#1Investor Update | First Quarter 2023 M&T Bank Corporation#22 Disclaimer This presentation may contain forward-looking statements regarding M&T Bank Corporation ("M&T") within the meaning of the Private Securities Litigation Reform Act of 1995. Any statement that does not describe historical or current facts is a forward-looking statement, including statements based on current expectations, estimates and projections about M&T's business, and management's beliefs and assumptions. Statements regarding the potential effects of events or factors specific to M&T and/or the financial industry as a whole, as well as national and global events generally, on M&T's business, financial condition, liquidity and results of operations may constitute forward- looking statements. Such statements are subject to the risk that the actual effects may differ, possibly materially, from what is reflected in those forward-looking statements due to factors and future developments that are uncertain, unpredictable and in many cases beyond M&T's control. As described further below, statements regarding M&T's expectations or predictions regarding M&T's recent acquisition of People's United Financial Inc. are also forward-looking statements, including statements regarding the expected financial results, prospects, targets, goals and outlook. Forward-looking statements are typically identified by words such as "believe," "expect," "anticipate," "intend," "target," "estimate," "continue," or "potential," by future conditional verbs such as "will," "would," "should," "could," or "may," or by variations of such words or by similar expressions. These statements are not guarantees of future performance and involve certain risks, uncertainties and assumptions ("future factors") which are difficult to predict. Therefore, actual outcomes and results may differ materially from what is expressed or forecasted in such forward-looking statements. Examples of future factors include: the impact of the People's United transaction (as described in the next paragraph); economic conditions including inflation and market volatility; international conflicts, domestic or international political developments and other geopolitical events; the impact of the COVID-19 pandemic; changes in interest rates, spreads on earning assets and interest-bearing liabilities, and interest rate sensitivity; prepayment speeds, loan originations, credit losses and market values on loans, collateral securing loans, and other assets; sources of liquidity; common shares outstanding; common stock price volatility; fair value of and number of stock-based compensation awards to be issued in future periods; the impact of changes in market values on trust- related revenues; legislation and/or regulations affecting the financial services industry and/or M&T and its subsidiaries individually or collectively, including tax policy; regulatory supervision and oversight, including monetary policy and capital requirements; governmental and public policy changes; the outcome of pending and future litigation and governmental proceedings, including tax-related examinations and other matters; changes in accounting policies or procedures as may be required by the Financial Accounting Standards Board, regulatory agencies or legislation; increasing price, product, and service competition by competitors, including new entrants; rapid technological developments and changes; the ability to continue to introduce competitive new products and services on a timely, cost-effective basis; the mix of products and services; containing costs and expenses; protection and validity of intellectual property rights; reliance on large customers; technological, implementation and cost/financial risks in large, multi-year contracts; continued availability of financing; financial resources in the amounts, at the times and on the terms required to support M&T and its subsidiaries' future