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Banking Valuation
Quarterly Update
Q1 2016

A publication
from PwCs
Deals practice

Financial Services Industry - Banking Valuation Quarterly Update

As of March 31, 2016

Financial Services Industry - Banking Valuation Quarterly Update

Key Quarterly Trends:
Trading multiples exhibited by the largest 20 banks have decreased over the course of the first quarter. Multiples are expected to fluctuate until the market gains more clarity on

the interest rate environment.

The rate on the 30-year Treasury bond decreased from 3.0% to 2.6% in the first quarter.
The S&P 500 increased by 0.8% in the first quarter. The S&P Composite 1500 Regional Banks (Sub Ind) Index decreased by 10.2% in the first quarter and decreased by 8.6% year-over-year.
During the first quarter, there were 17 transactions announced in the banking industry based on the search criteria below. The average publicly disclosed implied price-to-tangible book

and price-to-book multiples of the transactions were 1.5x and 1.3x, respectively. The average and median publicly disclosed implied price-to-earnings multiples of the transactions
were 19.1x and 17.8x, respectively.

Top Twenty US Banks (1)

Market Capitalization ($ B)
3/31/2015
12/31/2015
3/31/2016

Company

Price/Tangible Book Value

3/31/2015
12/31/2015
3/31/2016

Price/Earnings (LTM)
3/31/2015
12/31/2015
3/31/2016

Price/Forward Earnings (2)

3/31/2015 12/31/2015 3/31/2016

Wells Fargo & Company

JPMorgan Chase & Co.
Bank of America Corporation
Citigroup Inc.
U.S. Bancorp
The PNC Financial Services Group, Inc.
BB&T Corporation
SunTrust Banks, Inc.
M&T Bank Corporation
Fifth Third Bancorp
Citizens Financial Group, Inc.
Regions Financial Corporation
First Republic Bank
KeyCorp.
New York Community Bancorp Inc.
Huntington Bancshares Incorporated
Signature Bank
Comerica Incorporated
CIT Group Inc.
SVB Financial Group

279.9
225.0
161.9
156.4
77.9
48.5
28.1
21.5
16.9
15.4
13.2
12.7
7.9
12.1
7.4
9.0
6.5
8.0
7.9
6.5

277.7
243.0
175.2
154.2
74.6
48.4
29.5
21.8
16.2
16.0
13.8
12.5
9.4
11.0
7.9
8.8
7.7
7.4
8.0
6.1

244.6
216.9
139.6
122.8
70.5
42.4
26.0
18.2
17.7
13.1
11.1
10.0
9.7
9.2
7.7
7.6
6.9
6.6
6.3
5.3

2.2
1.4
1.1
0.9
3.0
1.6
2.1
1.5
2.3
1.4
1.2
1.2
2.2
1.4
2.4
1.7
2.6
1.2
0.9
2.3

2.1
1.5
1.1
0.9
2.7
1.6
2.0
1.5
2.0
1.4
1.1
1.2
2.3
1.2
2.5
1.6
2.7
1.1
0.8
1.9

1.9
1.3
0.9
0.7
2.5
1.4
1.8
1.3
1.8
1.2
1.0
0.9
2.3
1.0
2.4
1.4
2.4
1.0
0.7
1.6

13.6
11.0
11.1
17.8
15.8
13.9
14.8
13.9
17.0
11.7
19.3
12.6
18.9
15.1
15.4
15.5
20.4
14.7
15.6
NM

13.4
12.0
11.8
11.8
15.1
14.3
15.3
12.9
15.7
11.7
16.3
14.7
22.6
13.6
16.4
14.4
20.8
14.6
16.9
21.0

11.8
10.3
9.6
8.0
14.2
12.4
13.0
10.7
16.1
8.3
13.8
10.4
22.6
12.0
NM
12.5
17.6
14.3
13.8
15.2

12.0
9.3
9.3
8.8
12.2
11.9
11.5
11.6
13.0
10.4
11.8
10.5
16.5
11.3
15.9
12.3
16.3
12.9
10.9
17.8

12.3
10.8
10.7
9.0
12.4
12.7
11.9
12.0
14.2
11.6
13.9
11.3
18.3
11.4
14.1
12.3
18.5
13.3
10.7
16.2

10.6
9.2
8.5
7.6
11.4
10.6
10.2
9.9
11.8
9.5
9.7
8.4
15.6
8.1
12.7
9.8
14.3
11.5
8.1
12.1

