Quarterly as of 30 June 2021 | Marketing communication SF Global Emerging Markets Equity Income Strategy

Investment objective Investment performance2 Seeks long-term outperformance relative to the MSCI Historical returns (%) Emerging Markets Index (Net) and the MSCI Emerging Markets 45.24 50 43.91 High Dividend Yield Index (Net). 40.90 40 Benchmarks 30.69 30 ● Primary: MSCI Emerging Markets (Net) Index

20 13.03 11.47 11.27 10.99 10.39 10.19 ● 9.90 9.05 8.54 8.39 7.45 Secondary: MSCI Emerging Markets High Dividend Yield 7.35 6.18 6.23 5.05 3.31 3.15 3.07 2.82 (Net) Index1 10 2.31 0 Investment philosophy ● Success in emerging markets is driven by companies with the QTD YTD 1 Year 3 Years 5 Years Since following combination of attributes: Inception SF Global Emerging Markets Equity Income Composite - Gross (1 Jan 08) ● Strong business models SF Global Emerging Markets Equity Income Composite - Net ● Attractive growth prospects MSCI Emerging Markets (Net) Index ● Substantial cash flow generation MSCI Emerging Markets High Dividend Yield (Net) Index

● Strong financial profiles Calendar year returns - composite (%) ● Minority shareholder friendly management MSCI MSCI EM ● Stock, sector and country rotation offers substantial Emerging High Div opportunity given the inefficient nature of emerging markets. Markets Yield (Net) ● Within the emerging markets universe, above average, Gross Net (Net) Index Index sustainable-yielding stocks tend to outperform low dividend- 2020 10.40 9.34 18.31 -4.61 yielding stocks over the full market cycle. 2019 18.59 17.42 18.42 16.03 Investment process 2018 -9.80 -10.70 -14.57 -7.56 ● Dividend yield and liquidity screens are used to identify stocks 2017 26.89 25.65 37.28 23.57 for extensive fundamental research. 2016 7.66 6.59 11.19 16.17 ● All securities in the portfolio pay a dividend yield above the index average at time of purchase and the portfolio will have a Sector weights (% of equities) 3 yield greater than the index. ● Business momentum, growth catalysts, quality of MSCI Emerg- management, and several valuation metrics are evaluated for ing Markets all investment candidates. Portfolio (Net) Index ● Companies that have shown a commitment to raising the Information Technology 25.3 20.4 dividend and have the financial stability to continue paying a Financials 23.3 17.8 dividend are considered for inclusion in the portfolio. Consumer Discretionary 14.4 17.6 ● Macroeconomic and geopolitical analysis is used to determine Materials 6.8 8.4 country and sector emphasis. Communication Services 5.2 11.3 Sell criteria Utilities 4.9 1.9 ● Change of dividend policy Consumer Staples 4.4 5.6 ● Deterioration in dividend yield Industrials 4.3 4.9 ● Stocks reaching or exceeding intrinsic value ● Deterioration in company fundamentals Real Estate 3.8 2.0 ● Idea replacement Energy 1.5 5.0 ● Sector/country allocation changes Health Care 1.4 5.0 ● Change in risk parameters Cash 4.6 0.0 Past performance is not a guarantee of future returns. The GIPS® composite report can be found at the end of this presentation, including information on net returns. All returns for periods greater than one year are annualized. All returns are in USD unless otherwise stated. 1. The MSCI Emerging Markets High Dividend Yield (Net) Index is shown to reflect the SF Global Emerging Markets Equity Income strategy’s objective to build a diversified portfolio of emerging mar- kets equity securities exhibiting a combination of growth and income with a portfolio yield above that of the parent index. 2. Source: Asset Management. Index source: FactSet. 3. This information is based on a representative account within the SF Global Emerging Markets Equity Income Composite. The representative account has been selected by meeting the following criteria: 1) the account is in the SF Global Emerging Markets Equity Income Composite, 2) Wells Fargo Asset Management represents that the holdings, characteristics and risk profile are representative of the strategy/style of the SF Global Emerging Markets Equity Income Composite. Any changes to the representative account must be approved by Investment Analytics. Source: FactSet.

