FILED OR TO BE FILED WITH THE SEC IN CONNECTION WITH THE PROPOSED TRANSACTION, AS WELL AS ANY AMENDMENTS OR SUPPLEMENTS TO THOSE DOCUMENTS, BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT
PEOPLES UNITED, M&T AND THE PROPOSED TRANSACTION. Investors will be able to obtain a free copy of the registration statement, including the joint proxy statement/prospectus, as well as other relevant documents filed with the SEC containing
information about Peoples United and M&T, without charge, at the SECs website (http://www.sec.gov). Copies of the registration statement, including the joint proxy statement/prospectus, and the filings with the SEC that will be
incorporated by reference in the joint proxy statement/prospectus can also be obtained, without charge, by directing a request to Steven Bodakowski, Peoples United Financial, Inc., 850 Main Street, Bridgeport, Connecticut 06604, telephone
(203) 338-4202, or Investor Relations, M&T Bank Corporation, One M&T Plaza, Buffalo, New York 14203, telephone (716) 635-4000. Information regarding the persons
who may, under the rules of the SEC, be considered participants in the solicitation of the shareholders of Peoples United and M&T in connection with the proposed transaction will be set forth in the proxy statement/prospectus when it is
filed with the SEC.
Forward-Looking Statements
This communication includes forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A
of the Securities Act of 1933, as amended, or Securities Act, and Section 21E of the Securities Exchange Act of 1934, as amended, or Exchange Act. Forward-looking statements are based on current expectations, estimates and projections about
Peoples Uniteds and M&Ts businesses, beliefs of Peoples Uniteds and M&Ts management and assumptions made by Peoples Uniteds and M&Ts management. Any statement that does not describe
historical or current facts is a forward-looking statement, including statements regarding the expected timing, completion and effects of the proposed transactions and Peoples Uniteds and M&Ts expected financial results,
prospects, targets, goals and outlook. Forward-looking statements are typically identified by words such as believe, expect, anticipate, intend, target, estimate,
continue, positions, prospects or potential, by future conditional verbs such as will, would, should, could, or may, or by variations of such
words or by similar expressions. These statements are not guarantees of future performance and involve certain risks, uncertainties and assumptions (Future Factors) which are difficult to predict. Therefore, actual outcomes and results
may differ materially from what is expressed or forecasted in such forward-looking statements.
Future Factors include, among others: the occurrence of
any event, change or other circumstances that could give rise to the right of one or both of the parties to terminate the definitive merger agreement between Peoples United and M&T; the outcome of any legal proceedings that may be
instituted against Peoples United or M&T; the possibility that the proposed transaction will not close when expected or at all because required regulatory, shareholder or other approvals are not received or other conditions to the closing
are not satisfied on a timely basis or at all, or are obtained subject to conditions that are not anticipated; the risk that any announcements relating to the proposed combination could have adverse effects on the market price of the common stock of
either or both parties to the combination; and the possibility that the anticipated benefits of the transaction will not be realized when expected or at all, including as a result of the impact of, or problems arising from, the integration of the
two companies or as a result of the strength of the economy and competitive factors in the areas where Peoples United and M&T do business. Peoples United provides further detail regarding these and other risks and uncertainties in
its 2019 Form 10-K and subsequent Form 10-Qs, including in the respective Risk Factors sections of such reports, as well as in subsequent SEC filings. Forward-looking
statements speak only as of the date made, and Peoples United does not assume any duty and does not undertake to update forward-looking statements.
4