Join TogetherConsolidation and Business Evolution in the

Banking Industry Since 2008

Presentation By:

Rob HajduchPrincipal Credit Analyst

NOT FDIC INSURED NO BANK GUARANTEE MAY LOSE VALUE

2

Evolution of the U.S. Financial System1790 - 2010

1819 1836 1857 1873 1893 1907

1790 1795 1800 1805 1810 1815 1820 1825 1830 1835 1840 1845 1850 1855 1860 1865 1870 1875 1880 1885 1890 1895 1900 1905 1910

Second Bank of the United States (1817 - 1836)National Banking Acts of 1863 & 1864

First Bank of the United States (1791 - 1811) ~ Includes the first national paper currency

Savings & Loans Crisis (1980 - 1995)

1929 1987 2008

1915 1920 1925 1930 1935 1940 1945 1950 1955 1960 1965 1970 1975 1980 1985 1990 1995 2000 2005 2010

Dodd-FrankWall Street Reform

Glass-Steagall Act (1933) Consumer Protection ActBanking Act of 1933 establishes the FDIC

Gramm-Leach-Bliley Act (1999)McFadden Act (1927)

Federal Reserve System (1913 - ) Federal Housing Enterprises Financial Safety & Soundness Act (1992)~ 1995, HUD begins requirement for GSE's to promote affordable housing.

-

100,000

200,000

300,000

400,000

500,000

600,000

700,000

800,000

1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

Net Interest Revenue Trading & Securities Gains / (Losses) Non-interest Income

3

FDIC Revenue ComponentsNon-interest Income and Net Interest Revenue 1992 – 2016 ($mm)

Source: FDIC

FDIC Insured Institution EarningsIn Millions, 2001 - 2016

4

Source: FDIC

5

Non-Performing AssetsAs a Percent of Total Assets, 1993 - 2016

Source: FDIC

Net Income Against Provisions / Pre-tax Income2002 - 2016

6

Source: FDIC

Federal Reserve Net Charge-off Trends By Category1985 - 2016

7

Source: Federal Reserve Bank

Farm Aid

S&L CrisisLehman Fallout

FDIC Insured BanksLoss Provisions vs. Net Charge-offs 1992 – 2016 ($mm)

8

Source: FDIC

9

Loan Loss Reserve Coverage1993 - 2016

Source: FDIC

FDIC Income Statement1992 – 2016 ($mm)

10

Net Interest Margins FDIC Insured Institutions, 1992 - 2016

11

Source: FDIC

Yield on Earning Assets vs. Cost of FundingFDIC Insured Institutions, 1992 - 2016

12

Source: FDIC

13

FDIC Insured Institutions Loan Portfolio1991 – 2016 ($mm)

Source: FDIC

14

FDIC ROA and ROE

Source: FDIC

FDIC Operating Overhead Ratio1992 - 2016

15

Source: FDIC

16

U.S. Banking System Structure FDIC Insured Commercial Banks vs. Branches

Source: FDIC

17

U.S. Banking System Structure FDIC Commercial Bank Charters Granted vs. Failures by Year

Source: FDIC

18

U.S. Banking System Structure FDIC Commercial Bank Charters Granted vs. Failures by Year

Source: FDIC

19

FDIC Insured InstitutionsAsset Summary 2006 – 2016

Source: FDIC

20

FDIC Insured InstitutionsLiabilities and Equity Summary 2006 – 2016

Source: FDIC

Primary Dealer Net Corporate Security PositionsMaturity >1 Year

21

Source: Federal Reserve

$0

$50,000

$100,000

$150,000

$200,000

$250,0007/

11/2

001

11/1

1/20

013/

11/2

002

7/11

/200

211

/11/

2002

3/11

/200

37/

11/2

003

11/1

1/20

033/

11/2

004

7/11

/200

411

/11/

2004

3/11

/200

57/

11/2

005

11/1

1/20

053/

11/2

006

7/11

/200

611

/11/

2006

3/11

/200

77/

11/2

007

11/1

1/20

073/

11/2

008

7/11

/200

811

/11/

2008

3/11

/200

97/

11/2

009

11/1

1/20

093/

11/2

010

7/11

/201

011

/11/

2010

3/11

/201

17/

11/2

011

11/1

1/20

113/

11/2

012

7/11

/201

211

/11/

2012

3/11

/201

37/

11/2

013

11/1

1/20

133/

11/2

014

7/11

/201

411

/11/

2014

3/11

/201

57/

11/2

015

11/1

1/20

153/

11/2

016

7/11

/201

611

/11/

2016

3/11

/201

7

Primary Dealer Corporate SecuritiesMaturity

23

Federal Reserve SystemTotal Assets by Bank Size ($mm)

