Associated Banc : Fourth Quarter 2020 Investor Presentation

DePere Office (Green Bay MSA) - Opened February 2019

Associated Banc-Corp

Investor

Presentation

2020

FOURTH QUARTER

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" 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. These forward-looking statements include: management plans relating to the pending branch sales described herein ("pending sales"); the expected timing of the completion of the pending sales; the ability to complete the pending sales; the ability to obtain any required regulatory approvals; any statements of the plans and objectives of management for future operations, products or services; any statements of expectation or belief; projections related to certain financial results or other benefits of the pending sales; and any statements of assumptions underlying any of the foregoing. 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. Additional factors which may cause actual results of the pending sales to differ materially from those contained in forward-looking statements are the possibility that expected benefits of the pending sales may not materialize in the timeframe expected or at all, or may be more costly to achieve; the pending sales may not be timely completed, if at all; that required regulatory approvals are not obtained or other customary closing conditions are not satisfied in a timely manner or at all; reputational risks and the reaction of shareholders, customers, employees or other constituents to the pending sales; and diversion of management time on acquisition-related matters.

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.

1

OUR FRANCHISE

Third Quarter 20201			Highlights and Accomplishments
$35 billion of assets	$25 billion of loans			Largest bank headquartered in Wisconsin4
$4 billion of equity	$27 billion of deposits			Approximately 4,2005 employees, servicing 1.3
				million customer accounts in 8 states and over
3Q 2020 End of Period	Deposit Location3			120 communities1
Loan Composition2				Wisconsin's #1 Mortgage Lender6

	Commercial
	Real Estate	Illinois
		25%
		21%
		Commercial	Minnesota
		and	8%
Consumer	Business
Lending	Wisconsin
36%
	39%	71%

Affinity Programs

~40%

of checking accounts are affinity related7

• As of September 30, 2020.

• Excludes loans held for sale.

• FDIC Summary of Deposits data as of June 30, 2020.
  4 Based on assets, as of September 30, 2020.
  5 As of 10/31/2020.
  6 The Wisconsin's #1 Mortgage Lender and Leading Lender in the Midwest designations are based on originated, closed-end mortgage loan count, gathered from the Home Mortgage Disclosure Act data compiled annually by the Consumer Financial Protection Bureau. The results of

the data were obtained through the Consumer Financial Protection Bureau Mortgage Database (HMDA), August 2020.	2
7 Affinity checking accounts as a percentage of total checking accounts, as of September 30, 2020.

MARKET PERSPECTIVE

Our core markets are benefiting from less volatile and more resilient employment trends

Total Loans1

Illinois

24%

Minnesota

10%

Wisconsin

29%Other Midwest 2

13%

Other Texas

19% 5%

	Jul.	Aug.	Sep.	Oct.
National Average	10.2%	8.4%	7.9%	6.9%
Associated Footprint	8.3%	7.9%	7.2%

Associated's Footprint continues to perform better than the average national unemployment rate.

1	As of 9/30/2020; excludes $315 million Other consumer portfolio.	3
2	Other Midwest includes Missouri, Indiana, Ohio, Michigan and Iowa.

Source: U.S. Bureau of Labor Statistics; ASB footprint shown as simple average of the 8 states where we operate