Wells fargo bank

Heritage Growth Equity

www.wellscap.com Third Quarter 2012

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

Heritage U.S. Large Cap Growth Equity represents the Heritage Large Cap Growth Equity strategy within this document.

Heritage U.S. Premier Growth Equity represents the Heritage Premier Growth Equity strategy within this document.

Heritage U.S. All Cap Growth Equity represents the Heritage All Cap Growth Equity strategy within 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 U.K. Financial

Services Authority.

2 Heritage Growth Equity – Third Quarter 2012

Table of Contents

I. Firm Overview

II. Heritage Growth Strategy

III. Investment Process

IV. Heritage U.S. Large Cap Growth Equity Portfolio Characteristics & Performance

V. Heritage U.S. Premier Growth Equity Portfolio Characteristics & Performance

VI. Heritage U.S. All Cap Growth Equity Portfolio Characteristics & Performance

VII. Addendum

VIII. Supplemental Information


Firm 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.


U.S. Fixed Income2

(30%)

Blend

(3%)

U.S. Equity

(27%)

Short Duration3

(30%)

Non-U.S. Equity

(6%)

Non-U.S. Fixed Income2

(4%)

Breadth of Investment Management Expertise

By Sector1 AUM (USD B)

Equity 65

Fixed Income2 66

Short Duration3 59

Blend 5

WellsCap Assets Under Management As at 30 September 2012 – Diversified Client and Asset Base in excess of USD 331B

1 Total firm assets under management are in excess of USD 331B. The charts above exclude USD 136B 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 195B.

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 81B in long-term funds sub-advised for Wells Fargo and USD 24B in external sub-advisory funds.

By Client Type1 AUM (USD B) Assets (%)

Corporate 52 26

Foundation/Endowment/Non-Profit 10 5

Public/Government 16 8

Sovereign Wealth Fund/Central Bank 5 3

Union 2 1

Sub-Advisory4 105 54

Other 5 3


Representative Client List*

Baptist Health Care Corporation Endowments and Foundations

City of Fort Walton Beach General Pension

City of Pinellas Park Police Officers Pension Fund

Congregation of St. Joseph Foundation

Edyth Bush Charitable Foundation

Ft. Myers Firefighters’ Pension Plan

Ft. Myers General Employees’ Pension Plan

Gundersen Lutheran Administrative Services

Gundersen Lutheran Medical Foundation

International Council For Shopping Centers

Kennametal

Kissimmee Utility Authority Employees Retirement Plan

Life Technologies

London Steam-Ship Owners

Marquette University Educational Endowment

McAllen Firemen’s Relief and Retirement Plan

*As of September 30, 2012. The companies listed herein are representative of Wells Capital Management’s Heritage Growth Equity clients. Only clients

within this Composite who gave us permission to do so are included on this list. Neither performance data nor account size was used as a means of selecting

their inclusion. The use of their names does not constitute an endorsement of our products or services.


As of September 30, 2012

Assets Under Management Amount ($M)

Heritage Large Cap Growth Equity 1,770.8

Heritage Premier Growth Equity 2,492.2

Heritage All Cap Growth Equity 12,687.5

Heritage Small Cap Growth Equity 1,651.2

Total $18,601.7

Miami Children's Hospital

Missouri Local Government Employees Retirement System

Orlando Utilities Commission

Pensacola Police Pension Plan

Plumbers and Fitters Local 101 Pension and Supplemental Plan

Plumbers, Steamfitters, and Apprentices Local 206 Pension Plan

Public Service Company of New Mexico

Sibley Memorial Hospital

Southeastern Pennsylvania Transportation Authority Pension Plan

St. Procopius Abbey Foundation

Stetson University

Swedish American Hospital

The Lynde and Harry Bradley Foundation

The Police Retirement System of St. Louis

Tower Automotive

Westminster Retirement Communities Foundation


Heritage Growth Strategy



Distinguishing Characteristics

30-year history with investment philosophy and process

A nimble team dedicated to “pure growth”

Informational advantage from all cap research expertise

Successful sell discipline highlighting integration of risk management with investment process


Relationship

Management

Douglas Basile

Associate Portfolio Specialist

Kevin Gaughan, CFA

Senior Portfolio Specialist

Donna Lelinski

Research Associate

Brian Mulligan, CFA

Senior Relationship Manager

Thomas Galfano


Joseph Conroy, CFA


Heritage Growth Team

Portfolio

Management,

Research, and

Implementation

Thomas Ognar, CFA

Senior Portfolio Manager Health Care, Technology, Consumer

Peter Birmingham

Senior Research Analyst Consumer, Energy, Transportation

Bruce Olson, CFA

Senior Portfolio Manager Consumer, Financials, Energy

Robert Gruendyke, CFA

Senior Research Analyst Technology, Financials, Health Care

Joseph Eberhardy, CFA

Portfolio Manager Health Care, Industrials, Materials

David Nazaret

Senior Research Analyst Technology, Health Care

John Krueger, CFA


John Svolos

Senior Research Analyst Technology

Brandon Oak

Research Analyst Industrials

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

Trading Karen Winston

Trader

Jim Mirsberger

Trader

Consistency

Key decision makers average over 18 years

of experience

Track record since 1994

Communication

Streamlined and frictionless environment

Dual research coverage on all holdings

Focus

1 strategy – growth that is Robust, Sustainable,

and Underappreciated


Investment Philosophy

We believe

The best investments exhibit both robust and sustainable growth

Opportunities arise when a “Gap” exists between a company’s future growth and market

expectations for that growth

A dedicated, decisive team is critical to managing risk when that “Gap” changes

Time

Pri

ce

BUY REGION SELL/AVOID REGION BUY REGION

Phase I: Growth

Expectations

Too Low

Early Stage

Growth:

