0.5% Q1 Q2 Q3 Q4 2014

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1 Kent A. Newcomb, CFA, Equity Sector Analyst Joseph E. Buffa, Equity Sector Analyst DSIP List Commentary from ASG's Equity Sector Analysts Fourth Quarter & 2014 Review The Diversified Stock Income Plan (DSIP List) focuses on companies that we believe will provide consistent annual dividend growth over a long-term investment horizon. Our objective is to provide a broad list of high quality, industry leading companies from which an investor can assemble a welldiversified portfolio. Through consistent dividend growth, our goal is to help investors stay ahead of the wealth eroding effects of inflation. Total Return 20.0% 15.0% DSIP S&P % 13.7% 10.0% 5.0% 0.0% 5.0% 7.5% 4.6% 5.2% 4.9% 2.5% 1.8% 1.1% 0.5% Q1 Q2 Q3 Q The DSIP List ended the year on a high note, handily outperforming the benchmark S&P 500 during the fourth quarter. On a total return basis, performance of the list was +7.5% compared to the index at +5%. List performance was driven by our relatively large weighting in utilities, the best performing sector in the S&P 500 both in the quarter and for the full year. After a strong first quarter, followed by relative weakness in the second and third quarters, utility stocks outperformed the market throughout Q4, as renewed concerns about global economic growth drove investment dollars back into defensive sectors. For the full year, the DSIP List outpaced the S&P 500 benchmark by one percentage point. In a rising market, we would typically expect the DSIP List to lag the S&P 500 index somewhat given its generally defensive positioning, reflected in the list s historical beta of about 0.9. Keep in mind that the DSIP List, in its drive for dependable, long-term dividend growth, tends to be relatively over weighted in sectors that are traditionally more defensive and less volatile than the overall market, like utilities and consumer staples. Please see pages for Important Disclosures, Disclaimers and Analyst Certification Page 1 of 12

2 2015 themes Is it déjà vu all over again? The market seems to be off to a start here early in 2015 very similar to a year ago; i.e., with market strategists expecting higher interest rates as the Federal Reserve reduces stimulus to reflect an improving U.S. economy. Like 2014 however, the market has acted contrarily to that notion, with interest rates declining and defensive (i.e., interest rate sensitive) stocks generally outperforming. The reasons are different, with 2014 impacted early in the year by severe winter weather that slowed the economy temporarily, and 2015 beset thus far by global economic growth concerns amid the sharp decline in oil prices; but the end result is similar, i.e., defensive stocks generally outperforming. In the long run, interest rates will fluctuate and should not be a significant factor in the performance of a diversified portfolio of high quality dividend-growing stocks. In the short term, however, rising rates will likely induce a kneejerk reaction to the downside for some of the more interest rate sensitive stocks on the DSIP List. Utilities in particular, a sector where the list is overweight relative to the benchmark, tend to underperform, at least initially, in a rising rate environment. Loyal followers of the DSIP strategy should not be surprised, and should stay the course if a rising interest rate scenario actually plays out. We expect U.S. growth to accelerate relative to most major economies in 2015, potentially benefitting many of the more U.S.-centric names on the DSIP List. This is basically the polar opposite of our stance entering 2014, with rebounding growth in Europe and Japan expected to boost the fortunes of U.S. multinationals on the DSIP List. As a reminder, DSIP List companies tend to be global in nature and on average generate approximately 50% of revenue outside the U.S. Positive economic surprises outside the U.S. could provide a tailwind in 2015 for many names on the list. Oil prices declined significantly in the second half of 2014, and have extended that trend into early Low oil prices have an obvious negative impact on our energy sector stocks (see Q4 total returns for DSIP energy names on page 6). Other industries and specific companies on the list have felt the ripple effects of lower oil prices, including several stocks in the industrial and materials sectors. Conversely, many of the more defensive names on the list in the consumer staples and utility sectors have once again begun the new year with relative outperformance. We don t claim to know anything about forecasting future oil prices, but believe the recent pullback likely presents a buying opportunity in high quality, dividend growing energy and energy-related names on the DSIP List for patient, long-term investors. In 2015, as usual, we expect the vast majority of DSIP List stocks to increase their dividend, likely in the high single digit range on average. Fourth quarter and full year dividend increases During the fourth quarter, 19 DSIP List companies declared dividend increases, averaging 10% on an annualized basis. In Figure 1, we list the dividend increases announced during the year and the percentage increase over the prior year. Of the 72 companies that were included on the DSIP List for the entirety of 2014, 71 raised dividends during the year, compiling an average increase overall of 11%. The lone holdout, United Technologies (UTX), was expected as the company s policy is to review (and increase) its dividend after five quarters instead of the more usual four quarters. In Figure 2, we present the average dividend change by year for the DSIP List and the S&P 500, as well as the corresponding inflation rate as measured by changes in the Consumer Price Index (CPI). Although past performance does not guarantee future results, we believe that holding a diversified portfolio of DSIP stocks has been and will continue to be a viable strategy to help investors stay ahead of the rising cost of living. Page 2 of 12