businesses; and material differences in the actual financial results of merger, acquisition, divestment and investment activities compared with M&T's initial expectations, including the full realization of anticipated cost savings and revenue enhancements. In addition, future factors related to M&T's acquisition of People's United Financial, Inc. include, among others: the possibility that the anticipated benefits of the transaction will not be realized when expected or at all; potential adverse reactions or changes to business, customer or employee relationships; M&T's success in executing its business plans and strategies and managing the risks involved in the foregoing; the results and costs of integration efforts; the business, economic and political conditions in the markets in which M&T operates; the outcome of any legal proceedings that may be instituted against M&T or its subsidiaries; and other factors related to the acquisition that may affect future results of M&T. These are representative of the future factors that could affect the outcome of the forward-looking statements. In addition, such statements could be affected by general industry and market conditions and growth rates, general economic and political conditions, either nationally or in the states in which M&T and its subsidiaries do business, including interest rate and currency exchange rate fluctuations, changes and trends in the securities markets, and other future factors. M&T provides further detail regarding these risks and uncertainties in its Form 10-K for the year-ended December 31, 2022, including in the Risk Factors section of such report, as well as in other SEC filings. Forward-looking statements speak only as of the date made, and M&T does not assume any duty and does not undertake to update forward- looking statements. Annualized, pro forma, projected, and estimated numbers are used for illustrative purposes only, are not forecasts and may not reflect actual results. M&T Bank Corporation#33 M&T - A High Performing Community-Focused Bank Financial Highlights 4Q22 MTB Stock Price * $152.54 Market Capitalization * $25.6B P/TBV * 1.8x $201B $164B $132B 1,010 • • • • • • • Top 15 U.S.-based, commercial bank holding company, with national capabilities from our suite of specialty businesses and Wilmington Trust Seasoned management team and deeply embedded culture Superior profitability and earnings and dividend growth over multiple economic cycles Decades of top quartile loan and deposit growth Local scale leading to superior pricing on both sides of the balance sheet, above peer risk-adjusted NIM and credit outperformance Disciplined and efficient operator and prudent stewards of shareholder capital Growth driven by relentless focus on customers, talent, and delivering innovative capabilities Practicing stakeholder capitalism for over 30 years, giving back to our communities Symbol Total Assets Deposits Loans Branches ** Notes: *Close of business 3/3/2023 **Includes full-service domestic branches as of 12/31/2022 M&T Bank Corporation#44 The M&T Story: A High Performing Community-Focused Bank... ...Our Operating Principles Operating Principles Our mission - Our purpose - To make a difference in people's lives We are a bank for communities - committed to improving the lives of our customers and all the communities we touch. Local Scale • Long-term and deep customer relationships • Stable low-cost deposit base with top share in core markets Lead bank share among middle market firms in key communities #1 or 2 share in 10 of 16 SBA districts within footprint Credit Discipline • Long-term credit costs well below industry averages • Particular outperformance in stressed environments • Underwriting standards consistent throughout credit cycles • Operating & Capital Efficiency • Prudent expense management • Lower PPNR and credit volatility supports capital efficiency Return-oriented capital allocation - growth, dividends, buybacks, or acquisitions Our People Talent & Capabilities • Seasoned and broad expertise • Ongoing insourcing of new capabilities Mission Outcomes Customers & Communities M&T Bank Corporation#55 Strong Financial Results Over the Long-Term ROTCE (average) 19.1% 16.9% 16.7% 14.8% 15.4% 14.4% Operating EPS Growth (CAGR) 10.3% 8.4% 8.2% 5.3% 6.2% 2.3% MTB MTB Peer Median MTB Peer Median MTB Peer Median Peer Median MTB Peer Median MTB Peer Median 20 Years 10 Years ROTA (average) 5 Years 20 Years 10 Years Dividend Growth (CAGR) 1.33% 1.33% 1.03% 1.21% 1.42% 7.9% 1.31% 5.5% 1.6% 5 Years 14.5% 9.9% 16.2% MTB Peer Median MTB Peer Median MTB Peer Median MTB Peer Median MTB Peer Median MTB Peer Median 20 Years 10 Years 5 Years 20 Years Source: S&P Global Market Intelligence. Notes: Historical data is through December 31, 2022. EPS and dividend growth exclude firms that were not publicly traded in 2002. See Appendix for reconciliation of GAAP and non-GAAP measures. 10 Years 5 Years M&T Bank Corporation#66 9% 8% 7% 6% 5% 4% 2% ៖៖៖៖ 1% 0% 3% 5.0% 4.5% 4.0% 3.5% 3.0% 2.5% 2.0% 2003 M&T's Business Model - Net Interest Margin 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 PPNR/RWA 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 1Q22 2Q22 2020 2021 1Q22 2Q22 90% 4Q 2022 MTB 4.06% Peer Max 3.99% 80% Peer Median 3.34% Peer Min 2.83% 70% 3Q22 4Q22 4.5% 4Q 2022 Peer Max 3.12% 4.0% MTB 2.97% 3.5% Peer Median 2.31% Peer Min 1.80% 3.0% 2.5% 2.0% 1.5% 1.0% 0.5% 0.0% MTB Peer Median Note: All earnings annualized and operating except for PPNR. ROTCE, efficiency, and PPNR are non-GAAP measures and are reconciled in the appendix. Source: S&P Global Market Intelligence and company filings 3Q22 4Q22 Focus on Four Key Performance Indicators Operating Efficiency Ratio 40% 60% 50% 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 NCO / Average Loans 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2019 2020 2021 1Q22 4Q 2022 Peer Min (0.03%) MTB 0.12% Peer Median 0.22% Peer Max 2020 2021 1Q22 2Q22 3Q22 4Q22 M&T Bank Corporation 0.63% 2Q22 3Q22 4Q 2022 Peer Min 49.9% Peer Median 53.2% MTB 53.3% Peer Max 60.7% 4Q22#77 Key Ratios Superior Pre-Credit Earnings 2017 2018 2019 2020 2021 2022 4Q '21 3Q '22 4Q '22 Net Interest Margin 3.47% 3.83% 3.84% 3.16% 2.76% 3.39% (1) Efficiency Ratio - Operating 55.07% 54.79% 55.66% 56.35% 59.02% 56.62% (1) PPNR 2,492 2,640 2,723 2,570 2,380 3,128 2.58% 59.71% 585 3.68% 53.57% 53.27% 4.06% 963 1,101 (1) PPNR to RWA 2.53% 2.72% 2.70% 2.44% 2.27% 2.42% 2.24% 2.64% 2.97% Strong Credit Metrics Allowance to Loans (As At) 1.16% 1.15% 1.16% 1.76% 1.58% 1.46% 1.58% 1.46% 1.46% Net Charge-Offs to Loans 0.16% 0.15% 0.16% 0.26% 0.20% 0.13% 0.13% 0.20% 0.12% Focused on Returns Net Operating Return on: Tangible Assets (1)(2) Tangible Common Equity (1)(2) 1.23% 1.72% 1.69% 1.04% 1.28% 1.35% 13.00% 19.09% 19.08% 12.79% 16.80% 16.70% 1.23% 1.44% 1.70% 15.98% 17.89% 21.29% Consistent Capital Generation Tangible Common Equity to Tangible Assets 9.10% 8.31% 8.55% 7.49% 7.68% Common Equity Tier 1 Ratio 10.99% 10.13% 9.73% 10.00% 11.42% Tier 1 Capital Ratio 12.26% 11.38% 10.94% 11.17% 13.11% 7.63% 10.44% 11.79% 7.68% 7.70% 7.63% 11.42% 10.75% 10.44% 13.11% 12.13% 11.79% Balance Sheet (As At) Loans to Deposits Securities to Assets 95.19% 98.13% 12.37% 10.57% 95.94% 7.92% 82.25% 4.94% 70.63% 4.61% 80.46% 12.56% 70.63% 4.61% 78.26% 80.46% 12.43% 12.56% Notes: (1) The Efficiency Ratio and Pre-provision Net Revenue are non-GAAP financial measures. The Efficiency Ratio reflects non-interest expense (excluding amortization expense associated with intangible assets and merger-related expenses) as a percentage of fully taxable-equivalent net interest income and non-interest revenues (excluding gains or losses from securities transactions and merger-related gains) (2) Excludes merger-related gains and expenses and amortization expense associated with intangible assets. M&T