People United Financial : Investor Presentation, November 2020

A Premium Brand

Investor Presentation

November 2020

Forward-Looking Statement

Certain statements contained in this presentation are forward-looking in nature. These include all statements about People's United Financial, Inc. ("People's United") plans, objectives, expectations and other statements that are not historical facts, and usually use words such as "expect," "anticipate," "believe," "should" and similar expressions. Such statements represent management's current beliefs, based upon information available at the time the statements are made, with regard to the matters addressed. All forward- looking statements are subject to risks and uncertainties that could cause People's United's actual results or financial condition to differ materially from those expressed in or implied by such statements. Factors of particular importance to People's United include, but are not limited to: (1) changes in general, international, national or regional economic conditions; (2) changes in interest rates;

1. changes in loan default and charge-off rates; (4) changes in deposit levels; (5) changes in levels of income and expense in non- interest income and expense related activities; (6) changes in accounting and regulatory guidance applicable to banks; (7) price levels and conditions in the public securities markets generally; (8) competition and its effect on pricing, spending, third-party relationships and revenues; (9) the successful integration of acquisitions; (10) changes in regulation resulting from or relating to financial reform legislation; and (11) the COVID-19 pandemic and its effect on the economic and business environments in which we operate. People's United does not undertake any obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

1

A Premium Brand

• Leading market position in one of the best commercial banking markets in the U.S.

• Exceptional risk management & asset quality

• Customer centric approach to banking

• Diversified portfolio of products & services

• Enhanced digital capabilities

• Relationship profitability focus

• Consistent cash return of capital to shareholders

Unwavering commitment to building a strong

banking franchise for the long-term

2

Corporate Overview

Founded in 1842, People's United is a diversified, community-focused financial services company with leading positions across the large and attractive banking markets of the northeastern U.S.

Assets	$60.9 Billion
Loans	$45.2 Billion
Deposits	$49.6 Billion
Branches	Over 400
Market Capitalization	$4.6 Billion
Dividend Yield	6.8%

*People's United also provides specialized commercial services to customers nationwide

Expertise in Consumer, Business, Commercial Banking, and Wealth Management

3

*Financial / branch data as of September 30, 2020. Market capitalization and dividend yield as of November 5, 2020.

Seasoned Leadership Team

Collectively over 300 years of banking experience

		Name	Position	Years in Banking	Professional Experience
		Jack Barnes	Chairman & Chief Executive Officer	30+	People's United Bank (SEVP, CAO), Chittenden, FDIC
		Kristy Berner	EVP, General Counsel & Corporate Secretary	10+	People's United Bank, Key Bank, First Niagara, Hodgson
		Russ, LLP
		Michael Boardman	EVP, Wealth Management	30+	People's United Bank, HSBC, Chase, U.S. Bank, Charles
		Schwab
		Mark Herron	EVP, Chief Marketing Officer	30+	People's United Bank, BB&T
		Sara Longobardi	SEVP, Retail Banking	30+	People's United Bank
		Dave Norton	SEVP, Chief Human Resources Officer	10+	People's United Bank, New York Times, Starwood,
		PepsiCo
		Lee Powlus	SEVP, Chief Administrative Officer	30+	People's United Bank, Chittenden, Alltel
		Daniel Roberts	EVP, Chief Risk Officer	30+	People's United Bank, Citigroup
		David Rosato	SEVP, Chief Financial Officer	30+	People's United Bank, Webster, M&T
		Jeff Tengel	President	30+	People's United Bank, PNC, National City
		Kirk Walters	SEVP, Corporate Development &	30+	People's United Bank, Santander, Sovereign, Chittenden,
		Strategic Planning, Director	Northeast Financial
					4

People's United Expansion (Acquisitions: 2010 - Present)

Balancing organic growth with thoughtful M&A

2010	(1)
	Smithtown, NY
2010	(2)
	North Andover, MA
2010	(3)
	Lowell, MA
2010	Financial Federal
	New York, NY
	(Equipment Finance)
2011	(4)
	Danvers, MA
2012	(5)
	-- 57 Branches --
	New York City Metro Area

2016

New York, NY

(Wealth Management)

2017	(6)
	Suffolk Bancorp
	Riverhead, NY
2017
	LEAF Commercial Capital
	Philadelphia, PA
	(Equipment Finance)
2018	Vend Lease
	Baltimore, MD
	(Equipment Finance)
2018	(7)
	First Connecticut
	Bancorp
	Farmington, CT
2019
	Mesquite, TX
	(Equipment Finance)
2019	(8)
	BSB Bancorp
	Belmont, MA
2019	(9)
	United Financial

Bancorp

Hartford, CT

(3)(2)

(4)

(8)

(9)

(7)

(5) (1)		Branch Additions
	(6)	Branches in 2010

5

Long History of Relationship Management

Our ability to build deep, multi-product relationships not only satisfies the needs of customers, but also improves the Company's profitability

• Long-termrelationships with customers; average tenure of our top 25 relationships is over 17 years
• Local decision making; customers relationships are with local management
• Single point of contact with customers; break down silos to present a full range of solutions comparable to that of larger banks
• Senior management frequently interacts with customers
• Reputation and word-of-mouth referrals often drive new business
• Enhanced mobile device and online driven offerings
• Broad distribution: over 400 branches across six states and 600 ATMs
• Call center operations locally located in Bridgeport, CT and Burlington, VT

Since 2009, People's United has received 49 Greenwich Excellence and Best Brand Awards

6

Greenwich Associates is the leading global provider of local market intelligence and advisory services to the banking industry.