3 Figure Increases New Annual Rate Year Earlier Annual Rate Company Symbol Increase First Quarter Wisconsin Energy Corporation 1 WEC $1.56 $ % Norfolk Southern Corp. 2 NSC $2.16 $ % Praxair, Inc. PX $2.60 $ % Polaris Industries Inc. PII $1.92 $ % Commerce Bancshares, Inc. CBSH $0.90 $ % Northeast Utilities NU $1.57 $ % Teva Pharmaceutical Industries Ltd. TEVA $1.37 $ % Jack Henry & Associates 3 JKHY $0.88 $ % Owens & Minor, Inc. OMI $1.00 $ % Sigma-Aldrich Corporation SIAL $0.92 $ % Cisco Systems, Inc. CSCO $0.76 $ % United Parcel Service, Inc. UPS $2.68 $ % NextEra Energy, Inc. NEE $2.90 $ % Analog Devices, Inc. ADI $1.48 $ % Wal-Mart Stores, Inc. WMT $1.92 $ % SCANA Corporation SCG $2.10 $ % Kimberly-Clark Corporation KMB $3.36 $ % Novartis AG NVS $2.72 $ % Nordstrom, Inc. JWN $1.32 $ % The Chubb Corporation CB $2.00 $ % General Dynamics Corporation GD $2.48 $ % Piedmont Natural Gas Company, Inc. PNY $1.28 $ % American Tower Corporation 4 AMT $1.28 $ % General Mills, Inc. 5 GIS $1.64 $ % Realty Income Corporation 6 O $2.19 $ % Colgate-Palmolive Company CL $1.44 $ % Air Products and Chemicals, Inc. APD $3.08 $ % Page 3 of 12

4 Figure Increases (continued) New Annual Rate Year Earlier Annual Rate Company Symbol Increase Second Quarter The Procter & Gamble Company PG $2.57 $ % QUALCOMM Incorporated QCOM $1.68 $ % AptarGroup, Inc. ATR $1.12 $ % Southern Company SO $2.10 $ % Johnson & Johnson JNJ $2.80 $ % International Business Machines Corp. IBM $4.40 $ % Costco Wholesale Corp. COST $1.42 $ % W.W. Grainger, Inc. GWW $4.32 $ % Royal Dutch Shell Plc RDS.B $3.76 $ % Exxon Mobil Corporation XOM $2.76 $ % Chevron Corporation CVX $4.28 $ % FactSet Research Systems Inc. FDS $1.56 $ % Baxter International Inc. BAX $2.08 $ % PepsiCo, Inc. PEP $2.62 $ % Phillips 66 7 PSX $2.00 $ % Clorox Company CLX $2.96 $ % American Tower Corporation 8 AMT $1.36 $ % Lowe's Companies, Inc. LOW $0.92 $ % Target Corporation TGT $2.08 $ % National Fuel Gas Company NFG $1.54 $ % Realty Income Corporation 9 O $2.19 $ % Third Quarter Paychex, Inc. PAYX $1.52 $ % ConocoPhillips COP $2.92 $ % The J. M. Smucker Company SJM $2.56 $ % Norfolk Southern Corporation 10 NSC $2.28 $ % Kellogg Company K $1.96 $ % Illinois Tool Works Inc. ITW $1.94 $ % Harris Corp. HRS $1.88 $ % Verizon Communications Inc. VZ $2.20 $ % New Jersey Resources NJR $1.80 $ % Realty Income Corporation 11 O $2.20 $ % American Tower Corporation 12 AMT $1.44 $ % Microsoft Corporation MSFT $1.24 $ % McDonald's Corporation MCD $3.40 $ % Accenture plc ACN $2.04 $ % Page 4 of 12

