Table 19: S&P 500 companies with high (>35%) median 5-year effective tax rates and low (<10%) foreig

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% 35.3 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 WU FSLR NWS ORCL csco NTAP QCOM AAPL JNPR SYMC PVH AMGN GE MSFT TDC CTSH ADSK PCLN JNJ MRK GLW MJN LLY KO MOS AMAT PH Company Western Union Company First Solar, Inc. News Corporation Class B Oracle Corporation Cisco Systems, Inc. NetApp, Inc. QUALCOMM Incorporated Apple Inc. Juniper Networks, Inc. Symantec Corporation PVH Corp. Amgen Inc. General Electric Company Microsoft Corporation Teradata Corporation Cognizant Technology Solutions Corp. Class A Ralph Lauren Corporation Class A CA, Inc. Waters Corporation Lam Research Corporation News Corporation Class A Alphabet Inc. Class C Microchip Technology Incorporated Alphabet Inc. Class A Gilead Sciences, Inc. VeriSign, Inc. Pitney Bowes Inc. Xilinx, Inc. Analog Devices, Inc. Agilent Technologies, Inc. National Oilwell Varco, Inc. Citrix Systems, Inc. KLA-Tencor Corporation Gap, Inc. Western Digital Corporation Goodyear Tire & Rubber Company Autodesk, Inc. Priceline Group Inc Johnson & Johnson Merck & Co., Inc. Corning Inc Mead Johnson Nutrition Company Eli Lilly and Company Coca-Cola Company Mosaic Company Applied Materials, Inc. Parker-Hannifin Corporation Sector Information Technology Information Technology Consumer Discretionary Information Technology Information Technology Information Technology Information Technology Information Technology Information Technology Information Technology Consumer Discretionary Health Care Industrials Information Technology Information Technology Information Technology Consumer Discretionary Information Technology Health Care Information Technology Consumer Discretionary Information Technology Information Technology Information Technology Health Care Information Technology Industrials Information Technology Information Technology Health Care Energy Information Technology Information Technology Consumer Discretionary Information Technology Consumer Discretionary Information Technology Consumer Discretionary Health Care Health Care Information Technology Consumer Staples Health Care Consumer Staples Materials Information Technology Industrials Industry IT Services Semiconductors & Semiconductor Media Software Communications Equipment Technology Hardware, Storage & Semiconductors & Semiconductor Technology Hardware, Storage & Communications Equipment Software Textiles, Apparel & Luxury Goo Biotechnology Industrial Conglomerates Software IT Services IT Services Textiles, Apparel & Luxury Goo Software Life Sciences Tools & Services Semiconductors & Semiconductor Media Internet Software & Services Semiconductors & Semiconductor Internet Software & Services Biotechnology Internet Software & Services Commercial Services & Supplies Semiconductors & Semiconductor Semiconductors & Semiconductor Life Sciences Tools & Services Energy Equipment & Services Software Semiconductors & Semiconductor Specialty Retail Technology Hardware, Storage & Auto Components Software Internet & Direct Marketing Re Pharmaceuticals Pharmaceuticals Electronic Equip., Instruments Food Products Pharmaceuticals Beverages Chemicals Semiconductors & Semiconductor Machinery Overseas Cash ($mn) Overseas Cash as a % of Mkt Cap 6,100 000 813 48,200 59,800 4,000 29,600 216,000 3,167 4,900 2,100 29,000 64,680 108,900 819 7,495 085 2,137 2,346 3,500 813 42,900 2,599 42,900 15,700 1,200 470 2,240 3,374 2,181 2,034 1,970 1,730 685 2,800 1,042 2,059 9,800 38,200 20,995 3,085 1,977 8,100 17,900 1,276 4,000 2,065 62% 59% 54% 40% 39% 39% 36% 34% 30% 29% 28% 26% 24% 22% 22% 22% 21% 21% 20% 9% 8% 8% 1% 1% 1% 6% 6% 5% 5% 4% 4% 3% 3% 3% 3% 3% 3% 3% 3% 2% 2% 1% 1% 1% 1% 1% 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