Balance Sheet of Manufacturers and Traders Trust Company

12/31/2018 12/31/2010
$ (in thousands) % of total assets $ (in thousands) % of total assets
Assets
Cash $ 1,584,729 1.375% $ 908,755 1.444%
Deposits at the Fed $ 8,056,433 6.988% $ 97,333 0.155%
Total Cash & Balances Due from Depository Institutions $ 9,641,162 8.363% $ 1,006,088 1.599%
Federal funds sold $ - 0.000% $ 181,300 0.288%
Securities purchased under agreement to resell $ - 0.000% $ - 0.000%
US Treasury securities $ 1,775,606 1.540% $ 26,032 0.041%
State and government securities $ 9,153 0.008% $ 251,544 0.400%
Mortgage backed securities $ 10,075,949 8.740% $ 5,853,083 9.300%
Asset backed securities $ 15 0.000% $ 209,419 0.333%
Other debt securities $ 120,980 0.105% $ 284,865 0.453%
Total Investment Securities $ 11,981,703 10.393% $ 6,806,243 10.814%
C&I Loans $ 18,208,703 15.794% $ 10,645,818 16.915%
Real Estate Loans $ 56,236,989 48.781% $ 32,871,410 52.228%
Consumer Loans $ 9,105,331 7.898% $ 4,925,321 7.826%
Other loans $ 3,483,505 3.022% $ 1,401,398 2.227%
Leases $ 1,262,726 1.095% $ 1,401,609 2.227%
Provision for loan and lease losses $ (132,000) -0.114% $ (362,425) -0.576%
Net Loans and Leases $ 88,165,254 76.476% $ 50,883,131 80.846%
Premises and fixed assets $ 621,830 0.539% $ 431,366 0.685%
Intangible assets $ 4,875,351 4.229% $ 3,811,418 6.056%
Total Assets $ 115,285,300 100.000% $ 62,938,246 100.000%
 Balance Sheet of Manufacturers and Traders Trust Company
12/31/2018 12/31/2010
$ (in thousands) % of total assets $ (in thousands) % of total assets
Liabilities
Deposits $ 85,231,612 73.931% $ 44,620,706 70.896%
government deposits $ 5,319,352 4.614% $ 3,599,519 5.719%
Brokered Deposits:
Less Than $100,000 0.000% $ 1,815,163 2.884%
Between $100,000 and $250,000 $ 2,973,314 2.579% $ - 0.000%
More than $250,000 $ - 0.000% $ - 0.000%
Total Brokered Deposits $ 2,973,314 2.579% $ 1,815,163 2.884%
Total Deposits $ 93,524,278 81.124% $ 50,035,388 79.499%
Fed Funds Purchased & securities sold under agreements to resell $ 607,532 0.527% $ 2,491,556 3.959%
Other borrowed liabilities $ 9,566,945 8.298% $ 3,001,690 4.769%
Subordinated notes and debentures $ 1,391,053 1.207% $ 1,816,833 2.887%
Other liabilities $ 1,520,476 1.319% $ 694,209 1.103%
Total Liabilities $ 106,610,284 92.475% $ 58,039,676 92.217%
Preferred Stock $ - 0.000% $ - 0.000%
Common Stock $ 120,635 0.105% $ 120,635 0.192%
Surplus $ 3,066,788 2.660% $ - 0.000%
Retained Earnings $ 5,487,593 4.760% $ 4,777,935 7.591%
Total Equity Capital $ 8,675,016 7.525% $ 4,898,570 7.783%

Total Liabilities and Equity Capital $ 115,285,300 100% $ 62,938,246 100.000%

 Income Statement of Manufacturers and Traders Trust Company
12/31/2018 12/31/2010
$ (in thousands) % of total revenue $ (in thousands) % of total revenue
Total Revenue $ 6,121,843 100.000% $ 3,836,761 100.000%

