Diversified Stock Income Plan List Strategy

Joseph E. Buffa, Equity Sector Analyst Jack Russo, CFA, Equity Sector Analyst Diversified Stock Income Plan List Strategy Holdings by Sector April 2, 2018 DSIP overview: The Diversified Stock Income Plan List Strategy (DSIP) 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 strategy of high quality, industry leading companies from which an investor can assemble a well-diversified portfolio. Through consistent dividend growth, our goal is to help investors stay ahead of the wealth eroding effects of inflation. Client risk tolerance and suitability should be considered when participating in this strategy. Market Cap (billion) DSIP List Company Consecutive Annual Growth Consensus L- T EPS Growth Date Added to List Company Symbol Price per Share Yield Pay Cycle 2 Consumer Discretionary (average) $87.2 2.0% 10% 11% Comcast Corporation Class A CMCSA $34.17 $158.7 $0.76 2.2% 1,4,7,10 3 10 10% 12% 8/28/15 Lowe's Companies LOW $87.75 $72.8 $1.64 1.9% 2,5,8,11 5 55 10% 15% 9/14/12 McDonald's Corporation MCD $156.38 $124.7 $4.04 2.6% 3,6,9,12 13 41 5% 9% 9/16/04 NIKE, Inc. Class B NKE $66.44 $108.1 $0.80 1.2% 1,4,7,10 3 16 12% 10% 2/24/15 Polaris Industries, Inc. PII $114.52 $7.2 $2.40 2.1% 3,6,9,12 16 23 6% 16% 11/8/02 Starbucks Corporation SBUX $57.89 $81.4 $1.20 2.1% 2,5,8,11 1 7 12% 16% 3/24/17 TJX Companies, Inc. TJX $81.56 $51.6 $1.25 1.5% 3,6,9,12 3 21 12% 11% 6/10/14 V.F. Corporation VFC $74.12 $29.4 $1.84 2.5% 3,6,9,12 9 45 8% 9% 10/3/08 Walt Disney Company DIS $100.44 $151.0 $1.68 1.7% 1,7 3 8 10% 9% 8/28/15 Consumer Staples $82.3 2.4% 6% 10% Brown-Forman Corp. BF.B $54.40 $26.2 $0.63 1.2% 4,7,10,12 11 34 8% 13% 5/31/07 Clorox Company CLX $133.11 $17.2 $3.84 2.9% 2,5,8,11 14 42 7% 8% 9/16/05 Colgate-Palmolive Co. CL $71.68 $62.6 $1.68 2.3% 2,5,8,11 13 55 4% 9% 9/16/05 Costco Wholesale Corp. COST $188.43 $82.7 $2.00 1.1% 2,5,8,11 9 12 10% 12% 6/25/08 J. M. Smucker Company SJM $124.01 $14.1 $3.12 2.5% 3,6,9,12 10 20 8% 11% 10/3/08 Kimberly-Clark Corp. KMB $110.13 $38.6 $4.00 3.6% 1,4,7,10 19 46 5% 7% 11/3/99 McCormick & Company, Inc. MKC $106.39 $14.0 $2.08 2.0% 1,4,7,10 11 32 6% 10% 5/31/07 PepsiCo, Inc. PEP $109.15 $154.9 $3.22 3.0% 1,3,6,9 23 45 6% 7% 8/10/94 Procter & Gamble Co. PG $79.28 $199.9 $2.76 3.5% 2,5,8,11 19 61 3% 8% 11/23/98 Sysco Corporation SYY $59.96 $31.3 $1.44 2.4% 1,4,7,10 22 48 5% 14% 2/6/97 Walmart Inc. WMT $88.97 $263.6 $2.08 2.3% 1,4,6,9 14 45 4% 10% 9/21/04 Energy $180.4 3.5% 5% 7% Exxon Mobil Corporation XOM $74.61 $316.2 $3.08 4.1% 3,6,9,12 19 35 4% 9% 5/11/95 Phillips 66 PSX $95.92 $44.7 $2.80 2.9% 3,6,9,12 7 5 5% 4% 5/2/12 Financials $29.9 1.9% 7% 11% Aflac Incorporated AFL $43.76 $34.1 $1.04 2.4% 3,6,9,12 13 36 5% 8% 11/1/06 BlackRock, Inc. BLK $541.72 $87.1 $11.52 2.1% 3,6,9,12 3 9 10% 12% 2/24/15 Brown & Brown, Inc. BRO $25.44 $7.0 $0.30 