omic activity. Bankof America Merrill Lynch 2016 Future of Financials Conference | 17 November 2016 67 HOUSE_OVERSIGHT_014381 --- PAGE BREAK --- First Bancorp Puerto Rico (FBP) We use a three-factor valuation framework (P/TBV, P/E, DCF) to arrive at our $6.50 price objective. We assign a 1.0x multiple to our 2Q17E TBV