Source: Federal Reserve

24

Total System AssetsTop Six Banks 2006-2016

Source: Federal Reserve, Company Filings (FDIC)

25

Federal Reserve System Total Assets Percent Share

Source: Federal Reserve, Company Filings (FDIC)

26

Federal Reserve System Total Gross Loans ($mm)

Source: Federal Reserve, Company Filings (FDIC)

27

Federal Reserve System Gross Loans Percent Share

Source: Federal Reserve, Company Filings (FDIC)

28

Federal Reserve System Total Deposits ($mm)

Source: Federal Reserve, Company Filings (FDIC)

29

Federal Reserve System Total Deposits Percent Share

Source: Federal Reserve, Company Filings (FDIC)

Asset Composition - Domestic Banking System In Millions, 1973 - 2016

30

Source: Federal Reserve

Asset Composition - Foreign Banks Operating in the U.S. In Millions, 1973 - 2016

31

Source: Federal Reserve

0.0

500,000.0

1,000,000.0

1,500,000.0

2,000,000.0

2,500,000.0

3,000,000.019

73-0

119

74-0

219

75-0

319

76-0

419

77-0

519

78-0

619

79-0

719

80-0

819

81-0

919

82-1

019

83-1

119

84-1

219

86-0

119

87-0

219

88-0

319

89-0

419

90-0

519

91-0

619

92-0

719

93-0

819

94-0

919

95-1

019

96-1

119

97-1

219

99-0

120

00-0

220

01-0

320

02-0

420

03-0

520

04-0

620

05-0

720

06-0

820

07-0

920

08-1

020

09-1

120

10-1

220

12-1

2013

-220

14-3

2015

-420

16-5

Deposits Loans Total Assets Cash Tsy / Agy Securities Borrowed Funds

$867 bn in cash, tsy & agy versus $861 bn in borrowed funding.

32

Federal Reserve Banks Total Assets 2006 vs 2016 ($mm)

Source: Federal Reserve Annual Reports

-

500,000

1,000,000

1,500,000

2,000,000

2,500,000

3,000,000

3,500,000

4,000,000

4,500,000

5,000,000

2006 2016

-

500,000

1,000,000

1,500,000

2,000,000

2,500,000

3,000,000

3,500,000

4,000,000

4,500,000

5,000,000

2006 2016

33

Federal Reserve Banks Net Holdings of U.S. Government and Agency Securities 2006 vs. 2016 ($mm)

Source: Federal Reserve Annual Reports

-

200,000

400,000

600,000

800,000

1,000,000

1,200,000

1,400,000

1,600,000

1,800,000

2,000,000

2006 2016

34

Federal Reserve Banks Depository Institution Deposits 2006 vs. 2016 ($mm)

Source: Federal Reserve Annual Reports

Appendix

35

Source: Calomiris & Haber

Global System Banking CrisesQuantifying by Country 1970 - 2010

36

Crisis Free Countries with Abundant Bank CreditAustraliaCanadaHong KongMaltaNew ZealandSingapore

Crisis Free Countries with Average Bank CreditBahamasBarbadosBelizeBrunei DarussalamMacaoMauritiusSouth Africa

Argentina 4Democratic Republic of the Congo 3Chad 2Nigeria 2Central African Republic 2Cameroon 2Kenya 2The Philippines 2Thailand 2Turkey 2Bolivia 2Ecuador 2Brazil 2Mexico 2Colombia 2Costa Rica 2Chile 2Uruguay 2Spain 2Sweden 2United States 2

Country # of Crises

37

Interconnected From Top to BottomThe Money Multiplier Function

Lent LentBank Deposit Reserves Out Bank Deposit Reserves Out

A 100 10.0 90 A 100 15.0 85 B 90 9.0 81 B 85 12.8 72 C 81 8.1 73 C 72 10.8 61 D 73 7.3 66 D 61 9.2 52 E 66 6.6 59 E 52 7.8 44 F 59 5.9 53 F 44 6.7 38 G 53 5.3 48 G 38 5.7 32 H 48 4.8 43 H 32 4.8 27 I 43 4.3 39 I 27 4.1 23 J 39 3.9 35 J 23 3.5 20 K 35 3.5 31 K 20 3.0 17

