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FEBRUARY 27 2013

Capital Markets Equity Screens


Companies with a Long History of Dividend Payment/Growth
This report is prepared on a monthly basis according to the criteria listed below. These criteria are pre-set and will not be adjusted in this or future reports. Accordingly, the securities listed have not been individually reviewed by the author nor is the author recommending these securities.
Focus This report identifies those stocks in the research coverage universe of

United States

Morgan Stanley Wealth Management Capital Markets Miro Pasic Casey Galligan Simon Kong Sean Diffley Herwin Yip John Storey

Morgan Stanley & Co. LLC (Morgan Stanley) and Citi Research (Citi) which have a long history of dividend payment and growth.
Criteria The identified stocks have historically achieved an annualized

dividend growth rate of 5% or better over a 15 year trailing period. Please note past performance is not a guarantee of future performance.
Stocks must be Overweight or Equal-Weight rated by Morgan Stanley Research

and/or Buy (1) or Neutral (2) Rated by Citi Research


Market-capitalization greater than $2 billion Dividend Yield greater than or equal to S&P 500 Yield Closing price greater than or equal to $3 Current dividend payout < 60% of the current year's EPS estimate, in order to avoid

stocks that have potentially unsustainable dividend levels.


Reminder This list should be used as a starting point only. This is not a

research report. Please ask your Financial Advisor for a copy of current fundamental research on those stocks which appear to be of interest.

Past performance is not a guarantee of future performance. Because of their narrow focus, sector investments tend to be more volatile than investments that diversify across many sectors and companies. Investing in smaller/mid-cap companies involves greater risks not associated with investing in more established companies, such as business risk, significant stock price fluctuations and illiquidity. Growth investing does not guarantee a profit or eliminate risk. The stocks of these companies can have relatively high valuations. Because of these high valuations, an investment in a growth stock can be more risky than an investment in a company with more modest growth expectations. Information provided herein has been obtained from outside sources that are deemed to be reliable. However, Morgan Stanley Wealth Management has not independently verified them and we make no guarantees, express or implied, as to their accuracy or completeness or as to whether they are current. This material has been prepared for informational purposes only and is not an offer to buy or sell or a solicitation of any offer to buy or sell any security or other financial instrument or to participate in any trading strategy. This is not a research report and was not prepared by the research departments of Morgan Stanley & Co. LLC, Morgan Stanley Smith Barney LLC or Citigroup Global Markets Inc. It was prepared by Morgan Stanley Wealth Management sales, trading or other non-research personnel. Past performance is not necessarily a guide to future performance. Please see additional important information and qualifications at the end of this material.

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Figure 1. Companies with a Long History of Dividend Payment/Growth Mktcap Price Div. 15Yr Div. Payout MS MS Industry Citi ($ mil) 02/26/13 Yield Growth Ratio Rating View Rating 15,573.89 45.69 2.41% 24.6% 32% OW In-Line 1 11,030.77 54.30 2.21% 24.6% 17% OW Attractive 2H 101,014.29 67.56 2.31% 24.2% 44% EW In-Line 1 22,832.64 48.81 2.87% 20.4% 22% EW In-Line 1 237,879.88 71.11 2.64% 19.2% 35% EW In-Line 1 32,856.20 110.58 2.17% 18.5% 40% EW Attractive 1 44,621.11 44.12 2.36% 17.1% 28% EW In-Line 1 41,683.36 64.05 2.25% 16.7% 30% OW In-Line 1 5,777.79 83.73 2.01% 15.1% 33% 1 211,745.40 75.75 3.22% 12.9% 45% EW In-Line 1 116,665.26 75.62 2.84% 12.1% 49% OW In-Line 2 23,648.87 66.91 3.05% 12.0% 30% 1 28,937.58 85.03 2.31% 11.9% 25% OW In-Line 21,097.62 30.83 2.47% 11.8% 29% OW In-Line 2 53,275.37 113.91 2.18% 11.5% 43% OW In-Line 2 207,824.02 76.08 2.95% 11.0% 55% EW In-Line 1 33,571.09 86.50 2.13% 10.7% 21% 1 17,415.70 158.03 2.20% 10.6% 32% 1 10,951.04 83.62 3.06% 10.0% 59% EW In-Line 1 14,923.67 57.09 2.80% 9.7% 40% EW Attractive 1 170,929.52 38.11 2.94% 9.6% 52% EW In-Line 1 27,587.84 59.56 2.55% 9.5% 35% 1 13,341.52 81.62 2.06% 9.3% 46% EW In-Line 1 12,581.67 43.63 2.75% 8.9% 41% OW Cautious 1 3,015.83 52.59 2.13% 8.1% 26% 1 223,332.56 114.96 3.13% 8.0% 29% OW Attractive 1 15,427.48 65.06 3.38% 7.9% 31% 1 40,522.73 56.12 2.92% 7.0% 46% EW In-Line 1 398,472.03 88.51 2.58% 7.0% 29% EW Attractive 1 36,451.68 66.77 2.70% 6.5% 38% OW In-Line 2 54,175.43 69.12 2.37% 6.4% 33% OW In-Line 1 70,592.88 102.31 2.48% 6.0% 37% OW In-Line 2 17,691.70 54.21 3.69% 5.9% 37% 1 29,749.88 46.01 2.87% 5.7% 49% OW In-Line 1 3,969.30 29.99 3.00% 5.3% 49% OW Attractive 4,458.30 23.61 2.92% 5.1% 53% EW Attractive 1 12,220.74 76.26 2.57% 5.0% 36% OW In-Line

