People's United Financial 8K Certain statements contained in this release are forward-looking in nature. These include all statements | PBCT 31 Jul 12

Investor Presentation

July/August 2012

Investor Contact:

Peter Goulding, CFA

203-338-6799

peter.goulding@peoples.com

Exhibit 99.1

Certain statements contained in this release are forward-looking in nature. These include all statements

about People's United Financial's plans, objectives, expectations and other statements that are not

historical facts, and usually use words such as "expect," "anticipate," "believe" and similar expressions.

Such statements represent management's current beliefs, based upon information available 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; (10) the successful integration of acquired companies; and (11) changes in regulation

resulting from or relating to financial reform legislation. 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

Corporate Overview

Snapshot, as of June 30, 2012

People’s United Financial, Inc.

NASDAQ (PBCT)

Headquarters:

Bridgeport, CT

Chief Executive Officer:

Jack Barnes

Chief Financial Officer:

Kirk Walters

Market Capitalization (7/26/12):

$4.0 billion

Assets:

$28.2 billion

Loans:

$20.6 billion

Deposits:

$21.5 billion

Branches:

416

ATMs:

634

Standalone ATMs:*

Founded:

1842

* Includes 25 ATMs in Stop & Shop locations where a branch is not present.

Compelling Investment Opportunity

High quality Northeast footprint characterized by wealth and population density

Leading

market

position

the

best

commercial

banking

market

the

Significant

growth

runway

within

existing

markets

–

expanding

two

the

largest MSAs in the US (New York City, #1, Boston, #10)

Initial presence established via de novo expansion and acquisitions

Dividend yield of 5+%

Ability

maintain

pristine

credit

quality

–

credit

“events”

Improving profitability

High levels of liquidity

Capital deployment (organic growth, dividends, share repurchases, M&A) –

TCE/TA 11.5% vs. ~8.0% for peers

Branch Map

Strong Deposit Market Positions

Connecticut

Massachusetts

Vermont

New York

New Hampshire

Maine

#1 in Fairfield County, CT, 65 branches, $5.7BN, 17.8% market share

#2 in Essex County, MA, 21 branches, $1.9BN, 11.2% market share

#5 deposit market share in New England

Leading

market

position

the

best

commercial

banking

market

the

Source: SNL Financial

Branches

$BN

B of A

158

24.1

24.3

Webster

124

11.4

11.5

People's United

166

10.1

10.2

Wells Fargo

8.0

8.1

TD Bank

5.5

First Niagara

4.9

5.0

JPM Chase

4.0

4.1

Citi

2.8

2.9

Liberty

2.7

RBS

2.4

2.5

Branches

$BN

B of A

269

52.5

22.8

RBS

254

28.4

12.3

Santander

228

15.4

6.7

TD Bank

158

9.7

4.2

Eastern Bank

6.2

2.7

Independent Bank

4.1

1.8

People's United

3.5

1.5

Middlesex

3.4

1.5

Boston Private

2.7

1.2

Salem Five

2.2

1.0

Branches

$BN

People's United

2.4

22.4

TD Bank

2.3

21.5

Merchants

1.1

10.1

RBS

0.7

6.9

KeyCorp

0.7

6.5

Northfield

0.5

4.7

Community

0.4

3.9

Union

0.4

3.4

Passumpsic

0.3

3.0

Berkshire Hills

0.3

3.0

Branches

$BN

JPM Chase

850

351.2

35.7

B of A

369

65.7

6.7

Citi

261

64.6

6.6

HSBC

174

53.0

5.4

Capital One

287

35.9

3.7

M&T

269

24.1

2.4

TD Bank

213

20.4

2.1

Wells Fargo

19.2

2.0

KeyCorp.