∑B - K 586 68.6 455 83.3

"Created money"

10% Required Reserves 15% Required Reserves

$100 of “collateral”

backs “created money”

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FDIC Insured Depository InstitutionsIncome Statement ($ mm)

2016 2015 2014 2013 2012 2011 2010 2009 2008 2007 2006Interest IncomeInterest & Fees on Loans / Leases 426,659 392,024 384,893 386,224 397,340 408,172 431,186 421,471 466,266 562,300 503,576 Interest & Dividends on Securities 86,822 83,374 82,100 82,086 87,121 96,457 103,230 116,873 133,075 157,503 135,880 Other 2,315 3,140 2,783 2,449 2,755 2,679 2,491 2,789 4,026 5,354 4,033

Gross Interest Revenue 515,796 478,538 469,776 470,759 487,216 507,308 536,907 541,133 603,367 725,157 643,489 Interest ExpenseDeposits (33,837) (28,966) (29,625) (33,570) (41,901) (53,499) (67,332) (98,853) (166,265) (251,789) (204,621) Borrowings (20,560) (17,503) (17,501) (20,044) (24,032) (31,278) (39,507) (46,606) (79,342) (120,523) (108,731)

Total Interest Expense (54,397) (46,469) (47,126) (53,614) (65,933) (84,777) (106,839) (145,459) (245,607) (372,312) (313,352) Net Interest Income 461,399 432,069 422,650 417,145 421,283 422,531 430,068 395,674 357,760 352,845 330,137 Non-Interest IncomeTrust & Fiduciary Fees 33,394 32,886 32,522 30,991 28,861 27,112 25,553 24,554 28,585 28,234 25,321 Service Charges on Deposits 35,126 34,591 34,086 33,752 34,089 34,059 36,210 41,676 39,526 39,213 36,300 Trading Account Gains & Fees 25,064 22,814 22,710 22,246 17,988 25,783 23,534 24,926 (1,774) 4,111 19,036 Investment Banking Fees 11,234 10,531 11,256 10,735 9,768 9,796 9,865 12,001 12,638 14,211 12,003 Venture Capital Revenue 117 85 60 18 66 65 102 (135) 87 172 262 Net Servicing Fees 9,716 10,489 8,992 17,844 14,003 8,480 16,497 29,667 13,568 15,250 14,476 Net Securitization Income 899 1,221 1,312 1,404 1,462 652 483 4,760 15,339 21,118 22,169 Insurance Commissions & Fees 3,649 3,449 3,158 3,442 3,097 3,572 3,061 3,882 3,975 4,460 4,438 Loan Sales Gains / (Losses) 15,185 13,297 11,885 13,383 17,560 6,325 11,055 10,390 (600) 2,363 7,527 Gains / (Losses) on Real Estate S 167 216 (287) (349) (2,239) (4,491) (4,543) (4,169) (1,659) (391) 115 Gains / (Losses) on Other Asset S 1,185 2,045 1,748 2,295 197 750 1,107 4,569 2,426 4,602 2,969 Securities Gains / (Losses) 3,792 3,636 3,201 4,482 9,679 5,518 9,138 (3,787) 83,351 (1,331) 1,995 Other 116,476 121,763 119,166 116,072 61,082 119,320 113,421 106,622 2,575 98,336 98,529

Total Non-Interest Income 256,004 257,023 249,809 256,315 195,613 236,941 245,483 254,956 198,037 230,348 245,140 Total Net Revenue 717,403 689,092 672,459 673,460 616,896 659,472 675,551 650,630 555,797 583,193 575,277 Loan Loss Provision (47,836) (36,972) (29,739) (32,124) (58,244) (76,930) (156,901) (249,501) (174,265) (68,164) (29,496)

Operating ExpensesPersonnel (199,227) (192,940) (189,673) (187,727) (185,419) (176,972) (169,078) (163,284) (151,944) (159,899) (150,733) Occupancy & Equipment (45,181) (44,977) (44,759) (43,871) (44,221) (44,833) (44,606) (45,644) (43,346) (44,175) (41,853) Other (177,754) (179,379) (187,472) (185,164) (191,085) (189,827) (178,980) (196,342) (163,419) (158,466) (139,721)

Total Operating Expenses (422,162) (417,296) (421,904) (416,762) (420,725) (411,632) (392,664) (405,270) (358,709) (362,540) (332,307)

