Zions Bancorporation, National Association 8K Regulation FD Disclosure | ZION 17 Feb 12

February 16, 2012

2012 Investor Day

Forward-Looking Statements

This presentation contains statements that relate to the projected or modeled performance or condition
of Zions Bancorporation and elements of or affecting such performance or condition, including
statements with respect to forecasts, opportunities, models, illustrations, scenarios, beliefs, plans,
objectives, goals, guidance, expectations, anticipations or estimates, and similar matters. 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, internationally, 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. Except
as required by law, 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.

I. Overview & Executive Summary

II. Capital, Liquidity, and TARP

III. Earnings

IV. Credit Quality

V. Commercial Real Estate—Deep Dive

VI. Credit Process Changes

VII. CDOs

VIII. Affiliate Bank Presentations

IX. Summary

X. Break-out Sessions

Agenda

§ Core franchise is intact—and stronger!

§ Capital levels are strong

§ Credit trends: improving & charge-offs below industry levels

§ Core risks have been significantly reduced

– Significantly reduced higher risk assets

– Substantially enhanced credit risk team and other risk controls

§ Profitability restored

– Capital structure modification should drive further ROE expansion

Executive Summary Key Takeaways

§ $53.1 billion in assets as of 12/31/2011

§ $3.1 billion market capitalization as of 2/14/2012

A Collection of Great Banks

§ 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 SBA and small business lender

– Superior treasury management products & services (Greenwich survey)

§ Strategic local “ownership” of market opportunities and challenges

Multi-Bank Model Competitive Strengths

What Others Say About Us

§ Thirteen 2011 Greenwich Excellence Awards in Small Business and
Middle Market Banking

§ Nationally Ranked #5 in SBA Loan Originations 1

– #1 in 504 Originations

§ Top team of women bankers - American Banker2

§ Local awards included in bank affiliate presentations

1. Volume and number of loans

2. One of four winning teams

Balance Sheet Mix
Strengths include a high mix of loans and DDA funding

Securities Portfolio Comparison
The lower concentration of securities, short-duration loans and higher cash balance
makes ZION particularly asset sensitive

Source: SNL. ZION as of 4Q11; peers as of 3Q11

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

§ Estimated option-adjusted duration of loan portfolio = 1.4 years

§ Estimated option-adjusted duration of cash & securities portfolio = 0.6 years

*Includes farm, home equity, consumer, and other loans

Loan Portfolio as of
4Q11

§Commercial and CRE
Loans: 76%

§Retail & Other Loans:
24%

Strong Focus on Business Banking - Loan Mix

Liquidity Profile: Superior Funding Mix
Zions ranks among the best of its peers for its noninterest bearing deposit concentration

Source: SNL

Liquidity Position Comparison

Source: SNL Financial. ZION as of 4Q11; peers as of 3Q11

1. Demand deposits defined as noninterest bearing deposits

Banks with TARP outstanding

Zions Raised Substantially More Capital Than Peers

Source: Zions internal documentation and SNL; reconciliation in the appendix.

¹ Calculated as median across all U.S. banks that received TARP, excluding acquired or defunct companies, as well as companies that were acquirors in deals
greater than 10% of acquiror’s total equity as of Q3 2008; capital raised includes common and preferred issuances since receipt of TARP through redemption of
TARP for companies that redeemed TARP

40%

60%

80%

100%

120%

140%

160%

180%

TARP received (Nov 2008): $1.4B

40%

52%

92%

100%

20%

(20%)

• Relative to TARP, Zions has raised 124% in common and 47% in preferred
stock, or a combined 171% of TARP received

Capital Levels are Strong
When considering all loss-absorbing capital & reserves, Zions is much stronger than peers

• Peer group includes U.S. regional banks with assets greater than $20 billion and less than $200 billion plus

footprint competitors WFC and USB

• Source: SNL

Despite CRE Concentrations in Distressed Geographies, Zions
Fared Better Than Many

Loan Weighted Average: 2.6%

Source: SNL

Credit Quality is Improving and is Again Better Than Peers

*Annualized

Source: SNL

Credit Quality Trends
Problem loans and NCOs continue to improve

(In millions)

* 1Q12 forecasted net charge-offs

Based on RAAP

(In millions)

Classified Loan Trends
Improvement in all loan types

Credit Quality Trends

Improvement in all Geographies

Based on outstanding balances

(In millions)

Credit Quality Trends
Classified loan loss severity is improving

§ Severities have declined significantly and are generally stable to modestly improving

§ The worst is not to come: no adverse selection trend

Twelve month trailing loss rate

Credit Portfolio Risk has been Significantly Reduced
and Credit Management has been Improved

(In millions)

Due to Credit Improvement, Zions Returned to Profitability in 2011
Further credit improvement expected in 2012

* Excludes regular and accelerated discount amortization on sub debt and additional accretion of interest income
on FDIC loans

(In millions)

Income Trends: PPNR and ROA

1, 2, 3, 4, & 5 See detailed footnotes in appendix, slide 236

Primary Revenue Source: Net Interest Income has been
Stable, Adjusted for Cash Build Up

(In millions)

* Core net interest income excludes items that are one time or non-recurring in nature such as regular and accelerated discount amortization on convertible sub debt and additional accretion
of interest income on FDIC loans.

• “Impact : Cash” refers to the adverse impact on the NIM due to the total balance of cash held in interest-bearing

accounts. Assumes 4.5% loan give-up yield.

Net Interest Margin is Strong, but Under Some Pressure

Source: SNL Financial. ZION as of 4Q11; peers as of 3Q11

1.NIM adjusted for accretion of interest income on FDIC loans and sub debt amortization expense, where applicable

2.Risk adjusted core NIM calculated as core net interest income less net charge-offs over interest earning assets

Banks with TARP outstanding

Efficiency Ratio and Core ROAA Impacted by Decision to Hold Cash
Instead of Investing in Long Duration Securities

Source: SNL Financial. ZION as of 4Q11; peers as of 3Q11

1 and 2 see footnote detail in appendix slide 236

Banks with TARP outstanding

§ Core franchise is intact—and stronger!

§ Capital levels are strong

§ Credit trends: Improving & charge-offs below industry levels

§ Core risks have been significantly reduced

– Significantly reduced higher risk assets

– Substantially enhanced credit risk team and other risk controls

§ Profitability restored

– Capital structure modification should drive further ROE expansion

Key Takeaways

I. Overview & Executive Summary

II. Capital, Liquidity, and TARP

III. Earnings

IV. Credit Quality

V. Commercial Real Estate—Deep Dive

VI. Credit Process Changes

VII. CDOs

VIII. Affiliate Bank Presentations

IX. Summary

X. Break-out Sessions

Agenda

§ Core franchise is intact—and stronger!

§ Capital levels are strong

§ Credit Trends: Improving & charge-offs below industry levels

§ Core risks have been significantly reduced

– Significantly reduced higher risk assets

– Substantially enhanced credit risk team and other risk controls

§ Profit restored

– Earnings healthy at affiliate banks

– Capital, financing and credit costs still high

§ Capital and liquidity are there to repay TARP

§ ROE improvement opportunities

Key Takeaways

Issues (all under Fed review):

§ Capital planning, stress testing models and related process
governance

§ Capital

§ Stress test results

§ Getting enough cash at the Parent to repay

Capital, Liquidity, and TARP Repayment

Capital Profile - Loss Absorbing Capital as a Percentage of Loans & Securities

Capital levels have improved from below peers to above peers

Capital Levels are Now Strong Relative to Peers

Source: SNL Financial. Zions as of 4Q11; peers as of 3Q11

1. Cash consists of cash & equivalents

2. Texas ratio defined as NPAs plus loans 90+ days past due (- accruing TDRs) / loss absorbing capital

§ Robust capital levels in line with best performing banks that have repaid TARP
and significantly better than those that have not

Source: SNL, ZION as of 4Q11; peers as of 3Q11

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

Comparatively Stronger Loan Loss Coverage

Banks with TARP outstanding

Basel III New Capital Proposal

Basel III ratios are estimates

§ If the new Basel III guidelines were effective today, Zions would meet the
minimum capital requirements

What Happens if Things get Better?
AOCI Mark: Faster Prepays & Lower Rates Both Reduce AOCI

4Q11 Assumptions:

• CPR:

• 3% for banks with assets less than $15B

• Banks with assets greater than $15B and are rated investment grade are assumed to prepay by the end of 2015

• Discount Rates:

• First Pay original AAA-rated: Libor + 6.5% (weighted average)

• Second Pay original AAA-rated: Libor + 6.8%

• Original A-rated: Libor + 17.6%

• Original BBB-rated: Libor + 33.3%

• Combined: Libor + 11.9%

Issues (all under Fed review):

§ Capital planning, stress testing models and related process
governance

§ Capital

§ Stress test results

§ Getting enough cash at the Parent to repay

Capital, Liquidity, and TARP Repayment

Framing the “Zions Stress Scenario”

§ The Zions Stress Scenario does NOT reflect our expectation of actual losses

§ Forecast Zions’ Stress losses are based upon three models, equally weighted:

– 1/3 Historical loss rates by loan type and by geography

– 1/3 Historical loss rates by loan type on the aggregate portfolio

– 1/3 Loan-level loss rates

§ Model is believed to be conservatively biased, as changes to underwriting are not
reflected in first two models

§ Key inputs (IHS Global Scenario):

Variable	Zions Stress Scenario	Fed Supervisory Stress Scenario
Home price change - 2012	(19%)	(12%)
Home price change - 2013	(4%)	(9%)
Cumulative HP change -- 12/312013 EOP	(22%)	(20%)
Unemployment - Peak	12%	13%
GDP Index - 12/31/13 EOP (9/30/11 = 100)	97.2	96.8

Zions’ Stress Scenario Losses Greatly Reduced from Concentration Risk
Management

(In millions)

Actual Historical Loss

Zions’ Stress Scenario Loss

(In millions)

De-Risking: Historical Peak vs. Zions’ Stress SCENARIO

Actual Historical Loss (4Q08 - 4Q10)

Zions’ Stress Scenario Loss (4Q11 -
4Q13)

(In millions)

Loss Content Significantly Reduced

Common + Reserves significantly
enhanced

Issues (all under Fed review):

§ Capital planning, stress testing models and related process
governance

§ Capital

§ Stress test results

§ Getting enough cash at the Parent to repay

Capital, Liquidity, and TARP Repayment

Zions Raised Substantially More Capital Than Peers

Source: Zions internal documentation and SNL; reconciliation in the appendix.

