Investor Presentaiton

Prudent 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

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