Zions Bancorporation, National Association (ZION) 8-K Regulation FD Disclosure

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November 3, 2011

BancAnalysts Association of Boston

2011 Conference

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Forward-Looking Statements

This presentation contains statements that relate to the projected performance of Zions Bancorporation
and elements of or affecting such performance, including statements with respect to the beliefs, plans,
objectives, goals, guidelines, expectations, anticipations and estimates of management.These
statements constitute forward-looking information within the meaning of the Private Securities Litigation
Reform Act.Actual facts, determinations, results or achievements may differ materially from the
statements provided in this presentation since such statements involve significant known and unknown
risks and uncertainties.Factors that might cause such differences include, but are not limited to:
competitive pressures among financial institutions; economic, market and business conditions, either
nationally or locally in areas in which Zions Bancorporation conducts its operations, being less
favorable than expected; changes in the interest rate environment reducing expected interest margins;
changes in debt, equity and securities markets; adverse legislation or regulatory changes; and other
factors described in Zions Bancorporation’s most recent annual and quarterly reports.In addition, the
statements contained in this presentation are based on facts and circumstances as understood by
management of the company on the date of this presentation, which may change in the future.Zions
Bancorporation disclaims any obligation to update any statements or to publicly announce the result of
any revisions to any of the forward-looking statements included herein to reflect future events,
developments, determinations or understandings.

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Agenda

Overview of Zions

Key Performance Drivers

–Capital

–Revenue

–Credit Quality

Outlook Summary

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A Collection of Great Banks

Asset and deposit balances as of 3Q 2011

§$51.5 billion in assets as of 9/30/2011

§$3.1 billion market capitalization as of 11/1/2011

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Multi-Bank Model Competitive Strengths

§Superior lending capacity relative to community banks

§Superior local customer access to bank decision makers relative to
big nationals

§Sharing best practices among banks

–CEOs & division managers meet frequently

§Community bank feel - local marketing and branding

§Centralization of processing and other non-customer facing elements
of the business

§Established market-leading small business lender

–Leading SBAand small business lender

–Superior treasury management products & services (Greenwich survey)

§Strategic local “ownership” of market opportunities and challenges

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Small Business Banking:

National Awards:

•Overall Satisfaction

•Overall Treasury Management

Regional Awards:

•Overall Satisfaction - West

•Overall Satisfaction - Treasury Management - West

What Others Say About Us

2010 Greenwich Excellence Awards

in Small Business and Middle Market Banking

Middle Market Banking

National Awards:

•Overall Satisfaction

•Relationship Manager Performance

•Credit Policy

•Overall Treasury Management

•Accuracy of Operations

•Customer Service

•Treasury Product Capabilities

•Treasury Sales Specialist Performance

Regional Awards:

•Overall Satisfaction - West

•Overall Satisfaction - Treasury Management - West

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*Includes home equity, construction and other consumer real estate, bankcard and other revolving plans, FDIC and other loan types.

Strong Focus on Business Banking - Loan Mix

Loan Portfolio as of
3Q11

§Commercial and CRE
Loans: 79%

§Retail & Other Loans:
21%

Change in portfolio composition since December 2007

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Agenda

Overview of Zions

Key Performance Drivers

–Capital

–Revenue

–Credit Quality

Outlook Summary

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Tier 1 Common + Reserves as a Percentage of Risk-Weighted Assets

Note: Peer group includes U.S. regional banks with assets greater than $20 billion and less than $200 billion plus footprint competitors WFC and USB.

Reserves include loan loss reserve plus reserve for unfunded lending commitments.

Source: Zions , company documents as of 3Q11; Peers, SNL as of 2Q11.

Capital Ratios as of 3Q11:

§Tier 1 Common: 9.5%

§Tier 1 Risk-Based: 16.0%

§Total Risk-Based: 18.0%

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Comparatively Stronger Loan Loss Coverage

Source: Zions , company documents as of 3Q11; Peers, SNL as of 2Q11.

Annualized charge-off ratio. Reserves include loan loss reserve plus reserve for unfunded lending commitments.