40%

60%

80%

100%

120%

140%

160%

180%

TARP received (Nov 2008): $1.4B

40%

52%

92%

100%

20%

(20%)

§ Relative to TARP, Zions has raised 124% in common and 47% in preferred
stock, or a combined 171% of TARP received

TARP: Illustrative Parent Cash Flow

Constraints:

• TARP redemption is subject to approval by the Fed of Zions’ capital plan (CaPR), the
outcome of which is currently not known

• Greater than 12 months to required funding at parent

• All subsidiaries T1C > 9%, T1 > 11%, Total RBC > 12% under Zions’ Stress scenario

(In millions)

I. Overview & Executive Summary

II. Capital, Liquidity, and TARP

III. Earnings

IV. Credit Quality

V. Commercial Real Estate—Deep Dive

VI. Credit Process Changes

VII. CDOs

VIII. Affiliate Bank Presentations

IX. Summary

X. Break-out Sessions

Agenda

§ Core franchise is intact—and stronger!

§ Capital levels are strong

§ Credit Trends: Improving & charge-offs below industry levels

§ Core risks have been significantly reduced

– Significantly reduced higher risk assets

– Substantially enhanced credit risk team and other risk controls

§ Profit restored

– Earnings healthy at affiliate banks

– Capital, financing and credit costs still high

§ Capital and liquidity are there to repay TARP

§ ROE improvement opportunities

– Reduce credit-related costs

– Rationalize capital and financing structure

Key Takeaways

Banks’ Earnings Stronger than Consolidated
2H 2011 Annualized

	ZFNB	Amegy	CB&T	NBA	NSB	Other & Eliminations	Consolidated
Pre-Tax Income	$209	$289	$272	$45	$74	($78)	$811
Parent Debt Costs							($201)
Tax, etc.							($214)
Net Income After Tax							$ 396
Preferred Dividends							($177)
Net Income to Common							$219

ROE Improvement Opportunities:
Credit and “Other” Costs in “Core” Earnings

	2H 2011, After-Tax, Annualized
Normalize FDIC & OCC expense	$10.0
Reduce OREO and other credit related expense by 75%	60.0
Normal loan loss provision to 40 bps	(76.3)
Reduce net OTTI and fixed income securities gains/losses to zero	13.8
Cancel the Total Return Swap?	13.1
Adjust for 3 unusual items in 4Q11	18.6
Total credit-related improvements	$39.2

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	7.0%	$0.52	$0.52	$1,400
Series B Trust Preferred (8.0% rate)	Currently Callable @ Par	4.9%	$0.08	$0.60	$1,694
Series E Preferred Stock (11.0% rate)	15 Jun 2012 @ Par	11.0%	$0.09	$0.68	$1,836
Series C Preferred Stock (9.5% rate)	15 Sep 2013 @ Par	9.5%	$0.37	$1.05	$2,545
Convertible Subordinated Debt - 5.65% May 2014	15 May 2014 (maturity)	16.3%	$0.07	$1.12	$2,672
Convertible Subordinated Debt - 6.0% Sep 2015	15 Sep 2015 (maturity)	13.9%	$0.10	$1.22	$2,903
Convertible Subordinated Debt - 5.5% Nov 2015	16 Nov 2015 (maturity)	13.2%	$0.08	$1.30	$3,093

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

§ All amounts as of 4Q 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.

ROE Improvement Opportunities:
Complex, high-cost capital and financing structure

	2H11 Annualized After-Tax Savings
Repay TARP (cash cost)	$70.0
Preferred = 2% of RWA @ 9% dividend	29.5
Sub debt = 1% of RWA @ 7% interest	66.1
Sr debt = 2% of RWA @ 5% interest	15.0
Total improvement in capital & financing costs	$180.6

ROE Improvement Opportunities:
No change in RWA, revenue, or operating expense

	2H2011 Annualized
Net income to common	$219
Net change in credit-related, other costs	39
Net change in capital and financing costs	181
Normalized net income to common	439
Tier 1 common @ 9.57% (steady state)	4,121
Normalized return on tier 1 common	10.6%
Risk free rate (10-yr US Treasury yield)	~2.0%

§ Core franchise is intact—and stronger!

§ Capital levels are strong

§ Credit Trends: Improving & charge-offs below industry levels

§ Core risks have been significantly reduced

– Significantly reduced higher risk assets

– Substantially enhanced credit risk team and other risk controls

§ Profit restored

– Earnings healthy at affiliate banks

– Capital, financing and credit costs still high

§ Capital and liquidity are there to repay TARP

§ ROE improvement opportunities

– Reduce credit-related costs

– Rationalize capital and financing structure

§ Will net interest income remain stable?

Key Takeaways

Loan Growth Trends

Source: Zions earnings release

Steady Loan Production and Statistics
Zions Bancorp

(In millions)

Weighted
Average
Grade

1. Production includes new relationship loans and increased balances on existing loans. Does not include loans
that were renewed because of rate option reset dates.

New Loan Spread Narrowing But Stabilizing
Versus matched-maturity funds at transfer pricing rate

Cost of Interest Bearing
Deposits

Spread on Production:
New Business

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: SNL and company documents. Zions NIM as of 4Q11; peers NIM as of 3Q11

One of the Highest Net Interest Margins Comparatively

The Strong NIM is Not Achieved by Taking Excessive Credit Risk
But Is Due to A Focus on Small/Middle Market Banking and Strong Deposit Funding

Source: SNL and company documents. Zions data as of 4Q11; peers as of 3Q11

2008-2011 Average Loans Yield less NCOs. Yields
unadjusted for purchase accounting marks

(In millions)

The NIM is Stable When Adjusted For Cash

• “Impact : Cash” refers to the adverse impact on the NIM due to the total balance of cash held in interest-bearing

accounts. Assumes 4.5% loan give-up yield.

Floors: A Source of Support to NIM, But Eroding…

§ Cumulative benefit:
19 bps

§ $6.4 billion of loans
in-the-money, wtd
avg 139 bps in the
money

§ Erosion (bps):

2012: 7

2013: 3

2014+: 9

Source: company documents as of 4Q11

Loan Maturity Year:

(In millions)

…But Zions Remains Significantly Asset Sensitive

§ Zions expects net interest sensitive income to increase between an estimated 7.7% and
10.3% if interest rates were to rise 200 bps* in the first year

§ Assumes a 41% ($6.6 billion) attrition of non-interest bearing balances and a 15% ($1.1
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. “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
December 31, 2011

NIM Outlook

§ New loan pricing now fairly stable

§ Two pressures on NIM: ~4 bp / quarter in total

– Rate resets on long reset loans made in ‘07 & ‘08

– Maturing of loans with in-the-money floors

§ Two offsets:

– Declining deposit costs - for a few more quarters

– Loan growth:

§ ~$500 million of net growth per quarter required to offset both NIM
pressures

§ Achievable by late 2012 if gross production remains stable, as C&D and FDIC-
supported loan attrition become negligible

§ We remain “asset sensitive”

I. Overview & Executive Summary

II. Capital, Liquidity, and TARP

III. Earnings

IV. Credit Quality

V. Commercial Real Estate—Deep Dive

VI. Credit Process Changes

VII. CDOs

VIII. Affiliate Bank Presentations

IX. Summary

X. Break-out Sessions

Agenda

Credit Quality Key Takeaways

§ Portfolio overview:

– Problem credit metrics continue to improve

– Major C&D risk has moderated

– Term CRE risk is acceptable

§ Functional process and staffing improvements in place

§ Portfolio overview:

§ Credit quality metrics have improved materially in:

– All loan types

– All geographies

§ Problem loan inflows continue to slow; most resolutions
are favorable; charge-offs are declining; loss severities
are declining

§ Loan loss reserve is strong and charge-offs are declining

Credit Quality Key Takeaways

Credit Quality Improving - Total Portfolio

	4Q10	3Q11	4Q11
Total Loan Balance ($B)	36.9	36.9	37.3
Total Delinquencies	3.5%	2.3%	2.0%
Nonperforming Loans	4.9%	2.9%	2.4%
Classified	9.5%	6.5%	5.6%

Total Loan Balance Key Statistics

Source: SNL

Credit Quality Improving in Commercial Real Estate

CRE Key Statistics

	4Q10	3Q11	4Q11
Loan Balance ($B)	11.1	10.2	10.2
Delinquencies	4.9%	2.7%	2.4%
Nonperforming Loans	6.8%	4.3%	3.7%
Classified	15.6%	9.8%	8.6%

CRE Loan Balance

Collateral

12/31/2011

Source: SNL

Credit Quality Improving in Commercial and Industrial

C&I Key Statistics

	4Q10	3Q11	4Q11
Loan Balance ($B)	18.2	18.9	19.2
Delinquencies	2.4%	2.0%	1.8%
Nonperforming Loans	4.1%	2.4%	1.9%
Classified	9.5%	5.8%	5.0%

Multi-Industry C&I 35%

Municipal 2%

Leasing 2%

Agriculture 2%

Total 42%

Other

Source: SNL

Credit Quality Improving in Consumer

Consumer Key Statistics

	4Q10	3Q11	4Q11
Balance ($B)	6.4	6.8	6.9
Consumer Delinquencies	2.6%	2.0%	1.7%
Net Charge-offs	2.0%	0.9%	0.9%

Source: SNL

Asset Quality Improvement is Broad Based…

Source: company documents

… and Includes all Loan Types and Geographies

Source: company documents

Classified Asset to Capital Ratio Improving

Pass Grade Commercial Credits Have Improved and Compare
Well to Peers

Source: company documents

* Pass grade or non-criticized/classified commercial loans held for investment, as reported by the companies in the
SEC documents. Includes C&I, commercial real estate, and owner-occupied; excludes consumer loans.