Average
Median

56.1
14.3

57.5
14.9

49.6
12.1

1.7x
1.6x

1.7x
1.5x

1.5x
1.3x

15.2x
15.1x

15.3x
14.7x

13.0x
12.5x

12.3x
11.8x

12.9x
12.3x

10.5x
10.0x

First Quarter Transactions in the Banking Industry (3)

Acquirer

Target

Target
Country

Announce
Date

Pannnia Nyugdjpnztr and others

Byblos Bank S.A.L. (BDB:BYB)
Guaranty Bancorp (NasdaqGS:GBNK)
N/A - To Be Announced
Midland Financial Company
Horizon Bancorp (NasdaqGS:HBNC)
Triumph Bancorp, Inc. (NasdaqGS:TBK)
Arbor Realty Trust Inc. (NYSE:ABR)
EFG International AG (SWX:EFGN)
Hampton Roads Bankshares Inc. (NasdaqGS:HMPR)
Computershare Limited (ASX:CPU)
Pinnacle Financial Partners Inc. (NasdaqGS:PNFP)
Chemical Financial Corporation (NasdaqGS:CHFC)
The Huntington National Bank Inc.
Old National Bancorp. (NasdaqGS:ONB)
KTCAPITAL CO.,LTD.
OceanFirst Financial Corp. (NasdaqGS:OCFC)

MKB Bank Zrt.

Banque Pharaon and Chiha SAL
Home State Bancorp
TBIF Financial Services B.V.
1st Century Bancshares, Inc. (NasdaqCM:FCTY)
Laporte Bancorp, Inc. (NasdaqCM:LPSB)
ColoEast Bankshares, Inc.
Agency Business
BSI SA
Xenith Bankshares, Inc. (NasdaqCM:XBKS)
Capital Markets Cooperative, LLC
Avenue Financial Holdings, Inc. (NasdaqGS:AVNU)
Talmer Bancorp, Inc. (NasdaqCM:TLMR)
FirstMerit Corporation (NasdaqGS:FMER)
Anchor BanCorp Wisconsin Inc.
HK Mutual Savings Bank
Cape Bancorp, Inc.

Hungary
Lebanon
United States
Netherlands
United States
United States
United States
United States
Switzerland
United States
United States
United States
United States
United States
United States
South Korea
United States

3/30/2016
3/22/2016
3/16/2016
3/15/2016
3/10/2016
3/10/2016
3/7/2016
2/25/2016
2/22/2016
2/10/2016
2/3/2016
1/28/2016
1/26/2016
1/25/2016
1/12/2016
1/7/2016
1/5/2016

Average
Median

Total Assets
(4)

7,039.8
883.9
732.0
543.2
759.0
21,017.5
1,039.5
1,165.5
6,595.9
25,524.6
2,248.5
1,602.0

Purchase
Price ($ M)

Price/
Tangible
Book Value

Price/ Book
Value

133.3
91.0
133.7
76.7
108.5
89.7
70.0
244.6
1,329.0
85.0
71.2
206.8
1,108.8
3,437.4
449.7
185.4
206.6

1.6
1.1
1.1
2.0
1.7
1.7
1.3
1.3

1.6
1.0
1.0
2.0
1.7
1.2
1.3
1.1

1.5x
1.5x

1.3x
1.2x

472.2
133.7

Price/
Earnings
(LTM) (5)

12.0
42.5
19.6
11.8
20.5
29.9
18.6
15.5
3.3
17.0
19.1x
17.8x

Notes:
(1) Market data provided by Capital IQ, Inc. Selected institutions represent the largest depository and diversified banks in the U.S. based on market capitalization as of March 31, 2016.
(2) Price/Forward Earnings calculated on a two year forward looking basis. The formula uses median normalized net income estimates from Capital IQ, Inc.
(3) Data provided by Capital IQ, Inc. Selected transactions had deal values approximately $50.0 million or greater, were acquisitions of a majority stake, and were announced between January 01, 2016 and March 31, 2016. Acquisitions of loan portfolios, MSRs and RMBS have been exclud
(4) Total assets denominated in U.S. dollars.
(5) Outliers have been excluded.

2016 PricewaterhouseCoopers LLP, a Delaware limited liability partnership. All rights reserved.
This content is for general information purposes only, and should not be used as a substitute for consultation with professional advisors.

