Jeff K. Davis, CFA. PROFESSIONAL EXPERIENCE PROFESSIONAL DESIGNATIONS EDUCATION PROFESSIONAL MEMBERSHIPS

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1 Jeff K. Davis, CFA PROFESSIONAL EXPERIENCE Jeff K. Davis is the Managing Director of Mercer Capital s Financial Institutions Group. The Financial Institutions Group works with banks, thrifts, asset managers, insurance companies and agencies, BDCs, REITs, broker-dealers and financial technology companies. Prior to rejoining Mercer Capital, Davis spent 13 years as a sell-side analyst providing coverage of publicly traded banks and specialty finance companies helping institutional investors evaluate common equity and fixed income investment opportunities. Jeff was most recently Managing Director of Guggenheim Securities, LLC, and was previously head of the Financial Institutions Group at FTN Equity Capital Markets. His work covering commercial banks was recognized for earnings accuracy and stock picking by Starmine/Forbes in 2005, 2007 and 2009, while his stock selection was ranked second for commercial banks in 2007 by the Wall Street Journal as part of its Best on the Street annual ranking of sell-side analysts. While at Mercer Capital in the 1990s, Jeff led the firm s financial institutions practice, providing valuation and transaction advisory services. Jeff is a speaker at industry and security industry gatherings. Additionally, he regularly makes presentations to boards of directors and executive management teams. He is periodically quoted in the American Banker, Bloomberg News, the Wall Street Journal and other media outlets. Presently, he is an editorial contributor to SNL Financial. PROFESSIONAL DESIGNATIONS Chartered Financial Analyst Designation (The CFA Institute) Past president of the Memphis CFA Society; current member of the Nashville CFA chapter EDUCATION Vanderbilt University, Nashville, Tennessee, (MBA 1988) Rhodes College, Memphis, Tennessee (B.A. 1985) PROFESSIONAL MEMBERSHIPS The CFA Institute MERCER CAPITAL 5100 Poplar Avenue, Suite 2600 Memphis, Tennessee (P) (F)

2 JEFF K. DAVIS, CFA PAGE 2 RECENT SPEAKING ENGAGEMENTS Financial Institutions: Black Holes of Valuation, Advanced Business Valuation Conference International Appraisers Conference, Houston Texas, October 9, 2017 Dual Fairness Opinions and the Role of the Valuation Firm, IV OIV International Business Valuation Conference, Bocconi University, Milan Italy, November 30, 2015 Financial Repression and the U.S. Banking System, video presentation to the Financial Repression Authority October 1, by SNL Financial at the University Of Virginia Darden School Of Business, July 29, 2015 Getting It Right: Loan Valuation and Credit Marks in Today s M&A Market, with Andrew K. Gibbs, Acquire or Be Acquired Conference sponsored by Bank Director, Scottsdale, Arizona, January 26, 2015 An Introduction to Business Development Companies, with Travis Harms and Cynthia Krus, Webinar sponsored by Mercer Capital and Sutherland Asbill & Brennan, September 23, 2014 by SNL Financial at the University Of Virginia Darden School Of Business, July 31, 2014 An Overview of the Leveraged Lending Market and Banks Participation in the Market, with Andrew K. Gibbs, Ralph F. ( Chip ) MacDonald III, Joe Kenary and Richard Young, Webinar sponsored by Mercer Capital, Jones Day and Alliance Partners, June 26, 2014 Acquisitions of Non-Depositories by Banks, with Andrew K. Gibbs and Matthew R. Crow, Acquire or Be Acquired Conference sponsored by Bank Director, Scottsdale, Arizona, January 27, 2014 Leverage Lending and Solvency Opinions, Association for Corporate Growth (Tennessee Chapter), presented September 17, 2013, Memphis, Tennessee U.S. Basel III Capital Rules Finally Final What Does It Mean for Community Banks?, with Andrew K. Gibbs and Ralph F. ( Chip ) MacDonald III, Webinar sponsored by Mercer Capital and Jones Day, August 29, 2013 by SNL Financial at the University Of Virginia Darden School Of Business, July 31, 2013 Mercer Capital s 2013 Financial Institutions Webinar Series The Outlook for Bank M&A in 2013, February 12, 2013 Understanding Deal Considerations, February 28, 2013 How to Profit from a Distressed Transaction, March 28, 2013