Bank Corporation#88 Prudent Stewards of Shareholders' Capital How we think about capital allocation Disciplined return criteria - lending and investments Results Higher return earning asset mix Moderate dividend payout Acquisitions that clearly present value creation One of two S&P 500 banks to maintain dividend through the Great Financial Crisis History of accretive acquisitions Consistently return excess capital to investors Top quartile returns; best-in-class EPS growth M&T Bank Corporation#90% 1% 2% 1990 3% 4% 1991 1992 • Superior Credit Losses Through Multiple Economic Cycles M&T Credit Philosophy Consistent credit standards through economic cycles Emphasis on secured lending: cash flow + collateral + guarantees Customer selection, supported by local market knowledge Working with customers to achieve best long-term outcome S&L Crisis 5% 1993 1994 1995 1996 1997 1998 1999 2000 2001 NCO % of Loans 2001 Recession "Great Financial Crisis" COVID 19 Pandemic 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 Industry MTB Peer Median Avg Max Range 0.34% 1.01% 0.88% 0.59% 2.41% 2.23% While M&T's long-term average nonaccrual rate has exceeded the peer median (1.1% vs. 0.9% for peers), its peak annual loss rate was 42% of the peer median - nonaccruals may not translate to losses 9 Source: S&P Global Market Intelligence and FRY9C. Note: Industry data represents all FDIC-insured institutions from the FDIC's Quarterly Banking Profile. Average, max, and range are FY1990-FY2022. 2019 2020 2021 1Q22 2Q22 3Q22 0.81% 2.56% 2.35% 4Q22 M&T Bank Corporation Peer Range Peer Median M&T Industry#1010 3.0% 2.5% 2.0% 1.5% 1.0% 0.5% 0.0% 5.0% 4.0% 3.0% 2.0% 1.0% 0.0% 6.0% 5.0% 4.0% 3.0% 2.0% 1.0% 0.0% 2005 C&I Best-In-Class Credit NCO Ratios Across All Portfolios 2006 2007 2008 2009 2010 2011 2012 2013 2013 2014 2014 2015 GLOZ 2016 2017 2018 2019 2020 2021 1Q22 2Q22 3Q22 2005 2005 2006 2006 2007 2007 2008 2008 2009 2009 2010 2010 2011 2011 2011 2012 2012 2013 2013 2014 2014 2015 2016 2017 HELOC 2014 2015 GLOZ Other CRE Avg Max Range 12.0% MTB 0.38% 1.27% 1.09% 10.0% Peer Median 0.50% 1.79% 1.65% 8.0% Peer Range 6.0% Peer Median 4.0% M&T 2.0% 0.0% 4Q22 Avg Max Range 5.0% MTB 0.08% 0.25% 0.26% Peer Median 0.44% 2.57% 2.60% 4.0% 3.0% 2.0% 1.0% 0.0% 2016 2016 2017 2018 2019 2020 2021 1Q22 2Q22 3Q22 4Q22 Avg Max Range 6.0% MTB Peer Median 0.46% 1.25% 1.31% 0.20% 0.52% 0.60% 5.0% 4.0% 3.0% 2.0% 1.0% 0.0% 2018 2019 2020 2021 1Q22 2Q22 3Q22 4Q22 Source: S&P Global Market Intelligence and FRY9C. Note: Range measures the difference between the annual maximum and minimum for M&T and peers. Average, max, and range are FY2005-FY2022 2005 2006 2007 2008 2009 2005 Construction 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 1Q22 2Q22 3Q22 2005 2006 2007 2008 2009 2010 2011 2012 2012 2013 2014 2015 2016 2016 2017 2017 2018 Other Consumer 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 Residential Real Estate 2019 2020 2021 1Q22 MTB Avg Max Range 0.43% 2.47% 2.70% Peer Median 1.14% 7.11% 7.27% 4Q22 MTB Avg Max Range 0.31% 1.32% 1.31% Peer Median 0.35% 1.59% 1.61% 2Q22 3Q22 4Q22 MTB Avg Max Range 0.92% 1.62% 1.41% Peer Median 1.32% 3.23% 2.62% 1Q22 2Q22 3Q22 4Q22 M&T Bank Corporation#11Work Toward Building Optimal Balance Sheet Structure Continues Optimizing Balance Sheet to Align with Operating Principles % of Interest Earning Assets Const. & Dev. 6% (2%) 4% CRE Permanent 13% 15% ☐ Owner-Occ. 5% 6% C&I 16% +7% 23% Shifting Loan Mix Reducing Capital Intensive CRE Diversifying with increased Mix of C&I CRE, C&I and Consumer & RRE each approaching approximately one third of loan portfolio Consumer 13% 11% ■ RRE 11% Securities 5% 13% +9% 14% Short-Term 30% Investments (1) (16%) 14% Notes: PPP 1% 4Q21 4Q22 Total Earning Assets (EOP) $142B $182B Increasing Fixed Rate Exposure Continued Residential Mortgage retention through 2022 Increased Securities concentration with 2022 purchases and People's