Classified & Nonaccrual Loan Inflows Loan Inflows
Continue to Decline

Source: company documents

(In millions)

Classified Relative to Capital Improving

Source: SNL and company documents

Severity Rates are Stable to Improving & Favorable
Resolution Rates High

Source: SNL and company documents

Classified loan loss severity is a twelve month trailing loss rate

1. Chart reflects problem credits that were $50k or greater in size; “Favorable” resolutions include loans 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.

NCOs Continue Significant Step Down

* Forecasted

ACL Peer Group Coverage Ratios

§ Portfolio overview:

§ Credit quality metrics have improved materially in:

– All loan types

– All geographies

§ Problem loan inflows continue to slow; most resolutions
are favorable; charge-offs are declining; loss severities
are declining

§ Loan loss reserve is strong and charge-offs are declining

Credit Quality Key Takeaways

I. Overview & Executive Summary

II. Capital, Liquidity, and TARP

III. Earnings

IV. Credit Quality

V. Commercial Real Estate—Deep Dive

VI. Credit Process Changes

VII. CDOs

VIII. Affiliate Bank Presentations

IX. Summary

X. Break-out Sessions

Agenda

Commercial C&D Key Takeaways

§ Strong improvement in problem loans

§ Reduced concentration in C&D

§ C&D old vintage nearly gone

– We didn’t kick the can down the road

§ Experiencing cautious growth of newly
underwritten C&D

C&D Balances Have Continued to Decline

Source: company documents

Majority of Remaining Construction in Healthy Markets

$954M Balance*

$1.9B Balance*

* Includes owner occupied, construction, and consumer lot loans

(In millions)

Continued Improvement in Classified C&D Loans

Source: company documents

Source: company earnings release

Nonaccrual and Net Charge-Offs Continue to Decline
C&D

(In millions)

• “Other” is comprised of FDIC acquired loans and loans that moved from HFS

• Converted to term value represents balance on loan in quarter before converting to term

• Source: Company documents, RAAP data

C&D Portfolio from 2007 Reduced 93% to $684M

$684M

$9B

• Converted to term value represents the balance on the 4Q07 loans in the quarter prior to converting to term between 4Q07 and 4Q11

• 54% of classified loans are current and accruing

• 99% of special mention loans are current and accruing

• Source: company documents

C&D Loans Converted to Term Loans Performing

$53M Special Mention

$1.3B

Pass: $749M

Classified: $62M

• “Other” is comprised of FDIC acquired loans and loans that moved from HFS

• Converted to term value represents balance on loan in quarter before converting to term

• Source: company documents

Majority of Today’s C&D Balance is Recent Production

Commercial C&D Key Takeaways

§ Strong improvement in problem loans

§ Reduced concentration in C&D

§ C&D old vintage nearly gone

– We didn’t kick the can down the road

§ Experiencing cautious growth of newly
underwritten C&D

Term CRE Key Takeaways

§ Portfolio is well diversified

§ Credit quality is improving

§ Underwriting metrics are strong

§ No wall of maturing underwater loans

Term CRE Predominately in Footprint
Portfolio Diversified by Geography and Property Type

Location

Property Type

(In millions)

Term CRE Credit and Loss Severity Improving

1. Twelve month trailing loss rate. For example, the Dec. 2010 trailing loss rate is the sum of the losses during
Jan. - Dec. occurring on classified graded loans as of 1/1/2010, divided by the balances outstanding for the
similarly graded loans as of 1/1/2010.

Source: company earnings release

Term CRE & Owner Occupied Problems Improving

(In millions)

(In billions)

Updated Weighted Average LTV = 63%

• Sample data: (loans > $500k, 75% of dollars outstanding

• LTV’s were adjusted using PPR’s market level/property type value trend indices.

Term CRE Metrics are Solid

Percentage of loans within each bucket that are nonaccrual

Term CRE Debt Yield Ratio

(In millions)

• Sample data: (loans > $500k, 75% of dollars outstanding

Years of Term CRE Origination Well Diversified

Percentage of loans within each bucket that are nonaccrual

Years of Term CRE Maturities Well Diversified

(In billions)

Average loan balance (in millions) within each bucket

No Tsunami of Term CRE Problem Maturities

* LTV’s were adjusted using PPR’s market level/property type value trend indices.

(In billions)

I. Overview & Executive Summary

II. Capital, Liquidity, and TARP

III. Earnings

IV. Credit Quality

V. Commercial Real Estate—Deep Dive

VI. Credit Process Changes

VII. CDOs

VIII. Affiliate Bank Presentations

IX. Summary

X. Break-out Sessions

Agenda

Credit Risk Management Changes 2010-2011

§ Significant Corporate Credit Executive Upgrades

§ Dedicated Executives for CRE, C&I, Small Business/Consumer

§ Concentration Risk Manager

§ Credit Systems Initiative Executive

§ Credit Training Program Executive

§ Data Integrity and Reporting Executives

§ Four new, but experienced, chief credit officers in our eight banks
in the last year

Enhanced Corporate Oversight

n Originations

n Account Management

n Analytics

Credit Risk Management Changes 2010-2011

Originations

n Concentration limits & process implemented

n Boundaries for overall & specific risk types

n New experienced concentrations executive in place

n Underwriting standardized

n C&I templates

n CRE templates and risk hurdle process

n Small business centralization and templates

n Enterprise credit training instituted

n Quality assurance reviews employed

n High risk products, industries and borrowers curtailed by
policy and approval process

n New volume credit quality scrutinized

n High risk and new borrower reviews

Credit Risk Management Changes 2010-2011

Account Management

n Problem loan management upgraded and standardized

n Corporate oversight function created; Executive in place

n Workout practices

n Foreclosure procedures standardized

n TDR & Impairment process enhanced

n Appraisal management standardized

n Collateral monitoring, exception tracking system
enhancements

n New exception tracking and reporting created to reduce risk

Credit Risk Management Changes 2010-2011

Analytics

n Stress testing and loss modeling expanded and improved

n More granular CRE product modeling

n Allowance for credit losses

n Risk grading processes enhanced

n System upgrades, expanded training, definitional
refinements

n Auto-grading

n 23 credit system projects initiated; 6 completed

100

101

n Concentration policy limits and organization established

n Formal board approved risk appetite and resulting limits; overall risk boundaries aligned with capital
planning

n Concentration limit asset levels set conservatively lower than actual peak downturn

n Current portfolios significantly below concentration limits

n Risk assessment considers new production by market

n CRE high risk loan alerts provided to relationship managers

n CDO purchases prohibited by Board approved policy

Source: Zions internal documentation

Note: Portfolio exposure data as of Q2 2011; Regulatory Risk Based Capital represents year-end 2012 projection assuming TARP repayment

¹ Exposure is bank balance plus remaining commitment credit conversion factor of 100% for Construction, 50% for all other assets; Amegy energy risk limits are managed assuming 100% committed exposure;
additional total energy capacity as of Q3 11 was $922 million; Energy risk limits approved by Board of Directors December 12, 2011

2 Peak exposure from 2006 through 2011

3 Amegy Bank of Texas and Zions First National are the only banks with Leverage/Enterprise loan exposure greater than 20% of regulatory risk based capital. Exposure limits have been approved by Affiliate
Bank Board of Directors

Zions’ current reduced policy limits vs. current portfolio

Zions’ Concentration and Portfolio Management at
Parent…

102

…and Locally at Each of Zions’ Banks

Source: Zions internal documentation, Excl. Commerce Bank of Washington, Commerce Bank of Oregon as not being material

Note: Portfolio exposure data as of Q2 2011; Regulatory Risk Based Capital represents year-end 2012 projection assuming TARP repayment

¹ Exposure is bank balance plus remaining commitment credit conversion factor of 100% for Construction, 50% for all other assets

2 Peak exposure from 2006 through 2011

Amegy Bank of Texas CRE (excl OO)

National Bank of Arizona CRE (excl OO)

Zions First National CRE (excl OO)

California Bank & Trust CRE (excl OO)

Nevada State Bank CRE (excl OO)

Vectra Bank of Colorado CRE (excl OO)

Affiliates’ exposures across the entire portfolio are significantly below concentration limits

300%

100%

30%

15%

300%

100%

30%

15%

300%

100%

30%

15%

300%

100%

30%

15%

300%

100%

30%

15%

300%

100%

30%

15%

Portfolio exposure¹ as a % of regulatory capital

Limit exposure as a % of regulatory capital

Actual peak downturn CRE exposure² as a % of regulatory capital

Bottom Up CRE Risk Evaluation

MSA & Product Hurdle Process

Why Risk Hurdles?

•Common enterprise-wide market view and framework to assess CRE lending
risk

•Consistent methodology and data set to analyze and establish CRE risk appetite

•Lending Strike Zone -- aligns market views between credit and lenders

•Triggers for early warning signs and portfolio management - what to reduce,
what to increase

What are Risk Hurdles?

