Diversified Stock Income Plan List Strategy

Joseph E. Buffa, Equity Sector Analyst Jack Russo, CFA, Equity Sector Analyst Diversified Stock Income Plan List Strategy 2017 Fourth Quarter Review January 25, 2018 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 list 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. 2017 Total Return 25.0% 20.0% DSIP S&P 500 19.8% 21.8% 15.0% 10.0% 5.0% 4.3% 6.1% 2.5% 3.1% 2.9% 4.5% 8.9% 6.6% 0.0% Q1 Q2 Q3 Q4 2017 Source: Wells Fargo Advisors, FactSet, as of 12/31/2017 The broader markets in the fourth quarter were spurred on by a synchronized global economic recovery, moderate inflation and overall low volatility. The DSIP List Strategy increased 8.9% in the fourth quarter (ending December 2017). DSIP positive total return contributions were seen from ten of the eleven sectors (the Utilities sector was in negative territory). Turning in above average, notable performances were the Information Technology, Consumer Discretionary, Consumer Staples and Industrials sectors which all increased more than 10%. The common theme here is that the market believes these sectors will potentially benefit the most from corporate tax reform given their larger than average domestic sales concentrations (discretionary and staples) and large overseas cash hordes (tech). As a result of the corporate tax reform focus during the quarter, money flows came out of some of the so-called growth sectors and flowed into more value-oriented sectors helping the overall list performance. Asset managers, packaged food stocks and retailers were just a few of the specific standouts in the fourth Investment and Insurance Products: NOT FDIC Insured NO Bank Guarantee MAY Lose Value Please see pages 9-10 for Important Disclosures, Disclaimers and Analyst Certification

quarter. Some of the yield based sectors, i.e. Utilities, Real Estate and Telecom, underperformed during the quarter due to increases in overall interest rates somewhat reducing their appeal as bond proxies. The DSIP List outperformed its benchmark by roughly 200 basis points (100 basis points equals 1 percent) in the quarter. The biggest contributors to relative outperformance were Health Care and Consumer Staples. In these sectors, our recommended names significantly outperformed their peers. The Utilities sector was the list s only negative contributor relative to the benchmark. Performance here was skewed by one particular recommendation that lagged significantly due to uncertainty regarding the company s potential liability related to ongoing wildfires in its footprint. For the full year 2017, DSIP List performance trailed its benchmark by about 2 percentage points. Given its below average volatility, DSIP performance typically trails popular averages in strong upside market moves like what we saw in 2017. Rising dividends can help reduce portfolio volatility and act as a buffer in a declining stock market but that was not the macro setup in 2017. Low volatility markets were