270

18.3

1.9

First Niagara

229

17.1

1.7

People's United

2.6

0.3

Branches

$BN

RBS

6.8

27.8

TD Bank

5.2

21.1

B of A

2.2

9.0

People's United

1.3

5.3

Merrimack

1.0

3.9

LSB Financial

0.9

3.6

Santander

0.8

3.4

NH Thrift

0.6

2.6

Northway

0.6

2.4

Centrix

0.6

2.4

Branches

$BN

TD Bank

12.5

40.6

KeyCorp

2.5

8.0

Camden National

1.9

6.2

Bangor Bancorp

1.8

6.0

B of A

1.3

4.2

First Bancorp

1.0

3.4

Machias

0.8

2.6

Bar Harbor

0.8

2.5

People's United

0.8

2.5

Norway

0.7

2.3

Large and Attractive Markets

NYC-Northern NJ-LI

Population: 19.0MM

Median HH Income: $60,595

Businesses: 749,000

Population Density (#/sq miles): 2,058

Unemployment Rate (%): 9.3

$100K+ Households (%): 30.2

Boston, MA

Population: 4.6MM

Median HH Income: $67,887

Businesses: 186,000

Population Density (#/sq miles): 1,013

Unemployment Rate (%): 6.6

$100K+ Households (%): 33.2

Hartford, CT

Population: 1.2MM

Median HH Income: $64,098

Businesses: 50,000

Population Density (#/sq miles): 755

Unemployment Rate (%): 8.1

$100K+ Households (%): 30.0

Bridgeport-Stamford, CT

Population: 919,000

Median HH Income: $80,531

Businesses: 45,000

Population Density (#/sq miles): 1,097

Unemployment Rate (%): 7.7

$100K+ Households (%): 41.5

New Haven, CT

Population: 862,000

Median HH Income: $58,775

Businesses: 34,000

Population Density (#/sq miles): 1,000

Unemployment Rate (%): 8.4

$100K+ Households (%): 27.0

Burlington, VT

Population: 212,000

Median HH Income: $56,090

Businesses: 10,000

Population Density (#/sq miles): 141

Unemployment Rate (%): 4.3

$100K+ Households (%): 21.3

Notes: The current national unemployment rate is 8.3%

The current national population density is 88 (#/sq miles)

The population densities of NYC, Boston, Bridgeport and New Haven MSAs

are over ten times the national average

Strong Market Demographic Profile

Source: SNL Financial

2011 Weighted Average Median Household Income

$60,603

$53,648

$50,227

$10,000

$20,000

$30,000

$40,000

$50,000

$60,000

$70,000

PBCT

Peer Median

Total Deposits ($MM)

5,652

3,233

2,500

1,881

1,750

1,102

Market Total Deposits ($MM)

31,462

111,867

540,666

24,700

16,841

3,934

Branch Count

18.0

2.9

7.6

10.4

28.0

0.5

0.0

5.0

10.0

15.0

20.0

25.0

30.0

Bridgeport-

Stamford, CT

Boston, MA

NYC-Northern

NJ-LI

Hartford, CT

New Haven, CT

Burlington, VT

Deposit Market Share by MSA (%) *

We hold significant market share in several key northeast MSAs and are

building our presence in areas with substantial growth potential, such as

the Boston and New York City MSAs

Source: SNL Financial

* Excludes deposits from trust institutions and branches with over $750MM deposits

** Excludes five of the acquired Citizens branches located outside the NYC MSA

Large New Markets

Unique opportunity based on People’s United’s excellent in-store branch banking track

record, longstanding relationship with Stop & Shop and strong traditional branch network in

the market

–

each

the

past

years,

People’s

United

has

ranked

the

in-store

branch

operator

the

–

Exclusive provider of banking services to Stop & Shop on Long Island, Southern New York and

Connecticut; 140 in-store branches

Strong traditional branch network is crucial for successful in-store branch banking

–

37 traditional branches on Long Island and Westchester County

–

Our traditional branches offer the full suite of services

–

Provides a lift to traffic in both in-store and traditional branches

–

Opportunity to bring average acquired in-store deposit balances up from $4MM to our average in-store

deposit balances of $29MM

Adds additional source of core deposit funding

–

Expected core deposit growth within acquired in-store branches and surrounding traditional branches

will help fund continued New York metro loan growth

Acquisition of Select Citizens Bank Branches

Transaction Rationale

* Source: SNL Financial. As measured by average deposits per in-store branch among active banks with at least $500MM of in-store deposits

Transaction deepens People’s United’s presence on Long Island and in Westchester County

People’s United Bank branches (includes 39 traditional branches in NY)

Recently acquired, in-store branches (53)

Source: SNL Financial

Suffolk

Putnam

Dutchess

Ulster

Orange

Rockland

Westchester

Kings

Queens

Richmond

Nassau

Bronx

New York

Recently acquired, traditional branches (4)

