ide risks to our price objective are a much faster asset mix change into higher yielding loans that significantly increases its net interest margin. Wells Fargo & Company (WFC) We use a three-factor valuation framework (P/E, P/TBV, DCF} to arrive at our $55 PO, assigning a 1.75x multiple to 2017E TBV and 13x multiple

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 Associated Banc-Corp ASB ASB US Ebrahim H. Poonawala Banc of California BANC BANC US Ebrahim H. Poonawala Comerica

ired Vice Chairman and Chief Operating Officer of Wells Fargo & Company. KUE Advisory Board Ralph Finerman President of