First Horizon National : 4Q18 Earnings Presentation

First Horizon National Corporation

Fourth Quarter 2018 Earnings

January 18, 2019

Portions of this presentation use non-GAAP financial information. Each of those portions is so noted, and a reconciliation of that non-GAAP information to comparable GAAP information is provided in a footnote or in the appendix at the end of this presentation. Annualized, pro forma, projected and estimated numbers are used for illustrative purpose only, are not forecasts and may not reflect actual results. This presentation also includes certain non-GAAP financial measures related to "tangible common equity" and certain financial measures excluding notable items, including merger-related charges. Notable items include certain revenue or expense items that may occur in a reporting period which management does not consider indicative of ongoing financial performance. Management believes it is useful for the investment community to consider financial metrics with and without notable items in order to enable a better understanding of company results, facilitate comparability of period-to-period financial results, and to evaluate and forecast those results. Although FHN has procedures in place to ensure that these measures are calculated using the appropriate GAAP or regulatory components, they have limitations as analytical tools and should not be considered in isolation, or as a substitute for analysis of results under GAAP. For more information on these calculations and to view the reconciliations to the most comparable GAAP measures, please refer to the appendix of this presentation.

This presentation contains forward-looking statements, which may include guidance, involving significant risks and uncertainties which will be identified by words such as "believe","expect","anticipate","intend","estimate", "should","is likely","will","going forward" and other expressions that indicate future events and trends and may be followed by or reference cautionary statements. A number of factors could cause actual results to differ materially from those in the forward-looking statements. These factors are outlined in our recent earnings and other press releases and in more detail in the most current 10-Q and 10-K. FHN disclaims any obligation to update any such forward-looking statements or to publicly announce the result of any revisions to any of the forward-looking statements to reflect future events or developments.

4Q18 & 2018 Highlights

Strong Fundamentals, Delivering Profitable Growth & High Returns

Dominate Tennessee

• •Deposit growth of 5% LQ

• •Loan growth of 1% LQ

Profitably grow key markets & specialty areas

• •Strong growth in Middle-TN, Mid-Atlantic, & South Florida￮Deposits up 5% LQ￮Loans up 2% LQ

2018 EPS

Reported$1.65+154%

Adjusted1$1.41+27%

2018 ROE

Reported12.1%+609bpsAdjusted110.5%+57bps

Optimize the expense base

• •Expense decline of 4% LQ

• •Achieved merger cost saves for 2018

Effective capital deployment

• •Repurchased ~$80mm shares in 4Q182

• •Total payout ratio of 124% of 4Q18

• •TBV per share up ~3% LQ

2018 ROTCE1

Reported20.3%+1,305bpsAdjusted117.7%+506bps

2018 ROA

Reported1.38%+79bpsAdjusted11.19%+22bps

All comparisons are 2018 vs 2017, unless otherwise noted. All Deposit and Loan growth metrics are calculated with period-end balances. LQ - Linked Quarter.

1Adjusted EPS, Adjusted ROE, ROTCE, Adjusted ROTCE , Adjusted ROA are Non-GAAP numbers and are reconciled in the appendix. Adjusted numbers exclude notable items as outlined in the appendix.

2Weighted average price for shares repurchased in 4Q18 was $15.00.

FINANCIAL RESULTS

Financial Results

• •NII slightly down from lower accretion and loans to mortgage company seasonality

• •Fee income decline driven by $8mm in deferred compensation and non-recurring $4mm gain in 3Q18

• •Expenses down due to deferred compensation ($9mm) and FDIC insurance ($3mm)

• •Loan loss provision at $6mm reflecting stability at Regional Bank and a decreased provision credit in Non-Strategic

• •Strong core loan and deposit growth

  ￮Regional Bank period-end loans up 1% LQ

  ￮Regional Bank period-end deposits up 6% LQ

4Q18

$ in millions except per share data

Net Interest Income

Fee Income

Total Revenue

Expense

Loan Loss Provision

Pre-Tax Income

NIAC2

EPS

Avg Loans ($B)

Avg Deposits ($B)

3Q18 Actual

$306

Adjusted

4Q18 Adjusted¹

3Q18 Adjusted¹

LQ % Change

$303

$306

$121

$136

$423

$270

$442

$283

$6

$2

$147

$113

$157

$118

$0.35

$0.36

$27.2

$31.8

$27.3

$30.8

4Q18 Net Income Available to Common (NIAC) & EPS Reconciliation

$ in millions except per share data

4Q18 Adjusted1Notable Items:

4Q18 Reported

Return of excess fees from Capital Bank Debit Cards

Acquisition Related Items

NM - Not Meaningful. LQ - Linked Quarter. Numbers may not add to total due to rounding.

1Adjusted Fee Income, Revenue, Expense, Pre-Tax Income, NIAC, and EPS are Non-GAAP numbers and are reconciled in the appendix. Adjusted numbers exclude notable items as outlined in the appendix. EPS and Adjusted EPS calculated using 323.9mm shares.2Net Income Available to Common (NIAC) includes the impact from $3mm of noncontrolling interest and $1.6mm of preferred stock dividends.

-1%