Acceleration

Growth Trap:

Deceleration/

Decline

Growth

Opportunity:

Sustainability/

Reacceleration

Phase III: Growth

Expectations Too High

True Earnings Power

Consensus Expectations

Phase II: Growth

Expectations Rise

But Still Too Low Phase IV: Growth

Expectations Fall


Investment Process


Investment Process Overview

All Cap

Research

Underappreciated

We Are Rigid About Our Discipline…


Investment Process

Companies are identified for research from a variety of sources

Proprietary Quantitative Model and Screens

Minimum growth requirements based on market

cap, industry, and sustainability

Revenue/earnings growth acceleration

Positive revenue/earnings surprises and revisions

Margin expansion

Estimate dispersion

Qualitative Sources

Senior management contacts

Suppliers and distributors

Customers

Competitors

Industry experts

Industry and research conferences

Idea Generation

Underappreciated

All Cap

Research


Investment Process

All Cap Research

Is growth robust and sustainable?

Senior

Management

Suppliers/

Distributors

Customers

Is growth sustainable?

Potential Investment

Competitors

Industry

Experts

Assessment

of Business

Model

Assessment

of Competitive

Advantages

Assessment

of Capital

Structure

Assessment

of Cash Flow

Assessment of

Earnings Power

Is growth robust? Quantitative

Analysis

Underappreciated

All Cap

Research


Investment Process

Valuation analysis interpolates the market’s expectation for growth

Valuation to growth comparison utilizes a basket of metrics relative to history, benchmark, and peers:

EV/EBITDA Dividend yield

Price/Earnings Earnings yield

Price/Book Cash flow yield

Price/Sales PEG ratio

Internal estimate of growth is compared to:

Buy side expectations

Sell side expectations

Management expectations

Assessment of business model relative to similar business models or market share leaders

All Cap Research

Is growth underappreciated? Underappreciated

All Cap

Research


Investment Process

Portfolio Construction Guidelines

Heritage All Cap Growth, Heritage Small Cap Growth, and Heritage Premier Growth typically

own 80-100 securities; Heritage Large Cap Growth typically owns 70-90 securities

Individual positions are limited to 7% at market value

Top 10 holdings typically 25-30% of portfolio

Sector weights limited to 0.5x-2.0x benchmark weight for three traditional growth sectors

Sector weights limited to 0.0x-5.0x benchmark weight for all other sectors

Buy Discipline

In order to invest in a company, growth must be:

Robust

Sustainable

Underappreciated

Portfolio Construction

Underappreciated

All Cap

Research


Investment Process

Portfolio Construction

We sell or trim a company

When the “Gap” between a company’s true earnings power and market expectations narrows

To avoid deteriorating growth before it’s captured in the stock price

To manage portfolio risk

Underappreciated

All Cap

Research Sell Discipline

The following chart, which depicts relative returns generated by stocks in the six months after

they were sold from the portfolio, is a proof statement that our sell discipline helps capture

alpha for our clients.

Heritage U.S. Large Cap

Growth Equity Post-Sale

Relative Return1

Heritage U.S. Premier

Growth Equity Post-Sale

Relative Return1

Heritage U.S. All Cap Growth

Equity Post-Sale Relative

Return2

Heritage Small Cap Growth

Equity Post-Sale Relative

Return3

Stocks sold in 2005 -3.1% -0.4% -1.0% -8.2%

Stocks sold in 2006 -0.8% -3.5% -4.7% -1.1%

Stocks sold in 2007 -7.0% -5.8% -8.3% -11.7%

Stocks sold in 2008 3.4% -2.1% -4.0% -8.2%

Stocks sold in 2009 -2.9% -6.2% -7.3% -4.8%

Stocks sold in 2010 -5.5% -6.2% -6.5% -9.1%

Stocks sold in 2011 -7.2% -4.1% -4.7% 2.6%

Average -3.3% -4.0% -5.2% -5.8%

1Based on the median six month post sale excess return of stocks relative to the Russell 1000 Growth Index for positions completely sold from the portfolio. 2Based on the median six month post sale excess return of stocks relative to the Russell 3000 Growth Index for positions completely sold from the portfolio. 3Based on the median six month post sale excess return of stocks relative to the Russell 2000 Growth Index for positions completely sold from the portfolio.


Risk Management Team

Weekly and monthly risk reports

Risk-adjusted return analysis

Performance attribution

Style analysis

Custom analytics at team’s request

Standing quarterly reviews with Risk

Management Team and with Office of CIO

Investment Process

Investment Team

Continuously stress test all assumptions

Monitor the “Gap”

Quantitatively screen the portfolio to combat

human biases

Sell or trim according to Sell Discipline

Focus on the sustainability of growth

Risk Management

An integrated approach to risk incorporates monitoring at team level

and firm level Underappreciated

All Cap

Research



Summary

30-year history with investment philosophy and process

A nimble team dedicated to “pure growth”

Informational advantage from all cap research expertise

Successful sell discipline highlighting integration of risk management with investment process