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Ten largest company weights4, 5

Country Portfolio % Taiwan Semiconductor Manufacturing Co., Ltd. Taiwan 6.7 Electronics Co., Ltd. Korea 6.5 China Construction Bank Corporation China 2.0 Infosys Limited India 1.9 Baidu, Inc. China 1.8 Ping An (group) Company of China, Ltd. China 1.8 Midea Group Co. Ltd. China 1.6 Sk Hynix Inc. Korea 1.3 Chow Tai Fook Jewellery Group Limited Hong Kong 1.3 Manappuram Finance Limited India 1.3

Portfolio characteristics 4 Regional exposure (%)4 Overweight or underweight vs. MSCI EM (Net) Index MSCI Emerg- ing Markets Underweight Overweight Portfolio (Net) Index Emerging Europe 1.8 Valuation P/E (1-year EPS forecast) 11.3x 14.3x Latin America 0.8 EPS growth (1-year forecast) 17.6% 17.8% Middle East/Africa -0.7 Dividend yield 2.9% 1.9% Construction Asia -6.5 Weighted average market cap $98.0B $166.5B Capitalization profile -10 -5 0 5 10 < $500 million 0.0 0.0 Investment team $500 - $1,000 million 0.5 0.0 Position $1,000 - $5,000 million 15.1 6.4 Alison Shimada Senior Portfolio Manager > $5,000 million 84.4 93.6 Elaine Tse Portfolio Manager Countries 19 27 Connie Ou, CFA Senior Analyst Number of companies 105 1,347 Svetlana Silverman Senior Analyst Sergio Torres Senior Analyst Mandeep Singh Manihani, CFA Analyst Keith Kan, CFA Analyst Myungsung (Ming) Noh Analyst Loc Vu Portfolio Analyst Stephen Kinney, CFA Senior Portfolio Specialist

Past performance is not a guarantee of future returns. CFA® and Chartered Financial Analyst® are trademarks owned by CFA Institute. 4. This information is based on a representative account within the SF Global Emerging Markets Equity Income Composite. The representative account has been selected by meeting the following criteria: 1) the account is in the SF Global Emerging Markets Equity Income Composite, 2) Wells Fargo Asset Management represents that the holdings, characteristics and risk profile are representative of the strategy/style of the SF Global Emerging Markets Equity Income Composite. Any changes to the representative account must be approved by Investment Analytics. All currency figures in USD. Source: FactSet. 5. Largest company weights 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. A list of all holdings from the prior one-year period is available upon request. Source: FactSet.

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Strategy risks Market Risk: Stock values fluctuate in response to the activities of individual companies and general market and economic conditions. Foreign Investment Risk: Foreign investments may be subject to lower liquidity, greater price volatility and risks related to adverse political, regulatory, market or economic developments. Emerging Markets Risk: Emerging market securities typically present even greater exposure to the risks described under “Foreign Investment Risk” and may be particularly sensitive to global economic conditions. Emerging market securities are also typically less liquid than securities of developed countries and could be difficult to sell, particularly during a market downturn.

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GIPS® Composite Report Gross Net Primary Secondary Composite Primary Index Secondary Composite Total Firm Annual Annual Index Index 3 Yr 3 Yr Index Internal Number of Assets Assets Period Return (%) Return (%) Return (%) Return (%) Std Dev (%) Std Dev (%) 3 Yr Std Dev (%) Dispersion (%) Accounts ($-mm) ($-mm) 2020 10.40 9.34 18.31 -4.61 20.38 19.60 19.24 N.A. 8 1,741.28 508,914 2019 18.59 17.42 18.42 16.03 13.55 14.17 13.05 0.64 11 2,104.60 419,579 2018 -9.80 -10.70 -14.57 -7.56 12.83 14.60 13.55 0.65 11 1,624.45 371,582 2017 26.89 25.65 37.28 23.57 12.55 15.35 16.47 N.A. 9 1,686.05 385,111 2016 7.66 6.59 11.19 16.17 13.45 16.07 17.61 N.A. 7 1,237.54 330,718 2015 -8.38 -9.36 -14.92 -21.06 12.44 14.06 16.02 N.A. 5 548.30 349,342 2014 2.15 1.03 -2.19 -4.22 13.51 15.00 15.28 N.A. 4 235.84 351,065 2013 1.80 0.68 -2.60 -4.55 16.09 19.04 17.35 N.A. 3 249.50 357,113 2012 25.21 23.86 18.22 19.57 17.20 21.50 19.62 N.A. 2 17.93 332,154 2011 -6.59 -7.62 -18.42 -12.27 17.71 25.76 24.16 N.A. 1 4.54 330,855 Source: Wells Fargo Asset Management. Primary Index = MSCI Emerging Markets (Net) Index; Secondary Index = MSCI EM High Div Yield (Net) Index

