REVISED PUBLIC EXHIBITS APPLICATION BOARD OF …

REVISED PUBLIC EXHIBITS TO THE

APPLICATION TO THE

BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM RELATING TO THE PROPOSED ACQUISITION OF

PEOPLE'S UNITED FINANCIAL, INC. AND PEOPLE'S UNITED BANK, NATIONAL ASSOCIATION and APPLICATION TO THE

BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM RELATING TO THE PROPOSED MERGER OF

PEOPLE'S UNITED BANK, NATIONAL ASSOCIATION WITH AND INTO

MANUFACTUERERS AND TRADERS TRUST COMPANY (M&T BANK)

April 12, 2021

TABLE OF EXHIBITS

Public Exhibits (in a separately bound volume)

Tab

Agreement and Plan of Merger, dated as of February 21, 2021, by and among

M&T, Bridge Merger Corp. and People's United .............................................................

1

List of People's United and People's United Bank Subsidiaries ......................................

2

List of People's United Bank Main Office, Branches and Automated Teller

Machines ............................................................................................................................

3

Organizational Chart of M&T and M&T Bank (Current and Pro Forma) .......................

4

Organizational Chart of People's United and People's United Bank................................

5

Pro Forma Changes to M&T Bank's Assessment Areas...................................................

6

Form of Newspaper Notice................................................................................................

7

Litigation Table .................................................................................................................

8

Agreement and Plan of Merger, dated as of February 21, 2021, between M&T Bank and People's United Bank ........................................................................................ A-1

Public Exhibit 1

Agreement and Plan of Merger, dated as of February 21, 2021, by and among M&T, Bridge Merger Corp.

and People's United

EXECUTION VERSION

AGREEMENT AND PLAN OF MERGER by and among

M&T BANK CORPORATION, BRIDGE MERGER CORP. and

PEOPLE'S UNITED FINANCIAL, INC. _____________________

Dated as of February 21, 2021

4828-0424-1624 v.8

TABLE OF CONTENTS

ARTICLE I

THE MERGER

1.1 The Merger.......................................................................................................................... 2 1.2 Closing ................................................................................................................................ 2 1.3 Effective Time .................................................................................................................... 2 1.4 Effects of the Merger .......................................................................................................... 2 1.5 Conversion of Company Common Stock ........................................................................... 2 1.6 Parent Stock and Merger Sub Common Stock ................................................................... 4 1.7 Company Preferred Stock ................................................................................................... 4 1.8 Treatment of Company Equity Awards .............................................................................. 4 1.9 Charter of the Interim Surviving Entity .............................................................................. 6 1.10 Bylaws of the Interim Surviving Entity .............................................................................. 6 1.11 Directors and Officers of the Interim Surviving Entity ...................................................... 6 1.12 Tax Consequences .............................................................................................................. 6 1.13 Holdco Merger .................................................................................................................... 6 1.14 Bank Merger ....................................................................................................................... 8

ARTICLE II

EXCHANGE OF SHARES

2.1 Parent to Make Consideration Available ............................................................................ 8 2.2 Exchange of Shares............................................................................................................. 8

ARTICLE III

REPRESENTATIONS AND WARRANTIES OF THE COMPANY

3.1 Corporate Organization..................................................................................................... 11 3.2 Capitalization .................................................................................................................... 13 3.3 Authority; No Violation .................................................................................................... 15 3.4 Consents and Approvals ................................................................................................... 16 3.5 Regulatory Reports ........................................................................................................... 17 3.6 Financial Statements ......................................................................................................... 18 3.7 Broker's Fees .................................................................................................................... 20 3.8 Absence of Certain Changes or Events............................................................................. 20 3.9 Legal and Regulatory Proceedings ................................................................................... 20 3.10 Taxes and Tax Returns...................................................................................................... 21 3.11 Employees......................................................................................................................... 22 3.12 SEC Reports...................................................................................................................... 26 3.13 Compliance with Applicable Law .................................................................................... 26 3.14 Certain Contracts .............................................................................................................. 28

4828-0424-1624 v.8

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