Financial Services Industry - Banking Valuation Quarterly Update

As of March 31, 2016

Financial Services Industry - Banking Valuation Quarterly Update (continued)

Top Depository US Banks (1)

Company

Market Capitalization ($ B)
3/31/2015
12/31/2015 3/31/2016

Price/Tangible Book Value

3/31/2015
12/31/2015
3/31/2016

Price/Earnings (LTM)
3/31/2015
12/31/2015
3/31/2016

Price/Forward Earnings (4)

3/31/2015
12/31/2015
3/31/2016

The PNC Financial Services Group, Inc.

Capital One Financial Corporation
BB&T Corporation
Discover Financial Services
Fifth Third Bancorp
Regions Financial Corporation
First Republic Bank
New York Community Bancorp Inc.
Huntington Bancshares Incorporated
SVB Financial Group
Zions Bancorporation
People's United Financial Inc.
East West Bancorp, Inc.
PacWest Bancorp
Bank of the Ozarks, Inc.
Synovus Financial Corporation
BOK Financial Corporation
BankUnited, Inc.

48.5
43.3
28.1
25.1
15.4
12.7
7.9
7.4
9.0
6.5
5.5
4.6
5.8
4.8
3.2
3.8
4.2
3.3

48.4
38.4
29.5
22.9
16.0
12.5
9.4
7.9
8.8
6.1
5.6
4.9
6.0
5.2
4.5
4.2
4.0
3.7

42.4
36.0
26.0
21.1
13.1
10.0
9.7
7.7
7.6
5.3
5.0
4.8
4.7
4.5
3.8
3.7
3.6
3.6

1.6
1.5
2.1
2.5
1.4
1.2
2.2
2.4
1.7
2.3
1.0
1.8
2.5
2.7
4.0
1.3
1.6
1.7

1.6
1.2
2.0
2.2
1.4
1.2
2.3
2.5
1.6
1.9
1.0
1.8
2.3
2.8
3.9
1.5
1.5
1.8

1.4
1.1
1.8
2.1
1.2
0.9
2.3
2.4
1.4
1.6
0.9
1.8
1.8
2.1
2.9
1.3
1.4
1.7

13.9
10.1
14.8
10.0
11.7
12.6
18.9
15.4
15.5
NM
13.1
18.9
22.4
20.3
NM
18.3
15.7
18.3

14.3
9.8
15.3
9.6
11.7
14.7
22.6
16.4
14.4
21.0
20.4
20.0
17.6
17.3
NM
19.1
15.1
21.9

12.4
9.3
13.0
9.0
8.3
10.4
22.6
NM
12.5
15.2
17.0
19.3
12.5
14.3
21.5
15.9
13.6
19.3

11.9
9.8
11.5
9.8
10.4
10.5
16.5
15.9
12.3
17.8
13.8
16.0
14.0
15.2
16.1
14.7
12.9
13.6

12.7
9.2
11.9
9.4
11.6
11.3
18.3
14.1
12.3
16.2
14.0
17.2
14.6
14.9
19.0
17.2
12.4
15.8

10.6
8.3
10.2
8.5
9.5
8.4
15.6
12.7
9.8
12.1
11.3
15.9
10.7
11.9
13.6
13.6
11.6
13.2

Average
Median

13.3
7.0

13.2
7.0

11.8
6.4

2.0x
1.7x

1.9x
1.8x

1.7x
1.7x

15.6x
15.4x

16.5x
16.4x

14.5x
13.6x

13.5x
13.7x

14.0x
14.0x

11.5x
11.5x

Top Non-Depository US Banks (2)

Company

Market Capitalization ($ B)
3/31/2015
12/31/2015 3/31/2016

Price/Tangible Book Value

3/31/2015
12/31/2015
3/31/2016

Price/Earnings (LTM)
3/31/2015
12/31/2015
3/31/2016

Price/Forward Earnings (4)

3/31/2015
12/31/2015
3/31/2016

American Express Company

Capital One Financial Corporation
Synchrony Financial
Discover Financial Services
Ally Financial Inc.
Navient Corporation
Santander Consumer USA Holdings Inc.
Credit Acceptance Corp.
OneMain Holdings, Inc.
LendingClub Corporation