―High - highest risk; falling rents/values; rising vacancy; high historical losses

―Medium - moderate risk; specific issues addressed

―Low - lowest risk; balanced supply/demand; stable to rising rents/values

103

Credit Quality Key Takeaways

§ Credit quality metric have improved materially in:

– All loan types

– All geographies

§ Problem loan inflows continue to slow; most resolutions are favorable

§ Loan loss reserve is strong and charge-offs are declining

§ Strong improvement in problem loans

§ C&D risk well managed and under control

– Reduced concentration in C&D

– C&D old vintage nearly gone

§ Term CRE risk is diversified

– Portfolio is well diversified and conservatively underwritten

– No wall of maturing underwater loans

§ Process improvement

§ Concentration management formalized w/ Board review

§ Credit oversight processes and overhaul largely in place

104

I. Overview & Executive Summary

II. Capital, Liquidity, and TARP

III. Earnings

IV. Credit Quality

V. Commercial Real Estate—Deep Dive

VI. Credit Process Changes

VII. CDOs

VIII. Affiliate Bank Presentations

IX. Summary

X. Break-out Sessions

Agenda

What We Told You Last Time (Analyst Day 2010)

§ The FDIC has limited resources: they closed the larger banks first in
the crisis, and are now moving on to smaller banks

§ Zions tends to have less exposure to smaller banks in our Bank Trups
CDO portfolio

– Smaller banks were less likely to issue trust preferred securities

– For smaller banks that did issue trust preferred securities the aggregate collateral
exposure tends to be much smaller

§ Even if the number of bank closures remains elevated, the impact of
those closures should continue to diminish

106

CDO Takeaways

§ Significant tangible common equity tied up due to high discount rates

§ Deferring banks have a choice: repay; declare bankruptcy; sell

§ We are Seeing:

– Fewer and smaller failures

– Reduced exposure to failures

– Actual re-performance

§ We believe there is more upside potential vs. downside risk

107

The CDO Portfolio is Fairly and Conservatively Valued

nAmortized cost of the CDO portfolio
reflects $453 million of impairment
(OTTI) and valuation adjustments
already taken

nOTTI estimates are based on
conservative in-house models,
which:

nAre based on predicted default
rates by underlying individual
institutions;

nHave been assessed by a 3rd party;
and

nHave consistently over predicted
defaults

nDifferences between amortized cost
and carrying values of ~$1 billion
AOCI reflect current market spreads,
which are expected to narrow with
time

108

Total Bank Failures and Failures in Zions’ CDOs are Declining

109

Our CDO Model is Consistently Over Predicting Defaults

Fewer total U.S. bank failures per year, and Zions has fewer exposures to those failures

Source: Zions internal documentation

¹ Zions Base scenario estimate

94%

73%

44%

Zions actual CDO U.S. bank failures vs. predicted

Zions actual
CDO U.S. bank
failures vs.
predicted

110

Most Failures in 2011 Carried a 99% or Higher Probability of Default
Prior to the Failure

* Management for this bank ($20mm aggregate exposure) currently
appealing closure, given strength of capital ratios prior to closing

111

Modeled Probabilities of Default are Improving - (5 Year Cumulative)

112

Increase in
performing bank
average PDs in
3Q11 and 4Q11
caused by adding
PD floors

OTTI: But what if the Economy Gets Worse?

	Additional:
	Total Bank Failures (3)	OTTI ($ in millions)
Additional Stress (1)	≈660	$318
Zions Stress (2)	≈530	$172
Zions Base	≈290	$0

(1) Additional stress to get to the approximately 15% cumulative default rate observed during the 1987-1993 period of the S&L Crisis

(2) During 2012-13 key economic indicator worst points as follows: Unemployment 11.8%; FHFA housing price index down 28%; GDP
down 5%

(3) Additional bank failures implied from 2012-2016

113

New Bank Deferrals in Zions’ CDOs are Trending
Downward

114

Total Banks in Deferral Appear to Have Peaked

As of 12-31-11

115

Deferring Bank Re-performance has Increased

As of 12-31-11

116

What Happens if Things get Better?
OTTI: Increased CPR Speed Results in a Modest Increase in OTTI*

4Q11 Assumptions:

• CPR:

• 3% for banks with assets less than $15B

• Banks with assets greater than $15B and are rated investment grade are assumed to prepay by the end of 2015

• Discount Rates:

• First Pay original AAA-rated: Libor + 6.5% (weighted average)

• Second Pay original AAA-rated: Libor + 6.8%

• Original A-rated: Libor + 17.6%

• Original BBB-rated: Libor + 33.3%

• Combined: Libor + 11.9%

117

* OTTI would be partially offset by securities gains from more senior tranches being paid
down at par (Lockhart securities purchased at a discount)

What Happens if Things get Better?
AOCI Mark: Faster Prepays & Lower Rates Both Reduce AOCI

4Q11 Assumptions:

• CPR:

• 3% for banks with assets less than $15B

• Banks with assets greater than $15B and are rated investment grade are assumed to prepay by the end of 2015

• Discount Rates:

• First Pay original AAA-rated: Libor + 6.5% (weighted average)

• Second Pay original AAA-rated: Libor + 6.8%

• Original A-rated: Libor + 17.6%

• Original BBB-rated: Libor + 33.3%

• Combined: Libor + 11.9%

118

What Happens if Things get Better?
A Net Positive Impact to TCE/Share

• CPR:

• 3% for banks with assets less than $15B

• Banks with assets greater than $15B and are rated investment grade are assumed to prepay by the end of 2015

• Discount Rates:

• First Pay original AAA-rated: Libor + 6.5% (weighted average)

• Second Pay original AAA-rated: Libor + 6.8%

• Original A-rated: Libor + 17.6%

• Original BBB-rated: Libor + 33.3%

• Combined: Libor + 11.9%

	CPR Speed	Discount Spread
Scenario 1	6%	20% Better
Scenario 2	9%	40% Better
Scenario 3	12%	60% Better

After-tax TCE per Share Impact by Scenario
	From OTTI	From AOCI	Total Net	%TCE/Share
Scenario 1	$(0.20)	$0.64	$0.44	2.3%
Scenario 2	$(0.32)	$1.33	$1.01	5.3%
Scenario 3	$(0.40)	$2.10	$1.70	8.9%

119

* OTTI would be partially offset by securities gains from more senior tranches being paid
down at par (Lockhart securities purchased at a discount)

CDO Takeaways

§ Significant tangible common equity tied up due to high discount rates

§ Deferring banks have a choice: Repay; Declare Bankruptcy; Sell

§ We are Seeing:

– Fewer, and smaller failures

– Reduced exposure to failures

– Actual re-performance

§ We believe there is more upside potential vs. downside risk

120

I. Overview & Executive Summary

II. Capital, Liquidity, and TARP

III. Earnings

IV. Credit Quality

V. Commercial Real Estate—Deep Dive

VI. Credit Process Changes

VII. CDOs

VIII. Affiliate Bank Presentations

IX. Summary

X. Break-out Sessions

Agenda

February 2012

Utah Economy

Utah

Employment

• Ranks third of the 50 states as measured by the growth rate of
employment

• Economy has regained roughly half of jobs lost in late 2008 through
early 2010

• Increasing economic diversification - five major employment sectors
each added at least 5,000 net new jobs in past 12 months

Housing

• 2011 home sales at highest level in three years (up 9% over 2010)

• Inventory levels down nearly 24% in 2011 - current inventory supply
of 7.2 months, compared to 10.5 months

• Prices down 8% compared to 2010

• Foreclosures down 32% compared to 2010

Climate

• Forbes magazine - Best State for Business (last two years)

• Projected state budget surplus of $400 million ($280 ongoing/$120
one-time)

123

Idaho Economy

Idaho

Employment

• Average total employment during 2011 slightly exceeded 2010 - the
first calendar year increase since 2007

• Unemployment at lowest level in two years

Housing

• Boise (Ada County) inventory levels down 31.5% in 2011 - current
inventory supply of 4.4 months, compared to 8.0 months

• Prices up 1.8% compared to 2010

• Foreclosures down 40% compared to 2010

Climate

• Economic climate ranks 10th nationally

• 5th lowest cost of business

• Ranked 4th in entrepreneurial activity by the Kauffman Foundation

124

Utah and Idaho Economy

	Utah		Idaho
	Peak	2011	Peak	2011
Employment (in 000s)	1,331.3	1,260.2	731.9	698.4
Unemployment rate	8.0%	6.0%	9.7%	8.4%
Retail sales growth	12.0%	4.8%	8.0%	2.5%
Housing starts	24,000	8,700	19,000	5,500
Population growth (2011 v. 2010)	1.9% (#3 in nation)		0.9%

125

Revenue Summary

126

Pre-tax Core Earnings Summary

Adjusted Pre-Tax Income

Adjusted Pre-Tax Pre-Provision Income

* Adjusted for securities gains (losses).

* Adjusted for credit-related expenses and securities gains (losses).

