Webster Financial : 1Q20 Slide Presentation

First Quarter 2020

Earnings Conference Call

April 21, 2020

Support in Response to COVID-19

Employees

75% of our bankers are currently working remotely

Special pay considerations and additional PTO for essential front line employees

No furloughs; bankers are at 100% pay

Zero-interest loans up to $5,000 are available to assist employees and their families facing unforeseen challenges due to COVID- 19

Consumers

24/7 Customer Care Center; mobile app and online banking available

Customer relief program:

• 90-dayforeclosure moratorium on residential loans
• Increased deposit limits; waiving penalties for early CD withdrawals
• Waiving or reducing certain fees
• Not reporting payment deferrals to credit bureaus

Check cashing policy changes to support Economic Impact Checks

HSA Bank offered financial relief measures to accountholders

Businesses

SBA Paycheck Protection Program:

Initial round resulted in ~ $650 million SBA approved loans

Proactively contacted commercial clients

• Payment modifications (needs based / COVID related impact)

Established or expanded high quality relationships with businesses in segments that are not adversely impacted

HSA bank provided 36,000 employer groups with COVID- 19 related guidance online and webinars

Communities

Webster made financial contributions to nonprofit and community organizations in our footprint

More than $375,000 in donations for urgent basic needs including:

• Feeding America
• American Red Cross
• United Way (CT, RI, MA, NY, WI)

Volunteering and additional re- targeting of existing sponsorships and grants to nonprofits to support COVID- 19 related activities

• Masks for Heroes
• Junior Achievement
• Governor's Prevention
  Partnership

Consistent with our long history of supporting our customers, communities and employees in times of need, Webster is

committed to providing financial flexibility to all that we serve.

2

First Quarter 2020 Highlights

Highlights

$125.3 million

PPNR

$68.2 million

Reserve Build

$36.0 million

Income Available to Common

$0.39

EPS

0.50%

ROA

4.75%

ROACE

5.95%

ROATCE

Continued Progress on Our Key Strategic Initiatives

Pre-provision net revenue increased 2.4% LQ

Results include a CECL provision of $76.0 million

• Reserve build of $68.2 million pre tax; $50.5 million after tax; $0.55 EPS effect
• Allowance coverage increased to 1.60%

Strong balance sheet growth LQ

• Commercial loan growth of 6.7%
• Deposit growth of 5.1% with growth of 5.0% in HSA deposits

HSA Bank opened 338,000 new accounts in Q1 and 734,000 over the past 12 months

Efficiency ratio of 58.0%

Tangible book value per common share increased 8.0% year-over-year

Continued strong capital and liquidity ratios

Note: ROATCE, tangible book value per common share, and efficiency ratio

are non-GAAP ratios. See non-GAAP reconciliation on pages 39 through 40.

3

Loans & Deposits

($ in millions, end of period)

Total Loans: +11.0% YOY

	$20,037	$20,892
$18,814
	$7,207	$7,204
$6,972
73%	73%	73%
63%	64%	66%
$11,842	$12,830	$13,688
1Q19	4Q19	1Q20

Consumer Loans

Commercial Loans

Commercial Loans to Total Loans

Floating and Periodic to Total Loans*

Loan Portfolio Yield:

4.96%	4.46%	4.24%

Total Deposits: +7.7% YOY

	$23,325	$24,514
$22,751
	$6,416	$6,736
$6,209
$6,785	$7,136	$7,891
83%	86%	85%
57%	58%	60%
$9,757	$9,773	$9,887
1Q19	4Q19	1Q20

HSA

Transactional

Non Transactional

Loans to Deposits

Transactional & HSAs to Total Deposits

	Deposit Cost:
0.56%	0.54%	0.47%

* Floating loan rates reset in 1 month or less; periodic loans reset in greater
than 1 month but before final maturity	4

Commercial Banking

($ in millions)

Loans: +15.5% YOY

Key Business Metrics

		$12,282
		$327
	$11,500
	$344
$10,631
$372
		$3,834
	$3,736
$3,055
5.33%
	4.68%	4.39%
		$8,121
$7,204	$7,420
1Q19	4Q19	1Q20

C&I

Investor CRE

Private Banking Consumer Loans

Loan Portfolio Yield

				Increase / (Decrease)
		1Q20		4Q19		1Q19
Loan Originations	$	752	$	(578)	$	(111)
Loan Fundings	$	554	$	(495)	$	62
Yield on Fundings		4.10%		0.06%		(1.49%)
Deposits	$	5,041	$	659	$	850
AUM / AUA*	$	1,972	$	(332)	$	(96)

PPNR: (2.6)% YOY

			Favorable / (Unfavorable)
		1Q20		4Q19		1Q19
Net interest income	$	99.3	$	(0.8)	$	1.0
Non-interest income		13.2		(3.2)		(0.8)
Operating revenue	$	112.5	$	(4.0)	$	0.2
Operating expenses		46.5		(1.0)		(1.9)
Pre-provision net revenue	$	66.0	$	(5.0)	$	(1.7)

AUM =Assets Under Management AUA =Assets Under Administration
Note: In 1Q20, segment net Interest income was updated to reflect changes in the funds	5
transfer pricing methodology related to allocated capital. Prior periods were restated to
reflect the change.

HSA Bank

($ in millions)

Total Footings: +8.6% YOY

$8,487$8,591

Key Business Metrics

	Increase / (Decrease)
1Q20	4Q19	1Q19

$7,912

$2,071

$1,703

$1,855

Accounts ('000)		3,119		145		186
Percent of unfunded accounts		5.40%		(0.39%)		(0.40%)
Footings per account	$	2,754	$	(100)	$	56
Investments as % of total footings		21.59%		-2.81%		0.07%
New accounts ('000)		338		212		(10)
PTNR / average account (annualized)	$	41.28	$	0.92	$	(7.43)

$6,209	$6,416	$6,736

1Q19	4Q19	1Q20
Deposits	Linked Investments
Deposit Cost:
0.19%	0.20%	0.20%

PTNR: (9.0)% YOY

			Favorable / (Unfavorable)
		1Q20		4Q19		1Q19
Net interest income	$	42.7	$	0.7	$	(0.4)
Interchange revenue		11.3		2.0		0.5
Account and other fees		15.1		1.5		0.3
Operating revenue	$	69.1	$	4.2	$	0.4
Operating expenses		37.1		(2.2)		(3.6)
Pre-tax net revenue	$	32.0	$	2.0	$	(3.2)

Note: In 1Q20, segment net Interest income was updated to reflect changes in the funds
transfer pricing methodology related to allocated capital. Prior periods were restated to	6
reflect the change.