3 JEFF K. DAVIS, CFA PAGE 3 Capital Management: Alternatives and Uncertainties, with Andrew K. Gibbs, Acquire or Be Acquired Conference sponsored by Bank Director, Scottsdale, Arizona, January 28, 2013 Capital and Capital Planning Under Basel III, with Andrew K. Gibbs and Ralph F. ( Chip ) MacDonald III, Webinar sponsored by Mercer Capital and Jones Day, October 4, 2012 Advanced Earnings Analysis and Forecasting, Fundamentals of Bank Investing, sponsored by SNL Financial, New York City, September 9, 2011 Bank Stocks and Career Thoughts, Owen Graduate School of Business at Vanderbilt University, November 16, 2010, Nashville, Tennessee by SNL Financial at the University Of Virginia Darden School Of Business, August 4, 2010 Panel Participant, Ask the Analysts, Tiburon CEO Summit XIX, April 15, 2010, New York City Panel Participant, Wealth Management Issues & Insights, American Bankers Association Wealth Management & Trust Conference, March 7, 2010, Scottsdale, Arizona PUBLISHED ARTICLES First NBC Provides a Bank Investing Primer, Mercer Capital s Bank Watch, November 2016 Is Tangible Book Value per Share Dilution an Insurmountable Investor Fixation? Mercer Capital s Bank Watch, September 2016 Fairness Considerations for Mergers of Equals, Mercer Capital s Bank Watch, August 2016 Yadkin Financial Corp. May Not Be a Slam Dunk, Mercer Capital s Bank Watch, June 2016 Activist Investors, Optionality and Comerica, Mercer Capital s Bank Watch, March Bank M&A Recap, Mercer Capital s Bank Watch, February 2016 Shared Upside vs. Shared Downside, Mercer Capital s Bank Watch, December 2015 Fairness Opinions and Down Markets, Mercer Capital s Value Matters, Vol Fairness Opinions and Down Markets, Mercer Capital s Bank Watch, October 2015 Mississippi Merging, Mercer Capital s Bank Watch, May 2015 Observations from the Initial Q1 15 Bank Earnings, Mercer Capital s Bank Watch, April 2015

4 JEFF K. DAVIS, CFA PAGE 4 Fairness Opinions: Evaluating a Buyer s Shares from the Seller s Perspective, Mercer Capital s Bank Watch, January 2015 Second Fairness Opinions, Mercer Capital s Bank Watch, December 2014 Fairness Opinions: Evaluating a Buyer s Shares from the Seller s Perspective, Mercer Capital s Value Matters, Vol Return of the Large and Super Regional Buyers? Mercer Capital s Bank Watch, November 2014 CFPB Sets the Stage for the Federalization of Auto Credit, Mercer Capital s Bank Watch, October 2014 Waiting on Margin Relief, Mercer Capital s Bank Watch, August 2014 Complacent Investors May Need to Reassess the Earning Power of Some Acquirers, Mercer Capital s Bank Watch, June 2014 Evaluating a Buyer s Shares, Mercer Capital s Bank Watch, March 2014 Second Fairness Opinions, Mercer Capital s Bank Watch, February 2014 Share Repurchases, Mercer Capital s Bank Watch, November 2013 Community Bank Mergers: Creating the Potential for Shared Upside Whitepaper, January 2013 SELECTED INTERVIEWS AND QUOTES American Banker, November 16, 2017 Bankers pore over Demographics to Design Branches of Tomorrow American Banker, November 14, 2017 SIFI Hike could Kick-Start Bank M&A Financial Times, July 6, 2017 Whiff of Animal Spirits in the Air on Wall Street American Banker, June 23, 2017 Difficult Deal Behind it, CIBC Faces Even Bigger Challenges Houston Chronicle, May 5, 2017 BBVA Compass Charts a Virtual Course in U.S. Expansion Houston Chronicle, April 27, 2017 BBVA Compass First-Quarter Earnings Jump More than 200 Percent

5 JEFF K. DAVIS, CFA PAGE 5 New York Law Journal: April 25, 2017 Regulator's Wells Fargo Post-Mortem Likely to Bring Banks More Scrutiny Tennessean: January 22, 2017 Bank Merger to Expand Nashville s Pinnacle into Carolinas Wall Street Journal: November 26, 2016 How much Bank Stocks can Gain from Higher Rates Merger Market: November 18, 2016 evestment to Explore Sale in as soon as 12 Months Bloomberg News: November 11, 2016 Post-election Street Wrap: Mortgages, ABS, Regulation Bloomberg News: August 19, 2016 Bank Mergers Heading for Seven-Year High, Pushed by Costly Rules Merger Market: July 27, 2016 LegacyTexas to Debate Options Next Month Merger Market: July 6, 2016 Financial Services M&A Poised for Stronger Second Half Nashville Business Journal: June 3, 2016 Nashville Bank Review Buffalo News: June 1, 2016 Observers Say Key-First Niagara Deal Could Be Slowed, Not Scuttled The Deal: April 25, 2016 Earnings Pressure may make Comerica a Target Mortgage Banking: April 2016 The Litigation Factor Merger Market: February 24, 2016 National Commerce Interested in Expansion into Georgia and Tennessee Merger Market: February 11, 2016 Rationale for Bank M&A Persists Cleveland Plain Dealer: February 8, 2016 Steve Steinour s Big Gamble at Huntington

6 JEFF K. DAVIS, CFA PAGE 6 Buffalo News: February 4, 2016 Value of Key s First Niagara Deal Falls 15% American Banker: February 2, 2016 Frustrated Ally Investors are Concerned Nashville Business Journal: January 29, 2016 Pinnacle: Avenue was 'at the Top of Our Short List' of Banks to Buy Tennessean: January 28, 2016 Pinnacle, Avenue Banks to Merge Merger Market: January 27, 2016 A Flurry of Midwest Deals Merger Market: January 21, 2016 CapStar Taking Steps Towards IPO Merger Market: December 22, 2015 St. Louis Banking M&A may be set to Pick-Up Bloomberg News: December 11, 2015 Ally Returns to Mortgage Business Two Years After Total Exit Northwest Financial Review: December 2, 2015 A Fuller Approach (Heartland Financial USA)