Expanding Long Island, NY and Hudson Valley Footprint

Branch Map

On average, in-store locations are open 37% more hours per week than traditional

branches (56 hours vs. 41 hours) but are 30% less expensive to operate

Employees at in-store locations are extensively trained and certified to sell and

support all the Bank’s products and services

Mortgages, Home Equity Loans, Business Loans and Investments

In 2011, CT in-store branches accounted for a significant portion of the new

branch business booked in the market

In-store Versus Traditional Branch Business

56%

52%

45%

31%

30%

28%

44%

48%

55%

69%

70%

72%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

Consumer

Checking Accounts

Opened

Savings Accounts

Opened

Business Checking

Accounts Opened

Home Equity

Loans

Mortgage Loans

Business Banking

Loans

Investment Sales

In-store Branches

Traditional Branches

In-store Versus Traditional Branches

Connecticut

Deposits Acquired

Source: Company financials; financial data as of 12/31/2011

Cost of Deposits: 0.59%

Total Deposits: $324MM

Acquisition of Select Citizens Bank Branches

Attractive Deposit Base

Demand

$52

16%

NOW

$71

22%

Savings

$78

25%

Money

Market

$70

21%

$53

16%

2Q12 Total Loan Portfolio

$20.6 BN

Loans by Business Line

CRE

$6.6

31%

C&I

$4.8

22%

Residential

Mortgage

$3.8

19%

Home Equity &

Other

$2.2

11%

PCLC

$1.4

PUEFC

$0.7

Business Banking

$1.1

Loans by Geography

Notes: Reporting is based on the collateral property address for the following: SNE Residential Mortgage,

Consumer

Home

equity,

Consumer

Other

and

CRE.

Reporting

based

borrower

address

for

the

following: C&I, Residential construction and NNE loans.

2Q12 Total Loan Portfolio

$20.6 BN

Excluding

equipment

finance loans,

~95% of our

2Q12 loan

portfolio is within

the Northeast

Connecticut

$6.5

32%

Massachusetts

$3.8

18%

New York

$2.6

12%

Vermont

$1.8

Maryland

$0.1

Maine

$0.9

Pennsylvania

$0.2

Other

$2.9

14%

New Jersey

$0.5

New Hampshire

$1.3

Continue to expand presence in the New York metro area

Completed the acquisition of 57 Citizens branches

Converted systems and rebranded all acquired Citizens branches over the

weekend

June

New York metro footprint now includes approximately 100 branches

Added seasoned in-market lending professionals over the last year and a half

•

Five C&I lenders and two ABL professionals

Hired

three

senior

lenders

lead

our

New

York

metro

commercial

real

estate

lending efforts

Increased fee income generation particularly in cash management and

brokerage services

Repurchased 4.5 million shares, or $53.7 million, at a weighted average

price of $11.93 per share

Recent Initiatives

Second Quarter 2012

Revenue Opportunities

Large new markets –

NYC and Boston MSAs

Under-represented asset classes ramping up

Asset-based lending: focused on in-footprint companies with sales of $15MM-$250MM; credit

needs range from $5MM-$25MM; $600BN market, 70% of which is located in the Northeast

Mortgage Warehouse lending: ~$700MM in commitments, and $447MM in outstandings

Multifamily: hiring talent in the New York metro area, which is a $30BN annual market with a

population of 18.9MM, 6.9MM housing units, and 3.4MM rental units

Private Banking: hired senior executive from mega-cap bank with ~20 years managing private

banking in the Northeast with initial focus on CT, metro New York and metro Boston

Enhancing wealth management offering

Proprietary asset allocation and risk management strategies are implemented with a suite of

external managers who represent our "best in class" recommendations

•

Proprietary asset allocation allows us to “rent”

intellectual capital –

no customer funds leave the bank

Hired executive from PNC as Senior Vice President and Chief Investment Officer

Increasing momentum in fee income penetration

Commercial

insurance:

revamped

systems

and

combined

all

agencies

into

single

entity; focused on our deep commercial customer base as well as the education sector

Hired executive from TD to lead cash management business unit

Growing merchant and payroll services

Expense Opportunities

Estimated Cost Savings Analysis

Our Q2 2012 operating expense base of $202mm reflects $32MM ($128MM

annualized) savings from successfully-executed expense initiatives

Source: SNL Financial

Note: “Pro Forma / Actual”

represents PBCT operating noninterest expense and the actual expenses at the acquired institutions.

Target acquisition costs fall away as the acquisitions are completed.

“Without Expense Initiatives”

represents PBCT operating noninterest expense and the actual expenses at the acquired

institutions in 4Q09, and then applies the peer median expense growth rate in each subsequent quarter.

200

210

220

230

240

4Q09

1Q10

2Q10

3Q10

4Q10

1Q11

2Q11

3Q11

4Q11

1Q12

2Q12

Pro Forma / Actual

Without Expense Initiatives

$32MM

Cost

Savings

Operating Noninterest Expense ($MM)

Expense Opportunities

Estimated Cost Savings Analysis

Source: SNL Financial

Note: “Pro Forma / Actual”

represents PBCT operating noninterest expense and the actual expenses at the acquired institutions.