Community Banking

($ in millions)

Loans: +5.2% YOY

$8,183	$8,537	$8,610
$1,584	$1,674	$1,734
4.44%	4.16%
	4.03%
$6,599	$6,863	$6,876

1Q19	4Q19		1Q20
Personal Banking	Business Banking		Loan Portfolio Yield

Key Business Metrics

			Increase / (Decrease)
		1Q20		4Q19		1Q19
Loan originations - Mortgage & Consumer	$	396	$	(165)	$	180
Loan originations - Business Banking		106		(15)		20
Yield on fundings		3.92%		(0.20%)		(1.49%)
Transaction deposits / total deposits		37.94%		1.29%		1.74%
Digitally active households / total households		50.47%		1.40%		1.49%
Self-service transactions / total transactions		71.90%		0.95%		1.06%
Assets under Administration	$	3,298	$	(414)	$	(189)

Deposits: +3.0% YOY

$12,271	$12,528	$12,640
$2,607	$2,768	$2,843
0.65%	0.66%	0.55%
$9,664	$9,760	$9,797

1Q19	4Q19		1Q20
Personal Banking	Business Banking		Deposit Cost

PPNR: (23.1)% YOY

			Favorable / (Unfavorable)
		1Q20		4Q19		1Q19
Net interest income	$	99.5	$	(2.6)	$	(6.8)
Non-interest income		27.6		(0.5)		2.2
Operating revenue	$	127.1	$	(3.1)	$	(4.6)
Operating expenses		99.0		(1.7)		(3.9)
Pre-provision net revenue	$	28.1	$	(4.8)	$	(8.5)

Note: In 1Q20, segment net Interest income was updated to reflect changes in the funds
transfer pricing methodology related to allocated capital. Prior periods were restated to	7
reflect the change.

Average Balance Sheet

($ in millions)

Summary Average Balance Sheet

					Increase / (Decrease)
		1Q20			4Q19			1Q19
Securities	$	8,320		$	(4)	$	1,011
Commercial loans		13,088				453			1,366
Consumer loans		7,237				63			450
Total loans	$	20,325		$	516	$	1,816
Transactional Deposits	$	7,287		$	198	$	588
HSA Deposits		6,762				442			622
All Other Deposits		10,014				63			318
Total Deposits	$	24,063		$	702	$	1,528
Borrowings	$	3,174		$	(199)	$	1,209
Common equity	$	3,048		$	(3)	$	257
(At end of period)
Key Ratios:			Favorable / (Unfavorable)
Loans / total deposits		85.2%			70 bps		(250 bps)
Transactional & HSAs / total deposits		59.7%			160 bps			260 bps
Common Equity Tier 1 *		10.96%			(60 bps)			(50 bps)
Tangible common equity * *		7.67%			(72 bps)			(49 bps)
Tangible book value/common share* *	$	26.46		$	(0.74)	$	1.95

*Represents the estimated common equity tier 1 ("CET1") ratio for the current period inclusive of CECL regulatory capital transition provisions.

**See non-GAAP reconciliation on pages 39 through 40.	8

1Q20 Highlights

Average securities flat LQ and increased 13.8% YOY

Average loans increased 9.8% YOY with 11.7% growth in commercial categories

Average deposit growth of $1.5 billion or 6.8% YOY

• HSA deposits increased $622 million or 10.1% YOY
• Transactional deposits grew $588 million or 8.8% YOY

Loan-to-deposit ratio of 85.2% is well positioned within peer group and northeast region

Capital ratios remain strong with CET1 well in excess of well capitalized

• Tangible common equity of $2.4 billion increased 5.7% YOY

Income Statement

($ in millions, except EPS)

Summary Income Statement

					Favorable / (Unfavorable)
			1Q20			4Q19			1Q19
Net interest income	$	230.8		$	(0.4)	$	(10.8)
Non-interest income			73.4				2.5			4.8
Total revenue	$	304.2		$	2.0	$	(6.0)
Non-interest expense			178.8				0.9			(3.1)
Pre-provision net revenue	$	125.4		$	3.0	$	(9.1)
Provision for credit losses			76.0				(70.0)			(67.4)
Pre-tax income	$	49.4		$	(67.0)	$	(76.5)
Income available to common	$	36.0		$	(52.1)	$	(61.6)
Diluted Earnings Per Share	$	0.39		$	(0.57)	$	(0.67)
Net Interest Margin			3.23%			(4 bps)			(51 bps)
Efficiency ratio*			58.03%			49 bps			(210 bps)
Tax rate			22.6%			(30 bps)			(180 bps)

1Q20 Highlights

$36.0 million income available to common shareholders, $0.39 diluted earnings per share

Net interest income down 4.5% YOY as a result of lower market rates partially offset by growth in earning assets

Non-interest income up 6.9% YOY driven by a mark to market on hedging and mortgage banking activities

Non-interest expense up 1.8% YOY driven by compensation and technology investments

The efficiency ratio remained below 60% for the 11thconsecutive quarter

Provision for credit losses driven by CECL and the impact of COVID-19

*See non-GAAP reconciliation on pages 39 through 40.

9

1Q20 CECL Results

($ in millions)

Allowance for Loan Losses

1Q Provision $76

$64 $335

$58

$267

$(8)

$12

$209

Coverage %	1.04%	1.33%			1.60%
	12/31/2019 1/1 Adoption	1/1/2020	1Q Net	1Q Loan	COVID-19 3/31/2020
	Impact		Charge-offs	Growth	Impact

1Q20 economic outlook included annualized GDP decline of almost 20% in 2Q20, unemployment peaking just below 10%, with a recovery beginning in the 2nd half of 2020

• 1Q20 provision includes $12 million related to $855 million in loan growth for the quarter
• The remaining provision includes the impact of the macroeconomic environment and a qualitative assessment of sectors and loans most impacted byCOVID-19, including loan modifications

10

Key Asset Quality Metrics

($ in millions)

Nonperforming Loans, OREO, NPL Ratio

Net Charge-Offs

$164	$157	$169
$159	$151	$161
0.84%	0.75%	0.78%

1Q19	4Q19	1Q20
Nonperforming Loans	OREO/Repossessed		NPL Ratio

Commercial Classified Loans

		$393
$326	$334
2.75%		2.87%
2.60%
1Q19	4Q19	1Q20

Commercial Classified Loans % of Total Commercial Loans

$9.6
$1.6		$7.8
	$6.1	$2.8
	$1.3
0.21%	0.12%	0.15%
$8.0	$4.8	$5.0

1Q19	4Q19		1Q20
Commercial	Consumer		Net Charge-off Ratio

Provision for Credit Losses on Loans and Leases

		$76.1
$8.6	$6.0	1.60%
1.12%
1.04%
1Q19	4Q19	1Q20

Provision for Credit Losses

Allowance for Credit Losses on Loans & Leases Coverage

11

Key Liquidity Metrics

($ in millions)

