Diversified Stock Income Plan List - Wells Fargo Advisors

Holdings by Sector

Global Securities Research

DSIP List

October 18, 2022

Joe Buffa

Equity Sector Analyst Wells Fargo Advisors

DSIP List overview

The DSIP List (Diversified Stock Income Plan 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 well-diversified portfolio. Through consistent dividend growth, our goal is to help investors stay ahead of the wealth eroding effects of inflation.

DSIP List holdings statistics

Company

Communication Services (average) Comcast Corp. Verizon Communications, Inc. DSIP Average1 S&P 500

Symbol

Price

N/A CMCSA

VZ N/A SP50

N/A $30.82 $37.18 N/A $3,678

Market Cap

(billion)

$146.1 $136.0 $156.1 $140.2 $61.8

Dividend per Share

N/A $1.08 $2.61 N/A $60.20

Dividend Yield

5.3% 3.5% 7.0% 2.5% 1.6%

Dividend Pay Cycle2

N/A 1,4,7,10 2,5,8,11 N/A N/A

DSIP Dividend Increases

N/A 7 9 12

N/A

Company Consecutive

Dividend Increases

N/A 14 16

29

N/A

Annual Dividend Growth Estimate

6% 9% 2%

7%

N/A

Consensus LT EPS Growth

Estimate

6% 11% 1% 9% 11%

Date Added to

DSIP

N/A 8/28/15 3/12/14 5/1/11

N/A

Please see pages 9-11 of this report for Important Disclosures, Disclaimers and Analyst Certification

Investment and Insurance Products: NOT FDIC Insured NO Bank Guarantee MAY Lose Value

Holdings by Sector -- DSIP List | October 18, 2022

Company

Consumer Discretionary The Home Depot, Inc. Lowe's Cos., Inc. McDonald's Corp. NIKE, Inc. Starbucks Corp. Target Corp. Tractor Supply Co. VF Corp. Consumer Staples Brown-Forman Corp. Church & Dwight Co., Inc. The Clorox Co. Colgate-Palmolive Co. Costco Wholesale Corp. The J. M. Smucker Co. McCormick & Co., Inc. Mondelez International, Inc. PepsiCo, Inc. Procter & Gamble Co. Walmart, Inc. Energy Phillips 66 Financials Aflac, Inc. BlackRock, Inc. Brown & Brown, Inc. Chubb Ltd. Commerce Bancshares, Inc. (Missouri) FactSet Research Systems, Inc. Intercontinental Exchange, Inc. S&P Global, Inc. T. Rowe Price Group, Inc. DSIP Average1 S&P 500

Symbol Price

N/A HD LOW MCD NKE SBUX TGT TSCO VFC N/A BF.B CHD CLX CL COST SJM MKC MDLZ PEP PG WMT N/A PSX N/A AFL BLK BRO CB CBSH FDS ICE SPGI TROW N/A SP50

N/A $281.26 $194.09 $246.48 $89.97 $88.90 $149.25 $201.71 $29.55

N/A $65.41 $73.98 $133.19 $72.14 $464.17 $139.97 $73.63 $57.44 $172.73 $127.34 $131.37 N/A $95.46 N/A $59.63 $569.25 $61.29 $192.69 $72.60 $407.00 $91.78 $297.39 $102.80 N/A $3,678

Market Cap

(billion)

$116.9 $287.9 $120.5 $181.3 $140.8 $102.0 $68.7 $22.4 $11.5 $122.2 $31.3 $18.0 $16.4 $60.4 $205.4 $14.9 $19.7 $78.7 $238.0 $304.3 $356.6 $45.9 $45.9 $46.6 $37.7 $86.2 $17.3 $80.5 $8.7 $15.5 $51.3 $99.2 $23.4 $140.2 $61.8

Dividend per Share

N/A $7.60 $4.20 $6.08 $1.22 $2.12 $4.32 $3.68 $2.00 N/A $0.75 $1.05 $4.72 $1.88 $3.60 $4.08 $1.48 $1.54 $4.60 $3.65 $2.24 N/A $3.88 N/A $1.60 $19.52 $0.41 $3.32 $1.06 $3.56 $1.52 $3.40 $4.80 N/A $60.20