Target acquisition costs fall away as the acquisitions are completed.

“Without Expense Initiatives”

represents PBCT operating noninterest expense and the actual expenses at the acquired

institutions in 4Q09, and then applies the peer median expense growth rate in each subsequent quarter.

The $32MM in quarterly cost reductions is attributable to efforts related to

acquisition

cost

savings

and

other

initiatives,

such

freezing

the

defined

benefit pension plan

Non-Operating

Operating

Total

208.6

205.7

0.6

205.6

0.7

1.5

(5.0)

(0.7)

202.1

3.0

3.6

1Q 2012

Non-Operating

Citizens

Operating

Professional &

Outside Svc

Comp &

Benefits

Other

2Q 2012

Non-Interest Expense

Linked Quarter Change

(in $ millions)

Efficiency Ratio

Last Five Quarters

64.9%

62.0%

61.8%

63.2%

61.5%

2Q 2011

3Q 2011

4Q 2011

1Q 2012

2Q 2012

EMOC has been fully operational since November 2011

Three person committee comprised of the CFO, Chief Administrative Officer and Chief HR Officer

EMOC oversees PBCT’s noninterest expense management, implements strategies to

ensure attainment of expense management targets and oversees revenue initiatives

that require expenditures

Provides a horizontal view of the organization

Expense Management Units (EMUs) established to facilitate EMOC functions

Defined EMUs include:

•

Technology

•

Operations

•

Real Estate Services

Spending requests above $25,000 are submitted by EMU owners for approval

Staffing models, staffing replacements and additions for mid-level positions and

above require approval by the Committee

Introduction to EMOC

Expense Management Oversight Committee (EMOC)

•

Employment/Benefits

•

Marketing

•

Regulatory/Institutional

•

Depreciation/Equipment

•

Decentralized

•

Intangible Amortization

Acquired Citizens branches will add approximately $7.8MM of non-interest expenses

on a quarterly basis

In addition to the initiatives below, we are taking a longer-term view of cost planning,

which will help us reduce the pro forma cost base

Recent Initiatives

Cost Reduction

Initiatives

Status

Benchmarking business unit performance

Benchmarking initiatives complete

Right-sized our employee base following acquisitions

FTE reduced by 276, even after staffing for revenue

initiatives

Consolidating 15 branches

Consolidated 14 branches, completed sale of 1 branch

Actively marketing unused facilities

20 properties identified (14 owned, 6 leased); 50% of cost

savings anticipated from 3 locations

Identify IT related savings

$2 million of annual

IT contractor and other consultant

savings will be realized in 2012

Lower than anticipated rent and depreciation expense

Estimated $900,000 positive impact in 2012

Savings in check processing charges and courier fees

Estimated $900,000 positive impact in 2012

Savings in core processing costs

Estimated $2.3 million positive impact in 2012

Purchasing initiatives and legal fee savings

Estimated $500,000 positive impact in 2012

Other initiatives

Identified approximately $9 million of other annual savings

throughout the franchise

Net Interest Margin -

Decrease from 1Q 2012

4.01%

3.95%

3.97%

(0.02%)

(0.04%)

(0.08%)

0.08%

(0.03%)

0.05%

1Q 2012

Margin

Lower Loan

Yields

Lower

Funding

Rates / Mix

Higher

Securities

Balances

2Q 2012

Margin Before

Transactional

Items

Cost Recovery

Income

FV Amort-

Acquired CDs

Securities

Purchases

(Citizens)

2Q 2012

Margin

Net Interest Margin

4.09

4.11

4.07

4.01

3.89

4.13

4.11

4.16

4.01

3.97

2Q 2011

3Q 2011

4Q 2011

1Q 2012

2Q 2012

Margin- Operating

Margin- Reported

Acquired Loan Portfolio

Actual Credit Experience vs. Expectations

Acquired loans initially recorded at fair value (inclusive of related credit mark) without carryover of historical ALLL

Accounting model is cash-flow based:

Contractual

cash

flows

(principal

interest)

less

Expected

cash

flows

(principal

interest)

non-accretable

difference (effectively utilized to absorb actual portfolio losses)

Expected cash flows (principal & interest) less fair value = accretable yield

Expected cash flows are regularly reassessed and compared to actual cash collections

The following reclassifications from non-accretable difference to accretable yield during the period reflect better

than anticipated credit performance: Butler: $6.5MM, Smithtown: $2.4MM

As of 6/30/2012

(in $ millions)

