In series they don't add up... doing a quick example, I find that in the worst case (e.g. each resistor out by 5% in the same direction):

22 - 5% = 20.9

47 - 5% = 44.65

Actual resistance in series: 65.55

Nominal resistance in series: 69

69 - 5% = 65.55

So the combination of the components still appears to maintain the 5% tolerance.