Jeff K. Davis, CFA. PROFESSIONAL EXPERIENCE PROFESSIONAL DESIGNATIONS

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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 to institutional investors evaluating 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 gatherings, including SNL Financial/University of Virginia s annual analyst training seminar, the ABA, various state banking meetings as well as security industry gatherings. Additionally, he regularly makes presentations to boards of directors and executive management teams. He is quoted in the American Banker, Bloomberg News, the Wall Street Journal, Reuters, Forbes 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 MERCER CAPITAL 5100 Poplar Avenue, Suite 2600 Memphis, Tennessee (P) (F)

2 JEFF K. DAVIS, CFA PAGE 2 EDUCATION Vanderbilt University, Nashville, Tennessee, (MBA 1988) Rhodes College, Memphis, Tennessee (B.A. 1985) PROFESSIONAL MEMBERSHIPS The CFA Institute The Financial Consulting Group RECENT SPEAKING ENGAGEMENTS 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, Evaluating Macro Trends when Investing in Financials, Analyst Training in the Banking Sector, sponsored 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 Evaluating Macro Trends when Investing in Financials, Analyst Training in the Banking Sector, sponsored 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

3 JEFF K. DAVIS, CFA PAGE 3 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 Evaluating Macro Trends when Investing in Financials, Analyst Training in the Banking Sector, sponsored 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 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 Evaluating Macro Trends when Investing in Financials, Analyst Training in the Banking Sector, sponsored 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 2016

4 JEFF K. DAVIS, CFA PAGE 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 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

5 JEFF K. DAVIS, CFA PAGE 5 SELECTED INTERVIEWS AND QUOTES The Wall Street Journal: November 26, 2016 How Much Bank Stocks Can Gain From Higher Rates Mortgage Banking Magazine: April 2016 The Litigation Factor Nashville Business Journal: March 7, 2016 Hiring Suit Against Pinnacle Gives Rivals Ammo, May Cause City Bankers to Rethink Poaching Cleveland Plain Dealer: February 8, 2016 Steve Steinour s Big Gamble at Huntington Merger Market: November 10, 2015 Seacoast Banking Looks for more Deals Merger Market: November 2, 2015 Georgia Bank M&A back from the Dead American Banker: October 30, 2015 Was the Blessing of Excess Capital a Curse for KeyCorp? Merger Market: October 15, 2015 Cardinal Financial Selectively Seeking More Buys Tennessean: September 29, 2015 Metro Nashville Bank Deposits Outgrow Nation Merger Market: September 24, 2015 Sunshine Bancorp Seeks Buys in Tampa Corridor American Banker: September 23, 2015 Bad Loans Remain Well Above Pre-crisis Levels Buffalo News: September 23, 2015 Job Cuts Feared if First Niagara is Sold The Deal: September 16, 2015 TPG Direct Lending Affiliate Makes Unsolicited Bid to Acquire TICC Capital Merger Market: August 28 (and 5), 2015 ASB Bancorp Again in Activist Crosshairs Tennessean: August 26, 2015 Navy Federal Hopes to Open Locations here within Three Years

6 JEFF K. DAVIS, CFA PAGE 6 Houston Chronicle: August 25, 2015 Allegiance Bancshares Makes Plans to go Public Merger Market: August 21, 2015 Prosperity Bancshares sets $2 Billion Asset M&A Target Merger Market: August 19, 2015 Cadence Bancorp Eyes Buys Once Consent Order is Lifted Bloomberg News: August 11, 2015 Capital One Buys GE Health-Care Lender to Catapult Niche Unit The Deal: August 11, 2015 For Regional Banks, Older, Wiser CEOs could Augur a Sale American Banker: August 3, 2015 Energy Sector Woes Hit Syndicated Loans The Deal: July 27, 2015 Video Interview re: Bank M&A with Mark Aiello Merger Market: July 10, 2015 Southwest Bancorp Looking for more Deals Merger Market: June 24, 2015 MutualFirst Financial not Blind to M&A Headwinds The Street: June 17, 2015 Valley National Bancorp Leads a Surge of Acquisitions in Florida American Banker: June 11, 2015 Balance Sheet Bind: Banks Chase Max Profits and Minimal Rate Risk Tennesseean: June 10, 2015 Bank of America to Close Drive-Up Tellers at 12 Branches The Deal: May 12, 2015 Regional Banks Are Actively Seeking Deals in These Two States Cleveland Plain Dealer: May 11, 2015 Feds Wrong to Accuse Quicken Loans Merger Market: May 6, 2015 Yadkin Could Be on Either Side of Table as North Carolina Banks Consolidate

