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acquisitions. Bankof America Merrill Lynch 2016 Future of Financials Conference | 17 November 2016 65 HOUSE_OVERSIGHT_014379 --- PAGE BREAK --- Citigroup Inc. (C) We use a three-factor valuation framework (P/E, P/TBV, DCF} to arrive at our $60 PO, assigning a 0.9x multiple to 2017E TBV and 11x multiple on
Page: HOUSE_OVERSIGHT_014380 →crease. Upside risks are higher-than-expected capital return, a general beta rally for bank stocks, and faster recognition of “normalized” earnings. SVB Financial Group (SIVB) We use a three-factor valuation framework (P/TBV, P/E, DCF) to arrive at our $165 price objective and assign a 1.8x multiple to our 2Q17E TBV
Page: HOUSE_OVERSIGHT_014386 →resents 14% of total revenues, down from 36% 2 years prior. Intermodal represents 22% of revenues, and Ag/Consumer/Gov’t represents 16% of revenues. SVB Financial Group (SIVB) Ebrahim H. Poonawala +1 646 743 0490 Research Analyst, MLPF&S Buy, PO $190 1Q investment thesis We view SIVB as the best positioned bank i
Page: HOUSE_OVERSIGHT_014633 →UY BankUnited, Inc. BKU BKU US Ebrahim H. Poonawala BB&T Corporation BBT BBT US Erika Najarian Capital Bank Financial Corp. CBF CBF US Erika Najarian Citigroup Inc. C CUS Erika Najarian Citizens Financial Group CFG CFG US Erika Najarian East West Bancorp, Incorporated EWBC EWBC US Ebrahim H. Poonawala FCB Financi
Page: HOUSE_OVERSIGHT_014648 →ristol-Myers Squibb Co. Brookfield Properties Corp. CBRE Group Inc. Celgene Corp. Center for Constitutional Rights Chicago Bridge & Iron Co. NV Citigroup Inc. Columbia Sportswear Co. Community Bank EFTA00018861 --- PAGE BREAK --- CONTRACTS Conoco Details Venezuela Service Efforts In $8.75B Award Suit
Page: EFTA00018861 →al Services Group Inc. Paypal Holdings Inc. Point72 Asset Management LP RELX PLC Rent-A-Center Inc. S&P Global Inc. S.A.C. Capital Advisors LP SVB Financial Group Shaw Industries Group Inc. State Bar of California Sterling National Bank Tax Foundation The Bank of New York Mellon Corp. The Kraft Heinz Co.
Page: EFTA00018862 →Entities connected to both Citigroup Inc. and SVB Financial Group

Jeffrey Epstein
PERSON
Donald Trump
PERSON
Michael Cohen
PERSON
North America
LOCATION
Harvey Weinstein
PERSON
Bank of America
ORGANIZATION
Puerto Rico
LOCATION
Frankfurt
LOCATION
Bank of America Corporation
ORGANIZATIONU.S. Bancorp
ORGANIZATIONBB&T Corporation
ORGANIZATION
United Kingdom
LOCATION
Merrill Lynch
ORGANIZATIONFirst Republic Bank
ORGANIZATIONMerrill Lynch International Bank Limited
ORGANIZATIONMerchant Bank
ORGANIZATIONBaFin
ORGANIZATIONInsurance Corporation
ORGANIZATION
Seoul
LOCATIONErika Najarian
PERSON