Associated Banc : First Quarter 2022 Investor Presentation

Associated Banc-Corp

First Quarter

Investor Presentation

March 7, 2022

Forward-Looking Statements

Important note regarding forward-looking statements:

Statements made in this presentation which are not purely historical are forward-looking statements, as defined in the Private Securities Litigation Reform Act of 1995. This includes any statements regarding management's plans, objectives, or goals for future operations, products or services, and forecasts of its revenues, earnings, or other measures of performance. Such forward-looking statements may be identified by the use of words such as "believe," "expect," "anticipate," "plan," "estimate," "should," "will," "intend," "target," "outlook," "project," "guidance," or similar expressions. Forward-looking statements are based on current management expectations and, by their nature, are subject to risks and uncertainties. Actual results may differ materially from those contained in the forward-looking statements. Factors which may cause actual results to differ materially from those contained in such forward-looking statements include those identified in the Company's most recent Form 10-K and subsequent Form 10-Qs and other SEC filings, and such factors are incorporated herein by reference.

Trademarks:

All trademarks, service marks, and trade names referenced in this material are official trademarks and the property of their respective owners.

Presentation:

Within the charts and tables presented, certain segments, columns and rows may not sum to totals shown due to rounding.

Non-GAAP Measures:

This presentation includes certain non-GAAP financial measures. These non-GAAP measures are provided in addition to, and not as substitutes for, measures of our financial performance determined in accordance with GAAP. Our calculation of these non-GAAP measures may not be comparable to similarly titled measures of other companies due to potential differences between companies in the method of calculation. As a result, the use of these non-GAAP measures has limitations and should not be considered superior to, in isolation from, or as a substitute for, related GAAP measures. Reconciliations of these non-GAAP financial measures to the most directly comparable GAAP financial measures can be found at the end of this presentation.

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Foundational Franchise Strengths

Strong		Deep Roots		Low-Cost		Effective		Exceptional
	In Our		Deposit		Risk		Customer
Markets
	Communities		Franchise		Management		Service

• Large Markets: Midwest footprint holds nearly 19% of the U.S. population1 and nearly 30% of U.S. manufacturing jobs2
• Resilient Markets: Most Midwestern states have unemployment rates below the national average (WI: 3.1%)2

• ~4,000 Dedicated Colleagues: Committed to meeting the needs of over 100 communities
• $3.37 billion three- year commitment to invest in our communities
• Over 200 Branches: 10% deposit market share in WI3

• Franchise Value: Average cost of interest-bearing deposits4:
• • JPM: 0.03%
  • WFC: 0.04%
  • ASB: 0.07%
  • USB: 0.10%
  • BMO: 0.13%
  • WTFC: 0.24%

▪	Low Credit Risk:		▪	Award-Winning:
	YTD net charge-offs			Ranked #1 in
	of only $24 million;			Customer
	or 0.10% of average			Satisfaction with
	loans as of			Retail Banking in the
	12/31/2021			Upper Midwest by
				J.D. Power5
▪	Solid Credit
	Trends: Net reserve		▪	Midwest-based
	releases in all four			Customer Care
	quarters of 2021

1. U.S. Census Bureau, 2020 Decennial Census.
2. U.S. Bureau of Labor Statistics, State Employment and Unemployment, seasonally adjusted, December 2021.
3. Based on FDIC Summary of Deposits survey data as of June 30, 2021.
4. As reported by S&P Capital IQ Pro. Financial data for the quarter ended December 31, 2021. BMO represents BMO Harris Bank, National Association.

5 Tied in 2021. For J.D. Power 2021 award information, visit jdpower.com/awards.

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Associated: Capitalizing on our Momentum

Growth Focused		Digital Forward		Higher Returns

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Strategic Initiative Updates1

We are making meaningful progress on our initiatives as 2022 gets underway

Expanding our	▪ Auto Finance: Nearly 12,000 auto loans fulfilled as of 2/28/2022
▪	Asset-Based Lending: Began funding new deals in November 2021
Lending
Capabilities	▪	Equipment Finance: Began funding new deals in February 2022

Growing our Core Businesses

• Continuing to ramp up staff in Commercial and Small Business Banking, on track to hire ~15-20 bankers by year-end 2022
• Established Commercial Real Estate lending presence in Houston, TX
• Mortgage warehouse under pressure due to rising rates

Investing in our Digital Transformation

• On track to pilot new digital platform with open architecture, improved user experience and customization in 2Q 2022
• Modernization efforts focusing on "hollowing out" our core
• Moving toward "built for purpose" systems with robust data integration

Optimizing

Capital

Proactively

• Increased the FY2021 common stock dividend paid by 6% YoY
• Repurchased $25 million of common stock during 4Q
• $80 million in share repurchase authorization remaining

1 All updates as of or for the period ended December 31, 2021 unless otherwise noted.

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