1.2% 2,5,8,11 10 24 6% 0% 10/3/08 Chubb Limited CB $136.77 $63.5 $2.84 2.1% 1,4,7,10 2 25 8% 11% 10/28/16 Commerce Bancshares, Inc. CBSH $59.91 $6.4 $0.94 1.6% 3,6,9,12 22 50 5% 8% 4/18/97 Eaton Vance Corporation EV $55.67 $6.7 $1.24 2.2% 2,5,8,11 18 37 6% 21% 1/12/01 FactSet Research Systems Inc. FDS $199.42 $7.8 $2.24 1.1% 3,6,9,12 9 18 9% 11% 2/6/09 T. Rowe Price Group TROW $107.97 $26.4 $2.80 2.6% 3,6,9,12 2 32 7% 14% 6/29/16 Please see pages 6-7 of this report for Important Disclosures, Disclaimers and Analyst Certification Investment and Insurance Products: NOT FDIC Insured NO Bank Guarantee MAY Lose Value

Market Cap (billion) DSIP List Company Consecutive Annual Growth Consensus L- T EPS Date Growth Added to List Company Symbol Price per Share Yield Pay Cycle 2 Health Care $134.6 2.1% 9% 10% Abbott Laboratories ABT $59.92 $104.6 $1.12 1.9% 2,5,8,11 10 46 8% 12% 6/25/08 AmerisourceBergen Corp. ABC $86.21 $18.9 $1.52 1.8% 3,6,9,12 2 13 9% 10% 11/9/15 Amgen Inc. AMGN $170.48 $123.0 $5.28 3.1% 3,6,9,12 3 7 12% 6% 9/9/15 Becton, Dickinson & Co. BDX $216.70 $57.7 $3.00 1.4% 3,6,9,12 11 46 9% 13% 1/5/07 Johnson & Johnson JNJ $128.15 $343.8 $3.36 2.6% 3,6,9,12 9 55 6% 7% 6/25/08 Medtronic Plc MDT $80.22 $108.7 $1.84 2.3% 1,4,7,10 2 40 9% 7% 11/9/15 Novartis AG ~ NVS $80.85 $187.4 $2.52 3.1% 4 13 21 4% 7% 9/16/05 Stryker Corporation SYK $160.92 $60.0 $1.88 1.2% 1,4,7,10 6 27 10% 10% 4/25/12 UnitedHealth Group Inc. UNH $214.00 $207.1 $3.00 1.4% 3,6,9,12 1 8 10% 14% 3/24/17 Industrials $69.6 2.2% 7% 10% 3M Company MMM $219.52 $130.6 $5.44 2.5% 2,5,8,11 13 60 7% 9% 3/2/05 Emerson Electric Co. EMR $68.30 $43.4 $1.94 2.8% 3,6,9,12 24 61 4% 12% 11/30/93 General Dynamics Corp. GD $220.90 $65.8 $3.72 1.7% 2,5,8,11 10 21 8% 11% 6/25/08 Honeywell International Inc. HON $144.51 $108.1 $2.98 2.1% 3,6,9,12 0 7 8% 10% 2/7/18 Harris Corporation HRS $161.28 $19.1 $2.28 1.4% 3,6,9,12 10 16 6% - 8/29/08 Illinois Tool Works Inc. ITW $156.66 $53.1 $3.12 2.0% 1,4,7,10 11 52 7% 10% 3/2/05 United Parcel Service, Inc. UPS $104.66 $90.0 $3.64 3.5% 3,6,9,12 10 9 7% 10% 3/7/07 United Technologies Corp. UTX $125.82 $100.7 $2.80 2.2% 3,6,9,12 14 22 7% 11% 9/20/01 W.W. Grainger, Inc. GWW $282.27 $15.8 $5.12 1.8% 3,6,9,12 11 46 8% 14% 7/10/06 Information Technology $138.0 2.3% 8% 10% Accenture plc ACN $153.50 $98.6 $2.66 1.7% 5,11 10 12 8% 9% 6/25/08 Analog Devices, Inc. ADI $91.13 $33.7 $1.92 2.1% 3,6,9,12 10 14 6% 10% 6/28/07 Automatic Data Processing, Inc. ADP $113.48 $50.3 $2.52 2.2% 1,4,7,10 14 43 5% 14% 11/25/03 Broadridge Financial Solutions, Inc. BR $109.69 $12.8 $1.46 1.3% 1,4,7,10 2 10 9% 10% 1/15/16 Cisco Systems, Inc. CSCO $42.89 $206.6 $1.32 3.1% 1,4,7,10 5 7 9% 6% 11/20/13 Int'l Business Machines Corp. IBM $153.43 $141.3 $6.00 3.9% 3,6,9,12 17 22 6% 3% 7/20/00 Jack Henry & Associates, Inc. JKHY $120.95 $9.3 $1.48 1.2% 3,6,9,12 19 27 