nment and increasing rates which offset the effects of lower oil prices, or inability to close an M&A deal due to regulatory or capital constraints. Regions Financial (RF) We use a three-factor valuation framework (P/E, P/TBV, DCF) to arrive at our $13 price objective and assign a 1.4x multiple to 2017E TBV and 14x

, Inc. FSB FSB US Ebrahim H. Poonawala Hancock Holding HBHC HBHC US Ebrahim H. Poonawala New York Community Bancorp NYCB NYCB US Ebrahim H. Poonawala Regions Financial RF RF US Erika Najarian Synovus Financial Corp. SNV SNV US Ebrahim H. Poonawala U.S. Bancorp USB USB US Erika Najarian Zions Bancorp ZION ZION US Eri

ief Program (TARP) Balance of $214B' as of 2/11 Individuals Company S rs & lesses4 Auto rs° Financial Companies Institutions SunTrust Banks - $5B Regions Financial - $3.5B Note: 1) #s are rounded, includes warrant proceeds of $10B from banks. 2) Total principal + accrued interest on AIG preferred stock purchase