deploy excess capital, increased competition for Florida M&A and an inability to continue to implement an organic growth strategy in New York City. BB&T Corporation (BBT) We use a three-factor valuation framework (P/E, P/TBV, DCF) to arrive at our $45 PO and assign a 1.6x multiple to 2017E TBV and 14.5x multiple

s Coverage Cluster BofA Merrill Lynch Investment rating Company ticker Bloomberg symbol Analyst BUY 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

n & Strawn Wollmuth Maher COMPANIES Altice SA Altice USA Amazon.com Inc. American Airlines Group Inc. Association on American Indian Affairs BB&T Corporation BC Partners BNP Paribas Bank of America Corporation Barclays Investment Bank Center for Biological Diversity Citigroup Inc. Conference of Stat