Carrying

Amount

a, b

Carrying Amount Component

NPLs

Non-Accretable

Difference/NPLs

Charge-offs

Incurred Since

Acquisition

Accretable

Yield

Non-Accretable

Difference

FinFed (2/18/10)

$210.2

$12.8

$7.9

$36.5

22%

$11.4

Butler (4/16/10)

68.2

27.1

16.4

11.4

144%

5.2

RiverBank (11/30/10)

319.7

105.9

11.1

25.3

44%

3.9

Smithtown (11/30/10)

954.2

461.5

127.6

111.5

114%

115.8

Danvers (7/1/11)

1, 464.3

542.4

28.0

51.9

54%

8.1

Total

$3,016.6

$1,149.7

$191.0

$236.6

(a)

Initial carrying amounts of acquired portfolios are as follows: FinFed, $1.2BN; Butler, $141MM; RiverBank, $518MM; Smithtown,

$1.6BN; and Danvers, $1.9BN.

(b)

Carrying amount and related components reflect loan sale, settlement and payoff activity which have occurred since acquisition.

(c)

Represent contractual amounts; loans meet People’s United Financial’s definition of a non-performing loan but are not subject to

classification as non-accrual in the same manner as originated loans. Rather, these loans are considered to be accruing loans

because their interest income relates to the accretable yield recognized at the pool level and not to contractual interest payments

at the loan level.

Acquired Loan Portfolio

Amortization of Original Discount on Acquired Loan Portfolio

Note:

$ in millions, except per share data

Impact on Net Interest Margin

Impact on Earnings Per Share

2Q12 Total Accretion (All interest income on acquired loans)

Interest Income from Amortization of Original Discount on Acq. Loan Portfolio

11.7

1Q12 Acquired Loan Portfolio Carrying Amount

3,377

2Q12 Effective Tax Rate

32%

2Q12 Acquired Loan Portfolio Carrying Amount

3,017

2Q12 Average Acquired Loan Portfolio

3,197

2Q12 Earnings from Amortiz. of Original Discount on Acq. Loan Portfolio

7.9

Effective Yield on Acquired Loan Portfolio

6.97%

2Q12 Weighted Average Shares Outstanding

340.7

Weighted Average Coupon on Acquired Loan Portfolio

5.51%

2Q12 EPS Impact from Amortiz. of Discount on Acq. Loan Portfolio

$0.02

Incremental Yield Attributable to Amortiz. of Discount on Acq. Loan Portfolio

1.46%

Incremental Interest Income from Amortiz. of Discount on Acq. Loan Portfolio

11.7

2Q12 Average Earning Assets

24,040

Add: Average unamortized loan discount

106

Adjusted 2Q12 Average Earning Assets

24,146

Impact on Overall Net Interest Margin (bps)

Operating Net Interest Margin

3.89%

Adjusted Net Interest Margin

3.70%

Amortization of Original Discount on Acquired Loan Portfolio

Excluding FinFed, the weighted average coupon on the acquired loan portfolio is 5.20%.

Represents the difference between the outstanding balance of the acquired loan portfolio and the carrying amount of the

acquired loan portfolio.

Loans

Linked Quarter Change

(in $ millions)

Annualized linked QTD change

12.7%

7.7%

-42.7%

Annualized linked QTD change- Originated

11.2%

Annualized Linked QTD change- Total

2.3%

20,606

20,489

103

(360)

374

Mar 31, 2012

Commercial

Banking

Retail

Acquired

Jun 30, 2012

Deposits by Business Line

Linked Quarter Change

(in $ millions)

Total

21,268

21,458

Retail *

Commercial

15,959

16,105

5,353

5,309

146

Mar 31, 2012

Retail

Commercial

Jun 30, 2012

Annualized linked QTD change

3.7%

3.3%

Annualized

Linked

QTD

change-

Total

3.6%

Retail includes Wealth Management deposits of $72MM at 3/2012 and $69MM at 6/2012

72.4

75.7

(0.2)

(1.2)

(0.8)

1.0

1.6

2.2

0.7

Non-Interest Income

Linked Quarter Change

(in $ millions)

1Q 2012

Insurance

Gain on

Loan Sales

Residential

Bank

Service

Charges

Loan

Prepayment

Fees

Operating

Lease

Income

Gain on

Loan Sales

Acquired

Other

2Q 2012

Asset Quality

NPAs / Loans & REO* (%)

Notes:

* Non-performing

assets

(excluding

acquired

non-performing

loans)

percentage

originated

loans

plus

all

REO

and

repossessed

assets;

acquired

non-performing

loans

excluded

risk

loss

has

been

considered

virtue

our

estimate of acquisition-date fair value and/or the existence of an FDIC loss sharing agreement.