Diverse Deposit Gathering Capabilities

Additional Secured Borrowing Capacity

	$23,325	$24,513
$22,751
$6,671	$6,961	$7,798
$9,871	$9,948	$9,980
$6,209	$6,416	$6,736
1Q19	4Q19	1Q20

HSA Deposits		Retail Deposits
Commercial Deposits		Total Loans

	$8,636	$9,045	$9,013
		$5,175			$4,274
	$4,741
						$1,405
	$691		$932
	$3,204					$3,334
		$2,938
	1Q19		4Q19			1Q20
	FHLB	Federal Reserve	Unencumbered Securities

Wide array of sources provide a strong competitive advantage

• $1.14 billion of core deposit growth in 1Q20 supports $855 in loan growth
• 85.2% loan to deposit ratio
• Predominantly core customer deposit funding with <0.5% in brokered CDs in all periods
• Sources of secured borrowing capacity remain intact

12

Capital Levels

		At Mar 31,		At Dec 31,	At Mar 31,	Well
		2020*		2019	2019	Capitalized
Common Equity Tier 1 Risk-Based Capital		10.96%		11.56%	11.46%	6.5%
Tangible Common Equity		7.67%		8.39%	8.16%	N/A
Tangible Equity		8.14%		8.88%	8.68%	N/A
Tier 1 Leverage		8.61%		8.96%	9.09%	5.0%
Tier 1 Risk-Based Capital		11.60%		12.22%	12.17%	8.0%
Total Risk-Based Capital		13.11%		13.55%	13.60%	10.0%
				Excess Over
At Mar 31, 2020*				Well
($ in millions)		Capital*		Capitalized*
Common Equity Tier 1 Risk-Based Capital	$	2,459	$	1,000
Tier 1 Leverage	$	2,604	$	1,093
Tier 1 Risk-Based Capital	$	2,604	$	809
Total Risk-Based Capital	$	2,943	$	698

*Preliminary.
Represents the estimated ratios for the current period inclusive of CECL regulatory
capital transition provisions.	13

Credit Addendum

COVID-19 - Exposure to Most Impacted Sectors Portfolio Positioning vs. Prior Recession

Key Segment Details

• Consumer - Residential & Home Equity
• Commercial Real Estate ("CRE")
• C&I - Sponsor and Specialty ("S&S") & Leveraged

14

COVID-19 - Moderate Overall Exposure to Commercial Sectors Most Impacted in Current Environment

($ in millions)

Most Impacted Sectors (as of 3/31/2020)

					Balances by Risk Rating					Modifications				Revolver Draws in March '20
			Pass	Criticized1			Total	% of Total		Balance	$/Sector		Pass	Criticized1			Total
					Loans
Restaurants	$	182	$	30	$	212	1%	$	82	39%			$	17	$	0	$	17
Hotels & Motels	$	126	$	-		$	126	1%	$	60	47%			$	(2)	$	-		$	(2)
Travel & Leisure	$	338	$	12	$	350	2%	$	137	39%			$	25	$	0	$	25
Oil & Gas	$	138	$	3	$	142	1%	$	25	17%			$	(4)	$	-		$	(4)
Retail	$	989	$	75	$	1,065	5%	$	98	9%			$	65	$	5	$	70
Transportation & Aerospace	$	397	$	12	$	409	2%	$	62	15%			$	14	$	-		$	14
Construction & Related	$	412	$	45	$	456	2%	$	53	12%			$	0	$	2	$	2
Total	$	2,582			$	178		$	2,759	13%	$	517		19%			$	115		$	7		$	122

94% of balances are pass-rated, 6% criticized

Retail balances are 58% CRE, the majority of which are non-discretionary (grocery, pharmacy); 17% Asset Based with fully followed borrowing bases

Modifications include payment deferrals, covenant relief and credit line adjustments

Net revolver draws peaked in late March at $122 million and have since moderated

1Regulatory definitions (Special Mention and Substandard)

15

Since 2008, Consumer Originations have been Focused In- Market, and in Business Banking on Secured Lending Only

($ in millions)

Re-Positioning of Consumer and Business Banking Portfolios

			4Q07				2008-2012 Cumulative				1Q20
			Balance	% of Total				NCOs	% of Total				Balance	% of Total
Residential Mortgages (In-Market)	$	2,775	76%	$	34	41%	$	4,794	96%
Residential Mortgages (Out-of-Market)			867	24%				51	59%				198	4%
Total Residential Mortgages		$	3,642		100%		$	85		100%		$	4,992		100%
Home Equity (In-Market)			2,469	77%				93	37%				1,928	97%
Home Equity (Out-of-Market)			757	23%				160	63%				64	3%
Total Home Equity		$	3,226		100%		$	253		100%		$	1,992		100%
Business Banking (Secured)			786	86%				20	35%				1,725	99.5%
Business Banking (Unsecured)			124	14%				38	65%				9	0.5%
Total Business Banking		$	910		100%		$	58		100%		$	1,734		100%

Over 60% of Consumer losses through the cycle occurred in markets outside of Webster's footprint:

• Out-of-marketbalances represented 24% of the portfolio pre-cycle, currently < 5%
• Average FICO,Debt-to-income, and Loan-to-value levels have improved post-cycle, and remained stable
  65% of Business Banking losses through the cycle occurred in the Unsecured portfolio:
• Unsecured balances represented 14% of the portfoliopre-cycle, currently < 1%

Note: Slide includes Private Banking residential loans held in the Commercial Banking segment

16

Similarly, the Commercial Banking Portfolio has been Repositioned away from Collateral Types with Disproportionate Losses

($ in millions)

Re-Positioning of Commercial Banking Portfolio¹

			4Q07			2008-2012 Cumulative				1Q20
			Balance	% of Total		NCOs	% of Total		Balance	% of Total
Commercial Real Estate (excl. Res Dev)	$	1,135	84%			$	40	45%			$	3,832	100.0%
Residential Development			211	16%				49	55%				2	0%
Total Commercial Real Estate		$	1,346		100%			$	89		100%			$	3,834		100%
C&I (excl. S&S and Leveraged @ Close)			1,733	74%				96	76%				4,070	54%
Sponsor & Specialty Finance (S&S)			164	7%				7	5%				2,042	27%
Leveraged @ Close2			431	19%				23	19%				1,462	19%
Total Commercial & Industrial		$	2,328		100%			$	125		100%			$	7,574		100%
Equipment Finance (excl. Aviation)			928	94%				12	41%				538	98%
Equipment Finance (Aviation)			57	6%				18	59%				9	2%
Total Equipment Finance		$	985		100%			$	30		100%			$	547		100%

