People's United Financial (PBCT) 8-K People’s United Financial Reports Second Quarter Earnings of $43 Million or $0.13 Per Share

EXHIBIT 99.3

Presentation Materials dated July 18, 2008

Presentation by

Philip R. Sherringham

President & CEO

July 18, 2008

Second Quarter 2008

Earnings Review

2

Certain

comments

made

in

the

course

of

this

presentation

by

People's

United

Financial

are

forward-

looking

in

nature.

These

include

all

statements

about

People's

United

Financial's

operating

results

or

financial

position

for

periods

ending

or

on

dates

occurring

after

June

30,

2008

and

usually

use

words

such

as

"expect",

"anticipate",

"believe",

and

similar

expressions.

These

comments

represent

management's

current

beliefs,

based

upon

information

available

to

it

at

the

time

the

statements

are

made,

with

regard

to

the

matters

addressed.

All

forward-looking

statements

are

subject

to

risks

and

uncertainties

that

could

cause

People's

United

Financial's

actual

results

or

financial

condition

to

differ

materially

from

those

expressed

in

or

implied

by

such

statements.

Factors

of

particular

importance

to

People’s

United

Financial

include,

but

are

not

limited

to:

(1)

changes

in

general,

national

or

regional

economic

conditions;

(2)

changes

in

interest

rates;

(3)

changes

in

loan

default

and

charge-off

rates;

(4)

changes

in

deposit

levels;

(5)

changes

in

levels

of

income

and

expense

in

non-interest

income

and

expense

related

activities;

(6)

residential

mortgage

and

secondary

market

activity;

(7)

changes

in

accounting

and

regulatory

guidance

applicable

to

banks;

(8)

price

levels

and

conditions

in

the

public

securities

markets

generally;

(9)

competition

and

its

effect

on

pricing,

spending,

third-party

relationships

and

revenues;

and

(10)

the

successful

integration

of

Chittenden

Corporation.

People's

United

Financial

does

not

undertake

any

obligation

to

update

or

revise

any

forward-

looking

statements,

whether

as

a

result

of

new

information,

future

events

or

otherwise.

Forward-Looking Statement

3

Second Quarter Results

Net

income

of

$43.0

million

or

$0.13

per

share

ROTA

of

0.91%

Net

interest

margin

of

3.56%

Progress

toward

identified

expense

reductions

Net

loan

charge-offs

of

0.07%

of

average

loans

The

quarter

was

characterized

by

solid

asset

quality

and

a

strong

capital

position

4

Average Earning Assets

($'s in millions)

Q2 2008

Q1 2008

Q2 2007

Inc/(Dec)

%

Commercial banking

8,783

$      

8,635

$      

4,231

$      

4,552

$      

108

Residential mortgage

3,632

3,909

3,667

(35)

(1)

Home equity and other loans

2,010

1,993

1,271

739

58

     Total loans

14,425

14,537

9,169

5,256

57

Securities

907

1,020

70

837

NM

Short-term investments

2,433

2,666

3,236

(803)

(25)

     Total investments

3,340

3,686

3,306

34

1

     Total earning assets

17,765

$    

18,223

$    

12,475

$    

5,290

$      

42

vs. Q2 2007

5

Average Earning Asset Mix

2Q 07

2Q 08

10%

11%

Home Equity

Home Equity

Securities &

Investments

27%

Securities &

Investments

19%

Commercial

Banking

34%

Commercial

Banking

49%

Residential

Mortgage

29%

Residential

Mortgage

21%

We

continue

to

hone

our

focus

on

core

commercial

and

consumer

lending,

while

excess

capital

is

safely

held

in

liquid

investments

6

Well Balanced Commercial Portfolio

As of June 30, 2008

Total Portfolio $8.8 billion

General C&I

28%

SNC

9%

Commercial

Real Estate

51%

Retail

24%

Office

20%

Industrial

13%

Residential

18%

Hospitality

11%

Other

11%

Land

3%

PCLC

12%

$4.9 billion CRE¹

(1) Includes the Commercial Real Estate portion of the Shared National Credit portfolio of $378 million

7

Connecticut /

New York

37%

Other New

England

31%

Construction Lending Detail

Total Construction Portfolio $944 million

As of June 30, 2008

Our construction exposure is modest at less than 7% of the total

loan

portfolio, and is a diverse mix of geographies and sectors.

Residential

52%

Land

11%

Retail

14%

Office

13%

10%

Other

Total Loans

$14.4 billion

By Geography

By Sector

16%

Other

Geographies

FL -

5%

8

Commercial Asset Quality

Asset quality has remained stable, with the increase in NPAs

in 2008

fully attributed to the addition of the former Chittenden franchise

0.00%

1.00%

2.00%

Delinq.