contribution Managing the derivatives hedge portfolio 11 (1) Includes Interest-bearing deposits at banks, Federal funds sold and agreements to resell securities, and Trading Account M&T Bank Corporation#12Local Scale in Key Markets in M&T Footprint Contiguous Branch Footprint... ...With Market Leading Franchises... Top Northeast Banks by Branches (1) Top 10 MSAs by Deposits tie Brockville Kingston Montelier ERMONT Rank Branches Augu Buffalo 1 1 Bank of America Corp. 1,091 Lake ronto Ontario on Rochester Buffalo YORK Alleny NEW HAMPSHIRE Rochester 1 2 JPMorgan Chase & Co. 1,047 Concord Bridgeport 2 3 M&T Bank Corp. 1,008 Baltimore 2 4 Citizens Financial Group 976 Hartford 2 5 Toronto-Dominion Bank 935 Boston New Haven 2 6 Wells Fargo & Co. 899 Providence Hartford Boston 8 7 PNC Financial Services 834 Bridgeport Stamford Philadelphia 9 8 Truist Financial Corp. 691 PEN IS VAN New York Washington 11 9 Banco Santander SA 482 ah New York 16 10 KeyCorp 431 Ha entor Phaphia Wilmington Baltimore Doger Washington VIRGINIA Richmond M&T Bank (1,008 branches) ... and Dense, Efficient Network Dense Northeast network covers a geography with only a 300-mile radius but approximately 22% of U.S. population and 25% of GDP 12 Source: S&P Global Market Intelligence, FDIC Summary of Deposits (1) Top banks and thrifts by number of branches in Northeast/ Mid-Atlantic regions (CT, DC, DE, MA, MD, ME, NH, NJ, NY, PA, RI, VA, VT, WV). M&T as of 12/31/2022, excludes two domestic branches outside of Northeast footprint M&T Bank Corporation#1313 Meeting Evolving Needs: Talent Is the Greatest Differentiator + Seasoned, Skilled, and Stable •19-year average tenure for executive management • Talent development programs span 4 decades • Only 3 CEOs, 4 CFOs, and 2 CCOS in 39 years • • Increasingly Diverse More than 40% of our Board of Directors team is diverse Several diversity recognition programs and initiatives • • New Capabilities Digitally forward, locally focused Enhanced team with new skill sets including design engineers and anthropologists to solve problems & deliver solutions ⚫ Partnerships with Fintechs to innovate and create customer solutions Delivering for our customers M&T Bank Corporation#14Delivering Innovative Capabilities... ...as Technology Transformation Continues Our Technology transformation is centered around Three Key Dimensions 14 {Agility} {Talent} {Capabilities} 00 {Talent} •Pivoted to mostly insourced technologists •Increasing Technology Development Program (TDP) hires •Perpetually upskilling and reskilling our technologists •Leveraging the Tech Academy to grow local non-traditional talent {Agility} •Agile-at-scale methodology •Customer experience led, agile-built, data-driven •Decomposed each business line/division into its enduring capabilities •Monitor speed, efficiency, quality and customer satisfaction {Capabilities} •More resilient, more reliable and more productive ⚫Continuous improvement and "progressive renovation" of core systems •Modernized systems across the bank with more distributed capabilities and cloud •Positioning as great partner for Fintechs M&T Bank Corporation#1515 Our Focus on Customers, Communities and Innovation Pays Dividends When our customers and communities succeed, we all succeed Customer Focused • Long lasting relationships Designated 118 multicultural banking branches since 2020, furthering our mission to be a culturally fluent bank for all communities 69 DOLLARS Community Engagement • $1.5 billion in community development loans, lines of credit, & investments in 2021 40 hours of paid volunteer time available to employees yearly • $279 million in charitable contributions to not-for-profits between 2012 and 2021 • Introduced $43B, 5-year Community Growth Plan supporting LMI households and communities of color in 2021 • Launched $25 million Amplify Fund supporting organizations in marginalized communities in 2022 Business Support • Won 115 Greenwich Excellence