Heritage U.S. Large Cap Growth Equity Portfolio

Characteristics & Performance


Heritage U.S. Large Cap Growth Equity

Portfolio Characteristics – As of September 30, 2012

Characteristics

Portfolio Characteristics Portfolio*

Russell 1000

Growth Index

Weighted Median Market Cap ($B) 30.8 47.1

Weighted Average Market Cap ($B) 98.8 112.8

Portfolio P/E-I/B/E/S 1-Year Forecast 18.8 15.5

Long-Term Growth Forecast – I/B/E/S Median (%) 17.2 13.9

Return on Equity – 5-Year Average 24.6 23.7

Number of Holdings 76 567

Turnover (%) 44

*This information is based on a representative account within the Heritage U.S. Large Cap Growth Equity Composite. The representative account has been

selected by meeting the following criteria: 1) the account is in the Heritage U.S. Large Cap Growth Equity Composite, 2) Wells Capital Management represents

that the holdings, characteristics and risk profile are representative of the strategy/style of the Heritage U.S. Large Cap Growth Equity 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 and FactSet

Sector Distribution

Top Ten Equity Holdings1

Company Market Cap ($B)

Portfolio*

Weight (%)

Apple Inc. 625.3 8.9

Google Inc. 246.7 3.9

Alexion Pharmaceuticals Inc. 22.1 3.2

QUALCOMM Inc. 107.0 3.0

eBay Inc. 62.3 2.8

Cognizant Technology Solutions Corp. 20.9 2.6

MasterCard Inc. 56.4 2.5

Whole Foods Market Inc. 18.0 2.3

Dollar Tree Inc. 11.1 2.1

Union Pacific Corp. 56.2 2.0

Total 33.2



Up Market and Down Market Capture

Manager Databases via Zephyr Style Advisor

Note: The GIPS compliant presentation can be found at the end of this presentation.

Alpha vs.

Market

Beta vs.

Market

Sharpe

Ratio

Batting Average

vs. Market

Up Capture

vs. Market

Down Capture

vs. Market

R-Squared

vs. Market

Heritage U.S. Large Cap Growth – Gross 3.5% 0.96 0.4 59.2% 105.4% 94.3% 77.5%

Heritage U.S. Large Cap Growth – Net 2.7% 0.96 0.4 56.3% 103.4% 95.3% 77.6%

Russell 1000 Growth Index 0.0% 1.00 0.3 0.0% 100.0% 100.0% 100.0%

January 1995 – September 2012 (Single Computation)

Upsid

e%

Downside%

Upside / DownsideJanuary 1995 - September 2012 (Single Computation)

Upsid

e%

94

96

98

100

102

104

106

Downside%

94 96 98 100 102 104 106

Heritage Large Cap Growth (gross)

Heritage Large Cap Growth (net)

Russell 1000 Growth

January 1995 - September 2012: Summary Statistics



Russell 1000 Growth

Alphavs.

Market

Betavs.

Market

SharpeRatio

BattingAverage

vs.Market

UpCapture

vs.Market

DownCapture

vs.Market

R-Squaredvs.

Market

3.5 0.96 0.4 59.2 105.4 94.3 77.5

2.7 0.96 0.4 56.3 103.4 95.4 77.6

0.0 1.00 0.3 0.0 100.0 100.0 100.0



Annualized Performance Peer Universe Rankings

Source: eVestment Alliance Large Cap Growth Universe. All returns greater than one year are annualized. Note: The GIPS compliant presentation can be

found at the end of this presentation.


Heritage U.S. Large Cap Growth Equity – Gross


Heritage U.S. Premier Growth Equity Portfolio



Heritage U.S. Premier Growth Equity


Characteristics


Russell 1000

Growth Index







Turnover (%) 47

*This information is based on a representative account within the Heritage U.S. Premier Growth Equity Composite. The representative account has been selected

by meeting the following criteria: 1) the account is in the Heritage U.S. Premier Growth Equity Composite, 2) Wells Capital Management represents that the

holdings, characteristics and risk profile are representative of the strategy/style of the Heritage U.S. Premier Growth Equity 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




Sector Distribution



Portfolio*

Weight (%)



eBay Inc. 62.3 3.3



Kansas City Southern 8.3 2.8


Tractor Supply Co. 7.0 2.3


EMC Corp. 57.2 2.1

Total 34.4






Alpha vs.

Market

Beta vs.

Market

Sharpe

Ratio

Batting Average

vs. Market

Up Capture

vs. Market

Down Capture

vs. Market

R-Squared

vs. Market

Heritage U.S. Premier Growth – Gross 6.1% 0.93 0.3 61.3% 115.3% 91.7% 83.1%

Heritage U.S. Premier Growth – Net 5.3% 0.93 0.2 60.0% 113.3% 92.9% 83.1%

Russell 1000 Growth Index 0.0% 1.00 -0.1 0.0% 100.0% 100.0% 100.0%

June 1999 – September 2012 (Single Computation)

Upsid

e%

Downside%

Upside / DownsideJune 1999 - September 2012 (Single Computation)

Upsid

e%

80

85

90

95

100

105

110

115

120

Downside%

80 85 90 95 100 105 110 115 120

Heritage Premier Growth (Gross)

Heritage Premier Growth (Net)

Russell 1000 Growth

June 1999 - September 2012: Summary Statistics



Russell 1000 Growth

Alphavs.

Market

Betavs.

Market

SharpeRatio

BattingAverage

vs.Market

UpCapture

vs.Market

DownCapture

vs.Market

R-Squaredvs.

Market

6.1 0.93 0.3 61.3 115.3 91.7 83.1

5.3 0.93 0.2 60.0 113.3 92.9 83.1

0.0 1.0 -0.1 0.0 100.0 100.0 100.0




Source: eVestment Alliance Large Cap Growth Universe. All returns greater than one year are annualized.



