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Tax reform screens Lower US corporate tax rate: potential beneficiaries Below we provide a screen of domestically-oriented S&P 500 companies (<10% foreign sales exposure} with a high (>35%) median 5-year effective tax rate which could potentially benefit most from a lower US corporate tax rate. Table 19: S&P 500 companies with high (>35%) median 5-year effective tax rates and low (<10%) foreign sales Foreign Sales 5-Year Median Effective Tax Ticker Company Name Sector Industry % Rate % CHTR Charter Communications, Inc. Class A Consumer Discretionary Media 0% 445.3 DVN Devon Energy Corporation Energy Oil Gas & Consumable Fuels 8% 58.3 REGN Regeneron Pharmaceuticals, Inc. Health Care Biotechnology 0% 443 coG Cabot Oil & Gas Corporation Energy Oil Gas & Consumable Fuels 0% 43.5 EOG EOG Resources, Inc. Energy Oil Gas & Consumable Fuels 5% 423 RRC Range Resources Corporation Energy Oil Gas & Consumable Fuels 0% 41.9 CNC Centene Corporation Health Care Health Care Providers & Services 0% 414 ABC AmerisourceBergen Corporation Health Care Health Care Providers & Services 0% 40.2 CNP CenterPoint Energy, Inc. Utilities Multi-Utilities 0% oof AWK American Water Works Company, Inc. Utilities Water Utilities 0% 39.4 SWN Southwestern Energy Company Energy Oil Gas & Consumable Fuels 0% ous CVS CVS Health Corporation Consumer Staples Food & Staples Retailing 0% 39.3 WFM Whole Foods Market, Inc. Consumer Staples Food & Staples Retailing 3% 38.7 CMG Chipotle Mexican Grill, Inc. Consumer Discretionary Hotels Restaurants & Leisure 1% 38.5 JWN Nordstrom, Inc. Consumer Discretionary Multiline Retail 0% 38.5 AN AutoNation, Inc. Consumer Discretionary Specialty Retail 0% 38.5 TROW __ T. Rowe Price Group Financials Capital Markets 0% 38.4 KMX CarMax, Inc. Consumer Discretionary Specialty Retail 0% 38.2 PEG Public Service Enterprise Group Inc Utilities Multi-Utilities 0% 38.2 JBHT J.B. Hunt Transport Services, Inc. Industrials Road & Rail 0% 38.1 ULTA Ulta Salon, Cosmetics & Fragrance, Inc. Consumer Discretionary Specialty Retail 0% 38.1 CHK Chesapeake Energy Corporation Energy Oil Gas & Consumable Fuels 0% 38.0 AEE Ameren Corporation Utilities Multi-Utilities 0% 37.9 ALK Alaska Air Group, Inc. Industrials Airlines 0% 37.9 CTL CenturyLink, Inc. Telecommunication Services Diversified Telecommunication Services 0% 37.8 UNP Union Pacific Corporation Industrials Road & Rail 0% 37.7 ROST Ross Stores, Inc. Consumer Discretionary Specialty Retail 0% aif LOW Lowe's Companies, Inc. Consumer Discretionary Specialty Retail 8% 37.6 BBY Best Buy Co., Inc. Consumer Discretionary Specialty Retail 8% 37.5 AAP Advance Auto Parts, Inc. Consumer Discretionary Specialty Retail 0% 37.5 LUV Southwest Airlines Co. Industrials Airlines 0% 37.4 SYF Synchrony Financial Financials Consumer Finance 0% 37.2 DLTR Dollar Tree, Inc. Consumer Discretionary Multiline Retail 8% 37.2 SCHW — Charles Schwab Corporation Financials Capital Markets 0% 37.2 NAVI Navient Corp Financials Consumer Finance 0% 37.2 CAH Cardinal Health, Inc. Health Care Health Care Providers & Services 4% 37.1 CXO Concho Resources Inc. Energy Oil Gas & Consumable Fuels 0% 37.1 DFS Discover Financial Services Financials Consumer Finance 0% 37.1 DGX Quest Diagnostics Incorporated Health Care Health Care Providers & Services 2% 37.1 CSRA CSRA, Inc. Information Technology IT Services 0% 37.1 DG Dollar General Corporation Consumer Discretionary Multiline Retail 0% 37.0 XEC Cimarex Energy Co. Energy Oil Gas & Consumable Fuels 0% 37.0 WEC WEC Energy Group Inc Utilities Multi-Utilities 0% 36.9 CSX CSX Corporation Industrials Road & Rail 0% 369 CTAS Cintas Corporation Industrials Commercial Services & Supplies 9% 36.9 ORLY OReilly Automotive, Inc. Consumer Discretionary Specialty Retail 0% 36.7 KSS Kohl's Corporation Consumer Discretionary Multiline Retail 0% 367 BBBY Bed Bath & Beyond Inc. Consumer Discretionary Specialty Retail 0% 36.6 TSCO Tractor Supply Company Consumer Discretionary Specialty Retail 0% 36.6 HUM Humana Inc. Health Care Health Care Providers & Services 0% 36.5 TSO Tesoro Corporation Energy Oil Gas & Consumable Fuels 0% 86.5 ESRX Express Scripts Holding Company Health Care Health Care Providers & Services 0% 36.4 HD Home Depot, Inc. Consumer Discretionary Specialty Retail 9% 36.4 CME CME Group Inc. Class A Financials Capital Markets 0% 36.4 UNH UnitedHealth Group Incorporated Health Care Health Care Providers & Services 4% 36.4 PAYX Paychex, Inc. Information Technology IT Services 1% 36.3 NSC Norfolk Southern Corporation Industrials Road & Rail 0% 36.2 M Macy's Inc Consumer Discretionary Multiline Retail 0% 36.2 RAI Reynolds American Inc. Consumer Staples Tobacco 5% 36.1 CMCSA — Comcast Corporation Class A Consumer Discretionary Media 8% 35.8 AZO AutoZone, Inc. Consumer Discretionary Specialty Retail 6% 35.7 UHS Universal Health Services, Inc. Class B Health Care Health Care Providers & Services 0% 35.5 AET Aetna Inc. Health Care Health Care Providers & Services 2% 35.5 DVA DaVita Inc. Health Care Health Care Providers & Services 0% 35.4 warinige 2 Equity Strategy Focus Point | 29 January 2017. =: 19 HOUSE_OVERSIGHT_023087