Dividend Yield

2.8% 2.7% 2.2% 2.5% 1.4% 2.4% 2.9% 1.8% 6.8% 2.2% 1.2% 1.4% 3.5% 2.6% 0.8% 2.9% 2.0% 2.7% 2.7% 2.9% 1.7% 4.1% 4.1% 2.0% 2.7% 3.4% 0.7% 1.7% 1.5% 0.9% 1.7% 1.1% 4.7% 2.5% 1.6%

Dividend Pay Cycle2

N/A 3,6,9,12 2,5,8,11 3,6,9,12 1,4,7,10 2,5,8,11 3,6,9,12 3,6,9,13 3,6,9,12 N/A 4,7,10,12 3,6,9,12 2,5,8,11 2,5,8,11 2,5,8,11 3,6,9,12 1,4,7,10 1,4,7,10 1,3,6,9 2,5,8,11 1,4,6,9 N/A 3,6,9,12 N/A 3,6,9,12 3,6,9,12 2,5,8,11 1,4,7,10 3,6,9,12 3,6,9,12 3,6,9,12 3,6,9,12 3,6,9,12 N/A N/A

DSIP Dividend Increases

N/A 3 10 18 7 6 1 0 13

N/A 15 2 18 17 14 15 15 4 28 24 18 N/A 11 N/A 17 8 14 6 26 14 2 4 6 12 N/A

Company Consecutive

Dividend Increases

N/A 12 60 46 20 12 51 12 49 N/A 38 26 45 60 17 21 36 9 50 66 49 N/A 10 N/A 39 13 28 29 54 23 9 49 36 29 N/A

Annual Dividend Growth Estimate

9% 9% 10% 6% 12% 10% 8% 7% 5% 6% 6% 6% 2% 4% 10% 5% 7% 8% 7% 4% 2% 3% 3% 7% 5% 8% 7% 5% 5% 8% 8% 8% 7% 7% N/A

Consensus L-T EPS Growth Estimate

10% 10% 20% 8% 10% 11% 9% 10% 3% 5% 8% 5% 6% 4% 13% 3% 1% 5% 8% 4% 5% 13% 13% 8%

3% 9% 13% 6% 12% 8% 42% -11% 9% 11%

Date Added to

DSIP

N/A 1/3/20 9/14/12 9/16/04 2/24/15 3/24/17 9/29/21 5/3/22 10/3/08 N/A 5/31/07 3/5/20 9/16/05 9/16/05 6/25/08 10/3/08 5/31/07 9/17/18 8/10/94 11/23/98 9/21/04 N/A 5/2/12 N/A 11/1/06 2/24/15 10/3/08 10/28/16 4/18/97 2/6/09 2/27/20 10/19/18 6/29/16 5/1/11 N/A

Page 2 of 11

Holdings by Sector -- DSIP List | October 18, 2022

Company

Health Care AmerisourceBergen Corp. Abbott Laboratories Amgen, Inc. Becton, Dickinson & Co. Johnson & Johnson Medtronic Plc Stryker Corp. UnitedHealth Group, Inc. Industrials 3M Co. Cintas Corp. Emerson Electric Co. General Dynamics Corp. Honeywell International, Inc. Illinois Tool Works, Inc. L3Harris Technologies, Inc. Lockheed Martin Corp. Raytheon Technologies Corp. Union Pacific Corp. United Parcel Service, Inc. W.W. Grainger, Inc. Xylem, Inc. Information Technology Accenture Plc Analog Devices, Inc. Apple, Inc. Automatic Data Processing, Inc. Broadridge Financial Solutions, Inc. Cisco Systems, Inc. Jack Henry & Associates, Inc. Microsoft Corp. Paychex, Inc. Texas Instruments Incorporated DSIP Average1 S&P 500

Symbol Price

N/A ABC ABT AMGN BDX JNJ MDT SYK UNH N/A MMM CTAS EMR GD HON ITW LHX LMT RTX UNP UPS GWW XYL N/A ACN ADI AAPL ADP BR CSCO JKHY MSFT PAYX TXN N/A SP50

N/A $142.38 $103.52 $252.93 $229.02 $166.59 $82.76 $215.63 $521.88

N/A $113.86 $394.05 $80.07 $228.84 $177.04 $190.97 $223.56 $397.31 $84.47 $198.60 $164.72 $517.23 $90.55

N/A $262.22 $139.12 $142.41 $233.08 $142.79 $41.30 $186.80 $237.53 $111.95 $150.99

N/A $3,678

Market Cap

(billion)