79.3
43.3
25.3
25.1
10.1
8.2
8.1
4.1
6.0
7.3

68.5
38.4
25.4
22.9
9.0
4.1
5.7
4.5
5.6
4.2

58.8
36.0
23.9
21.1
9.0
4.1
3.8
3.7
3.7
3.2

4.7
1.5
2.8
2.5
0.7
2.1
2.4
5.8
3.0
8.5

3.2
1.2
2.4
2.2
0.7
1.2
1.3
4.8
1.9
4.6

3.4
1.1
2.2
2.1
0.7
1.3
0.9
4.0
4.9
3.4

14.5
10.1
11.4
10.0
11.2
6.7
10.7
14.7
11.6
NM

12.1
9.8
11.1
9.6
8.7
4.1
5.9
15.4
NM
NM

10.9
9.3
10.2
9.0
8.2
4.1
4.2
12.5
NM
NM

13.5
9.8
11.4
9.8
9.3
8.8
9.0
13.7
19.5
NM

12.9
9.2
10.9
9.4
7.7
5.6
5.8
13.6
7.8
NM

10.9
8.3
9.3
8.5
7.2
6.1
4.2
9.4
4.3
18.0

Average
Median

21.7
9.1

18.8
7.3

16.7
6.6

3.4x
2.7x

2.4x
2.0x

2.4x
2.1x

11.2x
11.2x

9.6x
9.7x

8.5x
9.1x

11.7x
9.8x

9.2x
9.2x

8.6x
8.4x

Top Custody US Banks (3)

Company

Market Capitalization ($ B)
3/31/2015
12/31/2015 3/31/2016

Price/Tangible Book Value

3/31/2015
12/31/2015
3/31/2016

Price/Earnings (LTM)
3/31/2015
12/31/2015
3/31/2016

Price/Forward Earnings (4)

3/31/2015
12/31/2015
3/31/2016

State Street Corporation

The Bank of New York Mellon Corporation
Northern Trust Corporation
U.S. Bancorp
Wells Fargo & Company
M&T Bank Corporation
Comerica Incorporated
SunTrust Banks, Inc.
UMB Financial Corporation
Regions Financial Corporation

30.3
44.9
16.3
77.9
279.9
16.9
8.0
21.5
2.4
12.7

26.8
45.1
16.7
74.6
277.7
16.2
7.4
21.8
2.3
12.5

23.4
39.6
14.9
70.5
244.6
17.7
6.6
18.2
2.6
10.0

2.6
3.2
2.2
3.0
2.2
2.3
1.2
1.5
1.8
1.2

2.4
3.6
2.1
2.7
2.1
2.0
1.1
1.5
1.4
1.2

2.1
3.1
1.9
2.5
1.9
1.8
1.0
1.3
1.6
0.9

16.7
15.7
21.3
15.8
13.6
17.0
14.7
13.9
20.2
12.6

16.5
16.9
18.3
15.1
13.4
15.7
14.6
12.9
22.0
14.7

13.3
15.0
16.3
14.2
11.8
16.1
14.3
10.7
24.3
10.4

12.6
13.2
15.9
12.2
12.0
13.0
12.9
11.6
14.9
10.5

12.6
13.3
17.1
12.4
12.3
14.2
13.3
12.0
15.5
11.3

10.7
10.8
14.3
11.4
10.6
11.8
11.5
9.9
15.6
8.4

Average
Median

51.1
19.2

50.1
19.3

44.8
17.9

2.1x
2.2x

2.0x
2.1x

1.8x
1.8x

16.1x
15.8x

16.0x
15.4x

14.7x
14.3x

12.9x
12.8x

13.4x
12.9x

11.5x
11.1x

Notes:
(1) Market data provided by Capital IQ, Inc. Selected institutions represent the largest depository banks in the U.S. based on market capitalization.
(2) Market data provided by Capital IQ, Inc. Selected institutions represent the largest non-depository banks in the U.S. based on market capitalization.
(3) Market data provided by Capital IQ, Inc. Selected institutions represent the largest custody banks in the U.S. based on total fiduciary accounts including custody.
(4) Price/Forward Earnings calculated on a two year forward looking basis. The formula uses median normalized net income estimates from Capital IQ, Inc.

2016 PricewaterhouseCoopers LLP, a Delaware limited liability partnership. All rights reserved.
This content is for general information purposes only, and should not be used as a substitute for consultation with professional advisors.