55% of CRE losses through the cycle occurred in the Residential Development portfolio:

• • Residential Development represented 16% of the CRE portfoliopre-cycle, currently < 1% Sponsor & Specialty, and Leverage Loan losses performed in line with the broader C&I portfolio 59% of Equipment Finance losses through the cycle occurred in the Aviation portfolio:
  • Aviation balances represented 6% of the portfoliopre-cycle, currently < 1%
• Represents Commercial Banking segment, excludes residential loans in Private Banking

(included in the previous page), Equipment Finance separated from total Commercial and
Industrial in table; S&S and Leverage excludes deferred fees and premiums/discounts	17
2Loans that exceeded the defined leverage thresholds at the close of the transaction

(generally 3x Senior & 4x total)

Post Cycle, Focused on 20% or Less Risk Weighted Securities

($ in millions)

Re-Positioning of Investment Portfolio

					4Q07			2008-2012 Cumulative						1Q20
			Book	Risk													Book	Risk
			Value	Weighting	% of Total		Losses	% of Total				Value	Weighting	% of Total
Municipal Securities	$	635	24%			$	-		-		$	740	20%
Non-Agency CMBS			84	50%				-		-					697	20%
Non-Agency RMBS			81	50%				-		-					-		-
Broadly Syndicated CLO			-		-				-		-					89	20%
Corporate Debentures 1			-		-				-		-					15	100%
Single Issuer Trust Preferred Securities			70	100%				-		-					-		-
Pooled Trust Preferred Securities			280	100%				219	86%					-		-
Preferred Stock			35	100%				30	12%					-		-
Common Stock			15	100%				7	3%					-		-
								$	256	100%
Credit Sensitive		$	1,201		53%	44%				$	1,540		21%	18%
Treasury			2	-				-		-					-		-
Agency CMBS			-		-				-		-					2,144	2%
Agency RMBS			1,537	20%					-			-					4,815	19%
									-		-
Non-Credit Sensitive	$	1,539		20%	56%					$	6,960		14%	82%
Total Portfolio	$	2,740		34%	100%		$	256	100%		$	8,500		15%	100%
Credit Sensitive as a % of Capital			88%														52%

All write-downs through the cycle occurred in securities with 100% risk weights

Since the crisis, Webster has only purchased credit sensitive securities with a 20% risk weight

¹ Reclassified Money Center Bank Trust Preferred Security

18

Portfolio Balances as of 3/31/2020

Consumer Finance

$7.2B

Commercial Real

Estate

$6.1B

Commercial &

Industrial

$7.6B

Investment

Securities

$8.5B

• Residential Mortgages ($5.0B)
• Home Equity ($2.0B)
• Personal Lending ($0.2B)
• CRE ($3.8B)
• Business Banking ($1.2B)
• Other Commercial Business Units ($1.1B)
• Middle Market & Business Banking ($2.6B)
• Sponsor & Specialty ($1.8B)
• Leveraged Loans ($1.5B)
• Asset Based Lending ($1.2B)
• Equipment Finance ($0.5B)
• Non- Credit Sensitive ($7.0B)
• Credit Sensitive ($1.5B)

19

Residential Mortgage

($ in millions)

Portfolio by Geography

		$4,973	$4,992
$4,465		4%
$4,390	3%	4%
4%	3%	4%
5%		17%
5%	16%
17%
18%		Other

Key Observations

Portfolio has diversified outside of CT, most notably into MA

Origination metrics are high quality and have steadily improved over the last few years

37%

37%

RI

The % of balances with a FICO score ≥ 700 has

47%45%

NY

risen to 89% vs. 85%

CT

MA

	34%	38%
27%	29%

4Q17	4Q18	4Q19	1Q20
Portfolio: Origination FICO, LTV & Debt to Income
86% 92%	87% 92%	89% 90%	89% 90%

32%	31%	30%	30%
4Q17	4Q18	4Q19	1Q20
Original Fico ≥ 700	Original LTV ≤ 80%	Original Weighted Average DTI

The % balances with an LTV < 80% has been

steady at ~90%

Average DTI in the portfolio has been stable at

~30%

Current portfolio metrics continue to be favorable

• Current weighted average FICO is 774
• Current weighted average LTV is 66%

Asset quality metrics at cycle lows

• 47% of NPLs frompre-2008 originated loans
• Charge-offs< 5 bps
• Delinquency < 30 bps

20

Home Equity

($ in millions)

Portfolio by Geography

$2,352

4%	$2,169
4%	4%	$2,015	$1,992
10%
4%	3%	3%
	10%
12%	5%	5%
13%	11%	11%	Other
		14%	14%	RI
				NY
68%				MA
68%
	67%	66%	CT

4Q174Q184Q191Q20

Portfolio: FICO, LTV & Weighted Average DTI

88%	88%	88%		88%
80%	81%	81%		81%
	37%	36%	38%	38%

4Q17

4Q18

4Q19

1Q20

Original Fico ≥ 700 Original LTV ≤ 80% Original Weighted Average DTI

Key Observations

Portfolio concentrated in CT

~50% in first lien position

Origination metrics are high quality and have remained stable over the last few years

• The percent of balances with a FICO score ≥ 700 has been steady at 88%
• The % balances with a LTV < 80% has been steady at ~81%
• The averageDebt-to-Income in the portfolio has been stable at ~38%

Current portfolio metrics continue to be favorable

• Current weighted average FICO is 755
• Current weighted average LTV is 68% Asset quality metrics at cycle lows
• 71% of NPLs frompre-2008 originated loans
• Delinquency < 70 bps

$2 billion of unused exposure, 95% FICO > 700

• Utilization has remained stable at 41%

21

Personal Lending

($ in millions)

Personal Lending Balances

	$238	$228	$220	$220
	20%	9%	3%	2%
	34%	36%	41%	42%
	25%	34%	36%	36%
	21%	21%	19%	20%
	4Q17	4Q18	4Q19	1Q20
	Webster	LC: A Tranche	LC: B Tranche	LC: C Tranche
	Lending Club Balances by FICO
	7%	5%	4%	4%
	2%	3%
	5%	3%
		22%	21%	22%
	27%
		33%	35%	34%
	34%
	28%	37%	37%	38%
	4Q17	4Q18	4Q19	1Q20
	740 & Above	700-739	660-699640-659	Below 640