10% 12% 11/11/99 Microsoft Corporation MSFT $91.27 $702.8 $1.68 1.8% 3,6,9,12 6 14 8% 12% 1/5/12 Paychex, Inc. PAYX $61.59 $22.1 $2.00 3.2% 2,5,8,11 14 7 5% 9% 5/7/01 Texas Instruments Inc. TXN $103.89 $102.2 $2.48 2.4% 2,5,8,11 1 14 7% 12% 6/28/17 Materials $29.8 1.9% 7% 10% Air Products & Chemicals, Inc. APD $159.03 $34.8 $4.40 2.8% 2,5,8,11 12 36 7% 11% 7/5/06 AptarGroup, Inc. ATR $89.83 $5.6 $1.28 1.4% 2,5,8,11 8 23 6% 10% 12/4/06 Ecolab Inc. ECL $137.07 $39.5 $1.64 1.2% 1,4,7,10 11 26 9% 12% 3/6/07 PPG Industries, Inc. PPG $111.60 $27.8 $1.80 1.6% 3,6,9,12 1 46 7% 9% 6/29/16 Praxair, Inc. PX $144.30 $41.4 $3.30 2.3% 3,6,9,12 12 25 5% 10% 6/15/06 Real Estate $29.1 3.5% 5% 4% American Tower Corporation AMT $145.34 $64.1 $3.00 2.1% 2,5,8,11 19 6 15% 16% 6/14/13 Federal Realty Investment Trust FRT $116.11 $8.5 $4.00 3.4% 1,4,7,10 1 50 5% 4% 10/28/16 Realty Income Corporation O $51.73 $14.7 $2.63 5.1% Monthly 54 23 3% 4% 3/14/07 Telecommunications $208.2 5.3% 2% 3% AT&T, Inc. T $35.65 $218.9 $2.00 5.6% 2,5,8,11 10 34 2% 1% 6/25/08 Verizon Communications Inc. VZ $47.82 $197.4 $2.36 4.9% 2,5,8,11 4 11 2% 4% 3/12/14 Utilities $24.0 3.3% 6% 6% Eversource Energy ES $58.92 $18.7 $2.02 3.4% 3,6,9,12 15 19 6% 5% 6/7/04 New Jersey Resources Corp NJR $40.10 $3.5 $1.09 2.7% 1,4,7,10 23 22 6% 6% 2/16/96 NextEra Energy, Inc. NEE $163.33 $76.8 $4.44 2.7% 3,6,9,12 25 24 12% 9% 5/10/94 South Jersey Industries, Inc. SJI $28.16 $2.2 $1.12 4.0% 4,7,10,12 14 19 5% 10% 3/29/04 WEC Energy Group Inc. WEC $62.70 $19.8 $2.21 3.5% 3,6,9,12 8 15 6% 4% 2/9/12 Xcel Energy Inc. XEL $45.48 $23.1 $1.52 3.3% 1,4,7,10 3 15 6% 6% 3/3/15 DSIP List Average 1 $85.2 2.4% 11 28 7% 10% 1/29/08 S&P 500 SP50 $2,641 $45.0 $49.68 1.9% 12% Source: FactSet, Wells Fargo Advisors, company reports 1 Simple average for market cap, dividend yield, dividend counts, date added. Median for growth estimate. 2 Months in which dividends are paid. January is 1, February 2, etc. EPS = earnings per share, funds from operations used for real estate investment trusts L-T = long-term DSIP List = the number of dividend increases for the company while on the DSIP List Company Consecutive = the consecutive number of annual dividend increases for the company Market Cap categories: large cap greater than $12.5 billion, mid cap between $12.5 billion and $3 billion, small cap less than $3 billion Page 2 of 7

DSIP Statistics Fiscal TTM Payout Consensus EPS Symbol Sub-Industry Price Low High Year End Ratio CAGR PE PE PE Relative PE Sales / Capital Consumer Discretionary (average) 52% 17% 18.1x 20.1x 1.1x 1.2x 30% 35% CMCSA Cable & Satellite $34.17 $32.74 $44.00 Dec 13% 14% $2.46 13.9x 17.9x 0.8x 1.0x 6% 46% A- LOW Home Improvement Retail $87.75 $70.76 $108.98 Feb 39% 21% $5.49 16.0x 18.4x 1.0x 1.1x 0% 71% A- MCD Restaurants $156.38 $128.60 $178.70 Dec 60% 6% $7.57 20.7x 20.6x 1.2x 1.2x 