biased towards the upside and investor preference was for growth over income during most of the year hurting relative DSIP performance. More specifically, our slight underweight in Technology and our material overweight in Utilities hurt our relative performance compared to the S&P 500 benchmark for the full year. The Energy, Health Care, Financials and Industrials sectors were among the most positive relative contributors to DSIP List performance in the year just ended. Looking ahead to 2018, we believe the stock market could continue its recent uptrend, driven by an elongation of the current economic cycle due to tax reform. In this environment, we expect 2018 s relative sector performance could be similar to that of 2017 a view corroborated by the Wells Fargo Investment Institute s cyclical bias in its current sector weightings. This could translate into another year of relative underperformance for the DSIP List given the strategy s generally defensive positioning. In any given year, however, we ll gladly take 10% underperformance relative to the benchmark (especially in a +22% market) while taking on less risk. increases During the fourth quarter, 29 DSIP companies declared dividend increases with an average increase of 8.2% compared to the same quarter in 2016. increases for the four quarters of 2017 are listed in the appendices beginning on page 5. For the full year, year over year dividend growth averaged between a healthy 8% and 9% with 85 total increases from 78 different companies (American Tower (AMT-$141.76) and Realty Income (O-$54.01) typically increase their dividends multiple times per year). Of the 73 recommendations on the DSIP List for the entirety of 2017, one did not increase its dividend in 2017 due to the company s strict adherence to a max payout ratio of 40% (we estimate the payout ratio for 2017 will be about 38%). The average annual dividend increase for DSIP since its first full year in 1994 is +10%, ahead of the corresponding number for the S&P 500 of +6% and annual inflation of about +2% as measured by changes in the Consumer Price Index (see Figure 1 below). Although future results should not be assumed to equal historical performance, we believe that holding a diversified portfolio of DSIP stocks has proven to be and should continue to be a viable strategy to help investors stay ahead of the rising cost of living. In 2018, we expect DSIP dividend growth to average about +8%, continuing the trend of the past few years. Page 2 of 10

Figure 1 Percentage Change in s & Inflation Change DSIP S&P 500 Inflation 1994 8.6% 4.8% 2.6% 1995 7.1% 4.6% 2.5% 1996 7.3% 8.0% 3.4% 1997 8.0% 4.0% 1.7% 1998 8.4% 4.6% 1.7% 1999 8.1% 3.0% 2.7% 2000 9.2% -2.5% 3.4% 2001 8.4% -3.3% 1.6% 2002 7.3% 2.1% 2.4% 2003 11.5% 8.1% 1.9% 2004 13.8% 11.8% 3.3% 2005 11.6% 14.3% 3.4% 2006 16.3% 12.0% 2.5% 2007 16.2% 11.5% 4.1% 2008 11.3% 2.4% 0.1% 2009 1.9% -21.1% 2.7% 2010 9.8% 1.4% 1.4% 2011 12.1% 16.3% 3.0% 2012 11.4% 18.2% 1.7% 2013 13.0% 12.0% 