Interest Income
Interest from Loans $ 4,106,836 67.085% $ 2,291,198 59.717%
Lease financing receivables $ 48,704 0.796% $ 70,266 1.831%
Balances due from depository institutions $ 108,051 1.765% $ 88 0.002%
Securities $ 307,229 5.019% $ 303,567 7.912%
Trading accounts $ 592 0.010% $ 568 0.015%
Federal Funds Sold $ 23 0.000% $ 873 0.023%
Other interest income $ 15,931 0.260% $ 24,898 0.649%
Total interest income $ 4,587,366 74.934% $ 2,691,458 70.149%

Non-Interest Income
Fiduciary Activities $ 239,924 3.919% $ 86,563 2.256%
Service charges on deposit accounts $ 331,766 5.419% $ 339,962 8.861%
Trading account gains & fees $ 33,007 0.539% $ 23,273 0.607%
Investment banking, advisory, brokerage, and underwriting fees and comissions $ 71,668 1.171% $ 100,344 2.615%
Venture capital revenue $ 357 0.006% $ 186 0.005%
Net servicing fees $ 202,439 3.307% $ 42,690 1.113%
Net securitization $ - 0.000% $ - 0.000%
Insurance commission fees and income $ 47,192 0.771% $ 35,368 0.922%
Insurance underwriting income $ 18 0.000% $ 3,664 0.095%
Other insurance commissions and fees $ - 0.000% $ - 0.000%
Net gains (losses) on sales of loans $ 116,239 1.899% $ 85,901 2.239%
Net gains (losses) on sales of other real estate owned $ 5,170 0.084% $ (8,179) -0.213%
Net gains (losses) on sales of other assets (excluding securities) $ (380) -0.006% $ (3,448) -0.090%
Other noninterest income $ 487,077 7.956% $ 438,979 11.441%
Total Noninterest Income $ 1,534,477 25.066% $ 1,145,303 29.851%
 Income Statement of Manufacturers and Traders Trust Company
12/31/2018 12/31/2010
$ (in thousands) % of total revenue $ (in thousands) % of total revenue
Interest Expense
Domestic office deposits $ 267,737 4.373% $ 173,333 4.518%
Foreign Office deposits $ 5,633 0.092% $ 1,368 0.036%
Federal Funds Purchased $ 9,671 0.158% $ 71,225 1.856%
Trading Liabilities and Other borrowed money $ 162,966 2.662% $ 49,861 1.300%
Subordinated notes and debentures $ 43,146 0.705% $ 63,163 1.646%
Total Interest Expense $ 489,153 7.990% $ 358,950 9.356%
Provision for loan and lease losses $ 132,000 2.156% $ 362,425 9.446%

Noninterest Expense
Salaries and employee benefits $ 1,633,131 26.677% $ 997,606 26.001%
Premises and equipment expense $ 286,837 4.685% $ 215,818 5.625%
Additional noninterest expense $ 949,014 15.502% $ 623,040 16.239%
Total noninterest expense $ 2,868,982 46.865% $ 1,836,464 47.865%

