Zions Bancorporation N A : Barclays Global Financial Services Conference

Investor Update

Third Quarter 2020

September 2020

Forward-Looking Statements; Use of Non-GAAP Financial Measures

Forward Looking Information

These materials include "forward-looking statements" as that term is defined in the Private Securities Litigation Reform Act of 1995. These statements are based on management's current expectations and assumptions regarding future events or determinations, all of which are subject to known and unknown risks, uncertainties and other factors that may cause our actual results, performance or achievements, market trends, industry results or regulatory outcomes to differ materially from those expressed or implied by such forward-looking statements.

Without limiting the foregoing, the words "forecasts," "targets," anticipates," "believes," "can," "continue," "could," "estimates," "expects," "intends," "may," "might," "plans," "projects," "should," "would," "targets," "will" and the negative thereof and similar words and expressions are intended to identify forward-looking statements. Forward-looking statements by their nature address matters that are, to different degrees, uncertain, such as statements about future financial and operating results. Actual results and outcomes may differ materially from those presented, either expressed or implied, in these materials. Important risk factors that may cause such material differences include, but are not limited to, the effects of the spread of the virus commonly referred to as the coronavirus or COVID-19 (and other potentially similar pandemic situations) and associated impacts on general economic conditions on, among other things, our customers' ability to make timely payments on obligations, fee income revenue due to reduced loan origination activity and card swipe income, operating expense due to alternative approaches to doing business, and so forth; the Bank's ability to meet operating leverage goals; the rate of change of interest-sensitive assets and liabilities relative to changes in benchmark interest rates; the ability of the Bank to upgrade its core deposit system and implement new digital products in order to remain competitive; risks associated with information security, such as systems breaches and failures; and legislative, regulatory and economic developments. These risks, as well as other factors, are discussed in the Bank's most recent Annual Report on Form 10-K and Quarterly Report on Form 10-Q, filed with the Securities and Exchange Commission (SEC) and available at the SEC's Internet site (https://www.sec.gov/). In addition, you may obtain documents filed with the SEC by the Bank free of charge by contacting: Investor Relations, Zions Bancorporation, N.A., One South Main Street, 11th Floor, Salt Lake City, Utah 84133, [phone].

We caution you against undue reliance on forward-looking statements, which reflect our views only as of the date they are made. Except as may be required by law, Zions Bancorporation, N.A. specifically disclaims any obligation to update any factors or to publicly announce the result of revisions to any of the forward-looking statements included herein to reflect future events or developments.

Use of Non-GAAP Financial Measures:

This document contains several references to non-GAAP measures, including pre-provision net revenue and the "efficiency ratio," which are common industry terms used by investors and financial services analysts. Certain of these non-GAAP measures are key inputs into Zions' management compensation and are used in Zions' strategic goals that have been and may continue to be articulated to investors. Therefore, the use of such non-GAAP measures are believed by management to be of substantial interest to the consumers of these financial disclosures and are used prominently throughout the disclosures. A full reconciliation of the difference between such measures and GAAP financials is provided within the document, and users of this document are encouraged to carefully review this reconciliation.

2

Zions' Profile: Zions Is A Collection of Community Banks

Key Differentiators: Local decision-making and top-notch service, commercial banking focus, granular and low-cost deposit base

• Strategic local "ownership" of market opportunities and challenges
• Roughly 2/3of revenue from commercial customers
• High quality, granular deposit franchise
• • 46%: Noninterest bearing deposits (avg) to total deposits
  • 0.15%: Cost of deposits consistently among the lowest of peers (ranked third best of peers in 2Q20)

Zions' Markets

		Average
Bank	Headquarters	Deposits	% of Total
Zions Bank	Salt Lake City	$18B	28%
Amegy	Houston	$13B	21%
CB&T	San Diego	$14B	21%
NB│AZ	Phoenix	$6B	9%
NSB	Las Vegas	$5B	9%
Vectra	Denver	$4B	6%
Commerce	Seattle	$1B	2%
Brokered Deposits	-	$2B	4%
Zions Bancorporation	Salt Lake City	$63B	100%

Financial Highlights

Key Metrics	2Q20
Listing	NASDAQ: ZION
Market Capitalization (as of 08/17/20)	$5.6B
Total Assets	$76.4B
Total Loans	$54.4B
Total Deposits	$65.7B
Common Equity Tier 1 Capital	$5.7B
Common Equity Tier 1 Capital Ratio	10.2%
Zions Bancorp. Rating (S&P/Fitch/Kroll)2	BBB+/BBB+/A-
Rating Outlook (S&P/Fitch/Kroll)2	Neg / Neg / Stable

Source: S&P Global, as of 2Q20 except where noted. 1 Represents primarily brokered deposits. 2 Represents long-term debt / senior debt issuer rating, as of	3
August 17, 2020.

Overview of How the Pandemic has Affected Zions Bancorporation

Reduced earnings, strong capital, more than 10k new customers primarily from PPP loans, slow down of technology upgrades

• Earnings reduced due to reserve build, pension charge
• • Pre-ProvisionNet Revenue has increased modestly as revenue has declined but has been offset by significant expense reduction

▪

▪

Provisions for loan losses elevated in anticipation of future credit loss

Weaker performance: revenue from net interest income (excl. PPP loans), card swipe fee income, waived fees, less loan syndication activity

• • Stronger performance: mortgage banking, noninterest expense
• Capital remains strong

▪

▪

CET1 Capital Ratio has increased to 10.2% (from 10.0% in 1Q20) Buybacks have been suspended; warrant dilution permanently eliminated

• Customers
• • Adding new customers - both from PPP program and from other sources - major retention efforts underway to keep these new customers
  • PPP program a great success - helping to preserve many small businesses, expected to have a long-term major boost to reputation of the Bank
• Technology
• • Some slowing in the trajectory of major technology upgrade initiatives (FutureCore, retail & small business digital banking replacement)
  • Employees generally able to work from home - productivity levels not significantly affected

4