CFA Institute Research Challenge – Kickoff Meeting

October 25, 2016NASDAQ: PBCT

Premium Brand Built Over 170 YearsCorporate OverviewCorporate Overviewpp

People’s United Financial, Inc. NASDAQ (PBCT)

Headquarters Bridgeport, CT

Chief Executive Officer Jack Barnes

Chief Financial Officer David Rosato

M k t C it li ti $5 0 billiMarket Capitalization (10.21.2016) $5.0 billion

Assets $40.7 billion

Loans $29.4 billion

Deposits $29.7 billion

Branches 386

In-store Branches(2) 146

ATMs 592

Standalone ATMs(3) 110

F d d 1842

1

Founded 1842

1 Statistics as of September 30, 2016, unless noted otherwise2 Exclusive relationship with Stop & Shop3 Includes 36 ATMs in Stop & Shop locations where a branch is not present

Premium Brand Built Over 170 Years

Acquired:Chitt d C

Geographic Expansion in Recent YearsGeographic Expansion in Recent Years

Chittenden Corp. which comprised:

Chittenden Bank Burlington, VT

Ocean BankPortsmouth, NH

Maine Bank & Trust

Acquired:57 branches in greater New York metro area from RBS Citizens –

including 53 branches in Stop & Shop

Acquired:Danversbank

Acquired:Financial Federal

New York, NY

A i d

June 27Announced

acquisition of:Suffolk Bancorp

Portland, ME

Merrill BankBangor, ME

Flagship BankWorcester, MA

Bank of West. Mass.Springfield, MA

p psupermarkets

Since 1995, PBCT has had an exclusive

relationship with Stop & Shop to operate

branches in Connecticut

Danvers, MAAcquired:Butler Bank

Lowell, MA

RiverBankNorth Andover, MA

Bank of SmithtownSmithtown, NY

Suffolk BancorpRiverhead, NY

p gstores

2016201620102010 20112011 2012201220082008

2

Premium Brand Built Over 170 YearsInIn--Store Branches Versus Traditional BranchesStore Branches Versus Traditional Branches

• Partnership allows us to leverage People’s United brand with the ~3.3 million shoppers who visit Connecticut and New York Stop & Shop stores every week

• In-store locations operate under the same business model as traditional branches and sell all of the Bank’s products and services

• Connecticut and New York in-store branches accounted for a significant portion of the new branch business booked

In-Store Branches Traditional Branches100%

40%40% 43%43%57%57%

70%70% 76%76% 69%69% 72%72%

60%60% 57%57% 43%43%30%30% 24%24% 31%31% 28%28%

- %

On average, inOn average, in--store locations are open 37% more hours per week (56 hours vs. store locations are open 37% more hours per week (56 hours vs.

Consumer Checking Accounts Opened

Savings Accounts Opened

Business Checking Accounts Opened

Home Equity Loans Originations

Mortgage Loan Originations

Business Banking Loan Originations

Investment Sales

Last twelve months through September 30, 2016

3Note: statistics represent Connecticut and New York branches only

41 hours), but are approximately ~30% less expensive to operate.41 hours), but are approximately ~30% less expensive to operate.

NN P itiP iti Y i B kiY i B ki P f i l E iP f i l E i

Experienced Leadership Team

Jack Barnes President & CEO, Director 30+ People’s United Bank (SEVP, CAO), Chittenden, FDIC

G l D k SEVP W lth M t 30+ People’s United Bank, Washington Trust, The

NameName PositionPosition Years in BankingYears in Banking Professional ExperienceProfessional Experience

Galan Daukas SEVP Wealth Management 30+ People s United Bank, Washington Trust, The Managers Funds, Harbor Capital Mgmt

Sara Longobardi SEVP Retail Banking 25+ People’s United Bank

People’s United Bank New York TimesDave Norton SEVP & Chief HR Officer 5+ People s United Bank, New York Times, Starwood, PepsiCo

Lee Powlus SEVP & Chief Administrative Officer 25+ People’s United Bank, Chittenden, Alltel

David Rosato SEVP & CFO 30+ People’s United Bank, Webster, M&T

Chantal Simon SEVP & Chief Risk Officer 25+ People’s United Bank, Merrill Lynch US Bank, Lazard Freres & Co.

