management, LLC and EverKey Global Partners. In all cases, the investment teams involved in each acquisition and merger remain autonomous teams within

WellsCap.

3. The China Equity Strategy Composite (“Composite”) includes all discretionary accounts over $5 million managed in this style. The strategy aims to capitalize on the rising global strength of both the domestic and export sectors of

China. By investing in Chinese stocks, the strategy is able to leverage the tremendous potential of the Chinese economy as it develops. As with a general emerging market portfolio, a stock selection strategy will consist of companies

with promising business models, well-run operations, solid management, strong financials and attractive valuations. Investment results are measured versus the MSCI China (Net) Index. Prior to January 1, 2013, the Composite was

measured versus the MSCI China (Gross) Index. The benchmark was changed in 2013 for all periods, to reflect a benchmark with more relevant tax withholding status of securities. The Composite was created in May 2009. The

Composite inception date is April 1, 2009.

4. Composite returns are net of transaction costs and non-reclaimable withholding taxes, if any, are expressed in US dollars, and reflect the reinvestment of dividends and other earnings. A model fee is utilized for the net composite

returns, which is the maximum annual advisory fee based upon the fee schedule in effect during each respective performance period. Any changes to the fee schedule are reflected in the calculation of the net composite returns

beginning with the period in which the fee schedule is revised. Actual fees may vary depending on, among other things, the applicable fee schedule and portfolio size. WellsCap’s fee schedules are available upon request and may also

be found in Part 2 of Form ADV. The published fee schedule for this strategy is 1.10% for the first $50mm, 0.90% for the next $50mm, 0.85% for the next $100mm and 0.70% over $200mm. Additional information regarding

WellsCap’s policies for valuing accounts, calculating performance and preparing compliant presentations are available upon request.

5. Internal dispersion is the equal weighted standard deviation of the annual gross returns of all accounts included in the composite for the entire year. For years where there are 5 or fewer accounts in the composite for the entire year,

dispersion is not presented as it is not a meaningful statistical calculation. The three-year annualized standard deviation measures the variability of the gross composite returns and the index returns over the preceding 36-month time

period. The notation “n/a” (not available) will appear for periods, if any, where 36 monthly returns are not available for the composite and/or the index.

6. Index returns are provided to represent the investment environment existing during the time periods shown and are not covered by the report of independent verifiers. The MSCI China (Net) Index is a free float-adjusted market

capitalization–weighted index of Chinese equities that includes China-affiliated corporations and H shares listed on the Hong Kong Exchange, and B shares listed on the Shanghai and Shenzhen exchanges. For comparison purposes,

both indices are fully invested, which includes the reinvestment of income. The returns for the indices do not include any transaction costs, management fees or other costs.

7. Actual performance results may differ from composite returns, depending on the size of the account, investment guidelines and/or restrictions, inception date and other factors. Past performance is not indicative of future results. As

with any investment vehicle, there is always the potential for gains as well as the possibility of losses. Our registration as an Investment Adviser does not imply any level of skill or training. For a complete list of WellsCap composite

descriptions, please see https://www.wellscap.com/about/business_risk_compliance.html.

GIPS® Compliant Presentation

China Equity Strategy Composite Performance Summary

Period Gross Annual

Return (%)

Net Annual

Return (%)

Primary Index

Return (%)

Comp 3 Yr

Std. Dev.

Primary Index

3 Yr Std Dev

Internal

Dispersion

Number of

Accounts

Composite

Assets ($-mm)

Total Firm

Assets ($-mm)

2012 25.0 23.6 22.7 20.60 21.92 N.A. 1 21.3 332,154

2011 -19.5 -20.4 -18.4 N.A. N.A. N.A. 1 17.2 330,855

2010 16.0 14.7 4.6 N.A. N.A. N.A. 1 21.7 365,552

2009 (IP) 65.5 64.2 60.2 N.A. N.A. N.A. 1 18.1 363,451

Disclosure

INSTITUTIONAL INVESTOR USE ONLY – NOT FOR USE WITH THE RETAIL PUBLIC

Wells Fargo Asset Management is a trade name utilized by the asset management businesses of Wells Fargo & Company.

Certain investments are distributed by Wells Fargo Funds Distributor, LLC, Member FINRA/SIPC. Wells Fargo Funds

Distributor, LLC is a subsidiary of Wells Fargo & Company.

This document is for your information only and is not an offer to sell, or a solicitation of an offer to buy, the securities or

instruments named or described in this document. Interested parties are advised to contact the entity with which they deal, or the

entity that provided this document to them, if they desire further information. The information in this document has been obtained

or derived from sources believed by Wells Capital Management to be reliable, but Wells Capital Management does not represent

that this information is accurate or complete. Any opinions or estimates contained in this document represent the judgment of

Wells Capital Management, at this time, and are subject to change without notice. Wells Capital Management and its affiliates

may from time to time provide advice with respect to, acquire, hold, or sell a position in, the securities or instruments named or

described in this document.

Wells Capital Management is the trade name of the investment management services provided by certain subsidiaries of

Wells Fargo & Company and marketed by Wells Fargo Securities International Limited and Wells Capital Management,

Inc. Wells Fargo Securities International Limited is authorised and regulated by the Financial Conduct Authority within

the U.K.

Wells Capital Management provides investment advisory services to institutional clients. The rules contained under the Financial

Services and Markets Act 2000 concerning the protection of Retail Clients does not apply, nor will the Financial Services

Compensation Scheme be available.

For the purposes of Section 21, U.K. Financial Services and Markets Act 2000 (the “Act”), the content of this communication has

been approved by Wells Fargo Securities International Limited, a regulated person under the Act.

NOT FDIC INSURED – NO BANK GUARANTEE – MAY LOSE

VALUE

1 q13 emtr china equity 0513

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