Zions Bancorporation Investor Presentation — November 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 orimplied 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 but not limited to, 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 f ull

reconciliation of the difference between such measures and GAAP financials is provided within the document, and users of thisdocument are encouraged to carefully review this reconciliation.Strategic local “ownership” of market opportunities and

Roughly 2/3 of revenue from commercial customers

High quality, granular deposit franchise

51% : Noninterest bearing deposits (avg) to total deposits

0.10% : Cost of deposits consistently among the lowest of

peersZions Is A Collection of Community Banks

Key Differentiators: Local decision -making and top- notch service, commercial banking focus, granular and low -cost deposit ba se