5 Figure Increases (continued) New Annual Rate Year Earlier Annual Rate Company Symbol Increase Fourth Quarter Eaton Vance Corporation EV $1.00 $ % VF Corporation VFC $1.28 $ % Brown & Brown, Inc. BRO $0.44 $ % Aflac Inc. AFL $1.56 $ % Emerson Electric Co. EMR $1.88 $ % Automatic Data Processing, Inc. ADP $1.96 $ % MDU Resources Group, Inc. MDU $0.73 $ % Sysco Corporation SYY $1.20 $ % Brown-Forman Corporation BF'B $1.26 $ % Becton, Dickinson and Company BDX $2.40 $ % McCormick & Company MKC $1.60 $ % American Tower Corporation 13 AMT $1.52 $ % Stryker Corporation SYK $1.38 $ % Ecolab Inc. ECL $1.32 $ % South Jersey Industries, Inc. SJI $2.01 $ % Abbott Laboratories ABT $0.96 $ % 3M Company MMM $4.10 $ % Realty Income Corporation 14 O $2.20 $ % AT&T Inc. T $1.88 $ % 2014 Average Increase: +11.4% 1 WEC dividend increased after 2 quarters. The increase over the previous quarter is 2.0%. 2 NSC dividend increased after 2 quarters. The increase over the previous quarter is 3.8%. 3 JKHY dividend increased after 3 quarters. The increase over the previous quarter is 10.0%. 4 AMT dividend increased after 1 quarter. The increase over the previous quarter is 10.3%. 5 GIS dividend increased after 3 quarters. The increase over the previous quarter is 7.9%. 6 O dividend increased after 1 quarter. The increase over the previous quarter is 0.17%. 7 PSX dividend increased after 2 quarters. The increase over the previous quarter is 28.2%. 8 AMT dividend increased after 1 quarter. The increase over the previous quarter is 6.3%. 9 O dividend increased after 1 quarter. The increase over the previous quarter is 0.17%. 10 NSC dividend increased after 2 quarters. The increase over the previous quarter is 5.6%. 11 O dividend increased after 1 quarter. The increase over the previous quarter is 0.17%. 12 AMT dividend increased after 1 quarter. The increase over the previous quarter is 5.9%. 13 AMT dividend increased after 1 quarter. The increase over the previous quarter is 5.6%. 14 O dividend increased after 1 quarter. The increase over the previous quarter is 0.17%. Source: Company reports, Wells Fargo Advisors Page 5 of 12

6 Figure 2 Percentage Change in DSIP and S&P s & Inflation DSIP S&P 500 CPI Year DSIP S&P 500 CPI % 4.8% 2.6% % 4.6% 2.5% % 8.0% 3.4% % 4.0% 1.7% % 4.6% 1.7% % 1.7% 2.7% % -3.1% 3.4% % -1.4% 1.6% % 2.1% 2.4% % 8.2% 1.9% % 11.8% 3.3% % 14.4% 3.4% % 11.9% 2.5% % 9.4% 4.1% % 4.2% 0.1% % -21.0% 2.7% % 1.5% 1.4% % 16.2% 3.0% % 18.2% 1.7% % 12.0% 1.5% % 4.4% 0.7% Average: 10.1% 5.5% 2.3% Sources: Federal Reserve Bank of St. Louis, Standard & Poor s, Wells Fargo Advisors Additions and removals DSIP List turnover for 2014 was low, as expected given the long-term nature of the investment strategy. During the year we added three new stocks to the list and removed two. In March we added shares of Verizon Communications (VZ) and QUALCOMM (QCOM), followed by the addition of TJX Companies (TJX) in June. Removals both came in September Sigma-Aldrich (SIAL) and Intel (INTC). Following the roll-up of the 45% of Verizon Wireless previously owned by Vodafone, weakness in VZ shares presented an opportunity to add a high quality telecom leader and dividend grower at an attractive price. We added Qualcomm to take advantage of the expected global growth in smart devices and mobile connectivity as Qualcomm technology is used virtually in every device that connects to a 3G wireless network. The company has a strong position in 4G as well. TJX Companies, the leading off-price retailer, is a very strong brand with growth prospects both in the U.S. and abroad. We added TJX shares during a period of share price weakness following a rare earnings miss and concerns around the health of the off-price channel. We removed Intel on September 15, 2015 after the company declared its tenth dividend at the thenprevailing rate of $ That dividend marked two consecutive years at the same rate and diminished our confidence in the Board of Directors commitment to consistent dividend growth. Nine days later, we removed Sigma-Aldrich after the company announced that it had agreed to be acquired by Merck KGaA for $140 per share in cash. Although the transaction is not expected to close until the middle of 2015, SIAL shares immediately jumped to within a few dollars of the offering price, leaving little capital appreciation potential and a very low dividend yield. Page 6 of 12