7 JEFF K. DAVIS, CFA PAGE 7 American Banker: April 27, 2015 What the Top 200 Publicly Traded Community Banks Do Better than Peers Nashville Business Journal: April 24, 2015 Pinnacle a Road Map for New Public Banks Tennessean: March 26, 2015 Franklin Financial Network Raises $55 Million Tennessean: March 17, 2015 Franklin Financial Network IPO Could Yield $57 Million American Banker: February 25, 2015 Irony of JPM s Organic-Growth Pitch not Lost on Dimon American Banker: February 23, 2015 Turn Things Around, or Else: HSBC Chief s Message to U.S. Unit Tennessean: February 10, 2015 Avenue Bank Shares Climb on First Trading Day American Banker: February 5, 2015 Banks Running Out of Ways to Make Up for Weak Revenue Nashville Business Journal: February 5, 2015 Why Investors Will Like Nashville s New League of Public Banks American Banker: January 22, 2015 RBC Chases Rich and Famous in U.S. Banking Do-Over Nashville Business Journal: January 13, 2015 Avenue s IPO, Investor Appetite Bode Well for Nashville Banking Space Nashville Business Journal: January 13, 2015 How Avenue Arrived at its $30 Million IPO Tennessean: January 9, 2015 Avenue Bank Pursues an Initial Public Offering Bloomberg News: December 22, 2014 U.S. Financial Companies Raise Most Money in IPOs since Crisis Nashville Business Journal: December 5, 2014 This Banker Doesn t Need Nashville

8 JEFF K. DAVIS, CFA PAGE 8 American Banker: November 7, 2014 Regulators Tighten Screws on Leverage Lending Bloomberg News: October 13, 2014 Bank M&A Logjam Seen Easing After King s BB&T Buys Susquehanna American Banker: October 10, 2014 What to Expect from Community Banks 3Q14 Reports American Banker: September 24, 2014 Citizens Plans to Hire 350 Mortgage Officers Nashville Business Journal: September 11, 2015 Jim Ayers Open to Bringing Other Shareholders into FirstBank American Banker: September 8, 2014 Citi Fixed Income Revenues Leveling Off After Slide Houston Chronicle: September 2, 2014 Community Banks Find Credit Ratings Boost Investor Interest American Banker: August 26, 2014 Lending Poised to Rebound in Long-Suffering South and West American Banker: August 18, 2014 Citizens Financial Draws a Blue Print for Big Change Boston Globe: August 13, 2014 Citizens Bank Expands Commercial Lending American Banker: August 11, 2014 Acquisition Could Portend Another Big IPO in Texas Bloomberg News: July 30, 2014 GE Overhang Looms for Synchrony Houston Chronicle: June 24, 2014 IPO Means More Green Ahead for Green American Banker: June 19, 2014 SunTrust Settlement to Bolster FHA s Finances Tennessean: May 29, 2014 First Tennessee Buying 13 Branches from Bank of America