Diversified Loan Portfolio

Successful geographic expansion, organic growth, thoughtful acquisitions, investment in talent, and new business initiatives have driven growth

($ in billions, end of period loan balances at December 31, unless noted otherwise)

CAGR: 10%

Commercial

• Industrial $15.3 / 34%

Commercial

Real Estate

$13.7 / 30%

Residential

$32.6

$26.6 $28.4 $29.7

$43.6 c	$45.2

$35.2

Mortgage $9.1 / 20%

Equipment

Financing $4.9 / 11%

Home Equity &

Other Consumer

$2.2 / 5%

2014

2015

2016

2017

2018

2019

Sept. 30, 2020

Commercial: $33.9 / 75% Retail: $11.3 / 25%

7

Diversified Loan Portfolio

(At September 30, 2020, end of period balances)

Commercial

Commercial & Industrial: $15.3 billion	Commercial Real Estate: $13.7 billion	Equipment Financing: $4.9 billion
Transportation/	Other	Health Care	Other		Other
6%	6%	Packaging 7%
Utility		4%		Retail Trade	2%
3%		Industrial /
		3%
Construction		Manufacturing
4%
	6%		Printing
Retail Trade	Finance &			4%			Transportation
6%			Waste Management
Hospitality &	Residential			/ Utility
	Insurance	4%
RE, Rental &	28%	Entertainment	(Multi-Family)	Health Services			23%
7%
Leasing		32%	5%
8%				Wholesale Trade			Service
		Office Buildings
		5%			14%
Wholesale	Service	18%
Trade	18%		Retail
8%	Health		Manufacturing	Rental	Construction
	27%
		& Leasing
	Services			8%		14%
			11%
Manufacturing	10%		c
9%

Retail

Residential Mortgage: $9.1 billion

Adjustable Rate

66%

Fixed Rate

34%

• Originated weighted average FICO score - YTD 2020
• • Residential mortgage: 761
  • Home equity: 773
• Originated weighted average LTV - YTD 2020
• • Residential mortgage: 69%
  • Home equity: 60%
• 56% of home equity originations during past 3 years in first lien position

Home Equity & Other Consumer: $2.2 billion

Home Equity

Lines of Credit

86%

Other

5%

Home Equity Loans

9%

8

Diversified Loan Portfolio by Geography

Leveraging investments in New York Metro and Greater Boston, while also strengthening multi-product relationships across heritage markets and expanding national businesses

($ in billions, end of period loan balances at December 31, unless noted otherwise)

Connecticut	Massachusetts	New York	Northern New England1	New Jersey	Other

$26.6

$4.5 $0.9 $4.1

$5.2

$4.7

$7.2

$29.7

$28.4

$5.1

$5.0

$1.1	$1.5
$4.2	$4.2
$5.6	$5.8
$5.0	$5.3
$7.5	$7.8

$32.6

$6.0

$c1.6 $4.2

$7.4

$5.6

$7.8

$35.2

$6.5

$1.9 $4.2

$7.2

$6.2

$9.2

$43.6	$45.2
$8.9	$10.3
$2.2	$2.1
$4.2	$4.5
$7.8	$7.8

$9.6$9.2

$10.9$11.3

2014

2015

2016

2017

2018

2019

Sept. 30, 2020

9

1Northern New England includes Maine, New Hampshire and Vermont.

Sustained Exceptional Asset Quality

Remain focused on maintaining exceptional asset quality, which is a result of our conservative, well- defined underwriting approach and high-quality,cycle-tested customer base

Average Annual Net Charge-Offs / Average Loans

Peer Group Comparison (2008-2019)

1.50%

1.25%

1.00%

0.75%

c

Median, excluding PBCT = 0.57%

0.50%

0.25%0.16%

0.00%

PBCT

Sustaining exceptional asset quality is an important lever in building long-term value

10

Source: SNL Financial

High Quality Securities Portfolio

Securities portfolio as a percentage of total assets remains low relative to peers

($ in billions, end of period balances at December 31, unless noted otherwise)

$8.3

$7.8

$7.2c

$7.0

$6.7

$6.4

$5.0

	2014	2015	2016	2017	2018	2019	Sept. 30, 2020
% of	13.9%	16.6%	16.6%	15.8%	15.1%	13.3%	13.6%
Assets

