The 54 Minnesota Cos With March, April or May Quarter Ends (The First Full Quarter of the Trump Tax Cuts Act), With Market Caps of At Least $100 Mil and Which Have Released These 2018 Quarter Earnings By July 5, 2018 Generated March, April or May 2018 Quarter Total Pretax Income (PTI) of $14.060 Bil, Up By a Very Modest 1.4% From Their Previous Year's Quarter Total PTI of $13.862 Bil ....................................................................................... Excluding the Giant Health Insurer UnitedHealth Group, the Remaining 53 Minnesota Cos Generated March, April or May 2018 Quarter Total Pretax Income Which Declined By a Disappointing 3.7% From Their Previous Year's Quarter Total PTI .......................................................................................

From a review of SEC filings, the below chart shows the US GAAP Pretax Income (Loss) From Continuing Operations, the US GAAP Net Income (Loss) From Continuing Operations and the related US GAAP Income Tax Expense for the March, April or May 2018 and 2017 Quarters for all US Companies including both Partnerships and REITs which are Headquartered in the US State of Minnesota with March, April or May 2018 Quarter Ends, with stock market caps of at least $100 Mil recently and which have released their March, April or May 2018 Quarter Earnings by July 5, 2018.

												US GAAP	US GAAP
												Pretax	Net
									US GAAP	US GAAP		Income	Income
	US GAAP	US GAAP	US GAAP		US GAAP	US GAAP	US GAAP		Effective	Effective		Better	Better
	Pretax	Income	Net		Pretax	Income	Net		Income	Income		(Worse)	(Worse)
	Income	Tax	Income		Income	Tax	Income		Tax	Tax		% Change	% Change
Minnesota Company	(Loss)	Expense	(Loss)		(Loss)	Expense	(Loss)		Rate	Rate		March,	March,
Market Caps of $100 Mil+	March,	March,	March,		March,	March,	March,		March,	March,		April or	April or
Releasing March, April or	April or	April or	April or		April or	April or	April or		April or	April or		May Qtr	May Qtr
May 2018 Quarter	May Qtr	May Qtr	May Qtr		May Qtr	May Qtr	May Qtr		May Qtr	May Qtr		2018	2018
Earnings By July 5, 2018	2018	2018	2018		2017	2017	2017		2018	2017		vs 2017	vs 2017
	mils $	mils $	mils $		mils $	mils $	mils $
UnitedHealth Group	3,724	800	2,924		3,130	939	2,191		21.5%	30.0%		19%	33%
US Bancorp	2,073	391	1,682		2,035	549	1,486		18.9%	27.0%		2%	13%
Medtronic plc	1,725	260	1,465		1,435	271	1,164		15.1%	18.9%		20%	26%
3M	965	359	606		1,737	411	1,326		37.2%	23.7%		-44%	-54%
Target	927	210	717		1,030	355	675		22.7%	34.5%		-10%	6%
Travelers Companies	778	109	669		760	143	617		14.0%	18.8%		2%	8%
Ameriprise Financial	696	102	594		475	72	403		14.7%	15.2%		47%	47%
General Mills	444	86	358		560	144	416		19.4%	25.7%		-21%	-14%