Jeff Tengel SEVP Commercial Banking 30+ People’s United Bank PNC National CityJeff Tengel SEVP Commercial Banking 30+ People’s United Bank, PNC, National City

Bob Trautmann SEVP & General Counsel 20+ People’s United Bank, Tyler Cooper & Alcorn

Kirk Walters SEVP Corporate Development, Director 25+ People’s United Bank, Santander, Sovereign,

Chittenden Northeast FinancialDirector Chittenden, Northeast Financial

4

Total Loan Portfolio: $29 4 BillionTotal Loan Portfolio: $29 4 Billion

Operate in Large & Attractive Northeast MarketsTotal Loan Portfolio: $29.4 BillionTotal Loan Portfolio: $29.4 Billion

At September 30, 2016At September 30, 2016

($ in billions) Other$5.1 / 18%

Connecticut$7.8 / 26%Maine

$1.0 / 3%

New Hampshire$1.4 / 5%

New Jersey$1.4 / 5%

New York$5.6 / 19%

Vermont$1.8 / 6%

Massachusetts$5.3 / 18%

Excluding equipment finance loans 91% of PBCT’s loan portfolio is within the NortheastExcluding equipment finance loans 91% of PBCT’s loan portfolio is within the Northeast

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Excluding equipment finance loans, ~91% of PBCT’s loan portfolio is within the NortheastExcluding equipment finance loans, ~91% of PBCT’s loan portfolio is within the Northeast

Operate in Large & Attractive Northeast MarketsConnecticutConnecticut MassachusettsMassachusettsNew YorkNew York

Branches $BN %1 Bank of America 138 30.0 23.82 People's United 149 16.5 13.13 Webster 118 16.3 12.94 Wells Fargo 76 9.0 7.15 TD Bank 71 6 8 5 4

Branches $BN %1 JP Morgan Chase 754 536.2 37.62 HSBC 146 114.7 8.03 Citi 243 88.1 6.24 Bank of America 303 83.7 5.95 M&T 282 44 9 3 2

Branches $BN %1 Bank of America 230 67.8 27.22 Citizens 245 31.3 12.63 Santander 221 18.3 7.34 TD Bank 144 13.1 5.35 Eastern Bank 89 8 0 3 25 TD Bank 71 6.8 5.4

6 JP Morgan Chase 50 5.5 4.47 Citi 14 4.2 3.38 KeyCorp 75 4.1 3.39 Liberty 55 3.5 2.710 United Financial 32 3.2 2.5

5 M&T 282 44.9 3.26 Capital One 229 44.8 3.17 KeyCorp 403 36.1 2.58 TD Bank 262 33.7 2.49 Signature 30 29.5 2.110 Wells Fargo 85 23.3 1.629 People's United 97 3 4 0 3

5 Eastern Bank 89 8.0 3.26 Independent Bank 84 6.2 2.57 First Republic 4 5.6 2.38 Boston Private 11 3.9 1.69 Middlesex 32 3.8 1.510 People's United 47 3.6 1.4

VermontVermont New HampshireNew Hampshire MaineMaine

29 People s United 97 3.4 0.3

Branches $BN %1 People's United 40 2.9 23.02 TD Bank 32 2 5 20 1

Branches $BN %1 Citizens 72 7.9 24.82 TD Bank 70 6 7 21 0

Branches $BN %1 TD Bank 48 3.5 12.92 KeyCorp 50 3 4 12 52 TD Bank 32 2.5 20.1

3 Merchants 31 1.4 10.84 KeyCorp 12 0.8 6.55 Citizens 20 0.8 6.46 Northfield 13 0.6 4.97 Union 12 0.5 3.88 Community 12 0.5 3.7