FHLB, Federal Reserve

Bank Stock & Other

$0.3 / 3%

Bonds, Notes &

Debentures

$0.6 / 8%

Agency MBS - AFS

$3.5 / 42%

Agency MBS - HTM

$1.2 / 14%

Municipal - HTM

$2.7 / 33%

Agency MBS comprised of 10-year,15-year,20-year and 30-yearpass-through securities, and 5-year,7-year and 10-year CMBS, constitute 56% of the portfolio

Municipal bond portfolio has an underlying

weighted credit rating above AA

Note: Duration of the securities portfolio is ~4.0 years.
Securities portfolio does not contain CLOs, CDOs, trust preferred, or private-labelmortgage-backed securities.	11
Held to maturity (HTM) securities reported on an amortized cost basis (book value). Available for sale (AFS) securities

reported at fair value.

Emphasizing Deposit Gathering Across the Franchise

Strong deposit market positions across our footprint and significant growth opportunities in New York Metro and Massachusetts

($ in billions, end of period deposit balances at December 31)

$26.1

CAGR: 12%

		Northern
		New England1
		$7.5 / 15%
			Connecticut
		New York	$27.5 / 55%
		$6.2 / 13%
		Massachusetts
		$8.4 / 17%
		$49.6
		$43.6 c
		$36.2
	$29.9	$33.1
$28.4	Leading Deposit Market Shares2

#4 in New England

#2 in Connecticut

(#1 in Fairfield County, CT)

2014	2015	2016	2017	2018	2019	Sept. 30, 2020
					Average Deposit Costs
	33bps						91bps
	35bps	34bps	41bps		64bps	44bps (YTD)

#1 in Vermont

#5 in New Hampshire

1Northern New England includes Maine, New Hampshire and Vermont.	12
2Source: SNL Financial; FDIC data as of June 30, 2020.

Focusing on Revenue Growth: Net-Interest Income

Net interest income has benefited from organic growth and acquisitions

($ in millions)

CAGR: 8%

					$1,412
				$1,236	$1,193
			$1,101
				$1,030
	$932	$972
$912

	2014	2015	2016	2017	2018	2019	Nine Months Ended September 30
							2019	2020
Net Interest	3.09%	2.88%	2.80%	2.98%	3.12%	3.14%	3.14%	3.05%
Margin

13

Focusing on Revenue Growth: Non-Interest Income

Growth driven by a broad array of non-interest income generating businesses

($ in millions)

CAGR: 5%

Customer Interest

Other:

$49 / 15%

Rate Swaps:

Bank Service Charges:

$13 / 4%

$73 / 23%

Cash

Management:

$24 / 8%

Investment

Insurance2:

Management Fees:

$54 / 17%

$30 / 10%

Commercial

c

Banking

Operating

$424

Lending Fees:

Lease Income:

$35 / 11%

$376

$37 / 12%

$343

$363

$330

$343

$307

$315

Nine Months Ended

September 30, 2020

							Aspire for 30% of total revenues to be
							derived from non-interest income
2014	2015	2016	2017	2018	2019	Nine Months Ended Sept. 30
						2019	2020
		Operating Non-Interest Income1

1Excludes:

• Security losses of $10 million for both 2017 & 2018, which are considered non-operating, incurred in response to tax-reform-related benefits realized in each period.
• One-timegains of $8 million in 2019 (central Maine Branch sale), $9 million in 2015 (payroll services sale), and

$21 million in 2014 (merchant services joint venture)	14

2Includes People's United Insurance Agency, which was sold in November 2020.

Enhancing Wealth Management Business

Some of the country's most attractive demographic markets for potential Wealth clients are within the footprint of People's United

($ in billions, end of period balances at December 31, unless noted otherwise)

CAGR: 9%

$9.1c	$9.2	$8.9
	$8.6

$8.0

$5.5$5.6

2014

2015

2016 1

2017

2018

2019

Sept. 30, 2020

Discretionary Assets Under Management

15

1 Acquired Gerstein Fisher, a New York City-based investment management firm

Deeply Ingrained Culture of Controlling Costs

Thoughtfully managing expenses and continuing to make strategic investments in digital capabilities, product and service offerings, and talent

($ in millions)

CAGR: 6%

$1,097

Regulatory

Assessments: $26 / 3%	Other:
$70 / 8%
Operating Lease
Expense: $28 / 3%
Amortization of Other	Compensation
Acquisition-Related
& Benefits:
Intangible Assets: $31/ 3%
$507 / 58%
Professional &
Outside Services: $68 / 8%	Occupancy
	& Equipment:
	$147 / 17%

$930

$832 $848 $864

$985

c

$877

$811

Nine Months Ended

September 30, 2020

Our ability to generate positive operating

leverage and realize projected cost savings from acquisitions have driven improvement in the efficiency ratio

