DSIP List. List by Sector. Please see pages 4-5 of this report for Important Disclosures, Disclaimers and Analyst Certification.

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1 Joseph Buffa, Equity Sector Analyst Kent Newcomb, CFA, Equity Sector Analyst DSIP List List by Sector April 6, 2015 DSIP List (Diversified Stock Income Plan) overview: The 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. for EPS Consumer Discretionary Lowe's Companies LOW $74.84 $ % 2,5,8, % 18% $71.2 McDonald's Corporation MCD $95.83 $ % 3,6,9, % 6% $92.1 NIKE, Inc. Class B NKE $99.66 $ % 1,4,7, % 14% $86.1 Nordstrom, Inc. JWN $79.96 $ % 3,6,9, % 11% $15.2 Polaris Industries, Inc. PII $ $ % 3,6,9, % 17% $9.4 Target Corporation TGT $82.67 $ % 3,6,9, % 11% $53.1 TJX Companies, Inc. TJX $69.32 $ % 3,6,9, % 12% $47.4 V.F. Corporation VFC $75.48 $ % 3,6,9, % 11% $32.1 Consumer Staples Brown-Forman Corporation BF.B $91.08 $ % 4,7,10, % 8% $19.2 Clorox Company CLX $ $ % 2,5,8, % 7% $14.5 Colgate-Palmolive Company CL $69.33 $ % 2,5,8, % 8% $62.9 Costco Wholesale Corporation COST $ $ % 2,5,8, % 10% $66.7 CVS Health Corporation CVS $ $ % 2,5,8, % 14% $115.6 General Mills, Inc. GIS $56.55 $ % 2,5,8, % 5% $33.7 J. M. Smucker Company SJM $ $ % 3,6,9, % 6% $13.9 Kellogg Company K $66.38 $ % 3,6,9, % 3% $23.7 Kimberly-Clark Corporation KMB $ $ % 1,4,7, % 6% $39.1 McCormick & Company, Inc. MKC $76.86 $ % 1,4,7, % 7% $9.8 PepsiCo, Inc. PEP $95.69 $ % 1,3,6, % 7% $141.8 Procter & Gamble Company PG $82.43 $ % 2,5,8, % 8% $222.6 Sysco Corporation SYY $37.64 $ % 1,4,7, % 10% $22.3 Wal-Mart Stores, Inc. WMT $80.73 $ % 1,4,6, % 5% $260.4 Energy Chevron Corporation CVX $ $ % 3,6,9, % -5% $197.9 ConocoPhillips COP $63.18 $ % 3,6,9, % -3% $77.8 Exxon Mobil Corporation XOM $84.30 $ % 3,6,9, % 3% $353.6 Phillips 66 PSX $78.17 $ % 3,6,9, % 5% $42.5 Royal Dutch Shell plc RDS.B $63.54 $ % 2,5,8, % 0% $77.5 Schlumberger NV SLB $84.39 $ % 1,4,7, % 16% $107.6 Please see pages 4-5 of this report for Important Disclosures, Disclaimers and Analyst Certification.