$191.1 $29.5 $181.3 $135.3 $65.3 $438.0 $110.0 $81.6 $488.2 $75.1 $64.9 $40.0 $47.3 $62.8 $119.3 $59.1 $42.8 $105.3 $124.7 $124.0 $143.3 $26.3 $16.3

$478.1 $174.3 $71.6 $2,288.6 $96.8 $16.8 $169.7 $13.6 $1,771.5 $40.3 $138.0 $140.2 $61.8

Dividend per Share

N/A $1.84 $1.88 $7.76 $3.48 $4.52 $2.72 $2.78 $6.60 N/A $5.96 $4.60 $2.06 $5.04 $4.12 $5.24 $4.48 $12.00 $2.20 $5.20 $6.08 $6.88 $1.20 N/A $4.48 $3.04 $0.92 $4.16 $2.90 $1.52 $1.96 $2.72 $3.16 $4.96 N/A $60.20

Dividend Yield

2.0% 1.3% 1.8% 3.1% 1.5% 2.7% 3.3% 1.3% 1.3% 2.5% 5.2% 1.2% 2.6% 2.2% 2.3% 2.7% 2.0% 3.0% 2.6% 2.6% 3.7% 1.3% 1.3% 2.0% 1.7% 2.2% 0.6% 1.8% 2.0% 3.7% 1.0% 1.1% 2.8% 3.3% 2.5% 1.6%

Dividend Pay Cycle2

N/A 3,6,9,12 2,5,8,11 3,6,9,12 3,6,9,12 3,6,9,12 1,4,7,10 1,4,7,10 3,6,9,12 N/A 2,5,8,11 #N/A 3,6,9,12 2,5,8,11 3,6,9,12 1,4,7,10 3,6,9,12 3,6,9,12 3,6,9,12 3,6,9,12 3,6,9,12 3,6,9,12 3,6,9,12 N/A

5,11 3,6,9,12 2,5,8,11 1,4,7,10 1,4,7,10 1,4,7,10 3,6,9,12 3,6,9,12 2,5,8,11 2,5,8,11 N/A N/A

DSIP Dividend Increases

N/A 6 14 7 15 14 7 10 6

N/A 17 1 28 14 5 16 15 3 17 3 14 16 4 N/A 15 14 4 19 7 9 23 11 18 6 12 N/A

Company Consecutive

Dividend Increases

N/A 16 50 11 50 60 45 31 13 N/A 64 39 65 25 13 57 21 20 2 16 13 51 11 N/A 17 18 9 47 16 11 31 19 11 19 29 N/A

Annual Dividend Growth Estimate

8% 5% 8% 10% 5% 6% 7% 10% 10% 7% 3% 8% 2% 8% 8% 7% 8% 7% 6% 8% 6% 6% 8% 8% 9% 8% 8% 6% 9% 5% 8% 9% 5% 8% 7% N/A

Consensus L-T EPS Growth Estimate

8% 9% 1% 7% 7% 4% 8% 8% 13% 9% 8% 11% 10% 12% 9% 6% 4% 6% 9% 10% 6% 13% 14% 12% 12% 13% 12% 16% 8% 9% 13% 12% 9% 9% 11%

Date Added to

DSIP

N/A 11/9/15 6/25/08 9/9/15 1/5/07 6/25/08 11/9/15 4/25/12 3/24/17

N/A 3/2/05 7/5/22 11/30/93 6/25/08 2/7/18 3/2/05 8/29/08 3/5/20 9/20/01 3/5/20 3/7/07 7/10/06 10/19/18 N/A 6/25/08 6/28/07 11/29/18 11/25/03 1/15/16 11/20/13 11/11/99 1/5/12 5/7/01 6/28/17 5/1/11 N/A

Page 3 of 11

Holdings by Sector -- DSIP List | October 18, 2022

Company

Materials Air Products & Chemicals, Inc. Ecolab, Inc. Linde Plc PPG Industries, Inc. The Sherwin-Williams Co. Real Estate American Tower Corp. Crown Castle, Inc. Federal Realty Investment Trust Prologis, Inc. Realty Income Corp. Utilities American Water Works Co., Inc. Atmos Energy Corp. CMS Energy Corp. Eversource Energy New Jersey Resources Corp. NextEra Energy, Inc. WEC Energy Group, Inc. Xcel Energy, Inc. DSIP Average1 S&P 500

