Golden Capital Large Cap Core Product Placed on Watch Select UMA Wells Fargo Funds Management, LLC Style: US Large Cap Year Founded: 1971 Sub-Style: Blend GIMA Status: Approved 525 Market Street, 12th Floor Firm AUM: $512.5 billion Firm Ownership: Wells Fargo & Co. San Francisco, California 94105 Firm Strategy AUM: $368.6 million Professional-Staff: 1468 PRODUCT OVERVIEW TARGET PORTFOLIO CHARACTERISTICS PORTFOLIO STATISTICS Wells Fargo Asset Management's large cap core equity investment Number of stock holdings: 45 to 50 ---------------06/21------ 12/20 strategy's primary objective is long-term capital appreciation. Wells ---------- P/E ratio: Below the S&P 500 Wells Index*** Wells Fargo's goal is to produce excess returns above the S&P 500 Index. Fargo Fargo Golden's large cap core investment philosophy is to construct an actively Cash level over market cycle: 0 to 3% Number of stock holdings 52 505 52 managed, core portfolio of companies that exhibit the likelihood to meet Risk (standard deviation): Similar to/Below the S&P 500 or exceed earnings expectations. Golden uses proprietary, multifactor Dividend Yield 1.3% 1.4% 1.4% models that combine valuation, earnings and momentum factors to Average turnover rate: 30 to 60% identify the characteristics within each company that make it Distribution Rate — — — Use ADRs: No unsustainably cheap. Risk is managed through diversification by 19.79x 25.40x 23.00x avoiding concentration in any one security or industry while generally Capitalization: Mega, Large and Medium Wtd avg P/E ratio ¹ adhering to sector weights of +/- 5% to those of the S&P 500 Index. companies Wtd avg portfolio beta 1.00 — 1.05 Golden's process may, at times, result in portfolios that will be over/underweighted in particular sectors/industries versus the S&P 500 Mega capitalization ⁺ 0.0% 64.8% 0.0% Index. Golden generally avoids investments in alcohol, gaming and 0.0% 34.0% 0.0% tobacco stocks. Large capitalization ⁺ Medium capitalization ⁺ 0.0% 1.3% 0.0% Small capitalization ⁺ 0.0% 0.0% 0.0% Micro capitalization ⁺ 0.0% 0.0% 0.0% PORTFOLIO'S EQUITY SECTOR WEIGHTINGS ⁺ ---------------06/21--------- 12/20 Sector Wells------- Index*** Wells Fargo Fargo PORTFOLIO'S TOP FIVE EQUITY HOLDINGS % Energy 2.55 2.85 2.02 Apple Inc. 5.3 5.1 Materials 3.41 2.60 3.59 Microsoft Corporation Alphabet Inc. Class C 3.7 Industrials 9.16 8.54 9.20 Amazon.com, Inc. 2.8 2.3 Consumer Discretionary 15.44 12.28 15.91 Applied Materials, Inc. Consumer Staples 1.86 5.86 3.88 Health Care 15.96 12.99 14.98 % PROCESS BASED ON Financials 12.19 11.28 12.40 0 Asset allocation - cash vs. stock Information Technology 29.52 27.42 29.85 5 Industry or sector weighting Communication Services 6.77 11.14 8.16 95 Stock Selection MANAGER'S INVESTMENT STRATEGY Top-down / portfolio structures based on economic trends Utilities 0.00 2.45 0.00 Bottom-up / portfolio structure based on individual securities Real Estate/REITs 1.93 2.58 0.00 Cash/Cash Equivalents 1.21 0.00 0.00 ¹The P/E used here is calculated by the harmonic mean. ⁺Total may not equal 100% due to rounding. ***Index : S&P 500 If this profile shows related performance, see the section titled "Related Performance" in the disclosures for important information about the performance shown prior to the inception of the Morgan Stanley Select UMA Program. The subsequent pages contain important disclosures and a glossary of terms. Information as of June 30, 2021, unless otherwise noted and is subject to change. Page 1 of 7 Golden Capital Large Cap Core Product Placed on Watch Select UMA MANAGER'S INVESTMENT PROCESS RISK CONSIDERATIONS PORTFOLIO'S ALLOCATION HISTORY (%) ⁺ • Fundamentally based and quantitatively executed Investing in securities entails risks, including: Equity portfolios 06/21 03/21 12/20 09/20 • Proprietary, multifactor models combining valuation, earnings and are subject to the basic stock market risk that a particular U.S. Stocks 99 100 99 100 security, or securities in general, may decrease in value. Equity momentum factors Cash/Cash Equivalents 1 0 1 0 • Purchase candidates are ranked in the top quintile of the Total securities' prices may fluctuate in response to specific situations Composite Model and merit further fundamental analysis for each company, industry, market conditions