Heritage U.S. Premier Growth – Gross


Heritage U.S. All Cap Growth Equity Portfolio



Heritage U.S. All Cap Growth Equity



Company

Market

Cap ($B)

Portfolio*

Weight (%)




eBay Inc. 62.3 3.3





Rackspace Hosting Inc. 9.0 2.3

Ulta Salon Cosmetics & Fragrance Inc. 6.1 2.1

Total 33.7

Characteristics


Russell 3000

Growth Index






Number of Holdings 95 1,679

Turnover (%) 48

*This information is based on a representative account within the Heritage U.S. All Cap Growth Equity Composite. The representative account has been selected

by meeting the following criteria: 1) the account is in the Heritage U.S. All Cap Growth Equity Composite, 2) Wells Capital Management represents that the

holdings, characteristics and risk profile are representative of the strategy/style of the Heritage U.S. All Cap Growth Equity Composite. Any changes to the





Sector Distribution






Alpha vs.

Market

Beta vs.

Market

Sharpe

Ratio

Batting Average

vs. Market

Up Capture

vs. Market

Down Capture

vs. Market

R-Squared

vs. Market

Heritage U.S. All Cap Growth – Gross 8.8% 1.01 0.4 66.9% 130.4% 93.5% 83.0%

Heritage U.S. All Cap Growth – Net 7.9% 1.01 0.3 64.4% 128.1% 94.7% 83.0%

Russell 3000 Growth Index 0.0% 1.00 0.0 0.0% 100.0% 100.0% 100.0%


Upsid

e%

Downside%


Upsid

e%

60

70

80

90

100

110

120

130

140

Downside%

60 70 80 90 100 110 120 130 140

Heritage All Cap Growth (gross)Heritage All Cap Growth (net)Russell 3000 Growth


Heritage All Cap Growth (gross)

Heritage All Cap Growth (net)

Russell 3000 Growth

Alphavs.

Market

Betavs.

Market

SharpeRatio

BattingAverage

vs.Market

UpCapture

vs.Market

DownCapture

vs.Market

R-Squaredvs.

Market

8.8% 1.01 0.4 66.9% 130.4% 93.5% 83.0%

7.9% 1.01 0.3 64.4% 128.1% 94.7% 83.0%

0.0% 1.00 -0.0 0.0% 100.0% 100.0% 100.0%




Source: eVestment Alliance All Cap Growth Universe. All returns greater than one year are annualized. Note: The GIPS compliant presentation can be


Heritage U.S. All Cap Growth Equity – Gross



Addendum


Heritage Growth Team Biographies

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

Thomas C. Ognar, CFA

Managing Director and Senior Portfolio Manager

Thomas Ognar is a managing director and senior portfolio manager for the Heritage Growth Equity team at Wells Capital Management.

Tom has oversight and portfolio management responsibility for the team’s Small Capitalization, All Capitalization and Large

Capitalization Growth portfolios. He joined Wells Capital Management with the acquisition of assets from Strong Capital Management.

Tom entered the investment industry in 1993 and joined Strong in 1998 as a research analyst. Prior to Strong, he was a research analyst

with M&I Investment Management, Inc. and a trader with Republic Securities, Inc. Tom earned a bachelor’s degree in finance from

Miami University. He earned a master’s degree in finance from the University of Wisconsin, Madison, and is an alumnus of the Applied

Security Analysis Program. Tom has earned the right to use the CFA designation.

Bruce C. Olson, CFA

Managing Director and Senior Portfolio Manager

Bruce Olson is a managing director and senior portfolio manager for the Heritage Growth Equity team at Wells Capital Management.

He joined Wells Capital Management from Strong Capital Management where he held a similar position. Bruce entered the investment

industry in 1982 and prior to joining Strong in 1994, he served as a managing partner of a private holding company. Previously, he was

employed with Minton Investment Corporation, American National Bank and Trust of Chicago, and the Travelers Corporation. Bruce

earned a bachelor’s degree from Gustavus Adolphus College. He has earned the right to use the CFA designation.

Joseph M. Eberhardy, CFA

Portfolio Manager

Joseph Eberhardy is a portfolio manager for the Heritage Growth Equity team at Wells Capital Management. Joe joined Wells Capital

Management from Strong Capital Management, having joined Strong in 1994. Prior to his current role, Joe was a senior research analyst

with the Heritage Growth Equity team. Before joining the Heritage Growth Equity team in 2000, his previous roles at Strong Capital

Management included small to mid cap equity analyst, high yield bond trader and fixed income accounting manager. Joe earned a

bachelor's degree in accounting from the University of Wisconsin, Milwaukee. He is a Certified Public Accountant and has earned the

right to use the CFA designation.


Heritage Growth Team Biographies (continued)

John Krueger, CFA


John Krueger is a senior portfolio specialist for the Heritage Growth Equity team at Wells Capital Management. John joined Wells Capital

Management in 2010 from Cleary Gull where he was the Director of Portfolio Management. He was responsible for developing,

implementing, and then communicating investment strategies for foundations, endowments, and high net worth individuals. Prior to

joining Cleary in 1998, he was a portfolio manager for M&I Corporation. There, he conducted money manager due diligence and managed

foundations, endowments, and high net worth portfolios. He also served as an equity trader and a senior auditor while at M&I. John earned

his bachelor’s degree in finance from the University of Wisconsin, Whitewater and an MBA from the University of Chicago. He is a

member of the Investment Analyst Society of Milwaukee. John has earned the right to use the CFA designation.

