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% 39.7 AWK American Water Works Company, Inc. Utilities Water Utilities 0% 394 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.