awards in Small Business between 2011 and 2022 • Ranked #6 SBA Lender in the country in FY22 • 91% of M&T Small Business customers rated M&T as excellent or above average in overall satisfaction in FY 2021 • Expanded the Multicultural Small Business Innovation Lab in 2022 to provide multicultural business owners with guidance and skills to scale and operate their businesses Note: All data points except SBA and Greenwich are for 2021. SBA rankings are for 2022. Top Rankings • Highest possible CRA rating from Federal Reserve since 1982 #1 or #2 SBA lender in 10 out of 16 markets in FY2022 • 3 Greenwich Excellence Awards & 1 Best Brand Award in Small Business Banking in 2022 • Ranked #11 in Excellence Awards for Small Business Banking in 2022 M&T Bank Corporation#16A Bank for Communities & Making a Difference - Our ESG Commitment ESG Accomplishments and Highlights since Last Year Established Renewable Energy and Carbon Reduction Targets Joined the Partnership for Carbon Accounting Financials (PCAF) • 2021 ESG report included Inaugural TCFD (1) disclosure Second SASB(2) report Built a Centralized ESG Team Defined Board and Management ESG Governance Completed our 1st Materiality Assessment Environment 0 3 • $638.4 million funded in renewable energy projects over the past three years $173.8 million in financing provided for renewable energy projects in 2021 • 18% reduction in our total electricity usage since 2017 Social Governance • 21% reduction in Scope 1 and 2 GHG emissions since 2019 • $33.9 million awarded in charitable contributions • • $1.7 billion in lending to projects containing affordable housing Designated as one of the Best Places to Work for LGBTQ+ Equality by the Human Rights Campaign Foundation and one of the Best Places to Work for Disability Inclusion in the 2021 Disability Equality Index 94% of Board members were independent(3) • 41% of Board members represented diverse groups (3) We are committed to complying with the highest standards of business ethics and integrity 16 Note: The above highlights can be found in our 2021 ESG report. A copy of this report can be found on our website at https://ir.mtb.com/esg-report 1) TCFD = Task Force on Climate-related Financial Disclosures and 2) SASB = Sustainability Accounting Standards Board 3) Data per proxy statement M&T Bank Corporation#1717 M&T - A High Performing Community-Focused Bank • • • • • • • Top 15 U.S.-based, commercial bank holding company, with national capabilities from our suite of specialty businesses and Wilmington Trust Seasoned management team and deeply embedded culture Superior profitability and earnings and dividend growth over multiple economic cycles Decades of top quartile loan and deposit growth Local scale leading to superior pricing on both sides of the balance sheet, above peer risk-adjusted NIM and credit outperformance Disciplined and efficient operator and prudent stewards of shareholder capital Growth driven by relentless focus on customers, talent, and delivering innovative capabilities Practicing stakeholder capitalism for over 30 years, giving back to our communities M&T Bank M&T Bank Corporation#1818 Current Themes & Key Messages M&T Bank Corporation#1919 Solid Performance in Key Metrics against Peers ROTCE % (ex-AOCI) Net Interest Margin Efficiency Ratio 4Q22 4Q22 4Q22 PPNR/RWA 4Q22 NCO Loans 4Q22 Peer 1 MTB MTB 20.1% Peer 1 Peer 2 4.1% Peer 1 Peer 5 Peer 1 Peer 6 MTB 3.0% Peer 7 Peer 6 Peer 4 Peer 4 Peer 3 Peer 5 Peer 6 Peer 2 Peer 4 Peer 7 Peer 7 Peer 5 Peer 2 Peer 2 MTB 0.12% Peer 11 Peer 6 Peer 2 Peer 7 Peer 5 Peer 6 Peer 4 MTB 53.3% Peer 3 Peer 9 Peer 7 Peer 9 Peer 3 Peer 8 Peer 3 Peer 9 Peer 5 Peer 4 Peer 8 Peer 8 Peer 9 Peer 10 Peer 8 Peer 9 Peer 1 Peer 10 Peer 8 Peer 11 Peer 10 Peer 3 Peer 11 Peer 11 Peer 10 Peer 11 Peer 10 Note: All earnings annualized and operating except for PPNR. ROTCE, efficiency, and PPNR are non-GAAP measures and are reconciled in the appendix. Source: S&P Global Market Intelligence and company filings M&T Bank Corporation#201Q 2023 Trends Seasonal Customer Deposit Flows & Rate Sensitivity Acceleration Continues ■ First quarter seasonal outflows from distributions to business owners for tax purposes ■ Customer rate sensitivity behavior continues to rapidly react to higher rates, driving betas higher ■ Commercial customers continue shifting mix to higher yielding sweep products from demand deposits Consumer customers continue shifting mix to higher yielding CD's from savings/MMDA's and to other off- balance sheet higher yield products including TreasuryDirect Revenues Essentially Flat Sequentially Net interest income lower on two fewer days, partially offset by less drag from cash flow hedges ■ ■ Issued $3.5 billion senior debt (Holdco and bank level) in January; mildly dilutive to full year NIM Commercial mortgage banking and syndication fees lower due to muted capital markets activity Operating Expenses 2 Higher ◉ First quarter to include $100-$105 million in seasonally higher compensation Expense, excluding 4Q22 merger-related and charitable and 1Q23 seasonal compensation, higher QoQ 20 20 Notes: (1) Excluding 4Q22 gain on sale of M&T Insurance Agency ($136 million) (2) Excluding 4Q22 charitable contribution ($135 million), merger-related expense ($45 million) & intangible amortization ($18 million) M&T Bank Corporation#2121 Average Balance Income Statement Balance Sheet Trends and 2023 Outlook 2022 Actual 2023 Outlook Net Interest Income Taxable Equivalent $5,861 Million +23% to 26% Y/Y Non Interest Income Ex Sec Gain / Loss & MTIA Gain $2,226 Million +5% to 7% Y/Y Operating Expense Ex. Intang. A mort, Merger- Related, & 1x Charitable Net charge-offs % of Avg. Loans $4,521 Million +10% to 12% Y/Y 13 bps 13 bps (FY22) to 33 bps (LT Avg) 4Q22 Actual 1Q23 Feb QTD Int.-Bearing Dep. at $25.1 Billion $24.2 Billion Banks (Cash) Securities Comments - Two 25 bps rate increases in 1Q23 and one 25 bps cut in 4Q23 - Cumulative through the cycle Interest-Bearing deposit beta of high 30% to low 40% - Trust income (including CIT) to be up 8%-10% - Deposit service charges to be up 3%-6% -Total mortgage banking revenues to be up 5%-7% - About half of Y/Y increase driven by additional quarter of People's Includes full year of CIT expenses - Higher than 2022 but near long-term average of 33 bps - Continue to monitor office and healthcare portfolios Comments $25.3 Billion $27.0 Billion - Invested $2.5 billion from long-term debt issuance Total Loans $129.4 Billion $131.5 Billion - Solid C&I growth continues in early 1Q23 - Deposit balances slightly lower Total Deposits $163.5 Billion $161.9 Billion Mix continues to shift to higher cost products M&T Bank Corporation#22Prudent Liquidity Management Protected Tangible Common Equity Measured and Thoughtful Deployment of Excess Liquidity Securities and Short-Term Investments % of Earning Assets 2Q 2020 ■Securities ■ST Investments 4Q 2022 Lower AOCI Hit Drives TBV Per Share Outperformance Decline in TBV Per Share since 2021 (10%) (30%) (50%) MTB ■Securities Peer 5 ■ST Investments Peer 2 Peer 9 Peer 1 5% 10% Peer 8 14% Peer 10 16% Peer 3 27% 21% Peer 4 14% Peer 11 7% Peer 6 Peer Median MTB Peer Median MTB Peer 7 " 2Y TSY Yield: 0.2% 2Y TSY Yield: 4.4% Peer banks deployed excess liquidity and extended duration into securities during a challenging rate environment M&T kept a reserve of "Dry Powder" to be used for securities purchases as the Federal Reserve has been increasing rates As recently as 1Q22, M&T was keeping nearly 80% of cash and securities in the form of deployable cash Rising interest rates in 2022 negatively impacted peer TCE and TBV M&T protected TCE and TBV, maintained elevated liquidity and upside from higher rates 22 Source: S&P Global Market Intelligence, company filings, and St. Louis Fed M&T Bank Corporation#2323 Q4 2022 | Appendix M&T Bank Corporation#2424 Reconciliation