1.5% 2014 11.4% 12.7% 0.7% 2015 9.1% 10.0% 0.7% 2016 8.0% 5.3% 1.8% 2017 8.2% 7.1% 2.1% Average: 9.9% 6.1% 2.2% Source: Federal Reserve Bank of St. Louis, S&P, Wells Fargo Advisors Inflation as measured by Consumer Price Index List changes All three of our list changes in the fourth quarter were removals. SCANA Corporation (SCG-$40.72) was removed in early October. After some political and regulatory backlash following the abandonment of the nuclear facility project in South Carolina along with its associated expenses, earnings power for this utility could be diminished putting its payout ratio at the high end of its targeted range. This could limit dividend growth in the coming years and thus the reason for its deletion from the list. QUALCOMM Inc. (QCOM-$67.98) was removed in early November. Broadcom Limited (AVGO-$256.86) proposed to acquire QUALCOMM for $70 per share in a cash and stock transaction. CVS Health Corp. (CVS-$80.92) was removed in early December due entirely to its intention to acquire Aetna Inc. (AET-$190.14) in a $77 billion cash and stock deal. The cash portion of this deal will be funded with debt bringing its leverage to a high 4.6x at closing. As a result of this, CVS is expected to suspend it stock buybacks and maintain the present dividend level to focus on debt reduction. We believe the dividend could remain at current levels through year 2020 thereby limiting its appeal on DSIP. Including the changes mentioned above, there were eight removals and two additions to the DSIP List Strategy in 2017. Besides the fourth quarter changes mentioned above, Caterpillar Inc. (CAT-$168.34) was removed in January 2017 due to our concerns of a less than optimal growth outlook for their dividend. Southern Company (SO-$44.08) was deleted in March due to our belief its dividend growth could likely be below what is considered attractive for its peer group. National Fuel Gas Company (NFG-$56.42) was also removed in March due to underwhelming dividend growth. Target Corp. (TGT-$76.89) was taken off the list in June due to our concerns about the threats of e-commerce on traditional retailers. And finally, Schlumberger Ltd. (SLB-$78.18) was also removed in June due to lack of dividend growth. Starbucks Page 3 of 10

Corp. (SBUX-$60.83) and UnitedHealth Group Inc. (UNH-$244.85) were added in March 2017. Both companies have demonstrated classic qualities to be included on the DSIP List. These include leadership status in their respective industries, solid balance sheets and credit metrics, growth opportunities and finally the ability to grow their dividends over time due to the ability to grow earnings and their relatively low payout ratios. Lastly, Texas Instruments Inc. (TXN-$109.70) was added in June 2017 due to its consistency in growing its dividend over time and its solid balance sheet. Page 4 of 10