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Capital Structure Cost Savings Opportunities:

2011-2015

Targeted Capital Issue - Repayment or Refinance ($ in millions, except per share figures)	Earliest Call or Maturity Date	AFTER- Tax Rate	Marginal Savings to EPS	Cumulative Savings to EPS	Cumulative Principal Outstanding
Series D Preferred Stock (TARP ~6.7% rate, including warrant accretion)	To Be Determined	6.7%	$0.50	$0.50	$1,400
Series B Trust Preferred (8.0% rate)	Currently Callable @ Par	4.9%	$0.08	$0.58	$1,694
Series E Preferred Stock (11.0% rate)	15 Jun 2012 @ Par	11.0%	$0.09	$0.66	$1,836
Series C Preferred Stock (9.5% rate)	15 Sep 2013 @ Par	9.5%	$0.36	$1.02	$2,530
Convertible Subordinated Debt - 5.65% May 2014	15 May 2014 (maturity)	15.8%	$0.07	$1.10	$2,670
Convertible Subordinated Debt - 6.0% Sep 2015	15 Sep 2015 (maturity)	14.5%	$0.10	$1.20	$2,900
Convertible Subordinated Debt - 5.5% Nov 2015	16 Nov 2015 (maturity)	13.2%	$0.08	$1.28	$3,093

§Significant repayment and/or refinancing opportunities on the horizon. The table
below assumes full repayment to illustrate potential cost savings.

§All amounts as of 3Q 2011; Sub debt after-tax rates are high due to the significant difference between book value and par, as well as the non-cash regular
discount accretion.The table above does NOT include the effect of “accelerated” amortization expense, which occurs upon conversion.May not sum due to
rounding.

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CCAR and TARP Repayment

§Zions expects to be part of the CCAR 2011 Federal Reserve stress
test process

§Capital plans and stress tests submitted are expected to frame
capital actions for 2012, as they did for the 19 largest banks in 2011

§Therefore, Zions does not expect to repay TARP until sometime after
completion of the CCAR process

CCAR: Comprehensive Capital Analysis and Review

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Agenda

Overview of Zions

Key Performance Drivers

–Capital

–Revenue

–Credit Quality

Outlook Summary

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Loan Growth Trend
Excludes Construction and FDIC-supported Loans

Source: Company earnings releases

Excludes construction loans to both commercial and consumer borrowers

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Core Net Interest Margin

Zions’ net interest margin excludes non-cash sub debt amortization expense and accretion on FDIC-acquired loans.Peer group net interest margin adjusted for accretion of interest income on
FDIC acquired loans, where applicable.

Source: Zions , company documents as of 3Q11; Peers, SNL and 10-Qs as of 2Q11.

Strong NIM

Driven in part by Strong Demand
Deposits

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Core NIM Trends

§Zions expects net interest sensitive
income to increase between an
estimated 6.2% and 9.4% if interest
rates were to rise200 bps* in the first
year

§Core NIM (excludes discount accretion)
has been generally stable

–2010 core NIM compression attributable to
a greater drag from cash balances

–1Q09 experienced a temporary dip partially
due to an intentional build-up of excess
liquidity during the significant turmoil during
late 2008/early 2009

–Large senior note issuance in September
2009 had about 8 bps adverse impact on
the core NIM in 4Q09

(1) Cash drag refers to the adverse impact on the net interest margin due to the total balance of cash held in interest-bearing accounts. Assumptions used to compute the cash drag include
investing the cash at a rate of 4.5%, similar to the rate achieved on recent loan production.Liquidity targets and loan demand are factors that may prevent fully deploying such cash; the cash
drag is shown for illustrative purposes only.

*Assumes a parallel shift in the yield curve; key assumptions include a slow and a fast deposit repricingresponse (i.e. if deposit rates are slow to increase Zions expects a 9.4% increase in
interest sensitive income, and if deposits were to reprice quickly Zions expects a 6.2% increase in interest sensitive income); sensitivity analysis based on September2011 data.Also
assumes $6.4 billion of DDA and interest-on-checking deposits are replaced with market rate funds.

Due to the extinguishment/ reissuance of subordinated debt in June 2009, Zions experiences non-cash discount accretion, which increases interest expense, reducing GAAP NIM

	2009				2010				2011
	1Q	2Q	3Q	4Q	1Q	2Q	3Q	4Q	1Q	2Q	3Q
Cash Drag (1)	24 bps	17 bps	16 bps	24 bps	20 bps	35 bps	46 bps	45 bps	41 bps	43 bps	50 bps

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Loans with Floors
As of 2Q 2011

§Floors on loans added ~22
basis points to the NIM in
2Q11

§The benefit to NIM declined
~3 basis points during 1H11

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Securities Portfolio Comparison

Source: Zions, company documents as of 3Q11; Peers, SNL as of 2Q11

MBS securities include residential mortgage pass-through investments that are not guaranteed by the U.S. Government

§Estimated option-adjusted duration of loan portfolio = 1.3 years

§Estimated option-adjusted duration of securities portfolio = 0.8 years

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Interest Rate Risk Simulation - “Slow Response”

§Assumes a 36% ($5.4 billion) attrition of non-interest bearing balances and a 12% ($0.8 billion) attrition of savings and NOW balances, with
such funding replaced using simulated market rate funds.

