United Bankshares : 2021 March Investor Presentation

March 2021

Forward-Looking Statements

This presentation and statements made by United Bankshares, Inc. ("United") and its management contain forward-looking statements within the meaning of Section 27A of the

Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These forward-looking statements are intended to be covered by the safe harbor provisions for forward-

looking statements contained in the Private Securities Litigation Reform Act of 1995. These forward-looking statements include, but are not limited to, statements about (i) the merger

(the "Merger") between Carolina Financial Corporation ("Carolina Financial") and United that was completed on May 1, 2020; (ii) United's plans, objectives, expectations and intentions and other statements contained in this press release that are not historical facts; (iii) the effect of the COVID-19 pandemic; and (iv) other statements identified by words such as "expects," "anticipates," "intends," "plans," "believes," "seeks," "estimates," "targets," "projects," or words of similar meaning generally intended to identify forward-looking

statements. These forward-looking statements are based upon the current beliefs and expectations managements of United and are inherently subject to significant business, economic and competitive uncertainties and contingencies, many of which are beyond the control of United. In addition, these forward-looking statements are subject to assumptions with respect

to future business strategies and decisions that are subject to change. Actual results may differ materially from the anticipated results discussed in these forward-looking statements

because of possible uncertainties.

The following factors, among others, could cause actual results to differ materially from the anticipated results or other expectations expressed in the forward-looking statements: (1) the businesses of United and Carolina Financial may not be combined successfully, or such combination may take longer, be more difficult, time-consuming or costly to accomplish than expected; (2) the expected growth opportunities or cost savings from the Merger may not be fully realized or may take longer to realize than expected; (3) deposit attrition, operating costs, customer losses and business disruption following the Merger, including adverse effects on relationships with employees, may be greater than expected; (4) the effects of changing regional and national economic conditions, including the impact of the COVID-19 pandemic and the negative impacts and disruptions on United's customers, the communities it serves and the domestic and global economy; (5) current and future economic and market conditions, including the effects of high unemployment rates, United States fiscal debt, budget and tax matters and any slowdown in global economic growth; (6) legislative or regulatory changes, including changes in accounting standards, that may adversely affect the businesses in which United is engaged; (7) the interest rate environment may further compress margins and adversely affect net interest income; (8) results may be adversely affected by continued diversification of assets and adverse changes to credit quality; (9) competition from other financial services companies in United's markets could adversely affect operations; and (10) the economic slowdown could continue to adversely affect credit quality and loan originations. Additional factors, that could cause actual results to differ materially from those expressed in the forward-looking statements are discussed United's reports (such as Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K) filed with the

Securities and Exchange Commission and available on the SEC's Internet site (http://www.sec.gov).

United cautions that the foregoing list of factors is not exclusive. All subsequent written and oral forward-looking statements concerning United or any person acting on its behalf are expressly qualified in their entirety by the cautionary statements above. United does not undertake any obligation to update any forward-looking statement to reflect circumstances or events that occur after the date the forward-looking statements are made.

UNITED BANKSHARES, INC.

• ✓ Regional financial holding company with 224 full-service banking, mortgage, and loan production offices throughout Virginia, West Virginia, Maryland, North Carolina, South Carolina, Georgia, Ohio, Pennsylvania, and Washington D.C.

• ✓ Dual headquarters: Washington, D.C. and Charleston, WV

• ✓ 37th largest bank in the U.S. by Market Cap

• ✓ 47 consecutive years of dividend increases

• ✓ Closed the merger with Carolina Financial (CARO) on May 1, 2020

• ✓ Since 1982, UBSI has completed 32 acquisitions with 10 acquisitions in the Washington, D.C. MSA, and most recently, further expanding into the Carolinas with the CARO acquisition

• ✓ Member of the S&P Mid Cap 400, Russell 2000, Dow Jones Dividend Select Index, S&P High Yield Dividends Aristocrats Index, and the NASDAQ US Dividend Achiever 50 Index

Financial Highlights (12/31/20)

TOTAL ASSETS	$26.2 billion
NET LOANS*	$18.1 billion
TOTAL DEPOSITS	$20.6 billion
NET INCOME (YTD)	$289.0 million
*Includes Loans Held for Sale.

2020 HIGHLIGHTS

• • Achieved record Net Income of $289.0 million for FY 2020.

  Diluted Earnings Per Share were $2.40 for the year

• • Reported record mortgage banking revenue, net income, and volume

• • Generated Return on Average Assets of 1.20%, Return on

  Average Equity of 7.30%, and Return on Average Tangible Equity* of 12.90% (inclusive of merger-related expenses)

• • Continue to support our customers' needs through new loan originations, loan deferrals, PPP loans, and other accommodations

• • Closed the merger with Carolina Financial on May 1, 2020 and successfully completed the integration and core systems conversions

• • Increased dividends to shareholders for the 47th consecutive year (current dividend yield of 3.8% based upon recent prices)

• • Strong expense control with an efficiency ratio of 55.4%

• • Capital position remains robust and liquidity remains sound

*Non GAAP measure. Refer to appendix.