2 TD Bank 70 6.7 21.03 Bank of America 23 4.6 14.34 People's United 26 1.5 4.75 NH Mutual 19 1.2 3.86 BNH Financial 25 1.2 3.67 Santander 18 1.0 3.08 Lake Sunapee 21 0.9 2.7

2 KeyCorp 50 3.4 12.53 Camden National 63 2.8 10.44 Bangor Bancorp 56 2.5 9.25 Bank of America 17 1.8 6.76 First Bancorp 16 1.1 4.37 People's United 27 1.1 4.28 Bar Harbor 14 1.0 3.7

4th in deposit market share in New England# 1 in Fairfield County, CT., 64 branches, ~$11 billion in deposits, ~ 24% market share

8 Community 12 0.5 3.79 Passumpsic 6 0.4 2.910 Mascoma 10 0.3 2.8

8 Lake Sunapee 21 0.9 2.79 Mascoma 17 0.9 2.710 Northway 17 0.7 2.4

8 Bar Harbor 14 1.0 3.79 Machias Bancorp 18 1.0 3.610 Norway 24 0.9 3.3

6Source: SNL Financial; FDIC data as of June 30, 2016; excludes trust institutions; excludes non-retail branchesNotes: PBCT branch count updated as of September 30, 2016

Strong deposit market positionsStrong deposit market positions

Commitment to Relationship-Based BankingL t l ti hi ith t• Long-term relationships with customers

• Customers relationships are with local management

• Single point of contact with customers – break down silos to present full suite of products & services

• Senior management frequently interacts with customers

• Reputation and word-of-mouth referrals often drive new business

• Broad distribution: 386 branches across six states, 592 ATMs, online and mobile banking

Long history of focusing on relationship management at the local levelLong history of focusing on relationship management at the local level

• Call center operations locally located in Bridgeport, CT and Burlington, VT

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Long history of focusing on relationship management at the local level… Long history of focusing on relationship management at the local level…

Breadth of Products & Services

RetailRetailBankingBanking

• Retail Lending: residential mortgages, home equity loans and lines of credit, personal loans

• Deposit Products: checking accounts, savings and money market accounts

• Services: mobile banking, online banking, credit cards

• Commercial Lending: commercial finance, real estate financing, equipment loans & leasing, asset based lending, mortgage warehouse lending

• Deposit Products: checking accounts, savings and money market accounts

Commercial Commercial BankingBanking

• Treasury Management: cash management services, Online banking eTreasury+, ACH services, lockbox services, remote deposit capture, merchant card processing, payroll services, fraud protection services, liquidity and investment solutions

• Specialty Services: government banking, healthcare & non-profit banking, interest rate risk management, international services, business aircraft finance

• Insurance: commercial coverage employee benefits bonding risk management services specialized

Wealth Wealth

• Insurance: commercial coverage, employee benefits, bonding, risk management services, specialized industry insurance

• Wealth Services & Solutions: financial planning, trust & estate solutions, investment management, private b ki lf di t d i ti ti t l i i tit ti l t t iManagementManagement

hil idi th f ll b dth f l ti l b khil idi th f ll b dth f l ti l b k

banking, self-directed investing, retirement plan services, institutional trust services

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…while providing the same full breadth of solutions as larger banks…while providing the same full breadth of solutions as larger banks

Breadth of Products & Services

Total Loan Portfolio: $29.4 BillionTotal Loan Portfolio: $29.4 BillionAt September 30, 2016At September 30, 2016

RetailRetail

CommercialCommercial

RetailRetail$8.2 Billion / 28%$8.2 Billion / 28%

$21.2 Billion / 72%$21.2 Billion / 72%

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(At September 30, 2016)Breadth of Products & Services

Commercial Real EstateCommercial Real Estate$10.0 Billion / 34% of Total Portfolio$10.0 Billion / 34% of Total Portfolio

Commercial & IndustrialCommercial & Industrial$8.2 Billion / 28% of Total Portfolio$8.2 Billion / 28% of Total Portfolio

Equipment FinancingEquipment Financing$3.0 Billion / 10% of Total Portfolio$3.0 Billion / 10% of Total Portfolio

Commercial Loans: $21.2 Billion / 72% of Total Portfolio

($ in billions) ($ in billions) ($ in billions)

Packaging

Service3%

Other5%

Health Services

2%

Arts/Ent./Rec.2%

Construction2%

Information1%

Public Admin.1%

Other1%

Health care1%Self Storage

2%Special Use

2%Packaging

4%

Manufact.5%

Transp. / Utility3%

2%Hosp. & Entertain.