Pre-Tax Net Income 247,405 234,824 220,816 224,574 137,927 170,910 125,986 (4,141) 22,823 152,489 213,474 Income Taxes (75,741) (70,652) (67,493) (69,376) (58,524) (50,580) (37,834) (5,677) (6,750) (47,019) (68,118) Net Income 171,664 164,172 153,323 155,198 79,403 120,330 88,152 (9,818) 16,073 105,470 145,356

Ratios: 2016 2015 2014 2013 2012 2011 2010 2009 2008 2007 2006Net Interest Margin 3.13% 3.07% 3.14% 3.26% 3.42% 3.60% 3.76% 3.47% 3.18% 3.29% 3.31%Net Interest Revenue / Total Net Re 64.32% 62.70% 62.85% 61.94% 68.29% 64.07% 63.66% 60.81% 64.37% 60.50% 57.39%Overhead Ratio 58.85% 60.56% 62.74% 61.88% 68.20% 62.42% 58.12% 62.29% 64.54% 62.16% 57.76%Loss Provision / Pre-Provision Inco 16.20% 13.60% 11.87% 12.51% 29.69% 31.04% 55.46% 101.69% 88.42% 30.89% 12.14%% Change Net Income 4.56% 7.08% -1.21% 95.46% -34.01% 36.50% -997.86% -161.08% -88.94% 5.01% 8.55%% Change Net Revenue 4.11% 2.47% -0.15% 9.17% -6.46% -2.38% 3.83% 17.06% -3.39% 42.53% 5.44%Return on Average Assets 1.05% 1.05% 1.02% 1.07% 0.56% 0.89% 0.67% -0.07% 0.12% 0.86% 1.28%Return on Average Equity 9.34% 9.34% 9.07% 9.59% 5.01% 7.92% 6.03% -0.71% 1.23% 8.18% 12.31%Tax Rate 30.61% 30.09% 30.57% 30.89% 42.43% 29.59% 30.03% -137.09% 29.58% 30.83% 31.91%Pretax Interest Coverage 554.81% 605.33% 568.57% 518.87% 309.19% 301.60% 217.92% 97.15% 109.29% 140.96% 168.13%Compensation / Noninterest Expen 47.19% 46.24% 44.96% 45.04% 44.07% 42.99% 43.06% 40.29% 42.36% 44.11% 45.36%Compensation / Net Revenue 27.77% 28.00% 28.21% 27.88% 30.06% 26.84% 25.03% 25.10% 27.34% 27.42% 26.20%Total Net Revenue / Employee 349.4413 338.79 328.35 325.50 292.37 312.69 323.38 315.38 258.27 263.29 260.66 Net Income / Employee 83.61617 80.71 74.86 75.01 37.63 57.06 42.20 (4.76) 7.47 47.62 65.86

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FDIC Insured Depository InstitutionsBalance Sheet ($ mm)

2016 2015 2014 2013 2012 2011 2010 2009 2008 2007 2006AssetsCash & Equivalents 1,810,010 1,757,585 1,921,635 1,705,383 1,426,195 1,289,502 991,184 1,049,159 1,105,426 524,168 469,028 Securities 3,559,470 3,353,552 3,219,058 3,001,952 3,009,948 2,850,345 2,667,707 2,500,427 2,035,900 1,954,086 1,980,484 Repurchase Agreements 400,486 364,818 358,063 425,910 508,044 465,407 459,736 413,751 722,318 691,706 560,636 Loans & Leases 9,307,539 8,841,647 8,311,461 7,894,821 7,697,660 7,467,424 7,378,059 7,285,568 7,881,135 7,908,671 7,236,032

Unearned Income (2,174) (2,079) (1,991) (1,898) (1,835) (1,696) (2,438) (3,766) (5,200) (2,313) (2,401) Allowance for Credit Losses (121,425) (118,555) (122,630) (135,891) (162,036) (190,974) (230,762) (228,461) (173,010) (101,715) (77,666)

Net Loans & Leases 9,183,940 8,721,013 8,186,840 7,757,032 7,533,789 7,274,754 7,144,859 7,053,341 7,702,925 7,804,643 7,155,965 Trading Accounts 562,253 553,890 655,596 608,231 723,804 716,241 722,706 711,900 971,683 876,059 625,701 Premises and Equipment 120,196 119,688 120,298 120,633 121,520 121,565 121,098 121,146 122,004 120,050 111,918 OREO 10,936 14,703 21,979 30,216 38,512 46,153 52,927 41,380 27,576 13,242 7,148 Goodwill & Other Intangibles 369,231 360,503 360,214 368,454 366,326 368,033 393,853 428,360 430,123 465,680 413,450 Other 763,702 722,171 709,977 704,990 722,533 751,363 767,313 788,058 735,277 589,131 535,924