68% 103% BBB+ NKE Footwear $66.44 $50.35 $70.25 May 72% 15% $2.57 25.9x 24.7x 1.5x 1.4x 56% -10% AA- PII Leisure Products $114.52 $77.91 $137.66 Dec 86% 9% $6.15 18.6x 18.1x 1.1x 1.1x 25% 42% - SBUX Restaurants $57.89 $52.58 $64.87 Oct 35% 24% $2.53 22.9x 27.1x 1.3x 1.6x 26% 11% A TJX Apparel Retail $81.56 $66.44 $84.79 Feb 31% 22% $4.85 16.8x 19.5x 1.0x 1.2x 24% -14% A+ VFC Apparel Accessories & Luxury Goods $74.12 $51.22 $84.38 Dec 107% 18% $3.54 21.0x 19.9x 1.3x 1.2x 38% 35% A DIS Movies & Entertainment $100.44 $96.20 $116.10 Sep 22% 21% $7.08 14.2x 18.3x 0.8x 1.1x 25% 31% A+ Consumer Staples 55% 7% 19.7x 21.2x 1.2x 1.3x 40% 49% BF.B Distillers & Vintners $54.40 $36.33 $56.81 Apr 38% 10% $1.71 31.9x 27.8x 1.9x 1.6x 59% 55% A- CLX Household Products $133.11 $123.64 $150.40 Jun 55% 6% $6.02 22.1x 23.3x 1.3x 1.4x 20% 59% A- CL Household Products $71.68 $67.86 $77.91 Dec 70% 5% $3.18 22.5x 23.4x 1.4x 1.4x 75% 77% AA- COST Hypermarkets & Super Centers $188.43 $150.00 $199.88 Sep 30% 13% $7.27 25.9x 26.6x 1.6x 1.6x 29% 4% A+ SJM Packaged Foods & Meats $124.01 $99.57 $134.12 Apr 28% 9% $8.95 13.9x 17.7x 0.8x 1.1x 9% 37% BBB KMB Household Products $110.13 $104.58 $134.30 Dec 61% 6% $6.98 15.8x 19.2x 1.0x 1.1x 53% 84% A MKC Packaged Foods & Meats $106.39 $90.25 $111.46 Nov 31% 9% $4.98 21.4x 22.9x 1.3x 1.3x 44% 60% A- PEP Soft Drinks $109.15 $105.94 $122.51 Dec 94% 8% $5.70 19.1x 20.8x 1.1x 1.2x 49% 39% A+ PG Household Products $79.28 $75.81 $94.67 Jun 73% 5% $4.37 18.1x 20.6x 1.1x 1.2x 65% 21% AA- SYY Food Distributors $59.96 $48.85 $64.27 Jul 60% 4% $3.25 18.5x 20.6x 1.1x 1.2x 13% 71% BBB+ WMT Hypermarkets & Super Centers $88.97 $70.64 $109.98 Jan 62% 5% $4.93 18.0x 16.4x 1.1x 1.0x 28% 32% AA Energy 47% 25% 14.7x 16.7x 0.9x 1.0x 47% 18% XOM Integrated Oil & Gas $74.61 $72.67 $89.30 Dec 66% 7% $4.76 15.7x 20.9x 1.0x 1.2x 62% 17% AA+ PSX Oil & Gas Refining & Marketing $95.92 $75.14 $107.47 Dec 27% 43% $6.89 13.9x 13.9x 0.8x 0.8x 31% 20% BBB+ Financials 32% 9% 16.1x 15.9x 1.0x 0.9x 18% 6% AFL Life & Health Insurance $43.76 $35.73 $45.88 Dec 15% 5% $3.86 11.3x 10.6x 0.7x 0.6x 74% 6% A- BLK Asset Management & Custody Banks $541.72 $375.52 $594.52 Dec 33% 11% $28.44 19.0x 17.6x 1.1x 1.0x 34% -5% AA- BRO Insurance Brokers $25.44 $20.55 $26.94 Dec 20% 10% $1.19 21.4x 20.3x 1.3x 1.2x 1% 4% BBB- CB Property & Casualty Insurance $136.77 $133.82 $157.50 Dec 34% 8% $10.78 12.7x 12.6x 0.8x 0.7x 0% 21% - CBSH Regional Banks $59.91 $49.43 $61.88 Dec 30% 5% $3.40 17.6x 17.4x 1.1x 1.0x 0% 25% A- EV Asset Management & Custody Banks $55.67 $42.20 $60.95 Oct 47% 8% $3.49 16.0x 15.9x 1.0x 0.9x 0% 7% A- FDS Financial Exchanges & Data $199.42 $155.09 $217.36 Aug 36% 13% $8.92 22.4x 23.7x 1.4x 1.4x 32% 26% - TROW Asset Management & Custody Banks $107.97 $67.60 $120.07 Dec 38% 11% $7.28 14.8x 16.0x 0.9x 0.9x 0% -33% - Average Relative Avg Int'l Net Debt S&P Credit Rating Page 3 of 7

