Table 1: PO Changes ASB UNDERPERFORM B-3-7 $22.45 $19.00 $20.00 BANC NEUTRAL C-2-7 $14.80 $18.50 $15.50 BBT BUY B-1-7 $42.82 $41.00 $45.00 BKU BUY C-1-7 $34.19 $36.00 $37.00 BOH UNDERPERFORM B-3-7 $85.67 $64.00 $75.00 Cc BUY B-1-7 54.63 $55.00 $60.00 CBF BUY C-1-7 $35.80 $35.00 $38.00 CBSH NEUTRAL A-2-7 $56.39 $53.00 $60.00 CFG BUY B-1-7 $30.73 $28.00 $33.00 CFR UNDERPERFORM B-3-7 $82.93 $70.00 $74.00 CMA UNDERPERFORM B-3-7 $59.21 $49.00 $55.00 EWBC BUY B-1-7 $45.64 $45.00 $50.00 FBP NEUTRAL C-2-9 $6.29 $6.00 $6.50 FCB BUY c-1-9 $39.75 $44.00 $44.00 FHB NEUTRAL C-2-7 $29.48 $28.00 $31.00 FHN UNDERPERFORM B-3-7 $17.97 $14.50 $16.00 FITB NEUTRAL B-2-7 $24.90 $23.00 $26.00 FSB NEUTRAL C-2-9 $33.80 $40.00 $36.00 GS BUY B-1-7 $206.26 $195.00 $230.00 GWB BUY B-1-7 $38.85 $38.00 $42.00 HBAN BUY C-1-7 $11.93 $12.00 $13.00 HBHC NEUTRAL B-2-7 $39.05 $35.00 $41.00 IBKC BUY B-1-7 $78.05 $74.00 $85.00 JPM BUY B-1-7 77.40 $74.00 $83.00 KEY BUY B-1-7 $16.73 $17.00 $18.00 MS BUY B-1-7 $39.19 $36.00 $43.00 NYCB BUY C-1-8 $15.36 $17.00 $17.00 PB UNDERPERFORM B-3-7 $64.38 $50.00 $58.00 PNC BUY B-1-7 $107.51 $100.00 $110.00 RF NEUTRAL B-2-7 $12.89 $11.00 $13.00 SBNY BUY B-1-9 $147.02 $140.00 $160.00 SIVB BUY B-1-9 $147.35 $140.00 $165.00 SNV NEUTRAL C-2-7 $38.01 $35.00 $40.00 STI BUY B-1-7 $50.79 $48.00 $53.00 TCB UNDERPERFORM B-3-7 $16.23 $13.50 $14.00 TCBI NEUTRAL C-2-9 $70.75 $62.00 $74.00 UMBF BUY B-1-7 $72.04 $65.00 $78.00 USB NEUTRAL B-2-7 $47.87 $45.00 $50.00 WFC BUY B-1-7 51.68 $50.00 $55.00 ZION UNDERPERFORM C-3-7 $37.46 $30.00 $36.00 Source: BofA Merrill Lynch Global Research BankofAmerica “> 2016 Future of Financials Conference | 17 November 2016 63 Merrill Lynch HOUSE_OVERSIGHT_014377