Total Assets 16,780,224 15,967,923 15,553,660 14,722,801 14,450,671 13,883,363 13,321,383 13,107,522 13,853,232 13,038,765 11,860,254

LiabilitiesDeposits 12,894,726 12,189,838 11,763,885 11,192,032 10,817,353 10,183,395 9,422,943 9,226,773 9,035,669 8,414,356 7,825,219 Borrowings:

Other Borrowed Funds 1,087,029 1,036,150 985,288 854,284 796,567 1,330,161 1,625,812 1,695,283 2,488,226 2,379,410 1,998,846 Subordinated Debt 83,905 91,597 98,083 99,618 118,023 133,047 146,833 156,947 185,756 185,409 160,547

Trading Liabilities 244,346 246,313 295,640 242,789 271,142 314,279 288,135 253,442 475,291 342,786 266,382 Other Liabilities 600,412 602,646 668,540 679,316 818,313 351,541 323,999 309,825 365,597 364,545 361,157

Total Liabilities 14,910,418 14,166,544 13,811,436 13,068,039 12,821,398 12,312,423 11,807,722 11,642,270 12,550,539 11,686,506 10,612,151

EquityPreferred 10,159 9,476 5,597 5,851 5,777 6,139 8,573 8,267 9,778 8,016 5,814 Common 1,859,647 1,791,903 1,736,627 1,648,911 1,623,496 1,564,801 1,505,088 1,456,985 1,292,915 1,344,243 1,242,289

Total Equity 1,869,806 1,801,379 1,742,224 1,654,762 1,629,273 1,570,940 1,513,661 1,465,252 1,302,693 1,352,259 1,248,103

Total Liabilities & Shareholders E16,780,224 15,967,923 15,553,660 14,722,801 14,450,671 13,883,363 13,321,383 13,107,522 13,853,232 13,038,765 11,860,254

Average Assets 16,398,526 15,675,286 15,098,316 14,480,150 14,060,313 13,522,828 13,223,808 13,294,333 13,273,339 12,312,345 11,358,449 Average Equity 1,838,625 1,758,664 1,690,590 1,618,058 1,583,954 1,520,156 1,461,663 1,387,865 1,301,947 1,289,596 1,180,637 Risk-Weighted Assets 11,956,548 11,655,764 10,962,839 10,184,114 9,647,547 9,350,594 9,141,745 9,509,738 10,007,258 9,808,719 8,880,821 Tier I Capital 1,556,885 1,488,955 1,421,416 1,337,836 1,263,266 1,219,291 1,162,334 1,108,316 996,362 991,640 933,015 Tier II Capital 158,589 167,458 160,167 185,385 197,110 216,277 236,520 253,710 283,100 262,577 219,638 Total Regulatory Capital 1,715,474 1,656,413 1,581,583 1,523,221 1,460,376 1,435,568 1,398,854 1,362,026 1,279,462 1,254,217 1,152,653 Tangible Equity 1,500,575 1,440,876 1,382,010 1,286,308 1,262,947 1,202,907 1,119,808 1,036,892 872,570 886,579 834,653 Tangible Common Equity 1,490,416 1,431,400 1,376,413 1,280,457 1,257,170 1,196,768 1,111,235 1,028,625 862,792 878,563 828,839 Number of Institutions 5,913 6,182 6,509 6,812 7,083 7,357 7,657 8,012 8,305 8,533 8,680 Total Employees (K) 2,053 2,034 2,048 2,069 2,110 2,109 2,089 2,063 2,152 2,215 2,207