1. Wells Fargo Asset Management (WFAM) claims compliance with the Global Investment Performance Standards (GIPS®) and has prepared and presented this report in compliance with the GIPS standards. WFAM has been independently verified for the periods from January 1, 1997 through December 31, 2020. A firm that claims compliance with the GIPS standards must establish policies and procedures for complying with all the applicable requirements of the GIPS standards. Verification provides assurance on whether the firm’s policies and procedures related to composite and pooled fund maintenance, as well as the calculation, presentation, and distribution of performance, have been designed in compliance with the GIPS standards and have been implemented on a firm-wide basis. The SF Global Emerging Markets Equity Income Composite has been examined for the periods from January 1, 2008 through December 31, 2020. The verification and performance examination reports are available upon request. 2. For the purpose of complying with GIPS, the GIPS firm is defined as WFAM. Since the GIPS firm’s creation in 1996, the firm has acquired a number of investment teams and/or assets through mergers or acquisitions which include assets and/or investment teams from Wells Capital Management, EverKey Global Partners, Wells Fargo Asset Management (International) Limited, Analytic Investors, LLC, Golden Capital Management, LLC, Wells Fargo Asset Management Luxembourg S.A. and Wells Fargo Funds Management, LLC (WFFM). 3. The SF Global Emerging Markets Equity Income Composite (Composite) includes all discretionary accounts managed in this style. The strategy seeks to uncover stocks with a sustainable high dividend yield backed by strong company financials and fundamentals. The strategy seeks to sustain an above average dividend yield relative to the MSCI Emerging Markets (Net) Index, in addition to strong capital apprecia- tion. Value is added through the experience and depth of the team and their ability to conduct creative research and foresee trends. Portfolios are constructed with the potential for maximum dividend yield while maintaining a controlled level of risk. Investment results are measured versus the MSCI Emerging Markets (Net) Index. In July 2020, the MSCI Emerging Markets High Dividend Yield (Net) Index was added as a secondary benchmark to reflect the strategy’s objective to build a diversified portfolio of emerging markets equity securities exhibiting a combination of growth and income with a portfolio yield above that of the parent index. The Composite was created April 15, 2008. The Composite inception date is January 1, 2008. 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. Gross composite returns do not reflect the deduction of investment advisory fees. Net composite returns are calculated using a model investment advisory fee, 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. WFAM’s fee schedules are available upon request and may also be found in Part 2 of Form ADV. The pub- lished fee schedule for this strategy is 0.95% for the first $50mm, 0.90% for the next $50mm and 0.80% over $100mm. Effective July 1, 2016, the Composite implemented a Significant Cash Flow (SCF) policy to temporarily remove accounts from the composite. A SCF is defined as a single or series of client initiated net cash flows within a seven business day window of either a contribution or withdrawal of cash and/or securities that exceeds 15% of the previous day’s total market value of the account. Additional information regarding WFAM’s policies for valuing investments, calculating performance and preparing GIPS Reports is available upon request. The firm's list of broad distribution pooled funds and list and descriptions of the limited distribution pooled funds are also 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 com- posite for the entire year, dispersion is not presented as it is not a meaningful statistical calculation. The 3-year annualized standard deviation measures the variability of the gross composite returns and the index returns over the preceding 36-month time period. 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 High Div- idend Yield (Net) Index is designed to reflect the performance of equities in the MSCI Emerging Markets (Net) Index (excluding REITs) with higher dividend income and quality characteristics than average divi- dend yields that are both sustainable and persistent. For comparison purposes, the indices are fully invested and are inclusive of the reinvestment of income. The returns for the indeices 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. Performance for some accounts in this Composite may be calculated by third-parties that use different security pricing and performance methodologies. 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. For a complete list of WFAM composite descriptions, please see https://www.wellsfargoassetmanagement.- com/assets/public/pdf/legal/wfam-composite-descriptions.pdf.GIPS®isa registeredtrademarkofCFA Institute.CFAInstitutedoesnotendorse or promote this organization, nor does it warrant the accuracy or quality of the content contained herein.

MSCI makes no express or implied warranties or representations and shall have no liability whatsoever with respect to any MSCI data contained herein. The MSCI data may not be further redistributed or used as a basis for other indices or any securities or financial products. This report is not approved, reviewed, or produced by MSCI.

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Disclosures This information is a Marketing Communication, unless stated otherwise, for professional clients, professional investors, institutional investors, investment professionals, eligible counterparties or qualified investors only (as defined by the local regulation in the respective jurisdiction). Not for retail use. THIS MATERIAL DOES NOT CONSTITUTE AN OFFER OR SOLICITATION IN ANY JURISDICTION OR TO ANY PERSON WHERE IT WOULD BE UNAUTHORISED OR UNLAWFUL TO DO SO. Past performance is not a guarantee or reliable indicator of future results. Any past performance, forecast, projection, simulation or target is indicative and not guaranteed.All investments contain risk. The value, price or income of investments or financial instruments can fall as well as rise and is not guaranteed. You may not get back the amount originally invested. Wells Fargo Asset Management (WFAM) is the trade name for certain investment advisory/management companies owned by Wells Fargo & Company. 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