Symbol Price

N/A APD ECL LIN PPG SHW N/A AMT CCI FRT PLD O N/A AWK ATO CMS ES NJR NEE WEC XEL N/A SP50

N/A $237.36 $144.70 $280.92 $113.31 $209.12

N/A $192.49 $132.97 $91.77 $105.23 $57.49

N/A $131.42 $99.63 $55.36 $73.87 $40.43 $73.65 $85.65 $60.60

N/A $3,678

Market Cap

(billion)

$62.8 $52.6 $41.2 $139.4 $26.6 $54.2 $57.6 $89.6 $57.6 $7.4 $98.1 $35.5 $36.2 $23.9 $13.9 $16.1 $25.6 $3.9 $146.3 $27.0 $33.1 $140.2 $61.8

Dividend per Share

N/A $6.48 $2.04 $4.68 $2.48 $2.40 N/A $5.69 $5.88 $4.32 $3.16 $2.98 N/A $2.62 $2.72 $1.84 $2.55 $1.56 $1.70 $2.91 $1.95 N/A $60.20

Dividend Yield

1.8% 2.7% 1.4% 1.7% 2.2% 1.1% 4.1% 3.0% 4.4% 4.7% 3.0% 5.2% 3.0% 2.0% 2.7% 3.3% 3.5% 3.9% 2.3% 3.4% 3.2% 2.5% 1.6%

Dividend Pay Cycle2

N/A 2,5,8,11 1,4,7,10 3,6,9,12 3,6,9,12 3,6,9,12 N/A 2,5,8,11 3,6,9,12 1,4,7,10 1,4,7,11 Monthly N/A 3,6,9,12 3,6,9,12 2,5,8,11 3,6,9,12 1,4,7,10 3,6,9,12 3,6,9,12 1,4,7,10 N/A N/A

DSIP Dividend Increases

N/A 16 15 16 6 2 N/A 37 4 6 0 75 N/A 4 2 4 19 28 29 12 7 12 N/A

Company Consecutive

Dividend Increases

N/A 40 30 29 51 43 N/A 10 7 55 8 27 N/A 14 38 16 23 27 28 19 19 29 N/A

Annual Dividend Growth Estimate

7% 7% 8% 7% 6% 8% 7% 12% 7% 3% 7% 3% 7% 8% 7% 7% 6% 7% 10% 6% 6% 7% N/A

Consensus L-T EPS Growth Estimate

12% 12% 13% 9% 9% 13% 7% 9% 7% 7%

3% 7% 8% 8% 9% 7% 6% 10% 7% 7% 9% 11%

Date Added to

DSIP

N/A 7/5/06 3/6/07 6/15/06 6/29/16 3/5/20 N/A 6/14/13 9/17/18 10/28/16 5/3/22 3/14/07 N/A 6/7/18 1/3/20 9/17/18 6/7/04 2/16/96 5/10/94 2/9/12 3/3/15 5/1/11 N/A

Sources: FactSet, Wells Fargo Advisors, company reports. 1. Simple average for market cap, dividend yield, dividend counts, and date added. Median for growth estimate. 2. Months in which dividends are paid. January is 1, February is 2, etc. EPS = earnings per share, funds from operations used for real estate investment trusts. L-T = long-term. DSIP dividend increases = the number of dividend increases for the company while on DSIP. Company consecutive dividend increases = the consecutive number of annual dividend increases for the company.

Page 4 of 11

Holdings by Sector -- DSIP List | October 18, 2022

DSIP List holdings statistics

Symbol

Communication Services (average) CMCSA VZ Consumer Discretionary HD LOW MCD NKE SBUX TGT TSCO VFC Consumer Staples BF.B CHD CLX CL COST SJM MKC MDLZ PEP PG WMT Energy PSX DSIP Average1 S&P 500