Key Observations

Lending Club ("LC") represents $176 million of Personal Lending balances

The portfolio overall has slowly declined over the last few years (both LC & Webster loans)

The bank ceased purchases of Tranche C loans in 2017 due to a change in risk appetite

Since discontinuing the purchases of Tranche C loans, the average FICO score in the portfolio has increased meaningfully

• ≥ 700 FICO now represents 72% vs. 58% at the end of 2016
• ≥ 740 FICO now represents 38% vs. 24% at the end of 2016
• Loss rates and delinquency have also steadily improved as a result

We are discontinuing our LC purchases this month

22

Commercial Real Estate - Total Bank

($ in millions)

CRE Outstandings

		$5,949	$6,122
	$4,927	18%	18%
$4,524
17%		20%
15%	20%
23%	22%
		62%	62%	Detail on
	61%	next page
60%

4Q17	4Q18	4Q19	1Q20
ICRE	Business Banking CRE	Other Comml Bus. Units

Outstandings by Collateral Type

Healthcare	Shopping Center / Retail
Office	All other		$6,122
Multi-Fam / Residential	Industrial & Warehouse	$5,949
7%
		7%
	$4,927	10%	10%
$4,524	6%	16%	16%
12%
6%
13%	17%
14%	19%	19%
17%	17%
		22%	23%
26%	24%
23%	23%	26%	25%
4Q17	4Q18	4Q19	1Q20

Key Observations

Majority of balances in CRE line of business

• Dedicated expertise, consistent leadership team and focused strategy

Business Banking consists of Owner Occupied and Investment CRE

• Average hold size: < $0.6

Largest segments within Other Commercial Business Units include

• Healthcare facilities (~$400)
• Data centers (~$250)
• Middle Market owner occupied (~$250)

Balances are well-diversified and strategically weighted on resilient property types with industry tailwinds

• Industrial / Warehouse
• Multi Family / Residential

Unfunded commitments were $653 vs. $714 in 4Q19

23

Investor Commercial Real Estate - Line of Business Origination & Portfolio Metrics

($ in millions)

Origination Metrics

	2017	2018	2019	1Q20
Average Commitment	$12.4	$17.5	$21.4	$18.1
Weighted Average Risk Rating	4.82	4.69	4.50	4.49
Debt Service Coverage Ratio	1.50x	1.44x	1.53x	1.32x
Loan-to-Value	61%	57%	56%	57%

Portfolio Metrics

	4Q17	4Q18	4Q19	1Q20
Average Commitment	$ 9.8	$11.6	$13.9	$14.0
Weighted Average Risk Rating	4.77	4.75	4.73	4.75
Debt Service Coverage Ratio	1.83x	1.76x	1.91x	1.99x
Loan-to-Value	63%	61%	60%	60%

Key Observations

Origination metrics have been stable over the last 3 years, credit discipline maintained

• Average Risk Rating & LTV has improved
• Debt Service Coverage has been stable
• Average loan commitment has grown, largest loans have multiple properties

Portfolio metrics have steadily improved

• Average Risk Rating favorable to overall Commercial Bank average
• Debt Service Coverage ~2x
• Portfolio LTV of 60%

Asset quality is very strong

• Classified Loans < 50 bps
• NPL < 10bps
• Charge-offs< 5 bps

24

Commercial & Industrial

($ in millions)

Outstandings by Segment1

Equipment Finance		Asset Based Lending
Leveraged		Sponsor & Specialty
Mid Market / Bus Bank / Other		$7,566
	$6,725	$6,851	7%
$5,919	8%	8%	16%
9%	14%	15%
14%	16%	18%	19%
11%
22%	22%	21%	24%
46%	40%	38%	34%
4Q17		4Q18	4Q19	1Q20
	Outstandings by Industry: 1Q20
	3%		Services: 23%
6%		Manufacturing: 16%
6%		23%	Communication: 13%
7%			Transportation Public Utilities: 9%
			Wholesale: 9%
8%			Other: 8%
	16%	Healthcare: 7%
9%			Retail: 6%

9%	Finance: 6%
13%
	Construction: 3%

• Leveraged category broken out and represents loans within Sponsor and Specialty and Middle Market segments

25

Key Observations

C&I balances cross multiple lines of business with focused strategies

• Sponsor & Specialty and Leveraged - Industry focused
• Asset Based Lending and Equipment Finance - Collateral focused
• Middle Market and Business Banking - In footprint focus, full services customers

Diversified portfolio with concentrations in sectors where Webster has deep expertise and long term relationships

Asset quality remains favorable with Classifieds, NPLs and charge-offs near record lows

Growth slowed meaningfully in 2019 to 2% due to aggressive market conditions, high runoff, and a shift in strategy towards higher-rated and better collateralized transactions

• Growth in 1Q20 primarily driven by revolver draws due to borrowers concerns related toCOVID-19

Sponsor & Specialty and Leveraged Lending

($ in millions)

S&S Outstandings - Leveraged vs. Non-Leveraged1

$3,219

		$2,559	$2,812
			$1,177
$1,986	$857	$986
$519
		$1,702	$1,827	$2,042
$1,466
	4Q17	4Q18	4Q19	1Q20
		Non-Leveraged	Leveraged
		S&S by Industry Vertical
Media	Franchise		$3,219
Healthcare	Generalist
	6%
Tech & Infrastructure		$2,812
	8%
		$2,559
		8%	12%
		9%	8%
$1,986	11%	10%
12%	11%		29%
11%		31%
6%	31%
32%
			44%	46%
		39%
38%

Key Observations

Sponsor portfolio consists of 63% non-leveraged and 37% leveraged

80% of leveraged loans are in Sponsor ($1.2 billion), balance in Middle Market

Webster has been lending to Sponsor-backed and leveraged borrowers for 16 years

The portfolio performed well through the great recession, and generated better risk/reward

Maintain a defined strategy

• Grow innon-cyclical end markets
• Finance business models with a high % of recurring revenue (>75%)
• Partner with Tier 1 Private Equity firms with deep expertise in target sectors
• Focus on direct and agented middle market business
• Maintain credit discipline, avoid chasing the market