2014

2015

2016

2017 *

2018 *

2019 *

Operating Non-Interest Expense

Nine Months Ended Sept. 30

2019 2020

Sept. YTD 2014 2015 2016 2017 2018 2019 2019 2020

62.1% 61.5% 60.5% 57.7% 57.4% 55.8% 56.6% 53.8%

*Closed acquisitions of Suffolk Bancorp and LEAF Commercial Capital in 2017; Vend Lease and First Connecticut Bancorp in 2018; VAR Technology, BSB Bancorp and United Financial Bancorp in 2019

Non-operating expense:

Nine months ended Sept. 30 - 2020: $41 million; 2019: $27 million16

Full Year - 2019: $66 million; 2018: $11 million; 2017: $31 million; 2016: $5 million; 2015: $13 million; 2014: $10 million

Continuing to Strengthen the Earnings Power of the Company

Our consistent, customer-centric approach to banking combined with a broad array of products, services and technology offerings differentiates People's United and further enhances profitability

Income Per Common Share

CAGR: 11%

$1.39

$1.31

			$1.04	$1.01
		$0.93		$0.91
	$0.87
$0.82
			$1.29	$1.27
	$0.86	$0.92	$0.97	$0.96
$0.84		$0.84

2014	2015	2016	2017	2018	2019		Nine Months Ended September 30
						2019	20201

Operating Earnings Per Common Share

17

12020 results include $120 million in higher provision for credit losses on loans, primarily reflecting the application of CECL & the impact of COVID-19.

Consistent Return of Capital

Our prudent management of capital has enabled us to grow the business organically and invest strategically in the franchise, while also providing a consistent cash return of capital to shareholders

												Common Stock Dividend Per Share
														27 Consecutive Years of Increases
																													$0.70	$0.71	$0.72
																											$0.68	$0.69
																									$0.66	$0.67
																						$0.63	$0.64	$0.65
																				$0.62
																			$0.61
																		$0.58
																	$0.52
																$0.46
															$0.41		c
														$0.36
												$0.32
											$0.30
										$0.28
									$0.25
								$0.22
							$0.18
						$0.14
					$0.11
				$0.09
			$0.07
$0.01
1993	1994	1995	1996	1997	1998	1999	2000	2001	2002	2003	2004	2005	2006	2007	2008	2009	2010	2011	2012	2013	2014	2015	2016	2017	2018	2019	2020

One our most important objectives is having the capital strength to protect the dividend

18

Reducing Common Dividend Payout Ratio Through Earnings Growth

The common dividend per share was not adjusted despite the share count increase from the 2007 second step conversion and led to an outsized common dividend payout ratio

($ in millions)

		Common Dividends Paid				Net Income Available to Common Shareholders
			$506
Second Step
Conversion	$454
April 2007

$323

$279

$252 $260

$275

$245 $232

$228

$244

$200										$204
									$194
			$137				$151
						$138
			$124
									$131	$101
$46	$52	$60

$218 $221

$192

$83

$218

$205

$197 $201 $206

Note: The Company repurchased 86 million common shares from 2010-2013

2004	2005	2006	2007	2008	2009	2010	2011	2012	2013	2014	2015	2016	2017	2018	2019
								Common Dividend Payout Ratio
23%	38%	48%	87%	141%	201%	264%	115%	89%	88%	78%	77%	74%	71%	54%	54%

19

Moving Forward

We are committed to provide superior service to clients and remain confident in our ability to deliver value to shareholders

Penn Station Branch - Manhattan, New York

Seaport District Branch - Boston, Massachusetts

• Leverage investments in New York Metro and Greater Boston areas, while continuing to strengthen multi-product relationships across heritage markets and grow national businesses
• • Build upon recent acquisitions
  • Continue to focus on portfolio management
  • Further grow specialized industry verticals (e.g. Healthcare, Technology, etc.)
• Remain focused on thoughtful expense management and making strategic investments
• Further enhance digital capabilities and technology infrastructure
• • Utilize newly formed Business Transformation Office to strengthen process automation and customer experience
  • Partnerc with multiple Fintechs to continue to build out digital solutions for customers
  • Leverage investments in digital marketing to engage clients, generate qualified leads, build relationships and increase sales productivity
• Introduce new and enhanced products/services to better serve customers and further diversify revenue mix
• • Leverage syndications platform to compete on larger transactions
  • Deepen international services capabilities
  • Grow derivatives business
• Continue to leverage recently implemented customer relationship management system
• • Improve sales force effectiveness, accelerate referral activity and broaden customer relationships
• Further strengthen deposit gathering capabilities across the franchise

20

Shareholder Focused Corporate Governance Structure

• Board of Directors with a broad array of experience, expertise and qualifications
• Nine of the Company's eleven directors are independent
• • Independent members of Board meet regularly in executive session
  • Each member of the Audit, Compensation, and Nominating & Corporate Governance Committees are independent
• All directors elected annually
• • Election of directors by majority vote, not plurality vote
• Board and Board Committees conduct annual assessments
• Directors are not permitted to serve on the boards of more than four publicly-traded companies (including the Company)

c

• • Directors who are also executive officers of another public company may not serve on more than three public company boards, including the Company's Board
  • No director may serve as a member of the Company's Audit Committee if such director serves on the audit committee of more than two other public companies
• Compensation program for senior executive officers aligned with pay for performance principles
• • Stock ownership guidelines (CEO 5X base salary, other senior executive officers 3X base salary)
  • Incentive compensation clawback policy adopted
  • Prohibition on hedging and pledging
• Annual say-on-pay votes

