Investor Presentaiton

Credit-Linked Note (CLN) Trade Dynamics Issuing CLNs enables WAL to optimize the amount of capital held against loans in the reference portfolio and reduces credit tail risk Capital Savings Pre-Trade Post-Trade Risk-Weighted Asset Relief CLN/ Credit Protection A $228MM @ 5.52% 0% RW A $228MM x 50% = $114MM $1.4Bn x 10%²= $140MM Residential Loan B ($4.6Bn-$228MM) x (50%-20%) = $1.3Bn Prevented issuance of ~1.3MM common shares³ B Portfolio $4.8B 50% RW Reference Portfolio / Total RWA Relief: Retained Senior Risk $4.6B 20%¹ RW $114MM +$1.3Bn = $1.4Bn Agency Jumbo QM Non- QM WA Western Alliance Bancorporation® · Note: Representation of WAL's 4Q21 CLN transaction Minimum risk weighting required to be applied to the exposure 10% CET1 floor assumption Assumes share price as of close date of CLN trade, 12/29/21 CLN Benefits Supports incremental loan growth and earnings • Provides first loss credit protection Serves as additional alternative to selling shares of common equity • Contributes to stability of CET1 ratio | 24

View entire presentation