2Q 2012 not displayed because only 10 of 20 peers reporting for this metric as of 7/27/12.

Source:

SNL Financial and Company filings

Non-performers remain below peers

1.67

2.09

0.00

0.50

1.00

1.50

2.00

2.50

3.00

3.50

2Q10

3Q10

4Q10

1Q11

2Q11

3Q11

4Q11

1Q12

2Q12

PBCT

Peers

Asset Quality

Net Charge-Offs / Avg. Loans (%)

Source: SNL Financial and Company filings

Charge-offs have been consistently low

0.26

0.44

0.00

0.25

0.50

0.75

1.00

1.25

1.50

2Q10

3Q10

4Q10

1Q11

2Q11

3Q11

4Q11

1Q12

2Q12

PBCT

Peers

0.10%

0.29%

0.40%

0.28%

0.24%

0.0%

0.5%

1.0%

1.5%

2.0%

2007

2008

2009

2010

2011

1H12

Historical Charge-off Experience

2007 –

2012

Return on Assets

Operating ROAA (%)

Return on assets has continued to improve relative to peers,

supported by organic loan and deposit growth and the integration

of recent acquisitions

0.97

0.88

0.00

0.20

0.40

0.60

0.80

1.00

1.20

2Q10

3Q10

4Q10

1Q11

2Q11

3Q11

4Q11

1Q12

2Q12

PBCT

Peers

8.9

12.3

12.4

2Q10

3Q10

4Q10

1Q11

2Q11

3Q11

4Q11

1Q12

2Q12

PBCT

Peers

PBCT - Normalized Equity

High levels of equity produce below industry ROATE. Normalizing

our

equity base shows that the core bank is performing in-line with peers. As

we continue to efficiently deploy capital actual ROATE will improve further

Return on Tangible Equity

Operating ROATE (%)

Notes:

PBCT –

Normalized Equity shows Operating ROATE pro forma for normalized Tangible

Common Equity of 8.0%, in line with peers (see Appendix) and excludes the income related

to cash & securities above the normalized 8.0% TCE/TA level

2Q 2012 peer median based on data from 15 of 20 peers

Operating Dividend Payout Ratio

Last Five Quarters

95%

85%

93%

91%

82%

2Q 2011

3Q 2011

4Q 2011

1Q 2012

2Q 2012

Substantial Progress in the Midst of a Financial Crisis

Total

Shareholder

Return

Past

Years

Source: SNL Financial

PBCT

SNL Mid Cap U.S. Bank & Thrift

S&P 500

Jul-07

Jul-08

Jul-09

Jul-10

Jul-11

Jul-12

April 2007 we raised $3.4BN in our second step conversion

Our conservative credit culture and funding structure coupled with industry

leading capital levels provided significant strength throughout the crisis

(21.3)

(58.4)

(0.9)

(80.0)

(60.0)

(40.0)

(20.0)

0.0

20.0

40.0

Substantial Progress in the Midst of a Financial Crisis

Key

Operating

Performance

Metrics

Past

Years

We maintained a conservative stance throughout the financial crisis as we focused

on protecting our capital while building long-term franchise value

More recently, our margin remains well above peers as we thoughtfully deployed

capital in acquisitions and deepened our presence in the Boston and New York

metro areas

Under new management we have made considerable progress on our efficiency ratio

Our exceptional credit quality throughout the financial crisis has allowed us to

manage our business with a long-term view

Efficiency Ratio (%)

NIM (%)

Net Charge-offs/Avg. Loans (%)

0.26

0.44

0.0

0.5

1.0

1.5

2.0

2Q07

2Q08

2Q09

2Q10

2Q11

2Q12

PBCT

Peers

61.5

61.6

2Q07

2Q08

2Q09

2Q10

2Q11

2Q12

PBCT

Peers

3.97

3.52

2.50

3.00

3.50

4.00

4.50

2Q07

2Q08

2Q09

2Q10

2Q11

2Q12

PBCT

Peers

Substantial Progress in the Midst of a Financial Crisis

Growing Loans, Deposits and Returning Capital to Shareholders

Growth has far outstripped peers on the key metrics of loans per

and deposits per share

This has occurred while we have returned $2.0BN to shareholders

during this period. Returns of capital were in the form of both

dividends ($1.1BN) and share repurchases ($0.9BN) which represents

nearly 50% of our current market capitalization

Line Item

PBCT

Peer

Median

PBCT Vs.

