Zions Bancorporation Investor Presentation — July 2022

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2Forward -Looking Statements; Use of Non -GAAP Financial Measures

Forward Looking Information

This earnings presentation includes “forward -looking statements” as that term is defined in the Private Securities Litigation

Reform Act of 1995. These statements, often accompanied by words such as “may,” “might,” “could,” “anticipate,” “expect,” and

similar terms, are based on management’s current expectations and assumptions regarding future events or determinations, all of

which are subject to known and unknown risks and uncertainties. Forward -looking statements are not guarantees, nor should

they be relied upon as representing management’s views as of any subsequent date. Factors that could cause our actual results ,

performance or achievements, industry trends, and results or regulatory outcomes to differ materially from those expressed or

implied in the forward -looking statements are discussed in our 2021 Form 10 -K and subsequent filings with the Securities and

Exchange Commission (SEC) and are available on our website (www.zionsbancorporation.com) and from the SEC (www.sec.gov).

Except to the extent required by law, we specifically disclaim any obligation to update any factors or to publicly announce t he

revisions to any forward -looking statements 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.▪We are well positioned for rising interest rates

▪We have positioned the bank’s balance sheet for higher interest rates

▪Our loans are underwritten to withstand the effects of higher interest rates

▪We are carefully managing our loan growth

▪More than half of the 1H growth was in lower -risk categories including loans backed by 1 -4 family residential property and owner -occupied

real estate, and municipal loans