NPAs

NCO

9

High Quality Consumer Portfolio

Total Portfolio $5.5 billion

(as of June 30, 2008)

Residential Mortgage Portfolio

Credit Statistics

Weighted Average:

Loan to value

51%

FICO scores

733

Net charge-offs:

0.00%

Non-accrual:

0.52%

Home Equity Portfolio

Credit Statistics

Weighted Average:

Combined LTV

55%

FICO scores

750

Net charge-offs:

0.05%

Non-accrual:

0.16%

(1) Excludes the impact of the former Chittenden Corp., which is

expected to be integrated in 2009.

1-4 Family

Residential

63%

Home Equity

Loans & Lines

32%

Indirect

Auto

4%

Other

1%

1

1

10

Consumer Asset Quality

The consumer portfolio continues to experience very low levels of NCO’s

Consumer, ex. residential

1-4 Family residential only

0.00%

1.00%

2.00%

Delinq.

NPAs

NCO

0.00%

1.00%

2.00%

Delinq.

NPAs

NCO

11

Average Funding Mix

2Q 07

2Q 08

Our assets are funded nearly entirely with deposits and equity, which

reinforces our fortress balance sheet.

Interest-bearing

Deposits

53%

Demand

Deposits

16%

Interest-bearing

Deposits

57%

Stockholders’

Equity

30%

Stockholders’

Equity

26%

Sub-debt /

Other

1%

Demand

Deposits

16%

Sub-debt /

Other

1%

12

Quarterly Income Statement

Q2 2008 vs. Q2 2007

($'s in millions, except EPS)

Q2 2008

Q1 2008

Q2 2007

Fav(Unf)

%

Inc/(Dec)

Net Interest Income

157.0

$    

166.3

$    

132.0

$    

25.0

$      

19

Provision for Loan Losses

2.4

8.3

1.8

(0.6)

33

Non-Interest Income

73.4

82.3

45.5

27.9

61

Non-Interest Expense

162.9

219.2

155.7

(7.2)

5

Income Before Taxes

65.1

21.1

20.0

45.1

226

Net Income

43.0

15.1

13.5

29.5

219

Earnings Per Share

0.13

0.05

0.05

0.08

160

13

Net Interest Margin

1Q08

2Q08

3.75%

3.80%

3.67%

3.56%

3.24%

2.08%

Excess capital has a

disproportionate impact on

the margin and results in an

overall greater asset 

sensitivity for the total

balance sheet

14

Non-Interest Income

($'s in millions)

Q2 2008

Q1 2008

Q2 2007

$ Inc/(Dec)

% Inc/(Dec)

Investment management fees

9.5

$          

8.8

$          

3.0

$          

6.5

$        

217

Insurance revenue

8.1

9.1

6.2

1.9

31

Brokerage commissions

4.2

4.5

3.6

0.6

17

     Total wealth management

21.8

22.4

12.8

9.0

70

Bank service charges

32.4

30.7

23.7

8.7

37

Merchant Interchange Fees

7.1

6.4

-

7.1

NM

Net security (losses) gains

(0.2)

8.5

-

(0.2)

NM

Gains on residential mortgages

2.2

2.0

0.9

1.3

144

Bank-owned life insurance

1.7

3.0

2.7

(1.0)

(37)

Other non-interest income

8.4

9.3

5.4

3.0

56

     Total non-interest income

73.4

82.3

45.5

27.9

61

Less: Visa IPO gain

-

6.9

-

-

NM

Adjusted non-interest income

73.4

$        

75.4

$        

45.5

$        

27.9

$      

61

vs. Q2 2007

15

Non-Interest Expense

* 1Q08 adjusted for $51.3 million of merger related and other one-time expenses; 2Q07

adjusted for the $60 million contribution to The People’s United Community Foundation

Adjusted

Adjusted

Q2 2008 vs. Q2 2007

($'s in millions)

Q2 2008

Q1 2008

Q2 2007

$ Inc

%

Compensation and benefits

86.7

$       

89.1

$       

54.9

$       

31.8

$       

58

Occupancy and equipment

26.1

28.3

16.2

9.9

61

Professional/outside service fees

11.8

11.5

6.7

5.1

76

Advertising and promotion

3.7

3.8

3.5

0.2

6

Other non-interest expense

34.6

35.2

14.4

20.2

140

Total non-interest expense

162.9

$    

167.9

$    

95.7

$       

67.2

$       

70

16

Progress Toward Expense Reductions

$’s in millions

The initial impact of the

expense reductions

announced in March began

to manifest itself in the

second quarter and will

continue as branches close

through the third and fourth

quarters.

Charter consolidation will

have a positive impact on

expenses in 2009

56.7

54.3

51.9

Apr 2008

May 2008

Jun 2008

-4.2%

-4.4%

17

Efficiency Ratio

Percent

While we remain committed

to achieving a lower

efficiency ratio, this will

take time given:

Lower interest income from

our excess capital in the

current rate environment

The long-term displacement

of investment securities

with loans, which has

eliminated any carry trade

53.3

52.8

57.4

65.0

66.3

Q2 2007

Q3 2007

Q4 2007

Q1 2008

Q2 2008

18

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