Peers

5-Year Loans Per Share CAGR

14.6%

-1.0%

+15.6%

5-Year Deposits Per Share CAGR

15.9%

0.6%

+15.3%

Notes: 5-Year CAGR figures based on 2Q 2007 and 2Q 2012 data

Loans

Deposits

Growing Future Earnings Per Share

Loans and Deposits per Share

$60.49

$14

$15

$16

$17

$18

$19

$20

$21

$22

2010Q2

2010Q4

2011Q2

2011 Q4

2012 Q2

$40

$45

$50

$55

$60

$65

Gross Loans ($BN)

Loans per Share

$62.99

$14

$15

$16

$17

$18

$19

$20

$21

$22

2010Q2

2010Q4

2011Q2

2011Q4

2012 Q2

$40

$45

$50

$55

$60

$65

Deposits ($BN)

Deposits per share

Strong Sources of Liquidity

PBCT maintains high levels of liquidity and is 96% funded by deposits,

retail repurchase agreements and common equity

Strong

branch

franchise

and

commercial

customer

base

fully

funds

loan

base

without use of wholesale or brokered borrowings

Citizens transaction adds $324MM in deposits and provides a significant

long-term opportunity to grow customer relationships in southern New

York, specifically on Long Island and in Westchester County

Additional liquidity of $2.2BN exists in the form of unpledged securities

Federal Home Loan Bank (FHLB) relationship enables up to $3.3BN of

additional borrowings

Because of strong capital and funding base we have not accessed debt

markets –

strong credit ratings imply we have ready access to funding at

the holding company and the bank if desired

2Q 2011

3Q 2011

4Q 2011

1Q 2012

2Q 2012

People’s United Financial

Tang. Com. Equity/Tang. Assets

13.9%

12.5%

12.0%

11.7%

11.5%

Leverage Ratio

1, 5

14.3%

12.7%

12.5%

12.2%

11.9%

Tier 1 Common

17.0%

15.0%

14.3%

13.9%

13.6%

Tier 1 Risk-Based Capital

3, 5

17.6%

15.2%

14.8%

14.5%

14.1%

Total Risk-Based Capital

4, 5

19.1%

16.7%

16.2%

16.0%

15.6%

People’s United Bank

Leverage Ratio

1, 5

11.6%

11.8%

11.1%

11.0%

Tier 1 Risk-Based Capital

3, 5

14.2%

14.1%

13.1%

Total Risk-Based Capital

4,5

15.0%

14.9%

14.0%

14.1%

14.0%

Capital Ratios

Notes:

Leverage (core) Capital represents Tier 1 Capital (total stockholder’s equity, excluding: (i) after-tax net unrealized gains (losses) on certain securities classified as available

for sale; (ii) goodwill and other acquisition-related intangibles; and (iii) the amount recorded in accumulated other comprehensive income (loss) relating to pension and other

postretirement benefits), divided by Adjusted Total Assets (period end total assets less goodwill and other acquisition-related intangibles)

Tier 1 Common represents total stockholder’s equity, excluding goodwill and other acquisition-related intangibles, divided by Total Risk-Weighted Assets

Tier 1 Risk-Based Capital represents Tier 1 Capital divided by Total Risk-Weighted Assets

Total Risk-Based Capital represents Tier 1 Capital plus subordinated notes and debentures, up to certain limits, and the allowance for loan losses, up to 1.25% of total risk

weighted assets, divided by Total Risk-Weighted Assets

Well capitalized limits for the Bank are: Leverage Ratio, 5%; Tier 1 Risk-Based Capital, 6%; and Total Risk-Based Capital, 10%

Summary

Premium brand built over 170 years

High quality Northeast footprint characterized by wealth, density and

commercial activity

Strong leadership team

Solid net interest margin

Superior asset quality

Focus on relationship-based banking

Improving profitability

Returning capital to shareholders

Strong capital base as evidenced by robust Tangible Common Equity and

Tier 1 Common ratios

Sustainable Competitive Advantage

Growing loans and deposits within footprint - in two of the largest MSAs in

the country (New York City, #1 and Boston, #10)

Appendix

Allowance for Loan Losses

Originated Portfolio Coverage Detail

(in $ millions)

