al decline in investment banking/trading profitability, and increased litigation on matters such as private label securitization, foreclosures, etc. Key Corp (KEY) We use a three-factor valuation framework (P/E, P/TBV, DCF) to arrive at our $18 PO and assign a 1.4x multiple to 2017E TBV and 15x multiple o

ntington Bancshares Inc. HBAN HBAN US Erika Najarian IBERIABANK Corp IBKC IBKC US Ebrahim H. Poonawala JPMorgan Chase & Co. JPM JPM US Erika Najarian Key Corp KEY KEY US Erika Najarian Signature Bank SBNY SBNY US Ebrahim H. Poonawala SunTrust Banks, Inc. STl STIUS Erika Najarian SVB Financial Group SIVB SIV

& ‘Other | Proceeds Wells Fargo JPMorgan Goldman Sachs Morgan Stanley PNC Financial US Bank $20 $30 $40 $50 $60 SunTrust Regions Financial Key Corp. CIT Group** Marshall & Ilsley Zions Synovus Popular TARP Outstanding: Top 8 $- $10 $20 $30 $40 $50 $60 Note: 7) Includes warrant proceeds fro