Sector Health Care Energy C. Discre. Financials C. Staples Materials Health Care C. Discre. C. Discre. Health Care C. Staples Industrials Financials C. Discre. C. Staples C. Staples Industrials C. Discre. C. Staples C. Discre. C. Staples Industrials C. Staples C. Discre. Industrials Energy Industrials Industrials Energy Health Care Industrials Industrials Industrials C. Staples Materials Utilities Industrials

CAH HFC HD AFL WMT PX MDT TGT PII JNJ PEP GD ACE JCI CL PG DE VFC CLX OMC KO ETN HSY LTD CR CVX NOC EMR XOM BAX HON MMM RTN GIS RPM MDU SWK

Company Name Cardinal Health Inc. HollyFrontier Corp. Home Depot Inc. AFLAC Inc. Wal-Mart Stores Inc. Praxair Inc. Medtronic Inc. Target Corp. Polaris Industries Inc. Johnson & Johnson PepsiCo Inc. General Dynamics Corp. ACE Ltd. Johnson Controls Inc. Colgate-Palmolive Co. Procter & Gamble Co. Deere & Co. VF Corp. Clorox Co. Omnicom Group Inc. Coca-Cola Co. Eaton Corporation PLC Hershey Co. Limited Brands Inc. Crane Co. Chevron Corp. Northrop Grumman Corp. Emerson Electric Co. Exxon Mobil Corp. Baxter International Inc. Honeywell International Inc. 3M Co. Raytheon Co. General Mills Inc. RPM International Inc. MDU Resources Group Inc. Stanley Black & Decker Inc.

Source: Factset; Morgan Stanley Research; Citi Research

This material is not a solicitation of any offer to buy or sell any security or other financial instrument or to participate in any trading strategy. This material was not prepared by the research departments of Morgan Stanley & Co. LLC, Morgan Stanley Smith Barney LLC or Citigroup Global Markets Inc. Please refer to important information and qualifications at the end of this material. 2

27 February 2013
Morgan Stanley & Co. LLC Research Ratings Definitions Morgan Stanley uses a relative rating system using terms such as Overweight, Equal-weight, Not-Rated, or Underweight. Morgan Stanley does not assign ratings of Buy, Hold or Sell to the stocks covered. Overweight, Equal-weight, Not-Rated and Underweight are not the equivalent of buy, hold and sell. Investors should carefully read the definitions of all ratings used in Morgan Stanley Research. In addition, since Morgan Stanley Research contains more complete information concerning the analyst's view, investors should carefully read Morgan Stanley Research, in its entirety, and not infer the contents from the ratings alone. In any case, ratings (or research) should not be used or relied upon as investment advice. An investor's decision to buy or sell a stock should depend on individual circumstances (such as the investor's existing holdings) and other considerations. Overweight (OW): The stock's total return is expected to exceed the average total return of the analyst's industry (or industry team's) coverage universe, on a risk-adjusted basis, over the next 12-18 months. Equal-weight (EW): The stock's total return is expected to be in line with the average total return of the analyst's industry (or industry team's) coverage universe, on a risk-adjusted basis, over the next 12-18 months. Underweight (U): The stock's total return is expected to be below the average total return of the analyst's industry (or industry team's) coverage universe, on a risk-adjusted basis, over the next 12-18 months. Not-Rated (NR): Currently, the analyst does not have adequate conviction about the stock's total return relative to the average total return of the analyst's industry (or industry team's) coverage universe, on a risk-adjusted basis, over the next 12-18 months. In addition to analyst stock ratings, Morgan Stanley provides the analysts industry views: Attractive (A): Performance of industry coverage universe over the next 12 to18 months is expected to be attractive versus the relevant broad market benchmark.* In Line (I): Performance of industry coverage universe over the next 12 to18 months is expected to be in line with the relevant broad market benchmark.* Performance of industry coverage universe over the next 12 to18 months is viewed with caution versus the relevant broad market benchmark.*