7 Appendix DSIP List as of 12/31/2014 Est Est Increases Consecutive Q Market EPS Annual Since Annual Date Total Total Price Cap Growth Rate Yield Growth Pay Added Increases for Added Return Return Company Name (Symbol) ($) (bil $) (%) ($) (%) (%) Cycle** to DSIP Company To DSIP (%) (%) Consumer Discretionary Nordstrom Inc. (JWN) ,6,9, /17/ Lowe's Companies Inc. (LOW) ,5,8, /14/ McDonald's Corp. (MCD) ,6,9, /16/ Polaris Industries (PII) ,6,9, /8/ Target Corp. (TGT) ,6,9, /20/ TJX Companies, Inc. (TJX) ,6,9, /10/ V.F. Corp. (VFC) ,6,9, /3/ Consumer Staples Brown-Forman Corp. (BF.B) ,7,10, /31/ Colgate-Palmolive Co. (CL) ,5,8, /16/ The Clorox Co. (CLX) ,5,8, /16/ Costco Wholesale Corp. (COST) ,5,8, /25/ General Mills Inc. (GIS) ,5,8, /25/ Kellogg Co. (K) ,6,9, /3/ Kimberly-Clark Corp. (KMB) ,4,7, /3/ McCormick & Co. Inc. (MKC) ,4,7, /31/ PepsiCo Inc. (PEP) ,3,6, /10/ The Procter & Gamble Co. (PG) ,5,8, /23/ The J.M. Smucker Co. (SJM) ,6,9, /3/ SYSCO Corp. (SYY) ,4,7, /6/ Wal-Mart Stores, Inc. (WMT) ,4,6, /21/ Energy ConocoPhillips (COP) ,6,9, /30/ Chevron Corp. (CVX) ,6,9, /22/ Phillips 66 (PSX) ,6,9, /2/ Royal Dutch Shell plc (RDS.B) ,5,8, /18/ Exxon Mobil Corp. (XOM) ,6,9, /11/ Financials AFLAC Inc. (AFL) ,6,9, /1/ American Tower Corp. (AMT) * ,7,10, /14/ Brown & Brown, Inc. (BRO) ,5,8, /3/ The Chubb Corp. (CB) ,4,7, /5/ Commerce Bancshares, Inc. (CBSH) ,6,9, /18/ Eaton Vance Corp. (EV) ,5,8, /12/ Realty Income Corp. (O) * Monthly /14/ Page 7 of 12

8 Appendix DSIP List as of 12/31/2014 (continued) Est Est Increases Consecutive Q Market EPS Annual Since Annual Date Total Total Price Cap Growth Rate Yield Growth Pay Added Increases for Added Return Return Company Name (Symbol) ($) (bil $) (%) ($) (%) (%) Cycle** to DSIP Company To DSIP (%) (%) Health Care Abbott Laboratories (ABT) ,5,8, /25/ Baxter International Inc. (BAX) ,4,7, /3/ Becton, Dickinson & Co. (BDX) ,6,9, /5/ Johnson & Johnson (JNJ) ,6,9, /25/ Novartis AG ~ (NVS) /16/ Owens & Minor, Inc. (OMI) ,6,9, /21/ Stryker Corp. (SYK) ,4,7, /25/ Teva Pharmaceutical Ind. Ltd ~ (TEVA) ,6,9, /4/ Industrials Emerson Electric Co. (EMR) ,6,9, /30/ General Dynamics Corp. (GD) ,5,8, /25/ W.W. Grainger, Inc. (GWW) ,6,9, /10/ Illinois Tool Works Inc. (ITW) ,4,7, /2/ M Co. (MMM) ,5,8, /2/ Norfolk Southern Corp. (NSC) ,6,9, /31/ United Parcel Service, Inc. (UPS) ,6,9, /7/ United Technologies Corp. (UTX) ,6,9, /20/ Information Technology Accenture Plc (ACN) , /25/ Analog Devices, Inc. (ADI) ,6,9, /28/ Automatic Data Processing, Inc. (ADP) ,4,7, /25/ Cisco Systems, Inc. (CSCO) ^ ,4,7, /20/ FactSet Research Systems, Inc. (FDS) ,6,9, /6/ Harris Corp. (HRS) ,6,9, /29/ Int'l Business Machines Corp. (IBM) ,6,9, /20/ Jack Henry & Associates, Inc. (JKHY) ,6,9, /11/ Microsoft Corp. (MSFT) ,6,9, /5/ Paychex, Inc. (PAYX) ,5,8, /7/ QUALCOMM Incorporated (QCOM) ,6,9, /26/ Materials Air Products & Chemicals, Inc. (APD) ,5,8, /5/ AptarGroup, Inc. (ATR) ,5,8, /4/ Ecolab Inc. (ECL) ,4,7, /6/ Praxair, Inc. (PX) ,6,9, /15/ Page 8 of 12