XCEL Energy	350	59	291		356	117	239		16.9%	32.9%		-2%	22%
Ecolab	317	69	248		311	54	257		21.8%	17.4%		2%	-4%
Hormel Foods	297	59	238		316	105	211		19.9%	33.2%		-6%	13%
Best Buy	257	49	208		292	104	188		19.1%	35.6%		-12%	11%
Fastenal	232	58	174		211	77	134		25.0%	36.5%		10%	30%
CH Robinson Worldwide	181	39	142		179	57	122		21.5%	31.8%		1%	16%
Toro Co	169	38	131		158	38	120		22.5%	24.1%		7%	9%
Pentair plc	132	28	104		104	23	81		21.2%	22.1%		27%	28%
Graco	107	22	85		82	21	61		20.6%	25.6%		30%	39%
Donaldson Co	99	29	70		84	24	60		29.3%	28.6%		18%	17%
TCF Financial	98	22	76		70	21	49		22.4%	30.0%		40%	55%
Deluxe	83	20	63		81	24	57		24.1%	29.6%		2%	11%
Polaris Industries	74	18	56		(0)	3	(3)		24.3%	NM		NM	1797%
nVent Electric plc	64	12	52		66	11	55		18.8%	16.7%		-3%	-5%
HB Fuller	58	13	45		37	11	26		22.4%	29.7%		57%	73%
ALLETE	47	(4)	51		62	13	49		-8.5%	21.0%		-24%	4%
Otter Tail	30	4	26		26	6	20		13.3%	23.1%		15%	30%
Patterson Cos	30	9	21		86	24	62		30.0%	27.9%		-65%	-66%
Sleep Number	26	6	20		36	11	25		23.1%	30.6%		-28%	-20%
Bio-Techne	25	5	20		31	9	22		20.0%	29.0%		-19%	-9%
Proto Labs	22	4	18		18	6	12		18.2%	33.3%		22%	50%
Apogee Enterprises	20	5	15		24	8	16		25.0%	33.3%		-17%	-6%
Capella Education	18	4	14		18	7	11		22.2%	38.9%		0%	27%
MTS Systems	10	2	8		8	1	7		20.0%	12.5%		25%	14%
Winmark	9	2	7		9	3	6		22.2%	33.3%		0%	17%
Piper Jaffray	8	(3)	11		23	-	23		-37.5%	0.0%		-65%	-52%
Bridgewater Bancshares	8	2	6		6	2	4		25.0%	33.3%		33%	50%
Tile Shop Holdings	6	2	4		13	5	8		33.3%	38.5%		-54%	-50%
Tennant	4	1	3		(5)	(1)	(4)		25.0%	20.0%		180%	175%
Ceridian HCM Holding	4	7	(3)		(9)	3	(12)		175.0%	-33.3%		144%	75%
SPS Commerce	4	1	3		4	1	3		25.0%	25.0%		0%	0%
ANI Pharmaceuticals	3	1	2		2	1	1		33.3%	50.0%		50%	100%
Regis Corp	3	(2)	5		(8)	4	(12)		-66.7%	-50.0%		138%	142%
Northern Oil & Gas	3	-	3		17	-	17		0.0%	0.0%		-82%	-82%
ConvergeOne Holdings	1	(8)	9		(6)	(3)	(3)		-800.0%	50.0%		117%	400%
Intricon	1	-	1		-	-	-		0.0%	NM		NM	NM
Surmodics	-	(1)	1		2	1	1		NM	50.0%		-100%	0%
Digi Intl	-	-	-		1	-	1		NM	0.0%		-100%	-100%
Clearfield	-	-	-		1	-	1		NM	0.0%		-100%	-100%
Cyberoptics	-	-	-		(1)	(1)	-		NM	100.0%		100%	NM
Celcuity	(2)	-	(2)		(1)	-	(1)		0.0%	0.0%		-100%	-100%
Calynxt	(4)	-	(4)		(3)	-	(3)		0.0%	0.0%		-33%	-33%
Inspire Medical Systems	(7)	-	(7)		(4)	-	(4)		0.0%	0.0%		-75%	-75%
Mosaic	(10)	(50)	40		9	10	(1)		500.0%	111.1%		-211%	-4100%
Stratasys Ltd	(12)	1	(13)		(13)	1	(14)		-8.3%	-7.7%		8%	7%
Hawkins Inc	(37)	-	(37)		7	3	4		0.0%	42.9%		-629%	-1025%
Total 53...No UnitedHealth	10,336	2,040	8,296		10,732	2,749	7,983		19.7%	25.6%		-3.7%	4%
Total all 54 Minnesota Cos	14,060	2,840	11,220		13,862	3,688	10,174		20.2%	26.6%		1.4%	10%