DSIP Statistics Symbol Sub-Industry Price Low High Fiscal Year End TTM Payout Ratio Consensus EPS Health Care 216% 13% 16.3x 17.2x 1.0x 1.0x 49% 22% ABC Health Care Distributors $86.21 $71.90 $106.27 Sep 32% 23% $6.75 12.8x 16.6x 0.8x 1.0x 53% 21% A- ABT Health Care Equipment $59.92 $42.31 $64.60 Dec 399% -8% $2.86 21.0x 19.0x 1.2x 1.1x 70% 31% BBB AMGN Biotechnology $170.48 $152.16 $201.23 Dec 179% 26% $13.47 12.7x 14.9x 0.8x 0.9x 53% -10% A BDX Health Care Equipment $216.70 $175.66 $248.39 Sep 224% 10% $11.40 19.0x 18.9x 1.1x 1.1x 53% 49% BBB+ JNJ Pharmaceuticals $128.15 $120.95 $148.32 Dec 851% 7% $8.10 15.8x 17.0x 1.0x 1.0x 53% 17% AAA MDT Health Care Equipment $80.22 $76.41 $89.72 Apr 89% 12% $5.02 16.0x 16.7x 1.0x 1.0x 53% 18% A NVS Pharmaceuticals $80.85 $72.67 $94.19 Dec 77% 4% $5.34 15.1x 16.8x 0.9x 1.0x 67% 19% AA- SYK Health Care Equipment $160.92 $129.82 $170.00 Dec 65% 14% $7.12 22.6x 19.1x 1.3x 1.1x 32% 26% A UNH Managed Health Care $214.00 $163.46 $250.79 Dec 27% 29% $12.52 17.1x 17.2x 1.0x 1.0x 3% 25% A+ Industrials 64% 10% 19.2x 17.9x 1.1x 1.1x 36% 37% MMM Industrial Conglomerates $219.52 $188.62 $259.77 Dec 59% 15% $10.58 20.7x 20.5x 1.2x 1.2x 63% 38% AA- EMR Electrical Components & Equipment $68.30 $56.77 $74.45 Sep 79% 4% $3.24 21.1x 18.5x 1.2x 1.1x 58% 17% A GD Aerospace & Defense $220.90 $185.64 $230.00 Dec 35% 10% $11.18 19.8x 17.1x 1.2x 1.0x 25% 6% A+ HON Industrial Conglomerates $144.51 $122.40 $165.13 Dec 132% 12% $7.99 18.1x 17.1x 1.1x 1.0x 25% 20% A HRS Aerospace & Defense $161.28 $106.18 $164.58 Jun 52% 12% $7.09 22.7x 16.6x 1.3x 1.0x 8% 51% BBB- ITW Industrial Machinery $156.66 $130.17 $179.07 Dec 59% 14% $7.69 20.4x 19.3x 1.2x 1.1x 57% 41% A+ UPS Air Freight & Logistics $104.66 $101.45 $135.53 Dec 59% 8% $7.24 14.5x 18.4x 0.9x 1.1x 25% 80% A+ UTX Aerospace & Defense $125.82 $109.10 $139.24 Dec 48% 6% $7.05 17.8x 16.4x 1.1x 1.0x 41% 32% A- GWW Trading Companies & Distributors $282.27 $155.00 $298.15 Dec 50% 11% $13.73 20.6x 18.6x 1.2x 1.1x 22% 50% A+ Information Technology 68% 16% 20.0x 18.5x 1.2x 1.1x 31% 1% ACN IT Consulting & Other Services $153.50 $114.82 $165.58 Aug 45% 12% $6.82 22.5x 19.7x 1.3x 1.2x 47% -37% A+ ADI Semiconductors $91.13 $74.65 $98.38 Oct 86% 9% $5.56 16.4x 19.2x 1.0x 1.1x 71% 37% BBB ADP Data Processing & Outsourced Services $113.48 $95.50 $125.24 Jun 61% 8% $4.40 25.8x 26.1x 1.5x 1.5x 19% 4% AA BR Data Processing & Outsourced Services $109.69 $66.49 $110.05 Jun 44% 16% $4.12 26.6x 20.5x 1.5x 1.2x 19% 37% BBB+ CSCO Communications Equipment $42.89 $30.36 $46.16 Jul - 31% $2.71 15.8x 12.8x 1.0x 0.8x 41% -38% AA- IBM IT Consulting & Other Services $153.43 $139.13 $176.33 Dec 97% 12% $13.85 11.1x 10.6x 0.7x 0.6x 65% 53% AA- JKHY Data Processing & Outsourced Services $120.95 $91.50 $127.31 Jun 28% 22% $3.71 32.6x 27.4x 1.9x 