127

Credit Quality Trends
Net charge-offs & nonaccrual loans

Charge-offs

128

Credit Quality Trends
Classified assets

Classified Assets

Classified / Tier 1 + Reserve

(includes classified securities)

129

Core Lending Growth
Annual loan growth (reduction) by category

130

Lessons Learned In This Cycle

The need to be disciplined with concentrations of credit

• Both by product and geography

The need to enhance diversification of revenue

• Non-interest income v. net interest income

• Less capital intensive revenue stream

The need to carefully monitor “irrational” market trends

• MSAs experiencing real property valuation well in excess of the national rate
for extended period should be avoided

The need for enhanced underwriting discipline

• Real equity v. perceived equity

• Cannot be complacent in thinking we have collateral value to cover the debt

• Willingness to walk away from transactional deals

131

What We Did Right In This Cycle

Commitment to relationship banking

• We know and understand our clients - the people side of underwriting

Problem asset intervention and disposition

• Early identification and aggressive action to speed problem asset resolution

Aggressive and effective management of reputation

• Officers “out on the street” actively communicating with clients

• American Banker survey conducted by Reputation Institute ranked Zions
Bank as the 2nd most reputable U.S. Bank (one of only two banks to score
over 70)

132

2012 Business Initiatives

Focus on revenue growth

• Aggressive cross-sell efforts

• Treasury Services (expanded small business package)

• Insurance

• Private Banking / Wealth Management

• Interest rate management

• Consumer checking account changes

• Overhauled checking account offering to partially recoup lost revenue
from Durbin Amendment

Focused loan growth initiatives

• Small business lending (no one does it better)

• Residential mortgage

• Bankcard

• Corporate lending

133

2012 Business Initiatives, continued

Focus on expenses

• Rationalize use of delivery channels

• Enhanced efficiency through electronic delivery

• E-Statements - current penetration = 32.1%; target = 50%

• E-Notices - current penetration = 9.7%; target = 50%

• Self-service Internet Bank / Mobile Banking

• FTE Efficiency

Maintain focus on risk

• Regulatory risk

• Credit risk

• Interest rate risk

134

Key Operating Expense Comparisons

($ in 000s)	2007	2011	% change
Salaries and Benefits	$201,697	$202,087	0.2%
# FTE	2,668	2,487	(6.8%)
Net Occupancy	$15,177	$15,006	(1.1%)
# Branches	139	131	(5.8%)
Supplies, Postage & Shipping	$12,925	$9,142	(29.3%)
Legal & Professional	$9,132	$7,439	(18.5%)

135

Significant Expense Opportunities

($ in 000s)	2007	2011
FDIC Premiums	$2,464	$21,231
OREO	$2,638	$35,897
Credit-Related Expense	$4,843	$29,973

136

• Utah “Best of State”

• Best Bank (7th consecutive year)

• Economic Development (2nd consecutive year)

• American Banker - 25 Most Powerful Women in Banking

• Top Women Banking Team Award

• LeeAnne Linderman, EVP, Branch Banking - #23 Most Powerful Women in Banking

• U.S. Small Business Administration

• Utah top provider of SBA 7(a) loans (18th consecutive year)

• Idaho top provider of SBA 7(a) loans (10th consecutive year)

• Nation’s top provider of SBA 504 loans

• Financial Services Champion of the Year - Harris Simmons, Chairman

• Women in Business Champion of the Year - Diana Kirk, EVP, Private Client Services

• Greenwich Associates

• Excellence in Small Business and Middle Market Banking (13 awards)

• American Banker Reputation Institute Study

• 2nd most reputable U.S. Bank (one of only two banks to score over 70)

2011 Awards and Recognition

137

Amegy Bank of Texas

February 2012

Houston Economy…One Of The Nation’s Strongest

• Population: 5.9 million…ranks 4th

• Employment: 2.6 million jobs

• Unemployment rate: 7.3%

• Gross area product: $363 billion

• 2011 Housing starts: 20,000

• 25 Fortune 500 companies are headquartered in
Houston

139

Operating In A Diversified Economy

• 3,700+ energy-related
establishments

• Home to 42 of the nation’s 137
publicly traded oil and gas E&P
firms, and 11 of the top 25

• The nine refineries in the
Houston region produce 13.8%
of the total U.S. capacity.

• 142,600+ jobs

• Construction projects worth $7+
billion slated for completion by
2014

• Creates $14 billion in regional
spending

• 1,000+ acres; larger than
Chicago’s Inner Loop

• 33.8 MM sq. ft. of patient care,
education and research space

• 49 institutions

• First in U.S. in foreign tonnage;
second in U.S. for total
tonnage; world’s tenth largest
(2007)

• 7,000+ ships visit annually

• $15 billion petrochemical
complex; second largest in the
world

• 3,500+ companies trade 180+
types of products in 183
countries

Home of the world’s largest
health care complex

Energy capital of the world

Port of Houston

140

Core Earnings Remain Strong


Balance Sheet Items	2008	2009	2010	2011

Loans	$ 9,124	$ 8,417	$ 7,523	$ 7,889

Demand Deposits	$ 2,640	$ 3,937	$ 4,335	$ 5,276
Interest Bearing Deposits	5,858	5,303	4,500	4,407
Total Deposits	$ 8,498	$ 9,240	$ 8,835	$ 9,683

Income Statement Items

Net Interest Income	$ 370	$ 386	$ 392	$ 384
Non Interest Income	155*	129	143	145
Total Revenue	525	515	535	529
Direct Expenses	228	231	250	242***
Total Expenses	283	293	314	316
Pre-Tax/Pre-Provision	242	222	221	219
Provision	72	443	126	(41)
Net Income after Tax	$ 86	$ (149)**	$ 59	$ 162

Ratios
Net Interest Margin	3.92%	3.90%	3.98%	3.91%
Fee Income Ratio	29%	25%	27%	27%
Cash ROTE	16%	-15%	5%	12%
Cash Efficiency Ratio	53%	56%	58%	59%
Tangible Common Equity Ratio	7.14%	8.63%	9.07%	9.65%
FTEs	1,743	1,584	1,604	1,633

*Adjusted for $38mm in swap gain in ’08

** Adjusted for $632mm goodwill charge in ’09

***Excluding prior period BOLI adjustment

141

Credit Quality…Significant Improvement

0.29%

1.64%

2.01%

0.93%

0.13%

142

Classified & REO as a % of Tier 1 + ACL

143

2008 - 4Q2011

16 Qtrs Annlzd

1.21%

1.56%

1.97%

2.11%

2.69 %

2.86 %

1.88 %

Net Charge-offs…Fared Better Than Most

*Peer Averages are not weighted, Peer Group includes 48 publicly traded companies with assets > $10 Billion.

* Zions Analyst Peer Group consists of 19 publicly traded banks stock analysts deem Zion’s Peer.

2010

1.98%

1.96%

2.56%

2.26%

3.58%

3.68%

2.25%

Amegy Bank

Peer Average

Zions Bancorporation

Zions Peer Group

JPMorgan Chase

Bank of America

Wells Fargo

2009

1.64%

2.08%

2.28%

2.76%

3.36%

3.40%

2.10%

2008

.32%

1.04%

.96%

1.42%

1.67%

1.72%

1.84%

2011

.93%

1.10%

1.26%

1.45%

1.76%

2.30%

1.41%

144

What We Learned This Cycle

Problem

Credit Forecasting

Segmented Workout
Activity

Concentration
Management

Pass

Credit

Reviews

Out of

Market

Lending

145

What We Did Right In This Cycle

Stable “Core”

Revenue/Earnings

Laser Focused on

problem loan resolution

Focused enhancements to

credit process

Culture Matters

Strong Calling Program

Market Leader in Loan Pricing

Focus on cross-selling

FTE/Expense Discipline

146

Moving Forward…Solid Loan Production Mix

2011 Outstanding Balances ($000,000)

($100)

($200)

($300)

($400)

($500)

($181)

($83)

($412)

$435

C&I

Energy

Consumer

Coml Constr

Land A&D

Term/Other RE

Total Bank

147

Moving Forward…Fee Income Growth Potential

Base Fee Income		$ 103,000

High Growth Opportunities
Factoring	$ 11,000

Retail Products*	$ 9,300

Residential Mortgage	$ 7,100

Foreign Exchange	$ 6,600

Investment / Brokerage	$ 4,300

Purchasing Cards	$ 2,500

Merchant Services	$ 1,400

Subtotal:		$ 42,200
Total 2011 Fee Income*:		$ 145,200

*Debit card income adjusted to reflect annual impact of Durbin
Amendment. Actual 2011 Fee Income similarly adjusted.

In millions

148

Moving Forward…Disciplined Expense Control


($'s in millions)	2008	2009	2010	2011
	Actual	Actual	Actual	Actual

Total Revenue	$ 525.1*	$ 514.3	$ 535.3	$ 529.6

Controllable Expenses	221.1	200.6	204.9	220.6**

Credit-Related Expenses
FDIC insurance assessment	4.6	21.6	25.9	12.0
Appraisal, recording and filing fees	1.7	3.2	8.1	6.4
Other real estate expense	1.0	5.4	10.7	3.3

Subtotal	7.4	30.3	44.7	21.7


Total direct expenses	$ 228.5	$ 230.8	$ 249.6	$ 241.3

FTE	1,743	1,584	1,604	1,633


Adj for $38mm swap gain *Excluding prior period BOLI adjustment

149

Opportunity…“Just Getting Started”

• First 21 years…1 location, 20 employees and $50 million in
assets to 81 locations, 2,000 employees and $12 billion in
assets

• 5% deposit share vs. 62% deposit share of JPMC, WFC, BAC

• 2nd largest regional bank in Texas to Frost

• #1 middle market (lead relationship share)

• #3 SBA lender in Houston

• #7 in U.S. for Ex-Im working capital commitments

• Record year in mortgage production

• Strong, diversified loan portfolio with strength in commercial,
corporate, energy, CRE, and small business

• Solid fee income potential

150

Energy Loan Portfolio

Energy Cycle

Oil and Gas: A Historical Snapshot

153

Rigs Transitioning To Oil/Liquids

154

Credit Quality

Energy Services

Reserve Based, Midstream and Other

Energy Service Exposure By Market Segment

$2.1 Billion in Commitments

• Consolidation trend
continues

• Underwriting with
strong equity and short
amortization

• Significant private
equity involvement

156

Reserve-Based Underwriting

Typical Oil & Gas Reserve Based Loan

($ in millions)

$100 - value using NYMEX oil and gas prices at PV 10%

$ 85 - Amegy risk-adjusted reserves (i.e. collateral value)

$ 68 - apply Amegy prices (75-100% of NYMEX)

$ 51 - loan value 75% adv. rate (25% of projected production hedged)

$ 41 - loan value 60% adv. rate (no hedging)

Note

• Average utilization on facilities ~55%.