Financial Services Industry - Banking Valuation Quarterly Update

As of March 31, 2016

Financial Services Industry - Banking Valuation Quarterly Update (continued)

Purchase Price Allocation Benchmarking - Transactions in the US Banking Industry (1)
Allocation of Purchase Price as a
Percentage of Excess Consideration

Acquirer

Ameris Bancorp
Seacoast Banking Corp. of FL
First Midwest Bancorp Inc.
CenterState Banks
German American Bancorp Inc.
Yadkin Financial Corporation
RBB Bancorp
F.N.B. Corp.
Heartland Financial USA Inc.
HomeStreet Inc.
Pacific Premier Bancorp
Southern BancShares (NC)
Liberty Bank
Northfield Bancorp Inc.
Park Sterling Corporation
Prosperity Bancshares Inc.
First Merchants Corp.
Community Bank System Inc.
Valley National Bancorp
First NBC Bank Holding Co.
Heartland Financial USA Inc.
Independent Bk Group Inc.
M&T Bank Corp.
Atlantic Capital Bcshs Inc.
Camden National Corp.
WSFS Financial Corp.
PacWest Bancorp
First Horizon National Corp.
Banner Corp.
Bear State Financial Inc.
Green Bancorp Inc.
Home BancShares Inc.
Home Bancorp Inc.
United Community Banks Inc.
Pinnacle Financial Partners
Heritage Commerce Corp
Northwest Bancshares, Inc.
Bank of the Ozarks Inc.
CIT Group Inc.
Pinnacle Financial Partners
First Financial Bankshares
BB&T Corp.
Cathay General Bancorp
Horizon Bancorp
BNC Bancorp
Renasant Corp.
ESB Bancorp MHC
Western Alliance Bancorp
Sterling Bancorp
Plaza Bank
Bridge Bancorp Inc.
Farmers National Banc Corp.
BB&T Corp.
IBERIABANK Corp.
UMB Financial Corp.
Chemical Financial Corp.
Ameris Bancorp
MidWestOne Financial Grp Inc.
United Community Banks Inc.
Ford Financial Fund II L.P.
Stupp Bros. Inc.
Berkshire Hills Bancorp Inc.
Cape Bancorp Inc.

Target

Jacksonville Bancorp Inc.

Floridian Financial Group Inc
NI Bancshares Corporation
Cmnty Bk of South FL Inc.
River Valley Bancorp
NewBridge Bancorp
TFC Holding Co.
Metro Bancorp Inc.
CIC Bancshares Inc.
Orange County Business Bank
Security California Bancorp
Heritage Bankshares Inc.
Naugatuck Valley Finl
Hopewell Valley Cmnty Bank
First Capital Bancorp Inc.
Tradition Bancshares Inc.
Ameriana Bancorp
Oneida Financial Corp.
CNLBancshares Inc.
State Investors Bancorp Inc.
Premier Valley Bank
Grand Bank
Hudson City Bancorp Inc.
First Security Group Inc.
SBM Financial Inc.
Alliance Bancorp of Penn
Square 1 Financial Inc.
TrustAtlantic Financial Corp.
Starbuck Bancshares Inc.
Metropolitan National Bank
Patriot Bancshares Inc.
Florida Bus. BancGroup Inc.
Louisiana Bancorp Inc.
Palmetto Bancshares Inc.
Magna Bank
Focus Business Bank
LNB Bancorp Inc.
Bank of the Carolinas Corp.
IMB HoldCo LLC
CapitalMark Bank & Trust
FBC Bancshares Inc.
Susquehanna Bancshares Inc.
Asia Bancshares Inc.
Peoples Bancorp Inc
Valley Financial Corp.
Heritage Financial Group Inc.
Citizens National Bancorp Inc.
Bridge Capital Holdings
Hudson Valley Holding Corp.
Manhattan Bancorp
Community National Bk
National Bancshares Corp.
Bank of Kentucky Finl Corp.
Georgia Commerce Bancshares
Marquette Financial Companies
Lake Michigan Financial Corp.
Mrchnt & Sthrn Banks of FL Inc
Central Bancshares Inc.
MoneyTree Corp.
Mechanics Bank
Southern Bancshares Corp.
Hampden Bancorp Inc.
Colonial Financial Services

Closing Date

Purchase Price
($ M)