5%

Wholesale Dist.

5%ResidentialResidential

(Multi(Multi--Family)Family)3 %3 %

Industrial /Manufacturing

6%

Finance & Finance & Insurance Insurance

20%20%

RetailRetailSalesSales

8%8% Transportation/ Utility

37%W tW tReal Estate Real Estate

37%37%

RetailRetail25%25%

Office BuildingsOffice Buildings21%21% ServiceService

17%17%

ManufacturingManufacturing13%13%

Wholesale Wholesale Dist.Dist.

HealthHealth11%11%

37%

ConstructionConstruction13%13%

Finance, Finance, InsuranceInsurance

& Real Estate& Real Estate

WasteWaste6%6%

PrintingPrinting6%6%

10%10%

12%12% 14%14%

B dl di ifi d i l l tf liB dl di ifi d i l l tf li

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Broadly diversified commercial loan portfolioBroadly diversified commercial loan portfolio

Conservative & Well-Defined Underwriting CultureA A l N t ChA A l N t Ch Off / A LOff / A LAverage Annual Net ChargeAverage Annual Net Charge--Offs / Average LoansOffs / Average Loans

Peer Group Comparison 2007Peer Group Comparison 2007--20152015

2.50%

2.00%

1.00%

1.50%

Median, excluding PBCT = 0.96%

0.50%

0 20%

Conservative underwriting is a hallmark of People’s UnitedConservative underwriting is a hallmark of People’s United

0.00%

0.20%

PBCT

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Conservative underwriting is a hallmark of People’s UnitedConservative underwriting is a hallmark of People’s United

Source: SNL Financial

Proactive Expense Management• People’s United has proactively managed expenses while also making significant investments in:

Talent and systems amidst a regulatory environment of heightened expectations

Revenue and deposit gathering initiatives

Improving customer experiences via enhanced delivery of products and services

Total NonTotal Non--Interest ExpenseInterest Expense

$872$831 $839 $842 $861

($ in millions)

$

2011 2012 2013 2014 2015

Continued execution of strong cost controlsContinued execution of strong cost controls

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gg

Consistent Return of Capital to Shareholders

Annual Common Stock DividendAnnual Common Stock Dividend

$0.80

$0.52

$0.58$0.61 $0.62 $0.63 $0.64 $0.65 $0.66 $0.67 $0.68

$0.60

$0.70

$0.30$0.32

$0.36

$0.41

$0.46

$0 30

$0.40

$0.50

$0 09$0.11

$0.14$0.18

$0.22$0.25

$0.28$

$0 10

$0.20

$0.30

Increased annual common stock dividend for 23 consecutive yearsIncreased annual common stock dividend for 23 consecutive years

$0.01

$0.07$0.09

$0.00

$0.10

1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

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Increased annual common stock dividend for 23 consecutive yearsIncreased annual common stock dividend for 23 consecutive years

P i b d b iltP i b d b ilt

PBCT Differentiators

E i dE i d

Premium brand built Premium brand built over 170 yearsover 170 years

Deep focus onDeep focus on Experienced Experienced leadership teamleadership team

Deep focus on Deep focus on expense managementexpense management

Operate in large & Operate in large & attractive Northeast attractive Northeast

markets…markets…

Conservative & wellConservative & well--defined underwriting defined underwriting

cultureculture

A Uniquely Positioned Franchise

…with significant …with significant knowledge at the local knowledge at the local

l ll lBreadth of products Breadth of products

& services& services

A Uniquely Positioned Franchise

levellevel

Commitment to Commitment to

& services& services

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relationshiprelationship--based based bankingbanking