Peter Birmingham

Senior Research Analyst

Peter Birmingham is a senior research analyst for the Heritage Growth Equity team at Wells Capital Management. He covers the

consumer, energy, and transportation sectors. Before joining WellsCap in 2008, Peter served as vice president for Wells Fargo Funds

Management. Prior to that, he served as vice president of institutional equity sales for Morgan Stanley. Peter began his investment industry

career in 1992 as first vice president for Robert W. Baird & Co. He earned a bachelor’s degree in finance, investments and banking from

the University of Wisconsin, Madison, and a master’s degree in accounting from the University of Wisconsin, Milwaukee. Peter has

completed Level I of the CFA Program.

Robert Gruendyke, CFA


Robert Gruendyke is a senior research analyst for the Heritage Growth Equity team at Wells Capital Management, covering the

technology, financial, and health care sectors. Before joining WellsCap in 2008, Bob served as a senior research associate, and earlier, as a

senior compliance adviser, for Raymond James Financial. Prior to that, he served as a financial consultant for AG Edwards and Sons,

where he began his investment industry career in 1999. He earned a bachelor’s degree in economics and history from Duke University.

Bob has earned the right to use the CFA designation.

David Nazaret


David Nazaret is a senior research analyst for the Heritage Growth Equity team at Wells Capital Management, covering the technology,

and health care sectors. David began his investment industry career in 2000. Previously, he was a senior research associate at Raymond

James. He has earned a bachelor’s degree in economics from Vanderbilt University in Nashville, TN. David has completed Level II of the

CFA Program.



John Svolos


John Svolos is a senior research analyst for the Heritage Growth Equity team at Wells Capital Management covering the technology

sector, specifically the semiconductor, hardware, networking, and internet industries. John entered the investment industry at Merrill

Lynch in 1997, providing research sales coverage to investment managers across the Midwest. Starting in 1998, John narrowed his focus

to become a technology sector specialist. He developed an integrated view of the global technology supply chain, meeting with technology

corporate managements and touring global manufacturing operations in Canada, Mexico, Taiwan, China, Hong Kong, and the United

States. John joined Credit Agricole Securities in 2009 where he expanded his focus to the growing consumer end markets of Asia. He

earned a bachelor’s degree in economics from Northwestern University and a juris doctorate from Harvard Law School. John is a

candidate for Level III of the CFA program.

Brandon Oak

Research Analyst

Brandon Oak is a research analyst for the Heritage Growth Equity team at Wells Capital Management, co-covering the industrial sector

with Joseph Eberhardy. Before joining WellsCap in 2011, he served as a senior investment performance analyst at Cambridge Associates,

LLC. Brandon earned bachelors’ degrees in economics and mathematics from Vanderbilt University and an MBA from the Kelley School

of Business at Indiana University. Brandon has completed Level I of the CFA Program.

Karen Winston

Trader

Karen Winston is a trader on the Heritage Growth Equity team at Wells Capital Management. She joined Wells Capital Management from

Strong Capital Management where she held a similar role, having joined Strong in 1989. Karen earned an associate degree in business

from Stratton College in Milwaukee.

James Mirsberger

Trader

James Mirsberger is a trader for the Heritage Growth Equity team at Wells Capital Management. He joined Wells Capital Management

from Strong Capital Management where he held a similar role. Jim joined Strong in 1992 as a mutual fund accountant and became a trader

in 1993. He earned bachelor's degrees in finance and marketing from the University of Wisconsin, Madison and a master's degree in

business administration from Marquette University.



Douglas Basile

Associate Portfolio Specialist

Douglas Basile is an associate portfolio specialist for the Heritage Growth Equity team at Wells Capital Management. Doug joined

WellsCap in 2012 from Wells Fargo Funds Distributor where he was an internal wholesaler in the Northern California independent

channel. Prior to working at Wells Fargo, Doug served as an options market maker and member of the Chicago Board Options Exchange

for Timber Hill for nine years. He has been in the investment industry since 1996. He earned a bachelor’s degree in history from West

Virginia Wesleyan College and a master’s degree in business administration from Elmhurst College.

Donna Lelinski

Research Associate

Donna Lelinski is a research associate with the Heritage Growth Equity team at Wells Capital Management. She is responsible for day-to-

day coordination and all administrative duties for the Heritage team. Donna joined WellsCap from Strong Capital Management, where she

served in a similar role since 1999. Earlier in her career, she served as a compliance associate and a research associate at Strong.

Brian Mulligan, CFA


Brian Mulligan is a senior relationship manager at Wells Capital Management. Brian also leads a team of client service relationship

managers who service a variety of investment products, including value, emerging markets, and small growth. Previously, he managed

private client assets, trusts, pension/retirement, and foundation portfolios. He began his investment industry career in 1981 as a portfolio

assistant at Crocker Bank, which was later acquired by Wells Fargo. Brian earned a bachelor’s degree in business management from

Skidmore College, Saratoga Springs, New York. He has earned the right to use the CFA designation and is a member of CFA Institute and

the Security Analysts of San Francisco.

Thomas Galfano


Thomas Galfano is a senior relationship manager for institutional relationships at Wells Capital Management. He joined Wells Capital

Management from Strong Capital Management where he held a similar role. Tom joined Strong in 1996 and became a part of Strong's

institutional team in 2002. Prior to this, Tom was an associate in Strong's technology group. Tom began his career at The Swiss Colony,

Inc., followed by three years at the Medical College of Wisconsin in the technology area. He earned his bachelor’s degree in

communications from the University of Wisconsin, Madison and a master’s degree in business administration from Marquette University

in Milwaukee, Wisconsin.