9 JEFF K. DAVIS, CFA PAGE 9 NPR News Nashville WPLN: May 28, 2014 Bank of America Offload 13 Branches as Customers Turn to Digital Transactions Bloomberg News: May 1, 2014 Ares Seeks Higher IPO Value Than Buyout Peers on Stable Revenues Nashville Business Journal: April 28, 2014 Reliant, Commerce Union Deal Signals Wave of Bank Mergers for Middle Tennessee Tennessean: April 28, 2014 Reliant, Commerce Union Banks Announce Merger Bank Director: 2Q14, Volume 24, Number 2 Analyst Forum Intervest Bancshares (IBCA) Tennessean: March 25, 2014 Adjustable-Rate Mortgages Regain Popularity Cleveland Plain Dealer: March 25, 2014 If You ve Never Heard of S&T Bank or Peoples Bank, You Might Soon Bloomberg News: March 13, 2014 GE Said to Seek $3.5 Billion IPO of Consumer-Finance Unit Bloomberg News: March 4, 2014 Moelis Files for Initial Public Offering Amid M&A Rebound Bloomberg News: March 4, 2014 Citigroup joins JPMorgan with a Decline in Trading Revenues Bloomberg News: February 21, 2014 Fed Delay of Firstbank Deal Adds to Stalled Takeovers Bloomberg News: February 19, 2014 Former IndyMac Said to Hold Talks with at Least Two Suitors American Banker: February 18, 2014 Banks Covet Deposits Ahead of Rate, Regulatory Changes Bloomberg News: February 7, 2014 Citigroup Castoffs Are BB&T s Gains as Regionals Bulk Up American Banker: February 5, 2014 Community Banks Face Fight in Sustaining Q4 Loan Growth Nashville Business Journals: January 30, 2014 CapStar s Youth, Clean Books Driving Bank s Latest Expansion

10 JEFF K. DAVIS, CFA PAGE 10 Tennessean: January 30, 2014 CapStar Bank Adds Mortgage Lending Division Bloomberg News: January 23, 2014 Consumer Finance Finds Comeback from Credit Crisis with IPOs Tennessean: December 17, 2013 New mortgage rules will pinch smaller banks American Banker: December 12, 2013 Lending Club Courts Small Banks as Personal-Loan Partners Nashville Business Journal: November 29, 2013 Banker games: Crowded field set to combine forces American Banker November 6, 2013 Mortgage Slump's Full Toll on Small Banks Revealed But Fixes Remain Elusive Bloomberg News: October 24, 2013 U.S. Bancorp, Fifth Third Said to Mull Chicago Branch Bids American Banker October 24, 2013 JPM's Bear Stearns, WaMu Deals Will Pay Off Eventually American Banker October 4, 2013 RBS May Have Hard Time Getting Bites on Its Chicago Branches Tennessean: October 11, 2013 Nashville-based CapStar Bank awaiting IPO time American Banker October 4, 2013 RBS May Have Hard Time Getting Bites on Its Chicago Branches Tennessean: October3, 2013 Franklin Synergy Bank Studies IPO Tennessean: October 1, 2013 Smaller Banks See Gain in Nashville Market Nashville Business Journal September 27, 2013 Bank mergers expected to finally hit Nashville American Banker: September 24, 2013 Divestitures on Rise in M&A as Banks Decide Less is More

11 JEFF K. DAVIS, CFA PAGE 11 Bloomberg News: September 18, 2013 Banks $10 Billion Sweet Spot Sets Off Buying Spree for Lenders Tennessean: September 3, 2013 JPMorgan Adds High Net-Worth Services American Banker: August 26, 2013 First Horizon, Sun Trust Face New Round of Mortgage Scrutiny American Banker: July 26, 2013 Loan Growth Finally Closing the Gap with Deposits Bloomberg News: July 28, 2013 Moelis, Rothschild Take Lead on Omnicom-Publicis Merger Investors Business Daily: July 13, 2013 JPMorgan, Wells Fargo Earnings But Results Mixed Tennessean: June 14, 2013 Leaders at Middle Tennessee Banks Move as Market Grows American Banker: June 10, 2013 Reaction to Virginia Deal Signals Shift in M&A Attitudes Bloomberg News: June 3, 2013 CIT Draws Renewed Takeover Speculation After Fed Lifts Sanctions Tennessean: June 2, 2013 Local CEOs See Big Raises in Bonuses, Stock Dividends American Banker: May 28, 2013 City National Chief: Bank s Sale Good for South Florida American Banker: May 17, 2013 Atlantic Coast Investors Bet Pressure Will Lift Offer American Banker: May 16, 2013 Surprising Synovus Deal Shows Tarp Banks Can Do M&A, Too Birmingham Business Journal: May 16, 2013 ServisFirst Wants to Strike the Right Chord in Music City American Banker: May 9, 2013 RBS Finance Chief to Groom Citizens for Offering, Replace CEO Alemany

