on the stock. Bankof America Merrill Lynch 2016 Future of Financials Conference | 17 November 2016 73 HOUSE_OVERSIGHT_014387 --- PAGE BREAK --- The PNC Financial Services Group, Inc. (PNC) We use a three-factor valuation framework (P/E, P/TBV, DCF) to arrive at our $110 PO and assign a 1.4x multiple to 2017E TBV and 14x multiple

, Inc. STl STIUS Erika Najarian SVB Financial Group SIVB SIVB US Ebrahim H. Poonawala Texas Capital Bancshares Inc. TCBI TCBI US Ebrahim H. Poonawala The PNC Financial Services Group, Inc. PNC PNC US Erika Najarian UMB Financial Corporation UMBF UMBF US Ebrahim H. Poonawala Wells Fargo & Company WEC WEC US Erika Najarian NEUTRAL Associa