Pre-tax net operating income $ 2,631,708 42.989% $ 1,278,922 33.333%

Securitites gains (losses) $ (6,191) -0.101% $ (59,144) -1.542%
Applicable income taxes $ 617,431 10.086% $ 404,251 10.536%
Income before extraordinary items $ 2,008,086 32.802% $ 815,527 21.256%
Extraordinary gains - net $ - 0.000% $ - 0.000%
Net Income attributable to M&T Bank $ 2,008,086 32.802% $ 815,527 21.256%
 Off Balance Sheet Activities for M&T Bank
12/31/2018 12/31/2010
$ (in thousands) % of total assets $ (in thousands) % of total assets
Commitments and Contingencies
Loan Commitments $ 22,123,368.00 19.190% $ 16,474,111.00 26.175%
Commerical Letters of Credit $ 56,326.00 0.049% $ 76,996.00 0.122%
Standby Letters of Credit $ 4,997,496.00 4.335% $ 3,888,337.00 6.178%
Loans Sold $ 343,514.00 0.298% 0.000%
Notional Amounts for Derivatives 0.000%
Forwards and Futures $ 1,405,473.00 1.219% $ 1,798,667.00 2.858%
Options $ 19,363,632.00 16.796% $ 986,952.00 1.568%
Interest Rate Swaps $ 43,604,597.00 37.823% $ 12,567,572.00 19.968%
Credit Derivatives $ - 0.000% $ 15,353,189.00 24.394%
Total $ 91,894,406.00 79.710% $ 51,145,824.00 81.264%
 Balance Sheet of Manufacturers and Traders Trust Company vs Peer Group as
M&T Bank
$ (in thousands)
Assets
Cash $ 1,584,729
Deposits at the Fed $ 8,056,433
Total Cash & Balances Due from Depository Institutions $ 9,641,162
Federal funds sold $ -
Securities purchased under agreement to resell $ -
US Treasury securities $ 1,775,606
State and government securities $ 9,153
Mortgage backed securities $ 10,075,949
Asset backed securities $ 15
Other debt securities $ 120,980
Total Investment Securities $ 11,981,703
C&I Loans $ 18,208,703
Real Estate Loans $ 56,236,989
Consumer Loans $ 9,105,331
Other loans $ 3,483,505
Leases $ 1,262,726
Provision for loan and lease losses $ (132,000)
Net Loans and Leases $ 88,165,254
Premises and fixed assets $ 621,830
Intangible assets $ 4,875,351
All Other Assets
Total Assets $ 115,285,300

Balance Sheet of Manufacturers and Traders Trust Company vs Peer Group as

M&T Bank
$ (in thousands)
Liabilities
Deposits $ 85,231,612
government deposits $ 5,319,352
Brokered Deposits:
Less Than $100,000
Between $100,000 and $250,000 $ 2,973,314
More than $250,000 $ -
Total Brokered Deposits $ 2,973,314
Total Deposits $ 93,524,278
Fed Funds Purchased & securities sold under agreements to res$ 607,532
Other borrowed liabilities $ 9,566,945
Subordinated notes and debentures $ 1,391,053
Other liabilities $ 1,520,476
Total Liabilities $ 106,610,284
Preferred Stock $ -
Common Stock $ 120,635
Surplus $ 3,066,788
Retained Earnings $ 5,487,593
Total Equity Capital $ 8,675,016

Total Liabilities and Equity Capital $ 115,285,300

s Trust Company vs Peer Group as of 12/31/18
M&T Bank Peer Group
% of total assets $ (in thousands) % of total assets

1.37% $ 133,354,316 2.40%

6.99% $ 296,052,153 5.33%
8.36% $ 429,406,469 7.74%
0.00% $ 87,633,894 1.58%
0.00% $ - 0.00%
1.54% $ 142,536,341 2.57%
0.01% $ 72,495,376 1.31%
8.74% $ 648,225,793 11.68%
0.00% $ 21,509,403 0.39%
0.10% $ 14,077,989 0.25%
10.39% $ 986,478,796 17.77%
15.79% $ 810,201,977 14.60%
48.78% $ 1,556,899,076 28.05%
7.90% $ 755,835,541 13.62%
3.02% $ 391,053,651 7.05%
1.10% $ 153,909,267 2.77%
-0.11% $ (43,586,061) -0.79%
76.48% $ 3,624,313,451 65.30%
0.54% $ 36,251,140 0.65%
4.23% $ 151,712,444 2.73%
$ 321,913,409
100.000% $ 5,550,075,709 100.000%

