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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 % FE FirstEnergy Corp. Utilities Electric Utilities 0% 85.3 ZION Zions Bancorporation Financials Banks 0% 35.2 MO Altria Group, Inc. Consumer Staples Tobacco 0% 35.1 EXC Exelon Corporation Utilities Electric Utilities 0% 35.1 RSG Republic Services, Inc. Industrials Commercial Services & Supplies 0% 35.0 Note: This screen is not a recommended list either individually or as a group of stocks. Investors should consider the fundamentals of the companies and their own individual circumstances/abjective before making any investment decisions. Source: FactSet, BofA Merrill Lynch US Equity & US Quant Strategy Repatriation: potential beneficiaries Below we provide a screen of S&P 500 companies (excluding Financials and Real Estate) with high (>10%) overseas cash as a percent of market cap, which could potentially benefit most from repatriation. Table 20: S&P 500 (ex. Financials & Real Estate) companies with the highest overseas cash* as a % of their market cap (>10%) Ticker Company Sector Industry Overseas Cash ($mn) Overseas Cash as a % of Mkt Cap WU Western Union Company Information Technology IT Services 6,100 62% FSLR First Solar, Inc. Information Technology Semiconductors & Semiconductor ,500 59% NWS News Corporation Class B Consumer Discretionary Media 813 54% ORCL Oracle Corporation Information Technology Software 48,200 40% CSCO Cisco Systems, Inc. Information Technology Communications Equipment 59,800 39% NTAP __NetApa, Inc. Information Technology Technology Hardware, Storage & 4,000 39% QCOM QUALCOMM Incorporated Information Technology Semiconductors & Semiconductor 29,600 36% AAPL Apple Inc. Information Technology Technology Hardware, Storage & 216,000 34% JNPR Juniper Networks, Inc. Information Technology Communications Equipment 3,167 30% SYMC — Symantec Corporation Information Technology Software 4,900 29% PVH PVH Corp. Consumer Discretionary Textiles, Apparel & Luxury Goo 2,100 28% AMGN — Amgen Inc. Health Care Biotechnology 29,000 26% GE General Electric Company Industrials Industrial Conglomerates 64,680 24% MSFT Microsoft Corporation Information Technology Software 108,900 22% TDC Teradata Corporation Information Technology IT Services 819 22% CTSH — Cognizant Technology Solutions Corp. Class A Information Technology IT Services 7,495 22% RL Ralph Lauren Corporation Class A Consumer Discretionary Textiles, Apparel & Luxury Goo ,085 21% CA CA, Inc. Information Technology Software 2,137 21% WAT Waters Corporation Health Care Life Sciences Tools & Services 2,346 20% LRCX Lam Research Corporation Information Technology Semiconductors & Semiconductor 3,500 9% NWSA News Corporation Class A Consumer Discretionary Media 813 8% GOOG Alphabet Inc. Class C Information Technology Internet Software & Services 42,900 8% MCHP Microchip Technology Incorporated Information Technology Semiconductors & Semiconductor 2,509 1% GOOGL Alphabet Inc. Class A Information Technology Internet Software & Services 42,900 1% GILD Gilead Sciences, Inc. Health Care Biotechnology 15,700 1% VRSN VeriSign, Inc. Information Technology Internet Software & Services 1,200 6% PBI Pitney Bowes Inc. Industrials Commercial Services & Supplies 470 6% XLNX Xilinx, Inc. Information Technology Semiconductors & Semiconductor 2,240 5% ADI Analog Devices, Inc. Information Technology Semiconductors & Semiconductor 3,374 5% A Agilent Technologies, Inc. Health Care Life Sciences Tools & Services 2,181 4% NOV National Oilwell Varco, Inc. Energy Energy Equipment & Services 2,034 4% CIXS Citrix Systems, Inc. Information Technology Software 1,970 3% KLAC KLA-Tencor Corporation Information Technology Semiconductors & Semiconductor 1,730 3% GPS Gap, Inc. Consumer Discretionary Specialty Retail 685 3% WDC Western Digital Corporation Information Technology Technology Hardware, Storage & 2,800 3% GT Goodyear Tire & Rubber Company Consumer Discretionary Auto Components 1,042 3% ADSK Autodesk, Inc. Information Technology Software 2,059 3% PCLN Priceline Group Inc Consumer Discretionary Internet & Direct Marketing Re 9,800 3% JNd Johnson & Johnson Health Care Pharmaceuticals 38,200 3% MRK Merck & Co., Inc. Health Care Pharmaceuticals 20,995 2% GLW Corning Inc Information Technology Electronic Equip., Instruments 3,085 2% MJN Mead Johnson Nutrition Company Consumer Staples Food Products 1,577 1% LLY Eli Lilly and Company Health Care Pharmaceuticals 8,100 1% KO Coca-Cola Company Consumer Staples Beverages 17,900 1% MOS Mosaic Company Materials Chemicals 1,276 1% AMAT Applied Materials, Inc. Information Technology Semiconductors & Semiconductor 4,000 1% PH Parker-Hannifin Corporation Industrials Machinery 2,065 1% *For some companies, total overseas cash may represent total accumulated overseas profits. Overseas cash based on BofAML analyst estimates or Bloomberg data from company disclosures. Note: This screen is not a recommended list either individually or as a group of stacks. Investors should consider the fundamentals of the companies and their own individual circumstances/abjective before making any investment decisions. Source: FactSet, Bloomberg, BofA Merrill Lynch Global research estimates, BofA Merrill Lynch US Equity & US Quant Strategy 20 Equity Strategy Focus Point | 29 January 2017 HOUSE_OVERSIGHT_023088 BankofAmerica <2” Merrill Lynch