21

Community Partnership Matters

Helping communities across our footprint to grow and thrive is good for our business

2019 Community Impact

Total Community Investments: $144.8 Million

$3.8 Million

$5.4 Million

In grants awarded by People's United Community Foundations* to over 600 nonprofit organizations

In charitable contributions, sponsorships and volunteer impact from People's United Bank

c

$135.6 Million In SBA loans and Affordable Housing investments

Employee Volunteerism and Financial Education

Nearly 750 Workshops

Over 32,000 Hours

Promoting financial literacy; reaching nearly 21,000 individuals

Contributed by employee volunteerism; having an economic impact of over $950,000

*Foundations include People's United Community Foundation and People's United Community Foundation of Eastern Massachusetts

22

Third Quarter 2020 Results

Third Quarter 2020 Overview

(Comparisons versus second quarter 2020, unless noted otherwise)

Net Income of $144.6 Million, or $0.34 per Common Share

• Operating earnings: $144.7 million, or $0.34 per common share, an increase of $43.7 million or $0.10 per common share
• Net interest margin: 2.97%, a decrease of 8 basis points - (ex. impact of PPP loans: 3.00%, a decrease of approximately 5 basis points)
• Net interest income1: $391.4 million, a decrease of $14.2 million or 4%
• Non-interestincome: $101.1 million, an increase of $11.5 million or 13%
• Non-interestexpense (operating): $289.0 million, an increase of $3.5 million or 1%
• Pre-provisionnet revenue (operating): $203.5 million, a decrease of $6.2 million or 3% - (an increase of $25.2 million or 14% from 3Q 2019)
• Efficiency ratio: 53.8%, an increase of 30 basis points - (an improvement of 300 basis points from 3Q 2019)
• Average loans: $44.9 billion, a decrease of $300 million or 1%
• Period-endloans: $45.2 billion, a decrease of $221 million or 1%
• • Runoff of the transactional portion of New York multifamily portfolio and certain acquired portfolios collectively lowered balances by $119 million
  • Planned reduction of residential mortgages lowered balances by $528 million
• Average deposits: $49.5 billion, an increase of $1.1 billion or 2%
• Period-enddeposits: $49.6 billion, a decrease of $298 million or 1%
• Net loan charge-offs to average total loans: 0.15%, an increase of 7 basis points
• Provision for credit losses on loans: $27.1 million, a decrease of $53.7 million
• Allowance for credit losses to total loans: 0.94%, increase of 3 basis points - (ex. PPP loans: 0.99%)

1 Net interest income on a fully taxable equivalent basis was $398.7 million, a decrease of $14.3 million or 3%.

24

Allowance for Credit Losses (ACL)

• 3Q 2020 ACL reflects consideration of a baseline economic forecast and a more adverse scenario, each prepared as of late September.
• • Baseline scenario includes modest improvement in most key economic variables compared to the baseline scenario employed at the end of 2Q 2020.
  • More adverse scenario includes continued uncertainty associated with the status and extent of further economic stimulus, and the upcoming election.
• Cumulative, year-to-date ACL build is approximately $177 million, which increased the ACL/Total Loans ratio by 37 basis points since year-end 2019 (or 42 basis points, ex. PPP balances).
• Total loan deferrals were $1.6 billion or 3.5% of total loans at Sept. 30, down from more than $7.1 billion or 15.8% of total loans at the end of June.

	($ in millions)						At September 30, 2020							At June 30, 2020		At March 31, 2020
	Loan Portfolio Segment		Balance		%			ACL		ACL/Loans			NPLs		ACL/NPLs		ACL/Loans	ACL/NPLs		ACL/Loans	ACL/NPLs
	CRE	$	13,713	30%	$	98.5		0.72%	$	85.3		115%		0.68%	129%		0.59%	162%
	C&I		11,242	25%			90.0		0.80%			85.7		105%		0.70%	91%		0.81%	135%
	Equipment Finance		4,888	11%			98.2		2.01%			49.0		200%		2.01%	201%		0.98%	115%
	MW / ABL 1		4,053	9%			4.6		0.11%			1.0		460%		0.16%	510%		0.08%	218%
	Total Commercial	$	33,896	75%	$	291.3		0.86%	$	221.0		132%		0.83%	131%		0.67%	140%
	Residential Mortgage	$	9,096	20%	$	78.3		0.86%	$	62.9		124%		0.87%	134%		0.83%	126%
	Home Equity		2,125	5%			50.8		2.39%			22.1		230%		2.13%	211%		1.75%	186%
	Other Consumer		114	0%			3.4		2.98%			0.2		1700%		4.21%	5300%		3.59%	5100%
	Total Retail	$	11,335	25%	$	132.5		1.17%	$	85.2		156%		1.14%	160%		1.03%	146%
	Total	$	45,231	100%	$	423.8		0.94%	$	306.2		138%		0.91%	140%		0.77%	142%