of GAAP and Non-GAAP Measures Net Income $ in millions Net income Intangible amortization* Merger-related items* Net operating income PPNR 2017 2018 2019 2020 2021 2022 4Q21 3Q22 4Q22 $ 1,408.3 $ 19.0 1,918.1 $ 18.1 1,929.1 $ 1,353.2 $ 14.4 11.0 $ 1,427.3 $ 1,936.2 $ 1,943.5 $ 1,364.1 $ 1,858.7 $ 7.5 33.6 1,899.8 $ 1,991.7 42.8 $ 458.0 $ 646.6 $ 765.4 1.4 14.1 13.6 431.6 16.1 39.3 33.4 2,466.0 $ 475.5 $ 700.0 $ 812.4 Net Income for EPS $ 1,327.5 $ Preferred Div., Amort. of Pref. Stock & 80.8 Unvested Stock Awards Income Taxes 915.6 1,836.0 $ 82.1 590.2 1,849.5 $ 79.6 GAAP Pre-tax Income 2,323.9 Provision for credit losses Pre-Tax, Pre-Provision Net Revenue $ 168.0 2,491.9 $ 2,508.2 132.0 2,640.2 $ 618.1 2,547.3 176.0 2,723.3 $ 74.1 416.4 1,769.5 800.0 2,569.5 $ 1,279.1 $ 1,777.0 $ 1,891.5 81.8 $ 434.2 $ 620.6 $ 739.1 100.2 23.8 26.0 26.2 596.4 619.5 142.0 200.9 245.3 2,455.1 2,611.1 599.9 847.5 1,010.6 (75.0) 2,380.1 $ 517.0 3,128.1 (15.0) 115.0 90.0 $ 584.9 $ 962.5 $1,100.6 Earnings Per Share Diluted earnings per share $ Intangible amortization* 8.70 $ 0.12 12.74 $ 0.12 13.75 $ 0.11 9.94 $ 0.08 13.80 $ 11.53 $ 3.37 $ 3.53 $ 4.29 0.06 0.26 0.01 0.08 0.08 Merger-related items* 0.25 2.63 0.12 0.22 0.20 Diluted net operating EPS $ 8.82 12.86 $ 13.86 10.02 $ 14.11 $ 14.42 $ 3.50 $ 3.83 $ 4.57 Efficiency Ratio $ in millions Non-interest expenses $ 3,140.3 $ less: intangible amortization 31.4 3,288.1 24.5 $ 3,468.7 $ 19.5 3,385.2 $ 14.9 3,611.6 $ 10.2 5,050.4 55.6 $ 927.5 2.0 $1,279.3 $ 1,408.3 18.4 17.6 less: merger-related expenses 43.9 338.3 21.2 53.0 45.1 Non-interest operating expenses $ 3,109.0 $ 3,263.5 $ 3,449.2 $ 3,370.4 $ 3,557.6 $ 4,656.5 $ 904.4 $ 1,207.8 $ 1,345.6 Tax equivalent revenues $ less: gain/(loss) on sale of securities 5,666.8 $ 21.3 5,950.2 $ (6.3) 6,214.8 $ 18.0 5,972.0 $ (9.4) 6,006.5 $ (21.2) 8,217.7 (5.7) $1,516.0 $ 2,253.6 $ 2,522.3 1.4 (1.1) (3.8) less: net OTTI losses recognized less: merger-related gains Denominator for efficiency ratio $ 5,645.5 $ 5,956.5 $ 6,196.8 5,981.5 $ 6,027.7 $ 8,223.4 Net operating efficiency ratio 55.1% 54.8% 55.7% 56.3% 59.0% 56.6% $ 1,514.6 $ 2,254.7 $ 2,526.1 59.7% 53.6% 53.3% Notes: Numbers may not foot due to rounding *Net of tax M&T Bank Corporation#25Reconciliation of GAAP and Non-GAAP Measures Average Assets $ in millions Average assets Goodwill Core deposit and other intangible assets Deferred taxes Average tangible assets Average Common Equity 2017 2018 2019 2020 2021 2022 4Q21 3Q22 4Q22 $ (4,593) (4,593) 120,860 $ 116,959 $ 119,584 $ 135,480 $ 152,669 $ (4,593) (4,593) (4,593) 190,252 (7,537) $ 157,722 $201,131 $ 198,592 (4,593) (8,501) (8,494) (86) 33 (59) 16 (38) 10 (21) 5 (8) 2 (179) 43 (5) 1 (236) 56 (218) 54 $ 116,214 $ 112,323 $ 114,963 $ 130,871 $ 148,070 $ 182,579 $ 153,125 $ 192,450 $ 189,934 $ in millions Average common equity $ Goodwill 15,063 $ (4,593) 14,398 $ (4,593) 14,446 $ (4,593) 14,741 $ (4,593) 15,471 $ (4,593) 21,864 (7,537) $ 15,863 $ (4,593) 23,654 $ 23,335 (8,501) (8,494) Core deposit and other intangible assets (86) Deferred taxes 33 (59) 16 (38) 10 (21) 5 (8) 2 (179) 43 (5) 1 (236) 56 (218) 54 Average tangible common equity $ 10,417 $ 9,762 $ 9,825 $ 10,132 $ 10,872 $ 14,191 $ 11,266 $ 14,973 $ 14,677 25 Notes: Numbers may not foot due to rounding Average Common Equity ex AOCI $ in millions Average Common Equity Goodwill Core deposit and other intangible assets Deferred taxes Average Tangible Common Equity 4Q 2022 $23,335 (8,494) (218) 54 $14,677 Less: Average accumulated comprehensive income (879) Average TCE less AOCI $15,556 M&T Bank Corporation#2626 M&T Peer Group Citizens Financial Group, Inc. Comerica Incorporated Fifth Third Bancorp First Horizon National Corporation M&T Bank Corporation PNC Financial Services Group, Inc. Regions Financial Corporation Truist Financial Corporation Huntington Bancshares Incorporated U.S. Bancorp KeyCorp Zions Bancorporation, NA M&T Bank Corporation