Sub-Industry

Price

52Week Low

52Week High

Fiscal Year End

TTM Dividend Payout

Ratio

5-Yr Dividend

CAGR

Consensus NTM EPS Estimate

NTM P/E

5-Yr Average

NTM P/E

NTM Relative

P/E

5-Yr Avg NTM Relative P/E

Int'l Sales

Net Debt / Capital

S&P Credit Rating

n/a

n/a

n/a

n/a

n/a

43%

7%

n/a

7.7x 12.7x

0.5x

0.7x 11% 57%

n/a

Cable & Satellite

$30.82 $28.39 $54.88 Dec

34%

13%

$3.69

8.4x

14.9x

0.5x

0.8x

22%

48%

A-

Integrated Telecommunication Services $37.18 $35.04 $55.51 Dec

51%

2%

$5.17

7.2x

11.1x

0.5x

0.6x

0%

66%

BBB+

n/a

n/a

n/a

n/a

n/a

47%

12%

n/a

17.5x 23.2x

1.1x

1.2x 28% 75%

n/a

Home Improvement Retail

$281.26 $264.51 $420.61 Jan

44%

19%

$16.99

16.6x 21.3x

1.1x

1.1x

8%

97%

A

Home Improvement Retail

$194.09 $170.12 $263.31 Jan

27%

18%

$14.30

13.6x 17.7x

0.9x

0.9x

6%

BBB+

Restaurants

$246.48 $217.68 $271.15 Dec

67%

8%

$9.92

24.8x 25.6x

1.5x

1.3x

62% 111% BBB+

Footwear

$89.97 $82.22 $179.10 May

35%

11%

$3.07

29.3x 34.5x

1.8x

1.7x

67%

3%

AA-

Restaurants

$88.90 $68.39 $117.80 Oct

54%

18%

$3.13

28.4x 32.2x

1.7x

1.5x

30% 136% BBB+

General Merchandise Stores

$149.25 $137.16 $268.98 Jan

43%

7%

$11.11

13.4x 17.7x

0.9x

0.9x

0%

59%

A

Specialty Stores

$201.71 $166.49 $241.54 Dec

32%

18%

$10.12

19.9x 22.0x

1.3x

1.1x

0%

58%

BBB

Apparel Accessories & Luxury Goods

$29.55 $27.92 $78.91 Apr

78%

-2%

$2.65

11.2x 25.1x

0.7x

1.3x

48%

60%

A-

n/a

n/a

n/a

n/a

n/a

59%

4%

n/a

23.7x 24.5x

1.5x

1.3x 38% 43%

n/a

Distillers & Vintners Household Products Household Products Household Products Hypermarkets & Super Centers Packaged Foods & Meats Packaged Foods & Meats Packaged Foods & Meats Soft Drinks Household Products Hypermarkets & Super Centers n/a Oil & Gas Refining & Marketing

SP50

$65.41 $60.23 $78.15 Apr

40%

5%

$1.99

32.9x 36.9x

2.1x

1.9x

49%

27%

A-

$73.98 $70.16 $105.28 Dec

33%

7%

$3.03

24.4x 28.5x

1.5x

1.5x

18%

36%

BBB+

$133.19 $120.50 $186.86 Jun

125%

8%

$4.07

32.7x 27.2x

1.9x

1.4x

16%

80%

BBB+

$72.14 $67.84 $85.61 Dec

79%

3%

$3.06

23.6x 24.2x

1.5x

1.3x

69%

86%

AA-

$464.17 $406.51 $612.27 Aug

26%

-18%

$14.60

31.8x 35.2x

2.0x

1.8x

27%

1%

A+

$139.97 $119.82 $146.74 Apr

73%

6%

$8.87

15.8x 14.3x

1.0x

0.8x

7%

36%

BBB

$73.63 $71.19 $107.35 Nov

56%

10%

$2.92

25.2x 29.8x

1.6x

1.6x

40%

50%

BBB

$57.44 $54.72 $69.47 Dec

51%

13%

$2.90

19.8x 20.5x

1.2x

1.1x

75%

38%

BBB

$172.73 $153.37 $181.07 Dec

64%

7%

$7.14

24.2x 23.6x

1.5x

1.2x

44%

56%

A+

$127.34 $122.18 $165.35 Jun

61%

5%

$5.81

21.9x 23.7x

1.4x

1.3x

54%

32%

AA-

$131.37 $117.27 $160.77 Jan

44%

2%

$6.21

21.1x 22.9x

1.3x

1.2x

18%

36%

AA

n/a

n/a

n/a

n/a

32%

8%

n/a

6.4x 17.0x

0.5x

0.7x 21% 27%

n/a

$95.46 $67.08 $111.28 Dec

32%

8%

$14.94

6.4x

17.0x

0.5x

0.7x

21%

27%

BBB+

51%

9%

17.7x 21.1x

1.1x

1.1x 31% 40%

A-

$3,678 $3,492 $4,819

30%

6%

$236 15.6x 18.6x

1.0x

1.0x 40% 33% BBB+

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