s Trust Company vs Peer Group as of 12/31/18

M&T Bank Peer Group
% of total assets $ (in thousands) % of total assets

73.93% $ 3,656,396,711 65.88%

4.61% $ 193,199,991 3.48%

0.00% $ - 0.00%
2.58% $ 391,677,707 7.06%
0.00% $ - 0.00%
2.58% $ 391,677,707 7.06%
81.12% $ 4,241,274,409 76.42%
0.53% $ 45,710,880 0.82%
8.30% $ 438,902,721 7.91%
 1.21% $ 32,936,169 0.59%
1.32% $ 107,859,676 1.94%
92.48% $ 4,866,683,855 87.69%
0.00% $ 6,226,052 0.11%
0.10% $ 18,231,527 0.33%
2.66% $ 435,300,134 7.84%
4.76% $ 223,634,141 4.03%
7.52% $ 683,391,854 12.31%

100% $ 5,550,075,709 100.000%

 Income Statement of Manufacturers and Traders Trust Company vs
For the Year Ended 12/31/18

Total Revenue

Interest Income
Interest from Loans
Lease financing receivables
Balances due from depository institutions
Securities
Trading accounts
Federal Funds Sold
Other interest income
Total interest income

Non-Interest Income
Fiduciary Activities
Service charges on deposit accounts
Trading account gains & fees
Investment banking, advisory, brokerage, and underwriting fees and comissions
Venture capital revenue
Net servicing fees
Net securitization
Insurance commission fees and income
Insurance underwriting income
Other insurance commissions and fees
Net gains (losses) on sales of loans
Net gains (losses) on sales of other real estate owned
Net gains (losses) on sales of other assets (excluding securities)
Other noninterest income
Total Noninterest Income
Total Operating Income

Income Statement of Manufacturers and Traders Trust Comp

For Year Ended 12/31/18

Interest Expense
Domestic office deposits
Foreign Office deposits
Federal Funds Purchased
Trading Liabilities and Other borrowed money
Subordinated notes and debentures
Total Interest Expense
Provision for loan and lease losses

Noninterest Expense
Salaries and employee benefits
Premises and equipment expense
Additional noninterest expense
Total noninterest expense

Pre-tax net operating income

Securitites gains (losses)
Applicable income taxes
Income before extraordinary items
Extraordinary gains - net
Net Income
ers and Traders Trust Company vs Peer Group
Year Ended 12/31/18
M&T Bank Peer Group
$ (in thousands) % of total revenue $ (in thousands) % of total revenue
$ 6,121,843 100% $ 311,537,165 100%

$ 4,106,836 67.08% $ 190,367,792 61.11%

$ 48,704 0.80% $ 1,815,088 0.58%
$ 108,051 1.77% $ 6,189,825 1.99%
$ 307,229 5.02% $ 23,777,487 7.63%
$ 592 0.01% $ 990,411 0.32%
$ 23 0.00% $ 1,449,900 0.47%
$ 15,931 0.26% $ 1,879,858 0.60%
$ 4,587,366 74.93% $ 226,470,361 72.69%

$ 239,924 3.92% $ 13,936,670 4.47%

$ 331,766 5.42% $ 8,999,756 2.89%
$ 33,007 0.54% $ 3,818,953 1.23%
$ 71,668 1.17% $ 2,979,151 0.96%
$ 357 0.01% $ 45,563 0.01%
$ 202,439 3.31% $ 4,088,275 1.31%
$ - 0.00% $ 9,309 0.00%
$ 47,192 0.77% $ 492,090 0.16%
$ 18 0.00% $ 4,740 0.00%
$ - 0.00% $ 2,603,404 0.84%
$ 116,239 1.90% $ 1,897,879 0.61%
$ 5,170 0.08% $ 12,107 0.00%
$ (380) -0.01% $ 245,118 0.08%
$ 487,077 7.96% $ 45,933,789 14.74%
$ 1,534,477 25.07% $ 85,066,804 27.31%
$ 6,121,843 100% $ 311,537,165 100%

ufacturers and Traders Trust Company

ar Ended 12/31/18
M&T Bank Peer Group
$ (in thousands) % of total revenue $ (in thousands) % of total revenue

