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**Document Extract** **Header:** Bank of America Merrill Lynch **Footer:** * **Date:** 17 November 2016 * **Page Number:** 33 * **Conference Name:** 2016 Future of Financials Conference **Main Content:** * **Text:** + WFC continues to make progress on regulatory compliance. + Potential changes to annual stress test process viewed as positive. + Zions Bancorporation (ZION), C-3-7, Underperform + Sentiment post-election appears constructive on growth prospects. * **Chart 49:** + What do you think is the biggest catalyst for WFC shares over the next 12-24 months? - Better clarity around the full impact of the sales practices issue: 21% - Delivering clean and consistent earnings results close to or better than the current consensus: 24% - Achieving solid revenue growth regardless of the rate environment: 14% - Renewed focus on expense management to drive the efficiency ratio lower: 10% - Accelerating capital return, with focus on the dividend: 31% * **Chart 50:** + As a result, what do you think WFC's long-term dividend payout ratio will be? - Near the current level of 37%: 16% - 40-45%: 35% - 45-50%: 35% - >50%: 14% **Note:** * WFC is scheduled to report October customer activity in Retail Banking on Thur, Nov. 17th at 9am ET.