ZION US Erika Najarian RSTR First Republic Bank FRC FRC US Erika Najarian Disclosures Important Disclosures Equity Investment Rating Distribution: Banks Group (as of 30 Sep 2016) Coverage Universe Count Percent Inv. Banking Relationships* Count Percent Buy 81 43.55% Buy 74 91.36% Hold 45 24.19% Hold 4 91

tionships* Count Percent Buy 23 50.00% Buy 19 82.61% Hold 13 28.26% Hold 8 61.54% Sell 10 21.74% Sell 9 90.00% Equity Investment Rating Distribution: Banks Group (as of 30 Sep 2016) Coverage Universe Count Percent Inv. Banking Relationships* Count Percent Buy 81 43.55% Buy T4 91.36% Hold 45 24.19% Hold 4 91.1