IN TIMES OF CHAOS CHOOSE TO INNOVATE MESSAGE FROM Nico Marais, CFA Chief Executive Officer Wells Fargo Asset Management Bring the chaos, we’ll bring the ideas We’re at a pivotal stage for the economy and the When there is uncertainty and change, markets. There are many questions, but no clear many businesses choose to adapt and bring answers. together people they trust and develop an innovative new vision aimed at long- term success. Innovation involves new Where are we in the economic and perspectives, new thinking, and new market cycles? action to creatively build new ways of tackling problems. With Phase One done, what’s next with That’s what we’re doing. Our culture—the global trade relations? ethos that drives how we serve our clients— runs on innovation. We feel the uncertainty you do. We feel the urgency of your financial What will the Federal Reserve do next challenges. We know, on any given day, a and when? seismic event could shake the markets. Therefore, we’re focusing on big ideas instead of uncontrollable events—and we What’s going to happen in the Middle recommend you do the same. East and with North Korea? This 2020 outlook might be a bit different from others you’ve seen. We take you inside the walls of Wells Fargo Asset Management It would be easy for me to rattle off many words of predictions or platitudes. I prefer a more direct where our portfolio managers, strategists, approach. On some days, the world of investing, and leaders are creating and using totally and the world itself, can feel incredibly uncertain new ideas to manage assets. The markets and borderline chaotic. may feel chaotic, but our people are So why not pause from asking questions about challenging old ways of doing things and, in events we can’t control and instead ask ourselves: turn, pursuing a path to success. In times like these, what can we do about it? We We believe our innovations can help our think there is a one-word answer: innovate. This clients achieve their desired outcomes, no approach can work for businesses and, in our view, matter what chaos this world delivers. it can work for investors as well. Bring the chaos. We’ll bring the ideas. 4