Joseph Conroy, CFA


Joseph Conroy is a senior relationship manager on the Equity Management team at Wells Capital Management. He joined WellsCap from

Evergreen Investments, where he served as a relationship manager since 2000. His most recent Evergreen experience includes serving as a

relationship manager for multiple investment strategies for a wide range of clients, including pensions, endowments, foundations, and not

for profit entities. Prior to joining Evergreen, he served as a portfolio/client relationship manager at Wilmington Trust. Earlier, Joe served

in the Treasury department at Catholic Health Initiatives. Joe began his career at Mellon Bank, N.A. He earned a bachelor’s degree in

finance with a concentration in accounting from LaSalle University in Philadelphia. Joe has earned the right to use the CFA designation

and is a member of the CFA Society of Philadelphia.

Kevin Gaughan, CFA

Managing Director and Senior Portfolio Specialist

Kevin Gaughan is a managing director and senior portfolio specialist for the Heritage Growth Equity and Core Equity teams at Wells

Capital Management, with specific responsibility in economic and sector research. Kevin joined Wells Capital Management from Strong

Capital Management with more than 25 years of experience in the investment industry. While at Strong, he developed and managed many

of the firm's largest client relationships and served as a key member of the firm's risk management and investment product committees.

Prior to joining Strong in 1990, Kevin was a partner at the institutional investment management firm, Brinson Partners, Inc. Kevin earned

a bachelor's degree in finance and a master's degree in business administration from DePaul University. He is a member of the Investment

Analysts Society of Chicago. Kevin has earned the right to use the CFA designation.



First $25 Million 0.85%

Next $25 Million 0.75%


Over $100 Million 0.65%

Minimum Annual Fee $85,000

Separate Account Investment Management Fees


Heritage U.S. Large Cap Growth

First $25 million 0.75%

Next $25 million 0.65%

Next $50 million 0.50%

Over $100 million 0.40%


Heritage U.S. Premier Growth

First $25 Million 0.75%



Over $100 Million 0.55%



Supplemental Information




Characteristics

Portfolio Characteristics Portfolio* S&P 5002







Turnover (%) 44

*This information is based on a representative account within the Heritage U.S. Large Cap Growth Equity Composite. The representative account has been

selected by meeting the following criteria: 1) the account is in the Heritage U.S. Large Cap Growth Equity Composite, 2) Wells Capital Management represents

that the holdings, characteristics and risk profile are representative of the strategy/style of the Heritage U.S. Large Cap Growth Equity 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


holdings from the prior one-year period is available upon request. 2S&P 500 is for illustrative purposes only.


Sector Distribution



Portfolio*

Weight (%)




QUALCOMM Inc. 107.0 3.0

eBay Inc. 62.3 2.8


MasterCard Inc. 56.4 2.5



Union Pacific Corp. 56.2 2.0

Total 33.2

2




*S&P 500 is for illustrative purposes only.



Alpha vs.

Market

Beta vs.

Market

Sharpe

Ratio

Batting

Average

vs. Market

Up Capture

vs. Market

Down

Capture vs.

Market

R-Squared

vs. Market

Heritage U.S. Large Cap Growth – Gross 2.7% 1.00 0.4 56.6% 110.5% 100.9% 63.6%

Heritage U.S. Large Cap Growth – Net 1.9% 1.00 0.4 55.9% 108.2% 102.2% 63.6%

S&P 500* 0.0% 1.00 0.4 0.0% 100.0% 100.0% 100.0%

January 1995 – June 2012 (Single Computation)

Downside%

Upsid

e%

Upside / DownsideJanuary 1995 - September 2012 (Single Computation)

Upsid

e%

85

90

95

100

105

110

Downside%

85 90 95 100 105 110



S&P 500

January 1995 - September 2012: Summary Statistics



S&P 500

Alphavs.

Market

Betavs.

Market

SharpeRatio

BattingAverage

vs.Market

UpCapture

vs.Market

DownCapture

vs.Market

R-Squaredvs.

Market

2.7 1.00 0.4 56.3 110.5 100.9 63.6

1.9 1.00 0.4 55.9 108.2 102.2 63.6

0.0 1.0 0.4 0.0 100.0 100.0 100.0





Source: eVestment Alliance Large Cap Growth Universe. All returns greater than one year are annualized. Note: The GIPS compliant presentation can be



Heritage U.S. Large Cap Growth Equity – Gross

S&P 500*




Characteristics








Turnover (%) 47

*This information is based on a representative account within the Heritage U.S. Premier Growth Equity Composite. The representative account has been selected

by meeting the following criteria: 1) the account is in the Heritage U.S. Premier Growth Equity Composite, 2) Wells Capital Management represents that the

holdings, characteristics and risk profile are representative of the strategy/style of the Heritage U.S. Premier Growth Equity Composite. Any changes to the





Sector Distribution

2



Portfolio*

Weight (%)



eBay Inc. 62.3 3.3







EMC Corp. 57.2 2.1

Total 34.4







Alpha vs.

Market

Beta vs.