9 Appendix DSIP List as of 12/31/2014 (continued) Est Est Increases Consecutive Q Market EPS Annual Since Annual Date Total Total Price Cap Growth Rate Yield Growth Pay Added Increases for Added Return Return Company Name (Symbol) ($) (bil $) (%) ($) (%) (%) Cycle** to DSIP Company To DSIP (%) (%) Telecommunications Services AT&T Inc. (T) ,5,8, /25/ Verizon Communications Inc. (VZ) ,5,8, /12/ Utilities MDU Resources Group, Inc. (MDU) ,4,7, /23/ NextEra Energy, Inc. (NEE) ,6,9, /10/ National Fuel Gas Co. (NFG) ,4,7, /30/ New Jersey Resources Corp. (NJR) ,4,7, /16/ Northeast Utilities (NU) ,6,9, /7/ Piedmont Natural Gas Co. (PNY) ,4,7, /30/ SCANA Corp. (SCG) ,4,7, /8/ South Jersey Industries, Inc. (SJI) ,7,10, /29/ The Southern Co. (SO) ,6,9, /14/ Wisconsin Energy Corp. (WEC) ,6,9, /9/ * For REITs, the number in the Est. EPS Growth column applies to estimated Funds From Operations (FFO). **Months in which dividends are paid. January is 1, February 2, etc. ~ does not reflect the foreign tax withholding. EPS growth estimates are consensus estimates as compiled by FactSet Research Systems. growth estimates are generated by the analysts who choose stocks for DSIP. Source: FactSet Research Systems, Wells Fargo Advisors, Company reports Page 9 of 12

10 IMPORTANT DISCLOSURES: For important disclosure information, please contact: Wells Fargo Advisors Attn: Advisory Services (Disclosure Information) One North Jefferson St. Louis, MO Or call by phone: (888) Please remember to specify the issuer(s) with respect to which you would like to receive disclosure information. Verizon Communications (VZ) Wells Fargo Advisors or an affiliate has received compensation for investment banking services within the past 12 months. Wells Fargo Advisors or an affiliate has managed/co-managed a public offering within the past 12 months. Wells Fargo Advisors or an affiliate expects to receive or intends to seek compensation for investment banking services within the next three months. Wells Fargo Advisors or an affiliate received compensation from the subject company for products or services other than investment banking services within the past 12 months. Qualcomm (QCOM) Wells Fargo Advisors or an affiliate expects to receive or intends to seek compensation for investment banking services within the next three months. Wells Fargo Advisors or an affiliate received compensation from the subject company for products or services other than investment banking services within the past 12 months. Wells Fargo Advisors or an affiliate owns 1% or more of the equity or equity equivalents. TJX Companies (TJX) Wells Fargo Advisors or an affiliate has received compensation for investment banking services within the past 12 months. Wells Fargo Advisors or an affiliate has managed/co-managed a public offering within the past 12 months. Wells Fargo Advisors or an affiliate received compensation from the subject company for products or services other than investment banking services within the past 12 months. Wells Fargo Advisors or an affiliate owns 1% or more of the equity or equity equivalents. Sigma-Aldrich (SIAL) Wells Fargo Advisors or an affiliate received compensation from the subject company for products or services other than investment banking services within the past 12 months. Wells Fargo Advisors or an affiliate owns 1% or more of the equity or equity equivalents. Intel (INTC) Wells Fargo Advisors or an affiliate expects to receive or intends to seek compensation for investment banking services within the next three months. Wells Fargo Advisors or an affiliate received compensation from the subject company for products or services other than investment banking services within the past 12 months. Page 10 of 12