§12-month simulated impact using a static balance sheet and a parallel shift in the yield curve, and is based on regression analysis
comparing deposit repricing changes against similar duration benchmark indices (e.g. Libor, U.S. Treasuries); it also includes management
input across all major geographies in which Zions does business, intended to adjust for local market conditions(1).

(1) “Slow Response” refers to an assumption that market rates on deposits will adjust at a moderate rate (i.e. supply of deposits exceeds demand for
loans); data as of September 30, 2011

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Drivers of Core Net Interest Margin

Drivers of Core NIM Stability / Expansion	Drivers of NIM Contraction
§Reduce deposit cost by product	§Modest Loan Yield Compression –Recent compression primarily driven by: •more competitive loan pricing and •reduced presence of loan floors –Recent yield compression has been approximately 5 bps per quarter
§Emphasize deposit mix shift to DDA away from CDs
§De minimus exposure to securities with refinancing risk (e.g. MBS)
§Modest loan growth –Each $100 million of loan growth equals ~ 1 bp expansion of NIM
§Asset quality improvement
§Lesser amounts of expensive sub debt if/as conversions (to preferred stock) occur	§Surplus flow of deposits rolling into cash –Slightly positive for net interest income, but dilutive to the core NIM

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Core net income excludes items that are one time or non-recurring in nature.2Q09 - 4Q09 included material gains from loan portfolio related interest rate swaps. Swaps are used to
manage interest rate risk and were generally added near the peak in the rate cycle. As hedges became ineffective, gains were realized.

Core Pre-Tax, Pre-Credit Income

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Agenda

Overview of Zions

Key Performance Drivers

–Capital

–Revenue

–Credit Quality

Outlook Summary

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Credit Quality Trends

*Annualized

Note: Peer group includes U.S. publicly traded regional banks with assets greater than $20 billion and less than $200 billion plus footprint competitors WFC and USB

Source: SNL

Nonperforming assets as a %
of Loans & OREO

Net Charge-offs as
a % of Loans*

4.56%

3.43%

1.29%

1.11%

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Nonaccrual Loan Inflows

Millions

Source: Company documents

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Problem Credit Resolution Trends

Source: Company documents

Note: Charts reflect problem credits that were $50k or greater in size; “Favorable” resolutions includeloans changed to accrual status, loans paid down/paid off, or proceeds from real estate
sales.Unfavorable resolutions include increases in balance, charge-offs, charge-downs, and valuation allowances on property held in REO.NPAs are grossed-up for new nonaccrual loan
inflows during the quarters.

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Great Recession 3 Year Cumulative Net Charge-Off Comparison

Note: Peer group includes U.S. publicly traded regional banks with assets greater than $20 billion and less than $200 billion plus footprint competitors WFC and USB

Source: SNL regulatory data; Years 2008 thru 2010.

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Term CRE
Updated LTV Stratification

The NCREIF Property Index is a national index that has been applied to Zions’ mostly regional CRE Portfolio

Zions loan data as of 3Q11; NCREIF Index as of 2Q11

Percentage of Loans within each bucket that are Nonaccrual
0.6%	2.8%	1.6%	3.6%	14.7%	10.0%	7.3%

§By attaching each loan to the
NCREIF Property Index as of the
date of the loans’ last appraisal we
can see an estimate of the updated
LTV ratios of the portfolio

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Lessons Learned, Changes Made

§Significant enhancement to credit administrative staff

–Chief Credit Administrators:

•C&I

•CRE

•Consumer

–Concentration Risk Manager

–Data Quality Assurance

–Enhanced Systems

–Training

§Concentration Limits

§Implementing Additional Early Warning Indicators

§Comprehensive Stress Testing

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Agenda

Overview of Zions

Key Performance Drivers

–Capital

–Credit Quality

–Revenue

Outlook Summary

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Outlook Summary

Topic	Outlook
Loan Balances	Stable to Moderately Higher
Credit Trends	Improving
Core Net Interest Income	Stable to Moderately Higher
Core Noninterest Income	Moderately Declining (Durbin Impact)
Core Noninterest Expense, excluding Credit- Related NIE	Slightly Higher
Credit-Related Noninterest Expense	Declining
Risk-Based Capital Ratios	Improving

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Appendix

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Source: Company 3Q11 earnings press release

Trends: Nonaccrual and Net Charge-OffsConstruction & Land Development

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Source: Company 3Q11 earnings press release

Trends: Nonaccrual and Net Charge-OffsTerm CRE & Owner Occupied

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