• PDNP reserves limited to 25%

• Base case-loan must repay with 40% of reserves remaining

• Sensitivity-75% of base price with no future increase. Loan must repay in life of
reserves.

157

Gas Shale Plays: A New Dimension

158

Natural Gas Exposure…Very Manageable

*Excluding midstream and downstream

159

Outlook

Industry Condition

• Consolidation has resulted in larger companies with stronger balance
sheets and access to multiple capital sources

• Significant private equity firm involvement

• Low gas price will naturally reset over time

• Complexity of drilling techniques will only increase

Amegy’s Energy Team

• Experienced team

• Conservative underwriting standards

• Active use of hedging

• Diversified energy portfolio

160

California Bank & Trust

David Blackford

February 2012

California’s Economic Engine
Gross State Product = $1.9 trillion, 13% of Total US economy1

• Measured independently, CA would
rank as 8th largest in the world

• State attracts 50% of all Venture
Capital investment $2

• California contains 3 of top 10
“super zips” - 95 - 99th percentile
combined wealth/education index

• 5 of top 10 public universities in CA
3

• Consumer electronics and
social media unique bright
spots in difficult economy

• Significant multiplier impact on
communications, tech sales

• Growing and transformative
influence on biotech, health
care, entertainment, financial
services

• 2011 exports eclipsed 11 year-
old record

• $159 billion in exports was
11.2% increase over prior year

• Led by sales of high-tech
products

Home to many of world’s
leading technology companies

Capital and talent magnet

California sets export record

(1) 2010 data

(2): 2006-11, Price Waterhouse Cooper

(3) U.S. News ranking

162

CA Economy

Ø Unemployment rate of 11.1%

Ø 2nd highest in U.S., but down from

12.5% a year ago

Ø Varies greatly by region

• SF/San Mateo: 7.3%

• Orange County: 7.8%

• San Diego: 8.9%

• Inland Empire: 12.2%

• Fresno: 16.2%

Ø Multifamily construction leads
homebuilding

163

Revenue and Pre-tax Core Earnings Summary

(1) Excludes securities losses and bargain purchase gains on FDIC assisted acquisitions. Net Interest
Income for 2010-11 includes discount accretion on FDIC supported loans that is 80% offset by
Indemnification Asset Amortization included in Non-interest Expense

164

Credit Quality

%=CBT NCO as % of CBT total loans (excluding FDIC-
supported loans)

165

Credit Quality1

(1) Based on outstanding loan balances, excludes FDIC Supported
Assets

166

What We Learned This Cycle

Ø Late-cycle lending requires extraordinary care and discipline

Ø 85% of CRE losses in past 12 years originated in 2005-2007

Ø Margin for error is diminished: Loans with two or more

Ø Housing sector performance has strong impact on commercial RE and
non-Real Estate credit products and industries

Ø Retailers and retail rents/vacancies

Ø Mortgage companies, suppliers, design firms

Ø Also translates to office vacancies and rent declines

Ø High reliance of small businesses on home price appreciation

Ø Transactions outside of core competencies and markets, although
limited, have disproportionate impact on loss rates

167

What We Did Right This Cycle

Ø Disciplined growth and attention to creating shareholder value
throughout business cycle

Ø Strong credit culture with very experienced lenders and high-
accountability approval process

Ø Avoided sub-prime mortgage products

Ø Early and aggressive problem asset disposition reduced loss and
problem asset levels

Ø Maintained strong core earnings to absorb ALLL build

Ø Successfully executed two FDIC-supported acquisitions with
significant financial contribution

168

State of the Bank

Ø 2011 Highlights

Ø Organic loan growth in 2H, with $300M of growth since March 2011 (excluding
FDIC supported loans)

Ø Record year for mortgage production and international banking revenue

Ø Added high quality mini-perm transactions - Average LTV 59-64% with
concentration in coastal markets (92% of CA originations)

Ø Much lower credit losses from Vineyard acquisition contributed to high discount
accretion - however this will reduce in 2012-13 as portfolio pays down

Ø Steady improvement in all credit quality measures each quarter

Ø Current State of the Bank

Ø Strong capital - Dividends resumed, paying $42.5M in 2H11

Ø Valuable core deposit base - cost of 17 bps in 4Q11

Ø Among the highest NIMs in the industry - 4.96% reported, 4.30% core in 4Q11

Ø Net charge-offs at pre-crisis levels - 24 bps in 4Q11

169

Ø Achieved desired balance sheet diversification in recent years

Ø Targeted focus on resilient markets with rebounding economies

Ø Supported by key business partners: Cash Mgmt, International (Trade and FX), Wealth
Management, Leasing, Bankcard

Ø Better positioned to grow after exiting a significant number of relationships

Major Business Lines

	Total Loans
San Diego Division: Super-community bank with expertise in small business, lower middle market, private banking, and RE lending	$1.5B
Business and Personal Banking: Small business, executive banking, and high-end retail banking north of SD	$1.2B
Commercial Banking: Targeting middle market throughout CA	$1.4B
Real Estate Lending: Focus on high quality developers and investors with emphasis on mini-perm and bridge loans	$1.5B
Mortgage Lending: Relationship-deepening business, focus on conservative jumbo ARM lending	$1.1B
SBA Lending: General purpose SBA 504 and conservative SBA 7a equipment and RE in CA	$0.8B

170

2012 Business Initiatives

Ø Improve Performance of Branch Network

Ø New executive hired to run branches and small business banking north of
San Diego

Ø Continue branch repositioning strategy

o Closed 5 branches in 15 months while retaining 80% of deposits to date; 2
additional closures scheduled for April

o Reinvesting a portion of savings in stronger markets

Ø Revamp delivery to small business

o Restructure certain credit products based on lessons learned

o Review sales/marketing structure, delivery of credit, and deposit offerings

Ø Capitalize on strength of Bay Area and Silicon Valley

o Opened S.F. real estate lending office in 2011

o Experienced commercial banking team already in place

Ø Strong focus on cross sell and fee income replacement/expansion

171

Key Operating Expense Comparison

($ in millions)	2007	2009	2011
Salary and Benefits	128.2	140.6	148.7
Occupancy and FFE	36.2	37.1	37.3
FDIC Ins/Regulatory Exp	0.4	20.6	15.1
OREO	0	9.2	3.7
Other Direct	42.2	43.7	44.1
Allocated Expenses	16.9	39.0	48.9
Subtotal	223.9	290.3	297.9
IA Amortization	0	0	54.2
Total	223.9	290.3	352.1
Average FTE	1,603	1,571	1,591

Source: Internal Management Financials

Systems converted to Bancorp platform in Aug 2007

Alliance and Vineyard Acquisitions were completed in 2009

172

Significant Expense Reduction Opportunities

Ø Credit expenses will come down due to lower problem asset levels
and activity

Ø Less staffing, legal, appraisal, and collateral preservation expenses

Ø OREO costs have already been reduced to $3.7 million in 2011 from peak
of $9.2 million in 2009

Ø FDIC insurance expense expected to decline by $7 million in 2012

Ø FTE down by 69 since Dec. 2010. Additional benefit of this decline
expected in 2012

Ø Further reductions expected from initiative to improve
performance of branch network

173

National Bank of Arizona

February 2012

Arizona Economy

Slowly Improving - Employment Increasing

Public Sector Drag

Housing Overhang

Ø 200,000+ Vacant Units Phoenix (14%)

Ø Half of Homes have Negative Equity to Mortgage

Ø Mortgage Delinquency 11%

Ø Strategic Defaults

Slow Population Growth

Ø Population Mobility Lowest Since 1948

Business Spending/Hiring Remain on Hold

175

Arizona Economy

	Peak	Now
Population Growth	3.5%	.5%
Employment	2.95M	2.88M
Retail Sales	$55B	$48B
Housing Starts	90,000	14,000

176

Revenue and Pre-tax Core Earnings Summary

Core Earnings = Pre-tax Income + Credit Related Expenses +
Goodwill Impairment + Gain/Loss on Securities

Adjusted Pre-Tax = Pre-Tax Income + Goodwill Impairment +
Gain/Loss on Securities

177

Nonaccrual Loans & Net Charge-offs

178

Classified Loans & Oreo / Tier 1 + Reserves

179

What We Learned This Cycle

Improve Diversification of Revenue and Loan
Portfolio

Be Disciplined with Concentrations of Credit

• Custom Lot Financing

• Higher Risk A&D

Quality and Depth of Real Estate Project Equity

180

What We Did Right In This Cycle

Local Level Asset Disposition

LTV/LTC Discipline Helped Mitigate Loss

Early and Aggressive Problem Asset
Intervention/Disposition

181

2012 Business Initiative #1

Private Banking/Wealth Management

Ø Integrated Executive Banking, Private Banking and Wealth
Management into a new division, Wealth Strategies

Ø Physically consolidated and relocated Wealth Strategies to
Gainey Ranch Office, creating a full-service team

Ø Wealth Strategies Team participated in and completed the
Cannon Training for Wealth Strategist - Sales and Practice
Management Skills

Ø Developed and Launched Marketing efforts for Specialty
Banking for Medical Professionals