11 ANALYST CERTIFICATION: The Analyst who prepared this report hereby certifies that the views expressed in this report accurately reflect his/her personal views about the subject companies and their securities. The Analyst also certifies that he/she has not been, is not, and will not be receiving direct or indirect compensation for expressing the specific recommendation(s) or view(s) in this report. Disclaimers All prices are as of December 31, 2014, unless indicated otherwise. You should be aware that investments can fluctuate in price, value and/or income, and you may get back less than you invested. We recommend that existing shareholders consider their objectives, their risk tolerance, and the size of their positions relative to their portfolios when evaluating their holdings. s are not guaranteed and are subject to change or elimination. Technology and internet-related stocks, especially of smaller, less-seasoned companies, tend to be more volatile than the overall market. There are special risks associated with an investment in real estate, including credit risk, interest rate fluctuations and the impact of varied economic conditions. Distributions from REIT investments are taxed at the owner s tax bracket. Investing in foreign securities presents certain unique risks not associated with domestic investments, such as currency fluctuation and political and economic changes. This may result in greater share price volatility. These risks are heightened in emerging markets. Investments in the energy sector are subject to the adverse economic events within that industry. A downturn in the energy sector of the economy, adverse political, legislative or regulatory developments or other events could have a large impact on a portfolio s investments in this sector. American depositary receipt (ADR) is a stock that trades in the United States but represents a specified number of shares in a foreign corporation. ADRs are bought and sold on American markets just like regular stocks, and are issued/sponsored in the U.S. by a bank or brokerage. If the home currency is devalued, this can result in a loss to the ADR holder, even if the company had been performing well Beta is a quantitative measure of the volatility of a given stock, mutual fund, or portfolio, relative to the overall market, usually the S&P 500. Specifically, the performance the stock, fund or portfolio has experienced in the last 5 years as the S&P 500 moved 1% up or down. A beta above 1 is more volatile than the overall market, while a beta below 1 is less volatile. Wells Fargo Advisors research analysts receive no compensation in connection with the firm s investment banking business. Analysts may be eligible for annual bonus compensation based on the overall profitability of the firm, which takes into account revenues derived from all the firm s business activities, including its investment banking business. The Advisory Services Group ( ASG ) of Wells Fargo Advisors works with information received from various resources including, but not limited to, research from affiliated and unaffiliated research Page 11 of 12

12 correspondents as well as other sources. ASG Strategists provide investment advice based on their own observations and analysis (both fundamental and quantitative) for the clients of Wells Fargo Advisors and its affiliates. The Advisory Services Group does not assign ratings to or project target prices for any of the securities mentioned in this report. The Advisory Services Group (ASG) of Wells Fargo Advisors receives research from affiliated and unaffiliated correspondent research providers with which Wells Fargo Advisors has an agreement to obtain research reports. Each correspondent research report reflects the different assumptions, opinions, and the methods of the analysts who prepare them. Any opinions, prices or estimates contained in this report is as of the date of this publication and is subject to change without notice. Additional information available upon request. Past performance is not a guide to future performance. The material contained herein has been prepared from sources and data we believe to be reliable but we make no guarantee as to its accuracy or completeness. This material is published solely for informational purposes and is not an offer to buy or sell or a solicitation of an offer to buy or sell any security or investment product. Opinions and estimates are as of a certain date and subject to change without notice. Investment and Insurance Products: NOT FDIC Insured NO Bank Guarantee MAY Lose Value Wells Fargo Advisors is the trade name under which W Fargo & Company provides brokerage services through two registered broker-dealers: Wells Fargo Advisors, LLC, Member SIPC, and Wells Fargo Advisors Financial Network, LLC, Member SIPC. Each broker-dealer is a separate non-bank affiliate of Wells Fargo & Company Wells Fargo Advisors, LLC. All rights reserved. Page 12 of 12