Ratios:Gross Loans / Total Assets 55.47% 55.37% 53.44% 53.62% 53.27% 53.79% 55.39% 55.58% 56.89% 60.66% 61.01%Gross Loans / Total Deposits 72.18% 72.53% 70.65% 70.54% 71.16% 73.33% 78.30% 78.96% 87.22% 93.99% 92.47%Total Deposits / Total Borrowings + De 91.68% 91.53% 91.57% 92.15% 92.20% 87.44% 84.17% 83.28% 77.16% 76.64% 78.37%ST Debt / Total Debt 92.83% 91.88% 90.95% 89.56% 87.10% 90.91% 91.72% 91.53% 93.05% 92.77% 92.57%ST Debt / Total Capital 35.75% 35.37% 34.87% 32.75% 31.31% 43.84% 49.47% 51.10% 62.57% 60.74% 58.66%Reserves / Gross Loans 1.30% 1.34% 1.48% 1.72% 2.11% 2.56% 3.13% 3.14% 2.20% 1.29% 1.07%Tier I Ratio 13.02% 12.77% 12.97% 13.14% 13.09% 13.04% 12.71% 11.65% 9.96% 10.11% 10.51%Total Capital Ratio 14.35% 14.21% 14.43% 14.96% 15.14% 15.35% 15.30% 14.32% 12.79% 12.79% 12.98%Total Equity / Total Assets 11.14% 11.28% 11.20% 11.24% 11.27% 11.32% 11.36% 11.18% 9.40% 10.37% 10.52%Tangible Common Equity / Tangible A 9.08% 9.17% 9.06% 8.92% 8.93% 8.85% 8.60% 8.11% 6.43% 6.99% 7.24%Intangible Assets / Total Assets 2.20% 2.26% 2.32% 2.50% 2.54% 2.65% 2.96% 3.27% 3.10% 3.57% 3.49%Intangible Assets / Total Equity 19.75% 20.01% 20.68% 22.27% 22.48% 23.43% 26.02% 29.23% 33.02% 34.44% 33.13%Tangible Equity / Total Assets 8.94% 9.02% 8.89% 8.74% 8.74% 8.66% 8.41% 7.91% 6.30% 6.80% 7.04%Tangible Equity / Tangible Assets 9.14% 9.23% 9.10% 8.96% 8.97% 8.90% 8.66% 8.18% 6.50% 7.05% 7.29%Tangible Equity / RWA 12.55% 12.36% 12.61% 12.63% 13.09% 12.86% 12.25% 10.90% 8.72% 9.04% 9.40%Loan Loss Reserves / Total Gross Loa 1.30% 1.34% 1.48% 1.72% 2.11% 2.56% 3.13% 3.14% 2.20% 1.29% 1.07%RWA / Total Assets 71.25% 72.99% 70.48% 69.17% 66.76% 67.35% 68.62% 72.55% 72.24% 75.23% 74.88%Average Assets / Institution ($ mm) 2,838 2,583 2,390 2,161 2,040 1,887 1,740 1,636 1,668 1,528 1,366 Gross Loans / Assets % 55.47% 55.37% 53.44% 53.62% 53.27% 53.79% 55.39% 55.58% 56.89% 60.66% 61.01%Gross Loans / Deposits % 72.18% 72.53% 70.65% 70.54% 71.16% 73.33% 78.30% 78.96% 87.22% 93.99% 92.47%Loan Growth % 5.27% 6.38% 5.28% 2.56% 3.08% 1.21% 1.27% -7.56% -0.35% 9.30% 7.67%Deposit Growth % 5.78% 3.62% 5.11% 3.46% 6.23% 8.07% 2.13% 2.11% 7.38% 7.53% 9.58%Cash / Total Assets % 10.79% 11.01% 12.35% 11.58% 9.87% 9.29% 7.44% 8.00% 7.98% 4.02% 3.95%Securities / Total Assets % 21.21% 21.00% 20.70% 20.39% 20.83% 20.53% 20.03% 19.08% 14.70% 14.99% 16.70%

Disclosure

This information represents the opinion of U.S. Bancorp Asset Management, Inc. and is not intended to be a forecast of future events, a guarantee of future results, or investment advice. It is not intended to provide specific advice or to be construed as an offering of securities or a recommendation to invest. The factual information has been obtained from sources believed to be reliable but is not guaranteed as to accuracy or completeness.

U.S. Bancorp Asset Management, Inc. is a registered investment advisor and subsidiary of U.S. Bank National Association. U.S. Bank Association is a separate entity and wholly owned subsidiary of U.S. Bancorp. U.S. Bank is not responsible for and does not guarantee the products, services, or performance of its affiliates and third parties.

0020-17

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Sources

41

C. Calomiris and S. Haber, “Fragile by Design: Banking Crises, Scarce Credit, and Political Bargains”, Princeton University Press, 2012

FDIC.gov

federalreserve.gov

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