182

Corporate Banking Group

• 2010 - 2011 Commitments: $308 million

• 2010 - 2011 Outstandings: $139 million

Commercial Real Estate Group / CB&T

• 2011 Commitments: $357 million

• 2011 Outstandings : $209 million

2012 Business Initiative #2

183

Key Operating Expense Comparison

	2007	2011
Salary and Benefits	$68,098	$60,854
#FTE	1,137	926
Occupancy	$12,039	$11,887
# Branches	80	74*
Supplies and Postage	$3,452	$2,084
Marketing	$2,625	$1,951
Armored Car	$2,032	$718

184

Significant Expense Opportunities

	2007	2011
FDIC Premium	$1,281	$6,204
OREO	$1,537	$18,900
Credit Related Expense	$1,620	$7,756

185

• #1 Bank - Ranking Arizona 2011 - Ranking Arizona Magazine
(Voted #1 Bank - 9 of the last 11 years / 5 years in a row)

• Best of the Best - Ranking Arizona 2011 - Ranking Arizona Magazine

• Best of the Valley - Best Private Bank 2011 - Arizona Foothills Magazine

• Top 25 Workplaces for Women 2011 AZ Magazine

• Best of Business Award (National Commercial Banks)

Flagstaff 2011 Small Business Commerce Association

• Corporate Partner of the Year 2011 - NAWBO

• Best of Tucson - Best Bank 2011 - Arizona Foothills Magazine

• Arizona's Most Admired Companies Award 2011
Arizona Business Magazine

• Best Companies AZ - ULBC Corporation of the Year 2011

United Latino Business Coalition

2011 Awards

186

Nevada State Bank

February 2012

Nevada Economy

Signs of improvement - after two + years of contraction:

Employment

Ø 1.4% increase in 2011, 2.1% projected for 2012 (unemployment at 12.5%)

Consumer Spending/Visitor Volume

Ø 2011 taxable sales up 7.2% over 2010

Ø 2011 Gaming revenues up 2.5% over 2010

Ø 2011 Visitor volume up 3.2% over 2010

Challenges remain

Real Estate Overhang

Ø 60,000+ vacant housing units in Las Vegas (8%)

Ø Approximately 58% of homes are under water

Ø Mortgage delinquency 2x national average, but down to 12.66% (peaked
16.19%)

Ø Office market vacancy at 25.3%, up from 23.8% one year ago

Significant Business Spending/Hiring Remain on Hold

188

Net Interest and Noninterest Income Summary

* - Excludes REO losses, acquisition gains and
income from swaps/hedges

189

Credit Costs and Gross Revenues Summary

190

Pre-tax Core and Unadjusted Earnings Summary

* - Represents pre-tax income, adjusted for provisions for credit losses
and REO losses

191

Nonaccrual Loans & Net Charge-offs

192

Nonaccrual Loan Inflows

193

Classified Assets & Classified Assets / Tier 1+Reserves

194

Lessons Learned

More Diversification of Revenue Sources and Loan
Portfolio

Be Disciplined with Concentrations of Credit

• Higher Risk A&D

Enhance assessment/understanding of Global Cash
Flow

Focus on relationship lending with limited
participation in syndicated deals

195

What We Did Right In This Cycle

Local Level Asset Disposition

Early and Aggressive Problem Asset Intervention/
Disposition

Diversified revenue streams with growth in controllable
fee income and C&I/Consumer loan balances

Enhanced Credit Culture with investment in personnel,
training and infrastructure

196

2012 Business Initiatives

Focused Loan Growth Initiatives

Ø Business Center hub strategy

Ø Competitively priced consumer loans

Ø Increased loan growth production incentives

Fee income

Ø Continued growth in products-per-client and cross-sell ratio

Excess Cash Deployment

Ø Continued purchase of SBA pools, municipal bonds/loans/leases
and other high-grade investments

Expense Reduction Initiatives

Ø Exit unprofitable relationships

Ø Significant decreases in foreclosure/troubled loans FTE

Ø Reduce branch expenses with reduced hours and emphasis on
electronic and mobile banking

197

Key Operating Expense Comparison

	2007 Actual	2011 Actual	2012 Budget
Salaries and benefits*	$49,778	$55,995	$55,040
#FTE	854	827	789
Occupancy & FF&E	$15,584	$14,387	$14,823
# Branches	74	53	51
Legal/Pro, Supplies, Advertising	$7,381	$6,574	$6,384
Other operating	$14,820	$13,849	$12,784

* - Growth from ‘07 - ’11 due to staffing specifically related to three FDIC-assisted transactions, Special
Assets and Credit Admin staff additions, certain reversals in 2007, and declines in FAS 91 deferrals
due to lower loan originations

198

Significant Expense Opportunities

	2007	2011
FDIC Premium	$640	$5,920
OREO	$0	$7,743
Credit Related Expense	$154	$3,482

199

Vectra Bank Colorado

February 2012

Colorado Economy

• Colorado Entered Recession Late and is Emerging Late, but
Strengthening

• Housing Inventory Lowest Since 2007 (3.3 month supply)

• Foreclosures Lowest in Three Years

◦ Decreased 30% in 2011 (16,755)

• Well-Balanced Economy. Growth Industries Include:

◦ Tourism

◦ Technology

◦ Oil & Gas

◦ Alternative Energy

◦ Aerospace

• State Budget Under Pressure

◦ Revenues Down (Sales & Property Taxes)

◦ Expenses Increasing (K-12 Education & Medicaid)

201

Economic Indicator	Peak	2011
Population Growth (Y/Y Rate)	3.4% (1992)	1.3% * (2010)
Job Growth	2.1% (2007)	1.1%
Retail Sales	4.0% (2004)	1.2%
Housing Starts	22,000 (2004)	5,900
Existing Home Sales	54,012 (2004)	39,387
Unemployment Rate	8.9% (2010)	7.8%

Metro Denver

*Total population for Denver MSA was 2.8MM and 5.1MM for Colorado in 2010.

Colorado Economy

202

Revenue & Pre-Tax Core Earnings Summary

Note: Adjustments include goodwill, debt
extinguishment and securities

Note: Non Interest Income excludes gains and losses on
securities ($28.9MM CDO in 2011) and OREO

203

Revenue & Pre-Tax Core Earnings Summary

Adjusted Pre-Tax Income (Pre-Credit)

204

Key Operating Expense Comparisons

Expense Category ($000)	2007	2011
Salary and Benefits	$42,711	$43,141
#FTE	551	530
Occupancy and FF&E	$11,093	$10,377
# Branches	41	39
Supplies and Postage	$2,927	$1,313
Operational Losses	$576	$243
FDIC Premium	$198	$3,190
OREO	($62)	$7,817
Credit Related Expenses	$668	$2,250

205

Nonaccrual Loans & Gross Charge-offs

206

Classified Assets

Classified Assets + OREO/

Tier 1 + ACL

207

Lessons Learned This Cycle

• 2011 Charge-Off Levels Still Too High

▫ External Factor: Colorado Economy Emerging Late from Recession

▫ Internal Factor: Should Have Addressed Certain Problem Credits Sooner

• Exposure in Specific Industry Categories

▫ Should Have Avoided or Lessened Exposure to Certain Industry Categories:

▫ Indirect Lenders

▫ High-End SFR Real Estate in Mountain Resort Markets

▫ Land/A&D

▫ Contractors

• Needed an Integrated Approach to Mortgage Lending to Achieve:

▫ Reduced Costs

▫ Enhanced Controls

▫ Consistent Processes

208

What We Did Right This Cycle

• Focused Approach to Asset Liability Management

▫ Solid Margins on Loans (Use of Floors)

▫ Regular Repricing of Deposits

▫ Net Interest Margin is One of the Best in the Company (4.82% for 2011)

• Attentive & Thorough Approach to Risk Management

▫ BSA/AML

▫ Mortgage Compliance

▫ Loan Grading

▫ Past Due Management

▫ Regular Review of Loan Status Reports & Problem Loan Reports

• Local Management of Problem Loans

• Refined & Disciplined Sales Management Process

209

2012 Business Initiatives

Continue Disciplined Sales Management

Retail/Branches

• Leverage New Leadership Team to Execute Comprehensive Process
Including:

▫ Sales and Product Training

▫ Sales Promotions & Incentives

▫ Oversight & Performance Accountability Standards

Commercial & Industrial/Real Estate

• Continue Disciplined Sales Management Process Including:

▫ Pipeline Management & Reporting (Sales Force)

▫ Sales Training

▫ Oversight & Performance Accountability Standards

• Execute on targeted niche sales plans (charter schools, municipal finance,
urban renewal, aviation, outdoor industry, government contractors, medical
devices, Oil & Gas/Energy)

210

Improve Non Interest Income

• Loan Fee Income

• Wealth Management

• Customer Interest Rate Protection (Swaps)

• Foreign Exchange (Amegy Partnership)

• Treasury Management

• Credit and Debit Cards

• Factoring (Amegy Partnership)

• Annual Competitive Fee Review

Improve Efficiency Ratio

• Continued Expense Discipline

• Review of System/Process Efficiencies to Identify Staff Reduction Opportunities

• Continued Margin Discipline

• Adjust Product Suite to Improve Profitability

2012 Business Initiatives

211

I. Overview & Executive Summary

II. Capital, Liquidity, and TARP

III. Earnings

IV. Credit Quality

V. Commercial Real Estate—Deep Dive

VI. Credit Process Changes

VII. CDOs

VIII. Affiliate Bank Presentations

IX. Summary

X. Break-out Sessions

Agenda

One-Year Outlook Summary

Topic	Outlook
Loan Balances	Stable to Moderately Higher
Credit Trends	Improving
Reserve Release	Continue at a Moderate Rate
Core Net Interest Income	Stable to Slightly Lower
Core Noninterest Income	Stable to Slightly Higher
Noninterest Expense	Slightly Declining
Risk-Based Capital Ratios	Improving
TARP Repayment	Under Fed Review