1 Excluding PPP loans, 3Q 2020 C&I ACL/Loans = 1.04% and Total ACL/Loans = 0.99%	25
2 MW / ABL = Mortgage Warehouse / Asset Based Lending

Net Interest Income1

($ in millions)

Linked-Quarter Change

($14.2) or (4%)

$5.7$2.5 $1.4

($21.6) ($2.2)

$405.6	$391.4

2Q 2020

Deposits

Calendar Day

Borrowings

Loans

Investments

3Q 2020

1 Net interest income on a fully taxable equivalent basis for 2Q 2020 and 3Q 2020 was $413.0 million and $398.7 million, respectively.

26

Net Interest Margin

Linked-Quarter Change

(8) bps

4 bps

2 bps

1 bp

(15 bps)

3.05%	2.97%

2Q 2020

Deposits

Calendar Day

Borrowings

Loans

3Q 2020

27

Loans: Average Balances

($ in millions)

Linked-Quarter Change

Commercial Real Estate

Commercial & Industrial

Equipment Finance

Residential Mortgage

Home Equity & Other Consumer

$45,153	$524				$44,853
$2,407	($413)	($242)	($111)	($58)	$2,296
$9,821					$9,408
$4,934					$4,876
$13,896					$14,420

$14,095						$13,853
	2Q 2020	Commercial	Residential	Commercial	Home Equity	Equipment	3Q 2020
		& Industrial	Mortgage	Real Estate	& Other Consumer	Finance

Linked-quarterchange($300) million or (1%)

28

Deposits: Average Balances

($ in millions)

Average Deposits

Linked-Quarter Change

Interest-Bearing Checking & Money Market

Non-Interest-Bearing

Time

Savings

$48,447	$1,270	$901	$298	($1,374)	$49,542

$5,467	$5,765
$8,192	$6,818
$12,853	$13,754

$21,935	$23,205

2Q 2020	Interest-Bearing	Non-Interest	Savings	Time	3Q 2020
	Checking &	Bearing
	Money Market

Linked-quarter change

+$1.1 billion or 2%

29

Non-Interest Income

($ in millions)

Linked-Quarter Change

+$11.5 or 13%

		$1.4	$0.7	$0.7	$0.6	$3.3
$4.2	$2.1
						($1.5)

$101.1

$89.6

2Q 2020	Bank	Commercial	Investment	Cash	Insurance	Operating	Customer	Other	3Q 2020
	Service	Banking	Management	Management		Lease	Interest Rate
	Charges	Lending Fees	Fees	Fees		Income	Swap Income

30

Non-Interest Expense

($ in millions)

Linked-Quarter Change

($10.4) or (3%)

Ex. Merger-Related Expenses: $3.5 or 1%

$0.6

$0.5

$0.4

$2.9

($13.9) ($0.6) ($0.3)

$304.0

$293.6

2Q 2020	Merger-Related	Compensation	Regulatory	Professional &	Operating Lease	Occupancy &	Other	3Q 2020
	Expenses	& Benefits	Assessments	Outside Services	Expense	Equipment

31

Efficiency Ratio

Quarterly Trend

56.8%

53.7%	54.0%		53.8%
	53.5%

3Q 2019

4Q 2019

1Q 2020

2Q 2020

3Q 2020

32

Asset Quality

Non-Performing Assets / Loans & REO (%)1

1.5	Peer Group (Median)	Top 50 Banks (Median)
PBCT
1.0			0.91	1.01
0.89
		0.73	0.86	0.86
		0.75
	0.78		0.69
0.5				0.71
0.52	0.57	0.59
0.0
	3Q 2019	4Q 2019	1Q 2020	2Q 2020	3Q 2020

1 PBCT ratios for periods prior to January 1, 2020 have been restated to reflect the total loan portfolio (originated & acquired)

Net Charge-offs / Average Loans

0.4	Peer Group (Median)
PBCT	Top 50 Banks (Median)
0.3	0.26			0.27
	0.22		0.26	0.24
0.2		0.18
			0.13		0.15
		0.12
		0.10
0.1			0.08
0.06	0.06
0.0
	3Q 2019	4Q 2019	1Q 2020	2Q 2020	3Q 2020

Notes:

Source: SNL Financial33 Top 50 Banks represents the largest 50 banks by total assets in each respective quarter.