Appendix A 2017 DSIP List Strategy Increases Company Symbol New Annual Rate Year Earlier Annual Rate Annualized Increase First Quarter 7.6% BlackRock, Inc. BLK $10.00 $9.16 9.2% Realty Income Corporation 1 O $2.53 $2.38 6.0% WEC Energy Group, Inc. WEC $2.08 $1.98 5.1% Kimberly-Clark Corporation KMB $3.88 $3.68 5.4% Praxair, Inc. PX $3.15 $3.00 5.0% Comcast Corporation Class A CMCSA $1.26 $1.10 14.5% Polaris Industries Inc. PII $2.32 $2.20 5.5% Air Products and Chemicals, Inc. APD $3.80 $3.44 10.5% Eversource Energy ES $1.90 $1.78 6.7% Commerce Bancshares, Inc. CBSH $0.90 $0.86 5.0% 3M Company MMM $4.70 $4.44 5.9% United Parcel Service, Inc. Class B UPS $3.32 $3.12 6.4% Jack Henry & Associates, Inc. JKHY $1.24 $1.12 10.7% Analog Devices, Inc. ADI $1.80 $1.68 7.1% Cisco Systems, Inc. CSCO $1.16 $1.04 11.5% SCANA Corporation SCG $2.45 $2.30 6.5% T. Rowe Price Group TROW $2.28 $2.16 5.6% NextEra Energy, Inc. NEE $3.93 $3.48 12.9% Wal-Mart Stores, Inc. WMT $2.04 $2.00 2.0% Xcel Energy Inc. XEL $1.44 $1.36 5.9% Novartis AG NVS $2.32 $2.30 0.9% General Dynamics Corporation GD $3.36 $3.04 10.5% American Tower Corporation 2 AMT $2.48 $2.04 21.6% Colgate-Palmolive Company CL $1.60 $1.56 2.6% Realty Income Corporation 3 O $2.53 $2.39 6.0% Second Quarter 8.7% TJX Companies Inc. TJX $1.25 $1.04 20.2% Procter & Gamble Company PG $2.76 $2.68 3.0% QUALCOMM Inc. QCOM $2.28 $2.12 7.5% International Business Machines Corp. IBM $6.00 $5.60 7.1% Costco Wholesale Corporation COST $2.00 $1.80 11.1% W.W. Grainger, Inc. GWW $5.12 $4.88 4.9% Exxon Mobil Corporation XOM $3.08 $3.00 2.7% Johnson & Johnson JNJ $3.36 $3.20 5.0% PepsiCo, Inc. PEP $3.22 $3.01 7.0% Phillips 66 PSX $2.80 $2.52 11.1% Clorox Company CLX $3.36 $3.20 5.0% FactSet Research Systems, Inc. FDS $2.24 $2.00 12.0% Chubb Limited CB $2.84 $2.76 2.9% American Tower Corporation 4 AMT $2.56 $2.12 20.8% Lowe's Companies, Inc. LOW $1.64 $1.40 17.1% UnitedHealth Group Inc. UNH $3.00 $2.50 20.0% Target Corporation TGT $2.48 $2.40 3.3% United Technologies Corp. UTX $2.80 $2.64 6.1% Realty Income Corporation 5 O $2.54 $2.39 6.0% Medtronic plc MDT $1.84 $1.72 7.0% General Mills, Inc. GIS $1.96 $1.92 2.1% Page 5 of 10

Appendix A 2017 DSIP List Strategy Increases (continued) Company Symbol New Annual Rate Year Earlier Annual Rate Annualized Increase Third Quarter 8.6% Paychex, Inc. PAYX $2.00 $1.84 8.7% J.M. Smucker Company SJM $3.12 $3.00 4.0% PPG Industries, Inc. PPF $1.80 $1.60 12.5% Kellogg Company K $2.16 $2.08 3.8% Federal Realty Investment Trust FRT $4.00 $3.92 2.0% Illinois Tool Works Inc. ITW $3.12 $2.60 20.0% Broadridge Financial Solutions, Inc. BR $1.46 $1.32 10.6% Harris Corporation HRS $2.28 $2.12 7.5% Verizon Communications, Inc. VZ $2.36 $2.31 2.2% American Tower Corporation 6 AMT $2.64 $2.20 20.0% New Jersey Resources Corporation NJR $1.09 $1.02 6.9% Realty Income Corporation 7 O $2.54 $2.42 5.0% Microsoft Corporation MSFT $1.68 $1.56 7.7% McDonald's Corporation MCD $4.04 $3.76 7.4% Accenture Plc Class A ACN $2.66 $2.42 9.9% Fourth Quarter 8.9% Eaton Vance Corp. EV $1.24 $1.12 10.7% Brown & Brown, Inc. BRO $0.60 $0.54 11.1% V.F. Corporation