2 for EPS Financials Aflac Incorporated AFL $63.58 $ % 3,6,9, % 2% $27.9 American Tower Corporation AMT $96.78 $ % 4,7,10, % 21% $40.7 BlackRock, Inc. BLK $ $ % 3,6,9, % 13% $60.6 Brown & Brown, Inc. BRO $33.13 $ % 2,5,8, % 10% $4.8 Chubb Corporation CB $ $ % 1,4,7, % 10% $23.4 Commerce Bancshares, Inc. CBSH $42.32 $ % 3,6,9, % 8% $4.1 Eaton Vance Corporation EV $42.06 $ % 2,5,8, % 10% $5.0 Realty Income Corporation O $52.05 $ % Monthly % 4% $11.7 Health Care Abbott Laboratories ABT $46.13 $ % 2,5,8, % 11% $69.6 Baxter International Inc. BAX $68.00 $ % 1,4,7, % 6% $36.9 Becton, Dickinson & Company BDX $ $ % 3,6,9, % 11% $29.5 Johnson & Johnson JNJ $99.64 $ % 3,6,9, % 5% $277.0 Novartis AG ~ NVS $99.78 $ % % 9% $239.3 Owens & Minor, Inc. OMI $33.70 $ % 3,6,9, % 7% $2.1 Stryker Corporation SYK $91.12 $ % 1,4,7, % 9% $34.5 Teva Pharmaceutical Ind. Ltd ~ TEVA $63.80 $ % 3,6,9, % 1% $54.3 Industrials 3M Company MMM $ $ % 2,5,8, % 9% $103.3 Caterpillar Inc. CAT $80.24 $ % 2,5,8, % 10% $48.6 Emerson Electric Company EMR $55.54 $ % 3,6,9, % 6% $38.1 General Dynamics Corporation GD $ $ % 2,5,8, % 9% $44.4 Illinois Tool Works Inc. ITW $96.61 $ % 1,4,7, % 8% $36.1 Norfolk Southern Corporation NSC $ $ % 3,6,9, % 11% $34.0 United Parcel Service, Inc. UPS $96.47 $ % 3,6,9, % 11% $87.1 United Technologies Corp UTX $ $ % 3,6,9, % 9% $106.3 W.W. Grainger, Inc. GWW $ $ % 3,6,9, % 12% $15.5 Information Technology Accenture plc ACN $94.18 $ % 5, % 10% $77.4 Analog Devices, Inc. ADI $62.24 $ % 3,6,9, % 11% $19.4 Automatic Data Processing, Inc. ADP $85.92 $ % 1,4,7, % 11% $40.8 Cisco Systems, Inc. CSCO $27.13 $ % 1,4,7, % 9% $138.5 FactSet Research Systems Inc. FDS $ $ % 3,6,9, % 12% $6.7 Harris Corporation HRS $78.70 $ % 3,6,9, % 5% $8.2 Int'l Business Machines Corp. IBM $ $ % 3,6,9, % 6% $158.6 Jack Henry & Associates, Inc. JKHY $69.69 $ % 3,6,9, % 12% $5.7 Microsoft Corporation MSFT $40.29 $ % 3,6,9, % 10% $330.5 chex, Inc. PAYX $49.25 $ % 2,5,8, % 10% $17.9 QUALCOMM Incorporated QCOM $67.97 $ % 3,6,9, % 12% $112.1 Materials Air Products & Chemicals, Inc. APD $ $ % 2,5,8, % 11% $32.4 AptarGroup, Inc. ATR $63.15 $ % 2,5,8, % 10% $3.9 Ecolab Inc. ECL $ $ % 1,4,7, % 13% $33.9 Praxair, Inc. PX $ $ % 3,6,9, % 12% $35.3 Page 2 of 5

3 Telecommunications AT&T, Inc. T $33.13 $ % 2,5,8, % 4% $172.0 Verizon Communications Inc. VZ $49.47 $ % 2,5,8, % 8% $205.6 Utilities Edison International EIX $63.04 $ % 1,4,7, % 4% $20.5 Eversource Energy ES $50.64 $ % 3,6,9, % 7% $16.1 National Fuel Gas Company NFG $61.12 $ % 1,4,7, % 5% $5.2 New Jersey Resources Corp NJR $31.35 $ % 1,4,7, % 5% $1.3 NextEra Energy, Inc. NEE $ $ % 3,6,9, % 6% $46.5 Piedmont Natural Gas Co, Inc. PNY $37.38 $ % 1,4,7, % 6% $2.9 SCANA Corporation SCG $55.21 $ % 1,4,7, % 6% $7.9 South Jersey Industries, Inc. SJI $54.69 $ % 4,7,10, % 5% $1.9 Southern Company SO $44.64 $ % 3,6,9, % 4% $40.6 Wisconsin Energy Corp WEC $49.79 $ % 3,6,9, % 4% $11.2 Xcel Energy Inc. XEL $34.76 $ % 1,4,7, % 5% $17.6 DSIP List Average: 2.6% % 8% $65.6 Sources: FactSet, company reports, Wells Fargo Advisors ~ does not reflect the foreign tax withholding. Royal Dutch Shell has two classes of shares (RDS.A, RDS.B). s on both classes are paid in U.S. dollars. A foreign tax is withheld from the Class A shares but not from the Class B shares. *Months in which dividends are paid. January is 1, February 2, etc. ** categories: large cap greater than $12.5 billion, mid cap between $12.5 billion and $3 billion, small cap less than $3 billion. for EPS Page 3 of 5

4 IMPORTANT DISCLOSURES Disclosure information... For important disclosure information, please contact: Wells Fargo Advisors Attn: Advisory Services (Disclosure Information) One North Jefferson, St. Louis, MO Or call phone (888) 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 April 2, 2015, 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 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. Page 4 of 5

5 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 correspondents as well as other sources. ASG research analysts provide investment advice based on their own observations and analysis (both fundamental and quantitative) for the clients of Wells Fargo Advisors and its affiliates. ASG does not assign ratings to or project target prices for any of the securities mentioned in this report. ASG 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 Wells 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 5 of 5