4Q16 small beat on higher NII but provisions elevated

Active Rep Declines Weigh on Growth Quick Thoughts on 4Q'16 Results No surprises in the results Roadshow feedback: Investors bearish on grid companies' power equipment subsidiaries Q4 Trends Generally Track Expectations; 2017 Outlook Brackets Consensus What is the potential impact from the Odebrecht case? Odebrecht Colombia impact overblown? UBS Evidence Lab Survey: CapEx budget outlook solid post-election; Health IT remains priority Operating leverage turns negative Financials hold up while metrics weaken