Goodwill

Core Deposit
Intangible

3/11/2016
3/11/2016
3/8/2016
3/1/2016
3/1/2016
3/1/2016
2/19/2016
2/13/2016
2/5/2016
2/1/2016
1/29/2016
1/29/2016
1/15/2016
1/8/2016
1/1/2016
1/1/2016
12/31/2015
12/4/2015
12/1/2015
11/30/2015
11/30/2015
11/1/2015
11/1/2015
10/31/2015
10/16/2015
10/9/2015
10/6/2015
10/2/2015
10/1/2015
10/1/2015
10/1/2015
10/1/2015
9/15/2015
9/1/2015
9/1/2015
8/20/2015
8/14/2015
8/5/2015
8/3/2015
7/31/2015
7/31/2015
7/31/2015
7/31/2015
7/1/2015
7/1/2015
7/1/2015
7/1/2015
6/30/2015
6/30/2015
6/29/2015
6/19/2015
6/19/2015
6/19/2015
5/31/2015
5/31/2015
5/31/2015
5/22/2015
5/1/2015
5/1/2015
4/30/2015
4/24/2015
4/17/2015
4/1/2015

96.4
77.6
70.1
65.0
87.4
431.3
83.2
404.0
76.9
55.9
120.2
55.3
77.8
55.4
87.2
71.5
68.9
142.1
208.1
51.1
95.0
79.0
3,812.4
159.0
134.9
93.4
847.4
81.1
701.6
70.0
139.4
102.3
74.6
237.6
82.5
54.8
180.7
65.4
3,369.1
187.2
59.3
2,500.9
126.0
73.3
101.2
254.4
51.3
490.6
563.0
53.9
143.8
75.2
395.9
192.0
179.7
187.7
50.0
143.7
54.6
360.2
74.5
124.5
54.4

84.3%
89.9%
65.5%
87.4%
92.7%
90.3%
NA
82.5%
81.9%
83.5%
92.2%
82.4%
NA
91.7%
90.3%
100.0%
91.9%
NA
85.3%
NA
89.3%
NA
89.0%
59.1%
91.8%
NA
92.5%
NA
87.1%
75.3%
86.8%
NA
87.7%
89.3%
90.4%
83.5%
92.1%
90.6%
82.6%
96.0%
94.9%
89.0%
97.8%
83.0%
89.4%
93.5%
NA
94.5%
90.1%
NA
93.5%
85.8%
94.4%
94.6%
NA
93.2%
72.5%
78.3%
75.5%
NA
NA
94.0%
NA

15.7%
10.1%
34.5%
12.6%
7.3%
9.7%
NA
17.5%
18.1%
16.5%
7.8%
17.6%
NA
8.3%
9.7%
NA
8.1%
NA
14.7%
NA
10.7%
NA
11.0%
40.9%
8.2%
NA
7.5%
NA
12.9%
24.7%
13.2%
NA
12.3%
10.7%
9.6%
16.5%
7.9%
9.4%
17.4%
4.0%
5.1%
11.0%
2.2%
17.0%
10.6%
6.5%
NA
5.5%
9.9%
NA
6.5%
14.2%
5.6%
5.4%
NA
6.8%
27.5%
21.7%
24.5%
NA
NA
6.0%
NA

305.8
95.0

87.5%
89.4%

12.7%
10.6%

Average
Median

Notes:
NA = Not Available
(1) Search criteria includes acquisitions of U.S. banks with purchase price greater than or equal to $50.0 million and transaction close dates occurring between March 31, 2014 and March 31, 2016.

2016 PricewaterhouseCoopers LLP, a Delaware limited liability partnership. All rights reserved.
This content is for general information purposes only, and should not be used as a substitute for consultation with professional advisors.

Financial Services Industry - Banking Valuation Quarterly Update

As of March 31, 2016

Financial Services Industry - Banking Valuation Quarterly Update (continued)

Contacts
To have a deeper discussion about valuation developments and trends, please contact:
Scott Carmelitano
Principal
scott.j.carmelitano@us.pwc.com
+1 213 356 6662
Nisha Sheth
Principal
nisha.sheth@us.pwc.com
+1 646 471 2164
Earl Wallis
Managing Director
earl.wallis@us.pwc.com
+1 678 419 1745

2016 PricewaterhouseCoopers LLP, a Delaware limited liability partnership. All rights reserved.
This content is for general information purposes only, and should not be used as a substitute for consultation with professional advisors.