VFC $1.84 $1.68 9.5% Aflac Incorporated AFL $1.80 $1.72 4.7% Starbucks Corporation SBUX $1.20 $1.00 20.0% Automatic Data Processing, Inc. ADP $2.52 $2.28 10.5% Emerson Electric Co. EMR $1.94 $1.92 1.0% AmerisourceBergen Corporation ABC $1.52 $1.46 4.1% Brown-Forman Corporation Class B BF.B $0.79 $0.73 8.2% NIKE, Inc. Class B NKE $0.80 $0.72 11.1% Sysco Corporation SYY $1.44 $1.32 9.1% South Jersey Industries, Inc. SJI $1.12 $1.09 2.8% Becton, Dickinson and Company BDX $3.00 $2.92 2.7% McCormick & Company, Inc. MKC $2.08 $1.88 10.6% Walt Disney Company DIS $1.68 $1.56 7.7% Stryker Corporation SYK $1.88 $1.70 10.6% American Tower Corporation 8 AMT $2.80 $2.32 20.7% Edison International EIX $2.42 $2.17 11.5% Ecolab Inc. ECL $1.64 $1.48 10.8% Amgen Inc. AMGN $5.28 $4.60 14.8% Realty Income Corporation 9 O $2.55 $2.43 4.9% Abbott Laboratories ABT $1.12 $1.06 5.7% AT&T Inc. T $2.00 $1.96 2.0% Full Year 2017 8.4% 1 O dividend increased after 1 month. The increase over the previous month is 4.0%. 2 AMT dividend increased after 1 quarter. The increase over the previous quarter is 6.9%. 3 O dividend increased after 2 months. The increase over the previous month is 0.2%. 4 AMT dividend increased after 1 quarter. The increase over the previous quarter is 3.2%. 5 O dividend increased after 3 months. The increase over the previous month is 0.2%. 6 AMT dividend increased after 1 quarter. The increase over the previous quarter is 3.1%. 7 O dividend increased after 3 months. The increase over the previous month is 0.2%. 8 AMT dividend increased after 1 quarter. The increase over the previous quarter is 6.1%. 9 O dividend increased after 3 months. The increase over the previous month is 0.2%. Source: Company reports, Wells Fargo Advisors Page 6 of 10

Appendix B DSIP List Strategy Holdings by Sector Market Cap (billion) per Share DSIP List Increases Company Consecutive Increases Annual Growth Estimate Consensus L-T EPS Growth Estimate Company Symbol Price Yield Pay Cycle 2 Consumer Discretionary (average) $98.2 1.8% 10% 12% Comcast Corporation Class A CMCSA $42.99 $200.9 $0.76 1.8% 1,4,7,10 3 10 10% 5% 8/28/15 Lowe's Companies LOW $106.72 $88.6 $1.64 1.5% 2,5,8,11 5 55 10% 16% 9/14/12 McDonald's Corporation MCD $176.12 $140.4 $4.04 2.3% 3,6,9,12 13 41 5% 12% 9/16/04 NIKE, Inc. Class B NKE $68.00 $110.6 $0.80 1.2% 1,4,7,10 3 16 12% 9% 2/24/15 Polaris Industries, Inc. PII $134.56 $8.4 $2.32 1.7% 3,6,9,12 15 22 8% 18% 11/8/02 Starbucks Corporation SBUX $60.83 $86.5 $1.20 2.0% 2,5,8,11 1 7 12% 16% 3/24/17 TJX Companies, Inc. TJX $79.25 $50.1 $1.25 1.6% 3,6,9,12 3 21 15% 12% 6/10/14 V.F. Corporation VFC $80.97 $32.0 $1.84 2.3% 3,6,9,12 9 45 8% 9% 10/3/08 Walt Disney Company DIS $110.50 $166.5 $1.68 1.5% 1,7 3 8 10% 9% 8/28/15 Consumer Staples $82.1 2.4% 6% 8% Brown-Forman Corp. BF.B $68.84 $26.5 $0.63 0.9% 4,7,10,12 11 34 8% 10% 5/31/07 Clorox Company CLX $142.25 $18.3 $3.36 2.4% 2,5,8,11 13 41 7% 8% 9/16/05 Colgate-Palmolive Co. CL $76.80 $67.4 $1.60 2.1% 2,5,8,11 12 54 