$ 267,737 4.37% $ 29,283,094 9.40%

$ 5,633 0.09% $ 735,223 0.24%
$ 9,671 0.16% $ 832,649 0.27%
$ 162,966 2.66% $ 10,040,794 3.22%
$ 43,146 0.70% $ 1,484,615 0.48%
$ 489,153 7.99% $ 42,376,375 13.60%
$ 132,000 2.16% $ 22,838,051 7.33%

$ 1,633,131 26.68% $ 60,849,579 19.53%

$ 286,837 4.69% $ 12,991,048 4.17%
$ 949,014 15.50% $ 74,057,335 23.77%
$ 2,868,982 46.86% $ 147,897,962 47.47%

$ 2,631,708 42.99% $ 98,424,777 31.59%

$ (6,191) -0.10% $ 31,095 0.01%
$ 617,431 10.09% $ 20,402,130 6.55%
$ 2,008,086 32.80% $ 78,053,742 25.05%
$ - 0.00% $ (24,773) -0.01%
$ 2,008,086 32.80% $ 78,028,969 25.05%

11%
 Off Balance Sheet Activities for M&T Bank vs Peer Group
As of 12/31/18
M&T Bank
$ (in thousands) % of total assets
Commitments and Contingencies
Loan Commitments $ 22,123,368 19.19%
Commerical Letters of Credit $ 56,326 0.05%
Standby Letters of Credit $ 4,997,496 4.33%
Loans Sold $ 343,514 0.30%
Notional Amounts for Derivatives
Forwards and Futures $ 1,405,473 1.22%
Options $ 19,363,632 16.80%
Interest Rate Swaps $ 43,604,597 37.82%
Credit Derivatives $ - 0.00%
Total $ 91,894,406 79.71%
Peer Group

Peer Group
$ (in thousands) % of total assets

$ 2,825,618,427 50.91%
$ 1,833,811 0.03%
$ 167,665,522 3.02%
$ 31,743,394 0.57%
0.00%
$ 34,139,823 0.62%
$ 150,412,066 2.71%
$ 41,459,253,241 747.00%
$ 326,347,207 5.88%
$ 44,997,013,491 810.75%
 Ratios
M&T Bank Peer Group
Return on Equity 23.15% 11.42%
Return on Assets 1.74% 1.41%
Equity Multiplier 13.29 8.12
Profit Margin 32.80% 25.05%
Asset Utilization 5.31% 5.61%
Interest Expense Ratio 7.99% 9.40%
Provision for Loan Loss Ratio 2.16% 7.33%
Non-Interest Expense Ratio 46.86% 47.47%
Tax Ratio 10.09% 6.55%
Interest Income Ratio 3.98% 4.08%
Non-Interest Income Ratio 0.21% 1.53%
Spread 4.12% 4.02%
Net Interest Margin 4.09% 3.99%
Overhead Efficiency 0.534851 0.575172
Burden -0.013325 -0.0136270
 Net Income/ Total Operating Income

Net Income/ Total Assets Profit Margin 32.80%

25.05%
Return on Assets 1.74%
1.41% 7.76%

M&T 0.34%
PEER

ROE 23.15%
Net Income/ Total Equity 11.42%
11.73%

Asset Utilization 5.31%

5.61%
Equity Multiplier 13.29 Total Operating Income/Total Assets
8.12
Total Assets/Total Equity 5.17
Operating Income
Interest Expense Ratio 7.99% -1.41%
9.40%

Provision for Loan loss Ratio 2.16%

7.33% -5.17%

Noninterest Expense Ratio 46.86% -0.61%

47.47%

Tax Ratio 10.09%

6.55% 3.54%

Interest Income Ratio 3.98%

4.08%

Noninterest Income Ratio 0.21% -1.32%

1.53%
come/Total Assets