Market

Sharpe

Ratio

Batting Average

vs. Market

Up Capture

vs. Market

Down Capture

vs. Market

R-Squared

vs. Market

Heritage U.S. Premier Growth – Gross 5.0% 1.02 0.3 58.8% 123.0% 99.3% 73.0%

Heritage U.S. Premier Growth – Net 4.2% 1.02 0.2 58.1% 120.5% 100.5% 73.0%

S&P 500* 0.0% 1.00 0.0 0.0% 100.0% 100.0% 100.0%


Upsid

e%

Downside%


Upsid

e%

70

80

90

100

110

120

130

Downside%

70 80 90 100 110 120 130



S&P 500




S&P 500

Alphavs.

Market

Betavs.

Market

SharpeRatio

BattingAverage

vs.Market

UpCapture

vs.Market

DownCapture

vs.Market

R-Squaredvs.

Market

5.0 1.02 0.3 58.8 123.0 99.3 73.0

4.2 1.02 0.2 58.1 120.5 100.5 73.0

0.0 1.0 0.0 0.0 100.0 100.0 100.0





Source: eVestment Alliance U.S. Large Cap Equity Universe. All returns greater than one year are annualized. There may be a small return difference in

charts generated by eVestment Alliance due to rounding. Note: The GIPS compliant presentation can be found at the end of this presentation.

Heritage U.S. Premier Growth – Gross

S&P 500*






Company

Market Cap

($B)

Portfolio*

Weight (%)




eBay Inc. 62.3 3.3





Rackspace Hosting Inc. 9.0 2.3

Ulta Salon Cosmetics & Fragrance Inc. 6.1 2.1

Total 33.7

Characteristics








Turnover (%) 48

*This information is based on a representative account within the Heritage U.S. All Cap Growth Equity Composite. The representative account has been selected

by meeting the following criteria: 1) the account is in the Heritage U.S. All Cap Growth Equity Composite, 2) Wells Capital Management represents that the

holdings, characteristics and risk profile are representative of the strategy/style of the Heritage U.S. All Cap Growth Equity Composite. Any changes to the





Sector Distribution

2







Alpha vs.

Market

Beta vs.

Market

Sharpe

Ratio

Batting Average

vs. Market

Up Capture

vs. Market

Down Capture

vs. Market

R-Squared

vs. Market


Equity – Gross 7.9% 1.07 0.4 64.4% 142.9% 102.3% 67.3%


Equity – Net 7.1% 1.07 0.3 63.1% 140.2% 103.6% 67.3%

S&P 500* 0.0% 1.00 0.0 0.0% 100.0% 100.0% 100.0%


Upsid

e%

Downside%


Upsid

e%

40

60

80

100

120

140

160

Downside%

40 60 80 100 120 140 160

Heritage All Cap Growth (gross)Heritage All Cap Growth (net)S&P 500


Heritage All Cap Growth (gross)

Heritage All Cap Growth (net)

S&P 500

Alphavs.

Market

Betavs.

Market

SharpeRatio

BattingAverage

vs.Market

UpCapture

vs.Market

DownCapture

vs.Market

R-Squaredvs.

Market

7.9% 1.07 0.4 64.4% 142.9% 102.3% 67.3%

7.1% 1.07 0.3 63.1% 140.2% 103.6% 67.3%

0.0 1.0 0.0 0.0 100.0 100.0 100.0





Source: eVestment Alliance U.S. Large Cap Equity Universe. All returns greater than one year are annualized. There may be a small return difference in

charts generated by eVestment Alliance due to rounding. Note: The GIPS compliant presentation can be found at the end of this presentation.


Heritage U.S. All Cap Growth Equity – Gross

S&P 500*


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 U.K. Financial Services Authority.

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 : Russell 1000® Growth 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, 2011. 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 Heritage Large Cap Growth Equity Composite has been examined for the periods from

January 1, 1995 through December 31, 2011. 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 Heritage Large Cap Growth Equity Composite (“Composite”) consists of all discretionary accounts managed in this style. The Heritage Growth Equity team joined WellsCap in January 2005 and as such the "Total Firm Assets"

are only applicable since the date of acquisition. The Composite contains accounts investing primarily in the equities of growth companies. These companies generally have above average growth prospects, accelerating earnings and

sales, expanding market share, positive earnings surprises, and innovative new products and technologies. Certain accounts included in the Composite have the ability to utilize futures, options, swaps, and forward contracts for the

purposes of hedging or creating synthetic positions. The accounts have the ability to invest up to 100% of their assets in such securities. More restrictive investment limitations may be imposed. Such securities have ranged from 0.0%

to 3.0% of composite assets. Accounts are generally limited to medium–large market capitalization stocks. Investment results are measured versus the Russell 1000 Growth Index. On June 30, 2003, Ron Ognar, Co-Portfolio Manager,

left the firm. The Composite was created in 1999.

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. The Composite may contain accounts with performance-based

fees. 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 0.75% for the first $25mm, 0.65% for the next $25mm, 0.50% for the next

$50mm and 0.40% over $100mm. 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 fewer than 5 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.

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 Russell 1000 Growth Index measures the performance of the

large-cap growth segment of the U.S. equity universe. It includes those Russell 1000 Index companies with higher price-to-book ratios and higher forecasted growth values. 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.