Cautious (C):

Citi Research Ratings Definitions Citis stock recommendations include an investment rating and an optional risk rating to highlight high risk stocks. The risk rating takes into account both price volatility and fundamental criteria. Stocks will either have no risk rating or a High risk rating assigned. Investment Ratings: Citi's investment ratings are Buy (1), Neutral (2) and Sell (3). Citis ratings are a function of analyst expectations of expected total return (ETR) and risk. ETR is the sum of the forecast price appreciation (or depreciation) plus the dividend yield for a stock within the next 12 months. Citis investment rating definitions are: Buy (1) ETR of 15% or more or 25% or more for High risk stocks; and Sell (3) for negative ETR. Any Citi covered stock not assigned a Buy or a Sell is a Neutral (2). For stocks rated Neutral (2), if a Citi analyst believes that there are insufficient valuation drivers and/or investment catalysts to derive a positive or negative investment view, they may elect with the approval of Citi management not to assign a target price and, thus, not derive an ETR. Citi analysts may place covered stocks Under Review in response to exceptional circumstances (e.g. lack of information critical to the analyst's thesis) affecting the company and / or trading in the company's securities (e.g. trading suspension). As soon as practically possible, the Citi analyst will publish a note reestablishing a rating and investment thesis. To satisfy regulatory requirements, Citi corresponds Under Review and Neutral to Hold in its ratings distribution table for Citis 12-month fundamental rating system. However, Citi reiterates that it does not consider Under Review to be a recommendation. Prior to October 7, 2011, Citi used a different stock recommendation system. Please refer to a Citi research report for a complete description of Citis prior and current recommendation system and for more information regarding Citi.

* Benchmarks include North America: S&P 500, Latin America: relevant MSCI country index, Europe: MSCI Europe, Japan: TOPIX and Asia: relevant MSCI country index. For important disclosures (including copies of historical disclosures) regarding the securities and/or companies that are the subject of this material, please contact Morgan Stanley Wealth Management Research, 522 Fifth Ave., New York, N.Y. 10036, Attention: Research Management. In addition, the same important disclosures, with the exception of the historical disclosures, are contained on the Firm's disclosure website at https://www.morganstanleysmithbarney.com/researchdisclosures. Historical disclosures will be provided upon request back to June 1, 2009.
This material is not a solicitation of any offer to buy or sell any security or other financial instrument or to participate in any trading strategy. This material was not prepared by the research departments of Morgan Stanley & Co. LLC, Morgan Stanley Smith Barney LLC or Citigroup Global Markets Inc. Please refer to important information and qualifications at the end of this material. 3

27 February 2013
Important Information and Qualifications
This material was prepared by sales, trading or other non-research personnel of Morgan Stanley Smith Barney LLC (together with its affiliates hereinafter, Morgan Stanley Wealth Management or the firm). Morgan Stanley Wealth Management was formed pursuant to a Joint Venture between Citigroup Inc. and Morgan Stanley & Co. LLC (Morgan Stanley & Co.). This material was not produced by a research analyst of Morgan Stanley & Co., Citigroup Global Markets Inc., (Citigroup) or Morgan Stanley Wealth Management, although it may refer to a Morgan Stanley & Co., Citigroup, or Morgan Stanley Wealth Management research analyst or report. Unless otherwise indicated, these views (if any) are the authors and may differ from those of the aforementioned research departments or others in the firms. The securities/instruments discussed in this material may not be suitable or appropriate for all investors. 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