Investor Presentaiton

1Q 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

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