and general economic environment. Companies paying dividends can • Focused, target portfolio of securities that is broadly diversified among reduce or cut payouts at any time. Strategies that invest a large economic sectors percentage of assets in only one industry sector (or in only a • Stocks become candidates for sale if they become significantly few sectors) are more vulnerable to price fluctuation than overvalued and/or exhibit declining earnings fundamentals portfolios that diversify among a broad range of sectors. Growth investing does not guarantee a profit or eliminate risk. The stocks of these companies can have relatively high valuations. Because of these high valuations, an investment in a growth stock can be more risky than an investment in a company with more modest growth expectations. Value investing does not guarantee a profit or eliminate risk. Not all companies whose stocks are considered to be value stocks are able to turn their business around or successfully employ corrective strategies which would result in stock prices that do not rise as initially expected. Bonds rated below investment grade may have speculative characteristics and present significant risks beyond those of other securities, including greater credit risk and price volatility in the secondary market. Investors should be careful to consider these risks alongside their individual circumstances, objectives and risk tolerance before investing in high-yield bonds. If a strategy expects to hold a concentrated portfolio of a limited number of securities, it should be noted that a decline in the value of these investments would cause the portfolio’s overall value to decline to a greater degree than that of a less concentrated portfolio. ¹The P/E used here is calculated by the harmonic mean. ⁺Total may not equal 100% due to rounding. ***Index : S&P 500 If this profile shows related performance, see the section titled "Related Performance" in the disclosures for important information about the performance shown prior to the inception of the Morgan Stanley Select UMA Program. The subsequent pages contain important disclosures and a glossary of terms. Information as of June 30, 2021, unless otherwise noted and is subject to change. Page 2 of 7 Golden Capital Large Cap Core Product Placed on Watch Select UMA RISK/RETURN ANALYSIS - 5 YEARS ENDING 06/30/21 AVERAGE ANNUAL TOTAL RETURN (%) - PERIODS ENDING 06/30/21 R R a a t t e e o o f f R R e e t t u u r r n n s Standard Deviation s (%) STD ROR INVESTMENT RESULTS Annual Rates of Return (%) 10 Year - Ending 06/30/21 Wells Fargo (Gross) 19.04 16.69 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 Annual Std. Dev. Wells Fargo (Net) 18.96 14.03 Wells Fargo (Gross) 1.35 17.77 38.73 15.44 1.40 9.02 24.49 -7.88 28.58 9.16 14.14 16.95 S&P 500 17.30 17.65 Wells Fargo (Net) -1.16 15.07 35.64 12.74 -0.95 6.44 21.65 -10.02 25.69 6.69 11.52 16.89 90-Day T-Bills 0.44 1.14 S&P 500 2.11 16.00 32.41 13.69 1.41 11.96 21.83 -4.38 31.49 18.40 14.84 15.04 RISK VOLATALITY (%) PORTFOLIO'S QUARTERLY RETURNS (%) PORTFOLIO'S RISK STATISTICS -€“ PERIODS ENDING 06/30/21 ¹ ² R Quarter1 Quarter2 Quarter3 Quarter4 3 Year 5 Year a Gross Net Gross Net Gross Net Gross Net Standard Deviation 24.61% 19.04% t 2011 5.92 5.21 1.41 0.70 -16.67 -17.17 13.22 12.63 e 22.40% 17.30% 2012 15.24 14.60 -2.54 -3.11 4.93 4.32 -0.06 -0.65 Standard Deviation of Primary Benchmark o 2013 12.27 11.65 3.81 3.21 6.33 5.75 11.95 11.32 0.52 0.82 f 2014 2.73 2.11 4.48 3.87 2.50 1.90 4.93 4.32 Sharpe Ratio 2015 3.63 3.00 1.16 0.56 -8.48 -9.02 5.69 5.12 Sharpe Ratio of Primary 0.78 0.95 R Benchmark e 2016 -2.95 -3.57 -0.96 -1.54 5.04 4.45 7.98 7.34 t 2017 4.97 4.36 3.31 2.71 6.32 5.71 7.97 7.36 Alpha -4.79% -1.65% u 2018 -0.33 -0.88 3.27 2.66 6.06 5.45 -15.61 -16.15 Beta 1.08 1.07 r 2019 13.18 12.56 2.94 2.36 0.52 -0.06 9.79 9.16 Downside Risk 4.43% 3.41% n s 2020 -23.11 -23.57 19.76 19.14 3.68 3.09 14.34 13.66 R-Squared 0.96 0.94 2021 10.91 10.26 6.85 6.25 Tracking Error 5.14% 4.74% Related Select UMA Information Ratio -0.87 -0.20 *07/01/16-12/31/16 **01/01/21-06/30/21 Number Of Up Qtrs. Down Qtrs. PORTFOLIO DIVERSIFICATION - R ² (INCEPTION THROUGH 12/14)+ 1. Statistics are calculated using gross of fee performance only. Wells Fargo (Gross) 17 3 R² 2.