Returns

Return on Average Assets

1.13%

0.96%

Return on Average Tangible Common Equity

15.2%

14.4%

13.2%13.4%

0.65%

1.05% 0.98%

0.89%0.94%

0.58%

14.0% 12.8%

9.5%

11.8%13.1%

8.1%

3Q 2019

4Q 2019

1Q 2020

2Q 2020

3Q 2020

3Q 2019

4Q 2019

1Q 2020

2Q 2020

3Q 2020

Returns calculated on an operating basis

34

Capital Ratios

		Sep. 30, 2019	Dec. 31, 2019	Mar. 31, 2020	Jun. 30, 2020	Sep. 30, 2020
	People's United Financial, Inc.
	Tang. Com. Equity/Tang. Assets	7.8%	8.0%	7.4%	7.3% (2)	7.5% (2)
	Tier 1 Leverage	8.7%	9.1% (1)	8.4%	8.0% (3)	8.2% (3)
	Common Equity Tier 1	10.1%	10.2%	9.5%	9.8%	9.9%
	Tier 1 Risk-Based	10.7%	10.7%	10.0%	10.3%	10.5%
	Total Risk-Based	12.0%	12.0%	11.3%	11.8%	11.8%
	People's United Bank, N.A.
	Tier 1 Leverage	8.8%	9.3% (1)	8.9%	8.5% (3)	8.7% (3)
	Common Equity Tier 1	10.8%	10.9%	10.7%	10.9%	11.0%
	Tier 1 Risk-Based	10.8%	10.9%	10.7%	10.9%	11.0%
	Total Risk-Based	12.2%	12.1%	12.0%	12.3%	12.3%

1. Adjusting for a full quarter of United assets, the pro forma Tier 1 Leverage Ratio at December 31, 2019 is 8.9%.
2. Adjusting for the Paycheck Protection Program (PPP) loans, the pro forma TCE/TA ratio is 7.6% at June 30, 2020 and 7.9% at September 30, 2020.

3 Adjusting for PPP loans, the pro forma Tier 1 Leverage Ratio is 8.3% for the Holding Company and 8.7% for the	35
Bank at June 30, 2020 and 8.6% for the Holding Company and 9.1% for the Bank at September 30, 2020.

Appendix

Total Loan Forbearance (incl. First & Second Deferrals)

(Balances at September 30, 2020; $ in millions)

Loan Forbearance

By Business Segment

	Number of Loans	$	- Outstanding
Commercial Real Estate	170	$	1,043
Commercial & Industrial	109		143
Equipment Finance	874		140
Total Commercial	1,153	$	1,326
Residential Mortgage	485	$	239
Home Equity	141		21
Other Consumer	32		-
Total Retail	658	$	260
Total	1,811	$	1,586

Loan Forbearance

By Commercial Property Type / Industry

	Number of Loans	$	- Outstanding
By Property Type
Hospitality/Entertainment	65	$	665
Residential	47		151
Retail	35		142
Office Building	16		66
Healthcare	1		10
Other	6		9
Subtotal	170	$	1,043
By Industry
Transportation & Utilities	224	$	87
Services	320		81
Arts, Entertainment & Recreation	53		40
Manufacturing	78		23
Real Estate, Rental & Leasing	59		15
Printing	24		8
Construction	39		6
Packaging	3		6
Wholesale Trade	29		5
Agri., Forestry, Fishing & Hunting	21		4
Other	133		8
Subtotal	983	$	283
Total Commercial	1,153	$	1,326

37

Note: Commercial real estate retail balances include Business Banking loans

Loan Risk Profile

($ in millions)

								At September 30, 2020
						Balance		Total Delinquency2		Non-Accruals		YTD Net-Charge-Offs		Deferrals
	Loan Portfolio Segment			Balance		(% of Portfolio)		(% of Loans)		(% of Loans)		(Annual % of Average Loans)		(% of Loans)
	CRE	$	13,713	30%	0.84%	0.62%	0.09%	7.6%
	C& I		11,242	25%	1.06%	0.76%	0.10%	1.3%
	Equipment Finance		4,888	11%	2.19%	1.00%	0.41%	2.9%
	MW / ABL 1		4,053	9%	0.03%	0.03%	-	-
	Total Commercial	$	33,896	75%	1.01%	0.65%	0.13%	3.9%
	Residential Mortgage	$	9,096	20%	1.00%	0.69%	0.01%	2.6%
	Home Equity		2,125	5%	1.47%	1.04%	0.05%	1.0%
	Other Consumer		114	0%	0.77%	0.17%	2.65%	-
	Total Retail	$	11,335	25%	1.08%	0.75%	0.04%	2.3%
	Total	$	45,231	100%	1.03%	0.68%	0.11%	3.5%

1 MW / ABL = Mortgage Warehouse / Asset Based Lending	38
2 Includes loans 30-89 days past due and non-performing loans

Interest Rate Risk Profile

Sep. 30, 2020 Jun. 30, 2020

Net Interest Income (NII) Sensitivity

	Immediate Parallel Shock	13.4%
	Est. Change in NII
	9.8%
	9.6%
	6.8%
4.8%
3.5%

-1.0%-0.7%

Down 25

Up 100

Up 200

Up 300

					Yield Curve Twist1
					Est. Change in NII
	2.6%	2.1%				2.5%	1.6%
-0.4%	-0.4%				-0.7%	-0.3%

Short End -25

Short End +100

Long End -25

Long End +100

1Yield curve twist pivot point is 18 month point on yield curve. Short End defined as overnight to 18 months.	39
Long End defined as terms greater than 18 months.