12 JEFF K. DAVIS, CFA PAGE 12 American Banker: April 19, 2013 Banks to Keep Cutting Until Signs of Recovery Add Up Cleveland Plain Dealer: April 18, 2013 KeyCorp Ramps Up Layoffs, Branch Closures in Effort to Remain Strong Bloomberg News: April 10, 2013 Thain CIT Redux Makes Bankrupt Lender a Target: Real M&A Bloomberg News: April 4, 2013 Provident New York Acquires Sterling in $344 Million Stock Deal American Banker: April 2, 2013 Banks Likely to Accelerate Bulk Loan Sales SNL Financial Community Pulse: March 5, 2013 IPO in Hot Texas Markets Could Lead to Premium Pricing American Banker: February 25, 2013 A Citizens Financial Sale Would Face High Hurdle in Regulators SNL Financial On-Line Rumor Mill : February 25, 2013 Who Will Come Out of the Woodwork for OneWest? Bloomberg News: February 19, 2013 Former IndyMac Said To Hold talks with at Least Two Suitors Cleveland Plain Dealer: February 4, 2013 Forget Sending Checking or Giving Cash Pay Someone Using Just an or Cellphone Number American Banker: January 28, 2013 Small Banks 4Q Results Portend Uphill Climb in 13 American Banker: January 25, 2013 Credit Leverage Running Out at Community Banks Cleveland Plain Dealer: January 24, 2013 KeyCorp Eliminates 244 Positions, More Cuts Planned as Banks Nationwide Are Squeezed American Banker: January 11, 2013 Margin Woes, Lending to Dominate 4Q Conference Calls for Small Banks American Banker: December 31, 2012 Turbulent 13 to Test Private Equity s Love of Bank Holdings

13 JEFF K. DAVIS, CFA PAGE 13 American Banker: December 13, 2012 Loan Sale Is Latest Chapter in Synovus Comeback Story American Banker: September 14, 2012 IPOs Providing Currency for Traditional M&A Deals American Banker: June 19, 2012 CapitalSource Soldiers On with Slow Transformation American Banker: May 4, 2012 EverBank s Low IPO Price Sends Message to Bankers American Banker: May 1, 2012 First Financial s Dividend Pledge Seeks to Calm Antsy Investors American Banker: April 30, 2012 Bank Sellers Are Getting Better Prices Bloomberg TV: January 18, 2012 U.S. Regional Banking Stocks, Comerica, Keycorp Investor's Business Daily: April 11, 2012 Small Cap Banks Dodge Durbin But Fight for Share Gain American Banker: March 21, 2012 Iberiabank CEO Aims to Become Southeast Consolidator Barron s: March 19, 2012 Banks in Industrial Midwest Set for Boost Barron s: March 12, 2012 KeyCorp or Huntington Could Be Buy Targets Investor s Business Daily: January 27, 2012 Air Lease s Growth Reflects Airline Industry Trends Reuters: October 25, 2011 CIT Group s Long-Shrinking Loan Book Stabilizes Bloomberg: November 17, 2010 Comerica Doubles Dividend as Biggest U.S. Lenders Prepare to Boost Payouts Wall Street Journal: January 5, 2010 Loan-Rate Differences Are Challenge for Bankers

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

Jeff K. Davis, CFA. PROFESSIONAL EXPERIENCE PROFESSIONAL DESIGNATIONS EDUCATION PROFESSIONAL MEMBERSHIPS Jeff K. Davis, CFA jeffdavis@mercercapital.com PROFESSIONAL EXPERIENCE Jeff K. Davis is the Managing Director of Mercer Capital s Financial Institutions Group. The Financial Institutions Group works with