1.6x 0% 3% - MSFT Systems Software $91.27 $64.85 $97.24 Jun 111% 14% $3.79 24.1x 19.3x 1.4x 1.1x 50% -29% AAA PAYX Data Processing & Outsourced Services $61.59 $54.20 $73.10 May 79% 8% $2.70 22.8x 24.8x 1.4x 1.5x 0% -17% - TXN Semiconductors $103.89 $75.92 $120.75 Dec 59% 24% $4.99 20.8x 20.2x 1.2x 1.2x 0% -3% A+ Materials 50% 9% 21.5x 20.8x 1.3x 1.2x 54% 31% APD Industrial Gases $159.03 $134.09 $175.17 Sep 82% 8% $7.46 21.3x 19.7x 1.3x 1.2x 57% 3% A ATR Metal & Glass Containers $89.83 $75.49 $92.32 Dec 37% 8% $3.78 23.8x 22.8x 1.4x 1.3x 75% 21% - ECL Specialty Chemicals $137.07 $124.42 $140.50 Dec 30% 13% $5.34 25.7x 25.0x 1.5x 1.5x 49% 47% A- PPG Specialty Chemicals $111.60 $100.45 $122.07 Dec 27% 8% $6.51 17.2x 17.6x 1.0x 1.0x 42% 27% A- PX Industrial Gases $144.30 $117.11 $166.95 Dec 73% 7% $6.63 21.8x 20.3x 1.3x 1.2x 48% 56% A CAGR PE Average PE Relative PE Avg Relative PE Int'l Sales Net Debt / Capital S&P Credit Rating Page 4 of 7

DSIP Statistics Symbol Sub-Industry Price Low High Fiscal Year End TTM Real Estate 155% 13% 40.2x 45.2x 2.4x 2.7x 0% 59% AMT Specialized REITs $145.34 $120.17 $155.28 Dec 98% 24% $3.17 45.9x 42.7x 2.7x 2.4x 0% 73% BBB- FRT Retail REITs $116.11 $106.41 $138.12 Dec 137% 7% $3.21 36.2x 45.7x 2.2x 2.7x 0% 59% A- O Retail REITs $51.73 $47.25 $62.31 Dec 230% 7% $1.31 39.6x 47.6x 2.4x 2.9x 0% 45% BBB+ Telecommunication Services 37% 3% 10.4x 12.9x 0.6x 0.8x 0% 55% T Integrated Telecommunication Services $35.65 $32.55 $41.89 Dec 41% 2% $3.47 10.3x 13.1x 0.6x 0.8x 0% 37% BBB+ VZ Integrated Telecommunication Services $47.82 $42.80 $54.77 Dec 32% 3% $4.56 10.5x 12.7x 0.6x 0.8x 0% 72% BBB+ Utilities 51% 8% 19.6x 19.1x 1.1x 1.1x 0% 54% ES Electric Utilities $58.92 $55.93 $66.15 Dec 61% 8% $3.28 18.0x 17.8x 1.1x 1.1x 0% 54% A NJR Gas Utilities $40.10 $35.55 $45.45 Sep 42% 6% $1.71 23.5x 20.9x 1.1x 1.2x 3% 50% - NEE Electric Utilities $163.33 $127.09 $164.41 Dec 35% 10% $7.67 21.3x 19.4x 1.3x 1.1x 0% 52% A- SJI Gas Utilities $28.16 $25.96 $38.40 Dec - 6% $1.54 18.3x 20.2x 1.1x 1.2x 0% 54% BBB+ WEC Multi-Utilities $62.70 $58.92 $70.09 Dec 55% 12% $3.30 19.0x 18.9x 1.1x 1.1x 0% 54% A- XEL Electric Utilities $45.48 $41.51 $52.22 Dec 64% 6% $2.44 18.7x 17.7x 1.1x 1.1x 0% 57% A- DSIP List Average 1 78% 11% 18.4x 18.8x 1.1x 1.1x 31% 30% A S&P 500 SP50 $2,641 $2,329 $2,873 40% 12% $162 16.3x 16.5x 1.0x 1.0x 32% 31% BBB+ Source: Factset, Wells Fargo Advisors, company reports 1 Simple average for payout ratio, dividend CAGR, international sales, net debt/capital, credit rating. Harmonic average for PEs. TTM = trailing twelve months CAGR = compound annual growth rate = next twelve months EPS = earnings per share, funds from operations used for real estate investment trusts PE = price to earnings ratio Consensus EPS PE Average Relative Avg Int'l Sales Net Debt / Capital S&P Credit Page 5 of 7