4Q17	4Q18	4Q19	1Q20
1Sponsor and Specialty Non-Leveraged includes Data Center CRE	26
loans;S&S and Leverage excludes deferred fees and

premiums/discounts

Sponsor & Specialty - Comparative Metrics

S&S vs. Broader Leveraged Lending

		S&S	Market1
Senior Leverage Ratio	3.4x	4.8x
Total Leverage Ratio	3.9x	5.3x
Total Leverage Ratio > 6.0x	6%	33%
Covenant Lite %	7%	84%
S&S: Leveraged vs. Non-Leveraged2
		Leveraged	Non-Leveraged
Avg. Senior / Total Leverage	4.0x / 4.8x	3.0x / 3.4x
Loan-to-Value	41%	33%
Fixed Charge Coverage < 1.0x	7%	1%
Fixed Charge Coverage > 1.5x	86%	90%
NCOs since 2017	0.0	31.5
Non-Performing Loans	0.0%	1.0%

• Market stats are per S&P and represent 2019 new issuance. Market leverage includes companies with < $500MM in EBITDA and covenants lite is total market

2Avg. Senior / Total Leverage, Loan-to-Value and Fixed charge ratios represent most	27
recent available information from borrowers (3Q and 4Q 2019)

Key Observations

Portfolio metrics are more conservative than the broader leveraged loan market

• Leverage1-1.5x lower
• Rarely finance companies > 6x
• Maintained discipline on covenants

Senior Debt to Total Capitalization < 45%

Over 80% of the portfolio has debt service coverage > 1.5x

• Less than 5% below 1.0x

Sponsor asset quality is stable

• Classified assets ~3.6%
• NPLs - 1%
• Charge-offshave been modest Leveraged asset quality
• Classified assets ~4.5%
• NPLs - 0%
• Nocharge-offs since 2016

Supplemental Information

Pages 29 to 31 - Income Statement

Page 32 - Net Interest Margin - Linked Quarter

Page 33 - Interest Rate Risk 12 Month PPNR Sensitivity Trend

Page 34 - Earning Asset and Funding Mix

Pages 35 to 36 - Investment Portfolio

Page 37 - Loan Originations and Mix

Page 38 - Deposit Mix and Rate

Page 39 to 40 - Non-GAAP

28

Net Interest Income

($ in millions)

(4.5)% YOY

$241.6	$231.3	$230.8
4.43%
	3.98%	3.84%
0.74%	0.75%	0.64%
1Q19	4Q19	1Q20

Net Interest Income

Interest-Earning Assets Yield

Interest-Bearing Liabilities Cost

NIM:

3.74%

3.27%

3.23%

Key Observations

NII: -$0.5 million (non-FTE) LQ

• -$11.2million due to loan & securities yields (1 mo. LIBOR -38 bps)
• -$1.3million due to one less day in 1Q20
• +$5.5 million due to loan growth
• +$3.5 million due to deposit balance growth and cost
• +$3.0 million due to borrowings cost and balance decline

NIM: -4 bps LQ

• -16bps due to loan yields
• +12 bps due to deposit and borrowing cost

NII: -$10.8 million (non-FTE) YOY

• -$40.5million due to loan & securities yields (1 mo. LIBOR -109 bps)
• +$27.7 million due to loan and securities balance growth
• +$9.8 million due to deposit and borrowings costs
• -$9.1million due to deposit and borrowings balance growth
• +$1.3 million due to one more day in 1Q20

NIM: -51 bps YOY

• -51bps due to loan yields
• -9bps due to securities yields
• -11bps due to loan and -10 bps due to securities balance growth
• +30 bps due to deposit and borrowing cost and balance changes

29

Non-Interest Income

($ in thousands)

Diverse Sources

					Favorable / (Unfavorable)
		1Q20			4Q19			1Q19
Deposit service fees	$	17,728	$	(1,142)	$	(768)
HSA fee income		26,383			3,424			806
Wealth & investment services		8,739			263			1,088
Loan related fees		6,496			(2,208)			(1,323)
Mortgage banking activities		2,893			607			2,129
Other		11,139			1,515			2,834
Total	$	73,378	$	2,459	$	4,766

Key Observations

$2.5 million increase LQ

• Increase in HSA fee income of $3.4 million driven by interchange and account fees
• Increase in other of $1.5 million due to a mark to market on hedging partially offset by lower swap fee income
• Decrease in loan related fees of $2.2 million primarily related to syndication fees

$4.8 million increase YOY

• Increase in mortgage banking activities of $2.1 million primarily due to a decline in mortgage interest rates driving higher origination volume
• Increase in other of $2.8 million primarily due to a mark to market on hedging
• Decrease in loan related fees of $1.3 million primarily due to prepayment fees

30

Non-Interest Expense

($ in thousands)

Maintaining discipline while investing in growth

				Favorable / (Unfavorable)
	1Q20			4Q19			1Q19
Compensation and benefits	$101,887	$	(1,420)	$	(4,102)
Technology and equipment	27,837			(198)			(2,140)
Occupancy	14,485			(106)			211
Deposit insurance	4,725			(63)			(295)
Marketing	3,502			455			(174)
Other	26,400			2,226			3,350
Total	$178,836	$	894	$	(3,150)

Key Observations

$0.9 million decrease LQ

• Increase in compensation and benefits of $1.4 million due to seasonal increase in payroll taxes and other benefits offset by lower variable based compensation
• Decrease in other of $2.2 million primarily due to decreased pension costs and a reduction in the reserve for unfunded commitments

$3.2 million increase YOY

• Increase in compensation and benefits of $4.1 million due to annual merit increases and temporary help partially offset by lower variable based compensation
• Increase in technology and equipment of $2.1 million due to continued infrastructure investment
• Decrease in other of $3.4 million primarily due to decreased pension costs, and a reduction in the reserve for unfunded commitments

31

Net Interest Margin - Linked Quarter

($ in millions)

				1Q20				Fav./(Unfav.)
	Avg Bal.		Int.	Yield/rate		Avg Bal.		Int.	Bps
Securities	$	8,320	$	58.4	2.85%	$	(4)	$	(0.3)	(0)
Money Market & Other		195		1.4	2.97			10		0.2	32
Loans HFS		22		0.2	3.14			(10)		(0.1)	(14)
Commercial Loans		13,088		146.1	4.42			453		(5.5)	(28)
Consumer Loans		7,237		70.8	3.92			63		(1.9)	(13)
Total Loans & Leases		20,325		216.9	4.24%			516		(7.4)	(22)
Interest-Earning Assets	$	28,862	$	276.9	3.84%	$	513	$	(7.6)	(14)
Deposits	$	24,063	$	27.8	0.47%	$	(702)	$	3.7	7
Borrowings		3,174		15.8	2.00			199		3.3	26
Interest-Bearing Liabilities	$	27,237	$	43.6	0.64%	$	(503)	$	7.2	11
Tax-Equivalent Net Interest Income			$	233.3					$	(0.4)
Less: Tax-Equivalent Adjustment				(2.5)						0.0
Net Interest Income			$	230.8					$	(0.4)
Net Interest Margin					3.23%						(4)