213

Appendix

The Allowance for Credit Loss is Skewed to the C&I and
Owner-Occupied Portfolios

215

Superior Reserve Coverage

Construction Loan Overview
Granularity of Residential Portfolio

217

Construction Loan Overview
Granularity of Commercial Portfolio

218

Credit Quality

Consumer Balances & TTM NCO (ex-FDIC)

Segment Balances & TTM NCO Rates (Excludes FDIC-covered Assets)

219

- 63% bal high-risk 2004-2008 vintages

- No pmt shock bomb (<$200M start amort soon)

Credit Quality
HELOC Vintage & Payment Shock Risk

During initial 10 yrs, HELOCs are in draw period, making i/o pmts

220

Credit Quality

HELOC Estimated LTVs

Current Estimated LTVs by State (sample covers 97% of portfolio)

221

C&I Balances by Industry

• Highly diversified C&I portfolio

222

20 Largest Relationship Commitments

*Grades 1 thru 10 qualify as “Pass” grades

As of December 31, 2011

#	Bank	Relationship Name	Commitment	Outstanding	Description	Wtd Avg Risk Grade
1	ZFNB	Borrower 1	$157,345	$118,424	Steel Fabrication / Trucking	7
2	AMEGY	Borrower 2	$126,000	$44,067	Oil and Gas Field Machinery and Equipment Manufacturing	6
3	AMEGY	Borrower 3	$125,417	$95,010	Crude Petroleum and Natural Gas Extraction	6
4	AMEGY	Borrower 4	$118,298	$108,573	Land Subdivision	8
5	ZFNB	Borrower 5	$100,185	$22,779	Oil refining, Wholesale/Retail	7
6	ZFNB	Borrower 6	$100,083	$71,340	Auto Dealer/Utah Jazz	6
7	AMEGY	Borrower 7	$98,400	$43,400	Pipeline Transportation of Crude Oil	4
8	ZFNB	Borrower 8	$95,949	$74,581	Com'l RE Development.	7
9	ZFNB	Borrower 9	$95,408	$83,422	High End Residential Development	9
10	CB&T	Borrower 10	$88,867	$88,867	Real Estate Developer/Investor	9
11	ZFNB	Borrower 11	$84,000	$0	Reinsurance Carriers	6
12	CB&T	Borrower 12	$83,450	$80,938	Real Estate Developer/Investor	8
13	ZFNB	Borrower 13	$82,953	$60,694	Multi Family Owner/Operator	5
14	ZFNB	Borrower 14	$72,235	$54,850	Operators of Non-residential Buildings	7
15	ZFNB	Borrower 15	$68,529	$67,000	Petroleum marketing company	7
16	ZFNB	Borrower 16	$68,500	$63,960	Com'l RE Development	6
17	AMEGY	Borrower 17	$67,823	$56,865	New Multifamily Housing Construction (except Operative Builders)	5
18	NSB	Borrower 18	$65,571	$65,571	Other RE Operators and Servicers, Nonclassifiable Establishments	8
19	CB&T	Borrower 19	$64,661	$21,774	Real Estate Developer/Investor	7
20	ZFNB	Borrower 20	$64,576	$39,576	Regional Airline	7
		Top 20 Relationships Total	$1,828,252	$1,261,691
		% of Commitment Outstanding		69.0%

223

20 Largest Nonperforming Borrowers

As of December 31, 2011

#	Bank	Borrower	Principal Balance	Commitment	Interest Rate	Collateral	Current (Y/N/P)
1	AMEGY	Borrower 1	$20,789	$22,351	4.00%	Regional Shopping Center	Y
2	ZFNB	Borrower 2	$13,772	$13,772	5.00%	Commercial Land Developed - Retail	Y
3	AMEGY	Borrower 3	$12,278	$13,484	5.00%	Stand-alone Retail Facility (spa, shops and stores, real estate sales)	Y
4	AMEGY	Borrower 4	$11,868	$11,868	6.00%	Commerical Land Held for Development - Retail	N
5	AMEGY	Borrower 5	$11,499	$11,769	4.25%	Residential Land in development - Single Family	N
6	AMEGY	Borrower 6	$8,000	$8,139	5.00%	Regional Shopping Center	N
7	AMEGY	Borrower 7	$7,892	$7,892	5.50%	Commercial Land Held for Development - Other	Y
8	VBC	Borrower 8	$7,357	$7,357	6.00%	Commercial Land in Development - Industrial	N
9	AMEGY	Borrower 9	$7,049	$7,049	6.00%	Residential Land in development - Single Family	N
10	VBC	Borrower 10	$6,773	$6,773	4.50%	Assignment of Note and Trust deed	Y
11	CB&T	Borrower 11	$6,645	$6,645	6.25%	Industrial - Warehouse/Manufacturing (storage and/or assembling of a product)	Y
12	AMEGY	Borrower 12	$6,404	$7,307	6.00%	Accounts Receivable Only - with borrowing base	Y
13	ZFNB	Borrower 13	$6,368	$6,368	5.41%	Commercial Land Developed - Other	N
14	AMEGY	Borrower 14	$6,351	$6,351	2.55%	Single family - Townhouse/Condominium	N
15	VBC	Borrower 15	$6,060	$6,060	7.00%	Stand-alone Retail Facility (spa, shops and stores, real estate sales)	Y
16	NSB	Borrower 16	$6,044	$6,044	4.00%	Industrial - R and D/Flex (majority office some warehouse)	Y
17	NSB	Borrower 17	$5,953	$5,953	3.25%	Commercial Land Held for Development - Industrial	Y
18	CB&T	Borrower 18	$5,880	$5,880	5.50%	Medical office building/Office Building(s)	Y
19	AMEGY	Borrower 19	$5,672	$5,672	6.00%	Residential Land Held for Development - Single Family	Y
20	NSB	Borrower 20	$5,655	$5,655	3.25%	Regional Shopping Center	Y
		Top 20 Total	$168,308	$172,389
		Amount That is Current	$109,817
		Current Percentage	65.2%

224

225

226

227

228

Capital Ratios as of 4Q11:

§Tier 1 Common: 9.6%

§Tier 1 Risk-Based: 16.1%

§Total Risk-Based: 18.0%

Tier 1 Common

Plus Reserves as a Percentage of Risk-Weighted Assets

• Peer group includes U.S. regional banks with assets greater than $20 billion and less than $200 billion plus

footprint competitors WFC and USB

• ZION as of 4Q11, peers as of 3Q11 (4Q11 data not yet available)

229

Fee Income is Comparatively Small and is a Focus of Growth

Net revenue defined as the sum of net interest income before provisions plus noninterest income

Fee income excludes gains on sale of OREO

230

• Adjusting for Lockhart
Funding (off balance sheet
assets), today’s total
liquidity position has
improved by 116%

	12/31/07	12/31/11
Money Market Investments & Cash	$ 2,582	$ 8,245
Fed Funds Sold	102	102
Fed Funds Purchased	(2,463)	(214)
Remaining Borrowing Capacity at FHLB & FRB	12,492	14,729
Lockhart Funding Liability	(2,124)	-
Total Liquidity (cash + borrowing capacity)	$ 10,588	$ 22,862

Liquidity Profile: Significantly Improved

(In millions)

231

On the surface, asset quality is in line with those that have repaid
TARP…not all NPLs are created equal.

232

Source: SNL . ZION as of 4Q11; peers as of 3Q11

1. Averaged quarterly NCO / NPL ratio weighted by NPLs for years 2009 & 2010

Banks with TARP outstanding

Expenses Are Low When Measured as a Percentage of
Loans and Core Deposits

233

Noninterest expense annualized

Source: SNL. Zions as of 4Q11; peers as of 3Q11

The Efficiency Ratio is Elevated in Part due to Zions’
Significant Cash Position, a Low Yielding Asset

234

Mortgage and non-mortgage intensive are weighted average efficiency ratios.

Median of residential loan and securities percentage used to determine intensive and non-intensive groups

Capital Actions - New Equity Issued

2008: $268 million common stock issued; $47 million 9.50% fixed-rate non-
cumulative perpetual preferred stock issued

2009: $487 million common stock issued; $101 million of Series A preferred stock
redemption (resulted in a gain, not counted in this analysis); $64 million of
sub debt converted into preferred stock; $72 million of Series A preferred
stock was exchanged for $38.5 million of common stock issued (resulted in
a gain, not counted in this analysis)

2010: $640 million common stock issued; $47 million of common stock issued in
exchange for $56 million in non-convertible sub debt; $343 million of sub
debt converted into preferred stock; $214 million common stock warrants;
$143 million Series E 11% non-cumulative perpetual preferred stock issued;
$9 million of Series A preferred stock exchanged for $5.5 million common
stock issued (resulted in a gain, not counted in this analysis)

2011: $38 million common stock issued; $241 million sub debt converted into
preferred stock

235

Core Pre-tax, Pre-Credit and Core ROAA Footnotes

1. Excludes income and expense related to subordinated debt modification and
discount amortization.

2. Excludes accretion of interest income on FDIC acquired loans and related
amortization of indemnification asset.

3. Excludes gains/losses on securities

4. Excludes fair value and non-hedge derivative income, including the cost
associated with the Total Rate of Return Swap

5. Excludes additional items considered by management to be
unusual/infrequent. Examples include fees to underwriters or specific
consulting project costs, legal settlements, gains/losses on the sale of
businesses or other asset sales not generally considered part of normal
operations.

236

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