IMPORTANT DISCLOSURES Disclosure information... For important disclosure information, please contact: Wells Fargo Advisors Attn: Advisory Services (Disclosure Information) One North Jefferson, St. Louis, MO 63103 Or call phone (888) 410-9203 Please remember to specify the issuer(s) with respect to which you would like to receive disclosure information. 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 Prices and estimates are as of March 29, 2018, unless indicated otherwise. Diversification does not guarantee a profit or protect against loss. 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 price volatility. The prices of small and mid-cap company stocks are generally more volatile than large company stocks. They often involve higher risks because smaller companies may lack the management expertise, financial resources, product diversification and competitive strengths to endure adverse economic conditions. There are special risks associated with an investment in real estate, including the possible illiquidity of the underlying properties, credit risk, interest rate fluctuations and the impact of varied economic conditions. Distributions from REIT investments are taxed at the owner s tax bracket. 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. Technology and Internet-related stocks, especially of smaller, less-seasoned companies, tend to be more volatile than the overall market. Investments that are concentrated in a specific sector, industry, country or commodity increases its vulnerability to any economic, political, currency or regulatory development, which may result in greater price volatility. 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. Standard and Poor s ratings from 'AA' to 'CCC' may be modified by the addition of a plus (+) or minus (-) sign to show relative standing within the major rating categories. Earnings per share (EPS) is the portion of a company s profit allocated to each outstanding share of common stock. EPS serves as an indicator of a company s profitability. Price to earnings ratio (PE ratio) is a valuation ratio of company s current share price compared to its per-share earnings. PE = market value per share/eps. payout ratio is the percentage of a company s earnings paid out as dividends. payout ratio = dividend per share / EPS. Wells Fargo Advisors publishes several theme-based lists of recommended equity securities. Each list is based on a specific investment objective and time horizon which may be different from the other lists. This may cause Wells Fargo Advisors to recommend an equity security to be added to one list and removed from another list. Thus, one list may contain different recommendations or conclusions that could result in short-term price movements contrary to the recommendations in another list. Page 6 of 7

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