Peer Group

		Firm	Ticker	City	State
1	Citizens Financial Group, Inc.	CFG	Providence	RI
	2	Comerica Inc.	CMA	Dallas	TX
3	First Horizon National Corp.	FHN	Memphis	TN
	4	F.N.B. Corp.	FNB	Pittsburgh	PA
5	Huntington Bancshares, Inc.	HBAN	Columbus	OH
	6	KeyCorp	KEY	Cleveland	OH
7	M&T Bank Corp.	MTB	Buffalo	NY
	8	New York Community Bancorp	NYCB	Westbury	NY
9	Signature Bank	SBNY	New York	NY
	10	Sterling Bancorp	STL	Montebello	NY
11	Synovus Financial Corp.	SNV	Columbus	GA
	12	TCF Financial Corp.	TCF	Detroit	MI
13	Valley National Bancorp	VLY	Wayne	NJ
	14	Webster Financial Corp.	WBS	Waterbury	CT
15	Zions Bancorp.	ZION	Salt Lake City	UT

40

Non-GAAP Financial Measures and Reconciliation to GAAP

In addition to evaluating People's United Financial Inc. ("People's United") results of operations in accordance with U.S. generally accepted accounting principles ("GAAP"), management routinely supplements its evaluation with an analysis of certain non-GAAP financial measures, such as the efficiency and tangible common equity ratios, tangible book value per common share and operating earnings metrics. Management believes these non-GAAP financial measures provide information useful to investors in understanding People's United's underlying operating performance and trends, and facilitates comparisons with the performance of other financial institutions. Further, the efficiency ratio and operating earnings metrics are used by management in its assessment of financial performance, including non-interest expense control, while the tangible common equity ratio and tangible book value per common share are used to analyze the relative strength of People's United's capital position.

The efficiency ratio, which represents an approximate measure of the cost required by People's United to generate a dollar of revenue, is the ratio of (i) total non-interest expense (excluding operating lease expense, goodwill impairment charges, amortization of other acquisition-related intangible assets, losses on real estate assets and non-recurring expenses) (the numerator) to (ii) net interest income on a fully taxable equivalent ("FTE") basis plus total non-interest income (including the FTE adjustment on bank-owned life insurance ("BOLI") income, the netting of operating lease expense and excluding gains and losses on sales of assets other than residential mortgage loans and acquired loans, and non-recurring income) (the denominator). People's United generally considers an item of income or expense to be non-recurring if it is not similar to an item of income or expense of a type incurred within the last two years and is not similar to an item of income or expense of a type reasonably expected to be incurred within the following two years.

Operating earnings exclude from net income available to common shareholders those items that management considers to be of such a non-recurring or infrequent nature that, by excluding such items (net of income taxes), People's United's results can be measured and assessed on a more consistent basis from period to period. Items excluded from operating earnings, which include, but are not limited to:

41

Non-GAAP Financial Measures and Reconciliation to GAAP

1. non-recurringgains/losses; (ii) merger-related expenses, including acquisition integration and other costs; (iii) writedowns of banking house assets and related lease termination costs; (iv) severance-related costs; and (v) charges related to executive-level management separation costs, are generally also excluded when calculating the efficiency ratio. Operating earnings per common share ("EPS") is derived by determining the per common share impact of the respective adjustments to arrive at operating earnings and adding (subtracting) such amounts to (from) diluted EPS, as reported. Operating return on average assets is calculated by dividing operating earnings (annualized) by average total assets. Operating return on average tangible common equity is calculated by dividing operating earnings (annualized) by average tangible common equity. The operating common dividend payout ratio is calculated by dividing common dividends paid by operating earnings for the respective period.

Pre-provision net revenue is a useful financial measure as it enables an assessment of the Company's ability to generate earnings to cover credit losses through a credit cycle as well as providing an additional basis for comparing the Company's results of operation between periods by isolating the impact of the provision for credit losses, which can vary significantly between periods.

The tangible common equity ratio is the ratio of (i) tangible common equity (total stockholders' equity less preferred stock, goodwill and other acquisition-related intangible assets) (the numerator) to (ii) tangible assets (total assets less goodwill and other acquisition-related intangible assets) (the denominator). Tangible book value per common share is calculated by dividing tangible common equity by common shares (total common shares issued, less common shares classified as treasury shares and unallocated Employee Stock Ownership Plan ("ESOP") common shares). In light of diversity in presentation among financial institutions, the methodologies used by People's United for determining the non-GAAP financial measures discussed above may differ from those used by other financial

institutions.

42

For more information, investors may contact:

Andrew S. Hersom

1. 338-4581
   [e-mail]