32

Interest Rate Risk 12 Month PPNR Sensitivity Trend

Rising Rate Scenarios

2.8%		2.6%	2.2%
1.6%	2.0%
			0.6%
1Q18		1Q19	1Q20
Short End Up 50 bps	Long End Up	50 bps

Falling Rate Scenarios

1Q18

1Q19

1Q20

N/A

-1.8%

-3.0%-3.5%

-4.9%

-6.4%

Short End Down 50 bps

Long End Down 50 bps

Key Observations

Asset sensitivity to short term rates has declined since 1Q18

Short end rates up 50 bps with no change in long end rates results in a 0.6% increase in PPNR compared to flat rates

Long end rates down 50 bps with no change in short end rates results in a -3.5% decrease in PPNR compared to flat rates

150 bps of rates cuts by the FOMC during March 2020 increased loans at floors to approximately $563 million

$1 billion of 1 month LIBOR floors purchased during 2019 have an average strike of 1.56%

Asset sensitivity to long end rates has increased since 1Q18 due to the decline in long term rates which shortened asset duration

• Few liabilities are tied to long term rates

33

Earning Asset and Funding Mix

($ in millions)

Earning Asset Mix

Type		Balance	Total %	Floating %	Periodic %	Fixed %
Securities	$	8,584	29%	6%	3%	91%
Loans HFS		22	0%	100%	0%	0%
Resi / HE Loans		5,681	19%	0%	27%	73%
HE Lines		1,517	5%	98%	0%	2%
C&I Loans		7,567	26%	61%	23%	16%
CRE Loans		6,115	21%	79%	15%	6%
Total	$	29,486	100%	39%	15%	46%

Funding Mix

Type		Balance	Total	< 1 Year	> 1 Year
Checking	$	7,898	28%
HSA		6,738	24%
Savings		4,375	16%
Money Market		2,477	9%
Time		2,891	10%	80%	20%
Borrowings		3,607	13%	72%	28%
Total	$	27,986	100%

Key Observations

Floating and periodic rate loans represent 73% of total loans:

• Floating rate loans represent 52% of total loans
• Periodic rate loans represent 21% of total loansLIBOR indexed loans represent 56% of total loans:
• Loans indexed to 1 month LIBOR represent 41% of total loans
• LIBOR indexed loans with rate reset frequencies greater than 1 month represent 15% of total loans

CRE loans are predominantly floating rate to the bank but fixed for customers due to customer swaps

HSA deposits represent 24% of our funding mix

34

Investment Portfolio

($ in millions)

Investment Securities

	$8,220	$8,503
$7,457
	$2,926	$3,017
$2,977
3.09%	2.86%	2.85%
$4,480	$5,294	$5,486
1Q19	4Q19	1Q20
HTM Securities	AFS Securities	Yield

Key Observations

Available-for-Sale portfolio includes $3.1 million of net unrealized gains at 1Q20 compared to $24.4 million at 4Q19

Held-to-Maturity portfolio excludes $156.3 million of net unrealized gains at 1Q20 compared to $86.7 million at 4Q19

Duration / Yield

5.4	5.2	6.0
4.1	4.2	3.9
3.55%
	2.60%	2.37%
1Q19	4Q19	1Q20

Portfolio Duration (Years) Purchase Duration (Years) Purchase Yield

Key Observations

Portfolio duration decreased by 0.2 years vs. a year ago; LQ duration decreased by 0.3 years due to a decrease in rates

Purchase yield decreased by 23 bps vs. LQ while purchase duration increased by 0.8 years

35

Investment Securities

($ in millions)

		Mar 31,		Dec 31,		Increase/
End of period balances		2020		2019	(Decrease)
Available-for-Sale:
U.S. Treasury Bills	$	-	$	-	$	-
Agency CMOs		204.8		185.8		19.0
Agency MBS		1,612.8		1,612.2		0.6
Agency CMBS		697.7		581.5		116.2
Non Agency CMBS-fixed		-		0.6		(0.6)
Non Agency CMBS-floating		409.0		431.3		(22.3)
Corporate Debt Securities		10.9		22.3		(11.4)
Collateralized Loan Obligations		81.4		92.2		(10.8)
Total Available-for-Sale	$	3,016.6	$	2,925.9	$	90.7
Held-to-Maturity:
Agency CMOs	$	156.1	$	167.4	$	(11.3)
Agency MBS		2,896.7		2,957.9		(61.2)
Agency CMBS		1,450.8		1,172.5		278.3
Non Agency CMBS-fixed		243.1		255.7		(12.6)
Municipal Bonds and Notes		739.5		740.4		(0.9)
Total Held-to-Maturity	$	5,486.2	$	5,293.9	$	192.3

36

Loan Originations and Mix

($ in millions)

Originations by Loan Portfolio

End of period balances			1Q20						4Q19						1Q19
		Balance		Originations				Balance	Originations		Balance	Originations
Full quarter originations
Commercial Non-Mortgage	$	5,882	$	488	$	5,355	$	559			$	5,333	$	460
Asset-Based Lending		1,180			43				1,047		150				1,040		83
Total Commercial	$	7,062		$	531	$	6,402	$	709			$	6,373	$	543
Commercial Real Estate		4,892			213				4,754		602				3,885		318
Business Banking		1,734			106				1,674		121				1,584		86
Residential Mortgages		4,992			240				4,973		332				4,632		67
Consumer		2,212			105				2,234		155				2,340		118
Portfolio Total	$	20,892		$	1,195		$	20,037	$	1,919			$	18,814	$	1,132
Residential Mortgages originated for sale				$	60						$	94						$	33
Total Originations				$	1,255							$	2,013						$	1,165

Loan Mix and Yield

End of period balances			1Q20					4Q19					1Q19
		Balance	Yield				Balance	Yield		Balance	Yield
Full quarter yields
Commercial	$	7,566	4.80%	$	6,881	5.13%			$	6,850	5.71%
CRE		6,122	3.96%				5,949	4.16%				4,992	4.81%
Residential		4,992	3.62%				4,973	3.65%				4,632	3.72%
Consumer		2,212	4.60%				2,234	4.92%				2,340	5.47%
Total	$	20,892		4.24%	$	20,037	4.46%			$	18,814	4.96%

37

Deposit Mix and Rate

($ in millions)