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

Gross Annual Returns (%) -25.2 29.8 12.5 8.9 5.1 19.8 -38.1 37.0 17.7 3.9

Net Annual Returns (%) -25.8 28.8 11.7 8.0 4.3 18.9 -38.5 36.0 16.9 3.1

Primary Index (%) -27.9 29.7 6.3 5.3 9.1 11.8 -38.4 37.2 16.7 2.6

Composite 3 Yr Std Dev (%) 27.82 19.69 14.95 11.16 10.48 9.78 16.49 18.91 21.22 17.56

Index 3 Yr Std Dev (%) 25.22 22.66 15.45 9.53 8.31 8.54 16.40 19.73 22.11 17.76

Internal Dispersion (%) 1.79 2.31 3.03 1.44 0.78 n/a n/a n/a n/a n/a

Number of Accounts 44 30 19 9 9 4 4 4 5 12

Composite Assets (mm) $3,312.4 $2,821.0 $2,497.6 $1,384.4 $1,314.1 $1,110.9 $654.2 $826.5 $1,647.5 $1,417.6

Total Firm Assets (mm) n/a n/a n/a $174,000 $189,100 $219,912 $252,048 $363,451 $365,552 $330,855

GIPS® Compliant Presentation

Heritage Large Cap Growth Equity Composite


Primary and Secondary Index: Russell 1000® Growth Index and Russell 3000® Growth Index


independently verified for the periods from January 1, 1997 through December 31, 2011. 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 Heritage Premier Growth Equity Composite has been examined for the periods from

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



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 Heritage Premier Growth Equity Composite (“Composite”), previously named the Heritage Opportunistic Growth Equity Composite and the Growth Equity Composite, contains all discretionary accounts managed in this style.

The Heritage Growth Equity team joined WellsCap in January 2005 and as such the "Total Firm Assets" are only applicable since the date of acquisition. The composite includes accounts primarily investing in equities of large cap

growth companies with some exposure to mid cap and more limited exposure to small cap growth equities. These companies typically have above average growth prospects often indicated by robust growth in sales and earnings,

expanding market share, and innovative new products and technologies. Accounts generally emphasize medium to large market capitalization stocks. Investment results are measured versus the Russell 1000 Growth Index and the

Russell 3000 Growth Index. The Composite was created in March 2007.



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 0.75% for the first $25mm, 0.65% for the next $25mm, 0.60% for the next $50mm and 0.55% over $100mm. 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 fewer than 5 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.

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 Russell 1000 Growth Index measures the performance of the

large-cap growth segment of the U.S. equity universe. It includes those Russell 1000 Index companies with higher price-to-book ratios and higher forecasted growth values. The Russell 3000 Growth Index measures the performance

of the broad-growth segment of the U.S. equity universe. It includes those Russell 3000 Index companies with higher price-to-book ratios and higher forecasted growth values. 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.

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011



Primary Index (%) -27.9 29.7 6.3 5.3 9.1 11.8 -38.4 37.2 16.7 2.6

Secondary Index (%) -28.0 31.0 6.9 5.2 9.5 11.4 -38.4 37.0 17.6 2.2


Primary Index 3 Yr Std Dev (%) 25.22 22.66 15.45 9.53 8.31 8.54 16.40 19.73 22.11 17.76

Secondary Index 3 Yr Std Dev (%) 25.29 22.74 15.66 9.95 8.78 8.88 16.68 20.02 22.45 18.17

Internal Dispersion (%) n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a


Composite Assets (mm) $34.9 $44.9 $49.7 $54.7 $50.3 $54.8 $32.1 $46.0 $37.9 $1,024.2



Heritage Premier Growth Equity Composite


2002 2003 2004 2005 2006 2007 2008 2009 2010 2011



Primary Index (%) -28.0 31.0 6.9 5.2 9.5 11.4 -38.4 37.0 17.6 2.2


Index 3 Yr Std Dev (%) 25.29 22.74 15.66 9.95 8.78 8.88 16.68 20.02 22.45 18.17

Internal Dispersion (%) n/a n/a n/a n/a n/a n/a n/a 0.77 0.58 0.46


Composite Assets (mm) $8.7 $16.9 $20.0 $1,442.0 $1,383.3 $1,718.5 $1,032.9 $1,643.6 $3,024.9 $8,285.5


Primary Index : Russell 3000® Growth Index


independently verified for the periods from January 1, 1997 through December 31, 2011. 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 Heritage All Cap Growth Equity Composite has been examined for the periods

from January 1, 2005 through December 31, 2011. The verification and performance examination reports are available upon request.



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 Heritage All Cap Growth Equity Composite (“Composite”) consists of all discretionary accounts managed in this style. The Heritage Growth Equity team joined WellsCap in January 2005 and as such the "Total Firm Assets"

are only applicable since the date of acquisition. The Composite contains accounts investing primarily in the equities of growth companies. These companies generally have above average growth prospects, accelerating earnings

and sales, expanding market share, positive earnings surprises, and innovative new products and technologies. Accounts consist of all market capitalization stocks. Certain accounts included in the Composite have the ability to

utilize futures, options, swaps, and forward contracts for the purposes of hedging or creating synthetic positions. The accounts have the ability to invest up to 100% of their assets in such securities. More restrictive investment

limitations may be imposed. Such securities have ranged from 0.0% to 3.0% of composite assets. Investment results are measured versus the Russell 3000 Growth Index. On March 31, 2008 Brandon Nelson, Co-Portfolio Manager,

left WellsCap. The Composite was created in October 2005.



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 0.85% for the first $25mm, 0.75% for the next $25mm, 0.70% for the next $50mm and 0.65% over $100mm. 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 fewer than 5 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.

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 Russell 3000 Growth Index measures the performance of

the broad-growth segment of the U.S. equity universe. It includes those Russell 3000 Index companies with higher price-to-book ratios and higher forecasted growth values. 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


Heritage All Cap Growth Equity Composite Performance Summary

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