6% 9% 9/16/05 Costco Wholesale Corp. COST $194.24 $85.3 $2.00 1.0% 2,5,8,11 9 12 10% 10% 6/25/08 General Mills, Inc. GIS $59.72 $34.0 $1.96 3.3% 2,5,8,11 11 14 6% 7% 6/25/08 J. M. Smucker Company SJM $126.94 $14.4 $3.12 2.5% 3,6,9,12 10 20 8% 11% 10/3/08 Kellogg Company K $67.30 $23.3 $2.16 3.2% 3,6,9,12 12 13 4% 6% 4/3/06 Kimberly-Clark Corp. KMB $119.71 $42.1 $4.00 3.3% 1,4,7,10 19 46 5% 7% 11/3/99 McCormick & Company, Inc. MKC $100.09 $13.1 $2.08 2.1% 1,4,7,10 11 32 6% 10% 5/31/07 PepsiCo, Inc. PEP $121.14 $172.3 $3.22 2.7% 1,3,6,9 23 45 6% 8% 8/10/94 Procter & Gamble Co. PG $88.31 $224.0 $2.76 3.1% 2,5,8,11 19 61 3% 8% 11/23/98 Sysco Corporation SYY $63.73 $33.2 $1.44 2.3% 1,4,7,10 22 48 3% 11% 2/6/97 Wal-Mart Stores, Inc. WMT $105.79 $313.4 $2.04 1.9% 1,4,6,9 13 44 4% 7% 9/21/04 Energy $214.3 3.1% 5% 12% Exxon Mobil Corporation XOM $88.53 $375.1 $3.08 3.5% 3,6,9,12 19 35 4% 16% 5/11/95 Phillips 66 PSX $104.63 $53.5 $2.80 2.7% 3,6,9,12 7 5 5% 9% 5/2/12 Financials $32.3 1.7% 7% 11% Aflac Incorporated AFL $88.43 $34.8 $1.80 2.0% 3,6,9,12 12 35 5% - 11/1/06 BlackRock, Inc. BLK $587.67 $94.6 $11.52 2.0% 3,6,9,12 3 9 10% 13% 2/24/15 Brown & Brown, Inc. BRO $52.89 $7.3 $0.60 1.1% 2,5,8,11 10 24 6% 11% 10/3/08 Chubb Limited CB $154.98 $71.9 $2.84 1.8% 1,4,7,10 1 24 8% 11% 10/28/16 Commerce Bancshares, Inc. CBSH $58.95 $6.3 $0.90 1.5% 3,6,9,12 21 49 5% 8% 4/18/97 Eaton Vance Corporation EV $60.03 $7.1 $1.24 2.1% 2,5,8,11 18 37 6% 20% 1/12/01 FactSet Research Systems Inc. FDS $198.13 $7.7 $2.24 1.1% 3,6,9,12 9 18 9% 11% 2/6/09 T. Rowe Price Group TROW $117.71 $28.5 $2.28 1.9% 3,6,9,12 1 31 7% 14% 6/29/16 Health Care $149.4 1.9% 9% 8% Abbott Laboratories ABT $61.72 $107.4 $1.12 1.8% 2,5,8,11 10 46 8% 12% 6/25/08 AmerisourceBergen Corp. ABC $104.62 $22.9 $1.52 1.5% 3,6,9,12 2 13 9% 8% 11/9/15 Amgen Inc. AMGN $190.63 $138.4 $5.28 2.8% 3,6,9,12 3 7 12% 4% 9/9/15 Becton, Dickinson & Co. BDX $238.64 $63.6 $3.00 1.3% 3,6,9,12 11 46 9% 14% 1/5/07 Johnson & Johnson JNJ $142.07 $381.7 $3.36 2.4% 3,6,9,12 9 55 6% 8% 6/25/08 Medtronic Plc MDT $85.76 $116.1 $1.84 2.1% 1,4,7,10 2 40 9% 6% 11/9/15 Novartis AG ~ NVS $91.44 $216.1 $2.30 2.5% 4 12 20 4% 7% 9/16/05 Stryker Corporation SYK $164.49 $61.6 $1.88 1.1% 1,4,7,10 6 27 10% 10% 4/25/12 UnitedHealth Group Inc. UNH $244.85 $237.3 $3.00 1.2% 3,6,9,12 1 8 10% 15% 3/24/17 Industrials $71.7 2.0% 7% 10% 3M Company MMM $247.69 $147.5 $4.70 1.9% 2,5,8,11 13 60 7% 10% 3/2/05 Emerson Electric Co. EMR $72.63 $46.4 $1.94 2.7% 3,6,9,12 24 61 4% 10% 11/30/93 General Dynamics Corp. GD $219.27 $65.5 $3.36 1.5% 2,5,8,11 9 20 8% 11% 6/25/08 Harris Corporation HRS $143.10 $17.1 $2.28 1.6% 3,6,9,12 10 16 6% - 8/29/08 Illinois Tool Works Inc. ITW $173.76 $59.5 $3.12 1.8% 1,4,7,10 11 52 7% 10% 3/2/05 United Parcel Service, Inc. UPS $131.69 $113.7 $3.32 2.5% 3,6,9,12 9 8 7% 10% 3/7/07 United Technologies Corp. UTX $135.68 $108.3 $2.80 2.1% 3,6,9,12 14 22 7% 9% 9/20/01 W.W. Grainger, Inc. GWW $271.97 $15.5 $5.12 1.9% 3,6,9,12 11 46 8% 12% 7/10/06 Date Added to List Page 7 of 10