By Product

End of period balances			1Q20					4Q19					1Q19
		Balance	Rate		Balance	Rate		Balance	Rate
Full quarter cost
Demand	$	4,883		-			$	4,446		-			$	4,224		-
Health Savings Accounts		6,736		0.20%				6,416		0.20%				6,209		0.19%
Interest Bearing Checking		3,007		0.18%				2,690		0.16%				2,561		0.11%
Money Market		2,477		1.02%				2,313		1.16%				2,299		1.31%
Savings		4,419		0.42%				4,355		0.53%				4,103		0.44%
Core Deposits	$	21,523		0.30%			$	20,220		0.34%			$	19,396		0.33%
Time Deposits		2,991		1.59%				3,105		1.79%				3,355		1.91%
Total	$	24,514		0.47%			$	23,325		0.54%			$	22,751		0.56%
Core/Total		88%						87%						85%

By Line of Business

Personal Banking	$	9,797	0.63%	$	9,760		0.76%	$	9,664	0.74%
Commercial Banking		2,209	0.20%		1,844		0.22%		1,753	0.20%
Treasury & Pymt Solutions		2,555	0.89%		2,297		0.99%		2,221	1.12%
Private Banking		278	0.78%		241		0.89%		217	1.03%
Business Banking		2,843	0.27%		2,768		0.32%		2,607	0.32%
HSA Bank		6,736	0.20%		6,416		0.20%		6,209	0.19%
Corporate & Reconciling		96	1.10%		(1)	0.17%		80	1.92%
Total	$	24,514	0.47%	$	23,325		0.54%	$	22,751	0.56%

38

Non-GAAP - QTD

($ in thousands)

Efficiency Ratio		1Q20		4Q19			1Q19
Non-interest Expense	$	178,836		$	179,730	$	175,686
Facilities Optimization		-			-			253
Net Foreclosed (Expense) Income		250			(263)			(962)
Amortization of Intangibles		(962)			(962)			(7)
Non-interest Expense (net of above)	$	178,124		$	178,505		$	174,970
Net Interest Income Before Provision	$	230,801		$	231,250	$	241,551
FTE Adjustment		2,473			2,486			2,338
Non-interest Income		73,378			70,919			68,612
Less: Gain on Securities		8			29			-
Other		299			402			342
Total Revenue (net of above)	$	306,943		$	305,028		$	312,843
Efficiency Ratio		58.03%			58.52%			55.93%
Tangible Common Equity Ratio
Shareholders' equity	$	3,090,242		$	3,207,770	$	2,966,255
Less: Goodwill and other intangible assets		559,328			560,290			563,176
Tangible shareholders' equity		2,530,914			2,647,480			2,403,079
Less: Preferred stock		145,037			145,037			145,037
Tangible common shareholders' equity	$	2,385,877		$	2,502,443		$	2,258,042
Total assets	$	31,654,874		$	30,389,344	$	28,238,129
Less: Goodwill and other intangible assets		559,328			560,290			563,176
Tangible assets	$	31,095,546		$	29,829,054	$	27,674,953
Tangible Common Equity Ratio		7.67%			8.39%			8.16%

39

Non-GAAP - QTD continued

($ in thousands)

Tangible Book Value per Common Share		1Q20			4Q19			1Q19
Tangible common shareholders' equity	$	2,385,877	$	2,502,443	$	2,258,042
Common Shares Outstanding		90,172			92,027			92,125
Tangible Book Value per Common Share	$	26.46	$	27.19	$	24.51
Return on Average Tangible Common Shareholders' Equity
Average Shareholders' equity	$	3,193,525	$	3,196,563	$	2,935,653
Less: Average goodwill and other intangible assets		559,786			560,750			563,646
Average preferred stock		145,037			145,037			145,037
Average tangible common shareholders' equity	$	2,488,702		$	2,490,776		$	2,226,970
Net income	$	38,199	$	90,473	$	99,736
Less: Preferred stock dividends		1,969			1,969			1,969
Add: Intangible assets amortization, tax-effected		760			760			760
Income adjusted for preferred stock dividends and intangible assets amort.		36,990			89,264			98,527
Adjusted income, annualized basis	$	147,960	$	357,056	$	394,108
Return on Average Tangible Common Shareholders' Equity		5.95%			14.34%			17.70%

40

WBS 1Q20 Financial Review

Forward-looking Statements

This presentation contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements can be identified by words such as "believes," "anticipates," "expects," "intends," "targeted," "continue," "remain," "will," "should," "may," "plans," "estimates," and similar references to future periods; however, such words are not the exclusive means of identifying such statements. Examples of forward-looking statements include, but are not limited to: (i) projections of revenues, expenses, income or loss, earnings or loss per share, and other financial items; (ii) statements of plans, objectives, and expectations of Webster or its management or Board of Directors; (iii) statements of future economic performance; and (iv) statements of assumptions underlying such statements. Forward-looking statements are based on Webster's current expectations and assumptions regarding its business, the economy, and other future conditions. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks, and changes in circumstances that are difficult to predict. Webster's actual results may differ materially from those contemplated by the forward-looking statements, which are neither statements of historical fact nor guarantees or assurances of future performance. For more information about factors, such as the ongoing COVID-19 pandemic and the governmental and other responses thereto, that could cause actual results to differ from those discussed in the forward-looking statements please refer to the "Forward-Looking Statements", "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" sections of the Company's Annual Report on Form 10-K and Quarterly Reports on Form 10-Q and the "Forward-Looking Statements" section and other information contained in our earnings release for the first quarter of 2020 furnished as an exhibit to our most recent Current Report on Form 8-K. Any forward-looking statement made by the Company in this presentation speaks only as of the date on which it is made. Factors or events that could cause the Company's actual results to differ may emerge from time to time, and it is not possible for the Company to predict all of them. The Company undertakes no obligation to publicly update any forward-looking statement, whether as a result of new information, future developments, or otherwise, except as may be required by law.

Non-GAAP Financial Measures

This presentation contains both financial measures based on accounting principles generally accepted in the United States ("GAAP") and non-GAAP based financial measures, which are used where management believes them to be helpful in understanding the Company's results of operations or financial position. Reconciliations of these non-GAAP financial measures, to the most comparable GAAP measures are included in this presentation and the Company's earnings release available in the Investor Relations portion of the Company's website at www.wbst.com. These disclosures should not be viewed as a substitute for operating results determined in accordance with GAAP, nor are they necessarily comparable to non-GAAP performance measures that may be presented by other companies. For additional information see reconciliation to GAAP financial measures presented in the Company's Press Release.

41