Appendix B DSIP List Strategy Holdings by Sector (continued) Market Cap (billion) per Share DSIP List Increases Company Consecutive Increases Annual Growth Estimate Consensus L-T EPS Growth Estimate Company Symbol Price Yield Pay Cycle 2 Information Technology $141.5 2.2% 8% 10% Accenture plc ACN $160.60 $103.2 $2.66 1.7% 5,11 10 12 8% 9% 6/25/08 Analog Devices, Inc. ADI $95.34 $35.1 $1.80 1.9% 3,6,9,12 9 13 6% 9% 6/28/07 Automatic Data Processing, Inc. ADP $120.86 $53.6 $2.52 2.1% 1,4,7,10 14 43 5% 12% 11/25/03 Broadridge Financial Solutions, Inc. BR $96.18 $11.2 $1.46 1.5% 1,4,7,10 2 10 8% 10% 1/15/16 Cisco Systems, Inc. CSCO $42.17 $208.5 $1.16 2.8% 1,4,7,10 4 6 9% 6% 11/20/13 Int'l Business Machines Corp. IBM $165.37 $153.1 $6.00 3.6% 3,6,9,12 17 22 6% 3% 7/20/00 Jack Henry & Associates, Inc. JKHY $125.15 $9.7 $1.24 1.0% 3,6,9,12 18 26 10% 11% 11/11/99 Microsoft Corporation MSFT $91.82 $708.4 $1.68 1.8% 3,6,9,12 6 14 8% 11% 1/5/12 Paychex, Inc. PAYX $68.02 $24.4 $2.00 2.9% 2,5,8,11 14 7 5% 8% 5/7/01 Texas Instruments Inc. TXN $109.70 $108.1 $2.48 2.3% 2,5,8,11 1 14 7% 12% 6/28/17 Materials $31.8 1.7% 7% 10% Air Products & Chemicals, Inc. APD $170.81 $37.4 $3.80 2.2% 2,5,8,11 12 36 7% 10% 7/5/06 AptarGroup, Inc. ATR $88.20 $5.5 $1.28 1.5% 2,5,8,11 8 23 6% 9% 12/4/06 Ecolab Inc. ECL $137.31 $39.7 $1.64 1.2% 1,4,7,10 11 26 9% 13% 3/6/07 PPG Industries, Inc. PPG $118.94 $30.3 $1.80 1.5% 3,6,9,12 1 46 7% 9% 6/29/16 Praxair, Inc. PX $160.87 $46.1 $3.15 2.0% 3,6,9,12 12 25 7% 11% 6/15/06 Real Estate $28.3 3.4% 5% 5% American Tower Corporation AMT $141.76 $60.8 $2.80 2.0% 2,5,8,11 18 5 15% 41% 6/14/13 Federal Realty Investment Trust FRT $123.22 $8.9 $4.00 3.2% 1,4,7,10 1 50 5% 5% 10/28/16 Realty Income Corporation O $54.01 $15.2 $2.63 4.9% Monthly 53 23 3% 5% 3/14/07 Telecommunications $224.2 4.9% 2% 5% AT&T, Inc. T $37.02 $227.3 $2.00 5.4% 2,5,8,11 10 34 2% 6% 6/25/08 Verizon Communications Inc. VZ $54.22 $221.2 $2.36 4.4% 2,5,8,11 4 11 2% 4% 3/12/14 Utilities $22.8 3.3% 6% 7% Edison International EIX $61.70 $20.1 $2.42 3.9% 1,4,7,10 3 14 8% 7% 3/3/15 Eversource Energy ES $61.13 $19.4 $1.90 3.1% 3,6,9,12 14 18 6% 6% 6/7/04 New Jersey Resources Corp NJR $39.05 $3.4 $1.09 2.8% 1,4,7,10 23 22 6% 7% 2/16/96 NextEra Energy, Inc. NEE $150.85 $71.0 $3.93 2.6% 3,6,9,12 24 23 10% 8% 5/10/94 South Jersey Industries, Inc. SJI $29.72 $2.4 $1.12 3.8% 4,7,10,12 14 19 5% 10% 3/29/04 WEC Energy Group Inc. WEC $63.24 $20.0 $2.21 3.5% 3,6,9,12 8 15 6% 6% 2/9/12 Xcel Energy Inc. XEL $45.55 $23.1 $1.44 3.2% 1,4,7,10 2 14 6% 6% 3/3/15 DSIP List Average 1 $89.8 2.3% 11 27 7% 10% 1/8/08 S&P 500 SP50 $2,838 $48.4 $46.53 1.6% 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 Increases = the number of dividend increases for the company while on the DSIP List Company Consecutive Increases = 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 Date Added to List Page 8 of 10

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