1.57%

1.28%

0.00%

0.50%

1.00%

1.50%

2.00%

NPLs:Loans

ALLL:Loans

Commercial

Banking

1.42%

0.37%

0.00%

0.50%

1.00%

1.50%

2.00%

NPLs:Loans

ALLL:Loans

Retail Banking

Commercial ALLL -

$155.5 million

82% of Commercial NPLs

Retail ALLL -

$20.0 million

26% of Retail NPLs

Total ALLL -

$175.5 million

66% of Total NPLs

1.52%

1.00%

0.00%

0.50%

1.00%

1.50%

2.00%

NPLs:Loans

ALLL:Loans

Total

We do not expect short-term interest rates to rise any time soon

Given short-term interest rates are very low and are expected to remain low for the near term,

we have added additional securities

For 1Q 2012 we were more than twice as asset sensitive as the estimated median of our peer

group, depending on the scenario

For an immediate parallel increase of 100bps, our net interest income is projected to increase

by ~$59MM on an annualized basis

Yield curve twist scenarios confirm that we are reasonably well protected from bull flattener

(short rates are unchanged, long rates fall) and benefit considerably from bear flattener

environments (short rates rise, long rates are unchanged)

Notes:

Analysis is as of 3/31/12 filings

Data as of 3/31/12 SEC filings, where exact +100bps shock up scenario data was not provided PBCT interpolated based on data disclosed

Data as of 3/31/12 filings, where exact +200bps shock up scenario data was not provided PBCT interpolated based on data disclosed

Current Asset Sensitivity

Net Interest Income at Risk

Analysis involves PBCT estimates, see notes below

Change in Net Interest Income

Scenario

Lowest

Amongst Peers

Highest

Amongst Peers

Peer Median

PBCT Multiple to

Peer Median

Shock Up

100bps ²

-4.3%

5.8%

2.4%

2.6x

Shock Up

200bps ³

-7.4%

11.7%

4.2%

3.3x

Name

Position

Years in

Banking

Professional

Experience

Jack Barnes

President & CEO, Director

30+

People’s United Bank (SEVP, CAO),

Chittenden, FDIC

Kirk Walters

SEVP & CFO, Director

25+

People’s United Bank, Santander, Sovereign,

Chittenden, Northeast Financial

Jeff Tengel

SEVP Commercial Banking

30+

People’s United Bank, PNC, National City

Bob D’Amore

SEVP Retail & Business Banking

30+

People’s United Bank

Louise Sandberg

SEVP Wealth Management

30+

People’s United Bank, Chittenden

Lee Powlus

SEVP & Chief Administrative Officer

25+

People’s United Bank, Chittenden, Alltel

Chantal Simon

SEVP & Chief Risk Officer

20+

People’s United Bank, Merrill Lynch US Bank,

Lazard Freres & Co.

Dave Norton

SEVP & Chief HR Officer

People’s United Bank, New York Times,

Starwood, PepsiCo

Bob Trautmann

SEVP & General Counsel

20+

People’s United Bank, Tyler Cooper & Alcorn

Management Committee

Peer Group

Firm

Ticker

City

State

Associated

ASBC

Green Bay

BancorpSouth

BXS

Tupelo

City National

CYN

Los Angeles

Comerica

CMA

Dallas

Commerce

CBSH

Kansas City

Cullen/Frost

CFR

San Antonio

East West

EWBC

Pasadena

First Niagara

FNFG

Buffalo

FirstMerit

FMER

Akron

Fulton

FULT

Lancaster

Huntington

HBAN

Columbus

M&T

MTB

Buffalo

New York Community

NYB

Westbury

Signature

SBNY

New York

Susquehanna

SUSQ

Lititz

Synovus

SNV

Columbus

Valley National

VLY

Wayne

Webster

WBS

Waterbury

Wintrust

WTFC

Lake Forest

Zions

ZION

Salt Lake City

In addition to evaluating People’s United Financial’s results of operations in accordance with U.S. generally

accepted accounting principles (“GAAP”), management routinely supplements this evaluation with an analysis

of certain non-GAAP financial measures, such as the efficiency and tangible equity ratios, tangible book value

per share and operating earnings metrics. Management believes these non-GAAP financial measures provide

information useful to investors in understanding People’s United Financial’s underlying operating performance

and trends, and facilitates comparisons with the performance of other banks and thrifts. Further, the efficiency

ratio and operating earnings metrics are used by management in its assessment of financial performance,

including non-interest expense control, while the tangible equity ratio and tangible book value per share are

used to analyze the relative strength of People’s United Financial’s capital position.

The

efficiency

ratio,

which

represents

approximate

measure

the

cost

required

People’s

United

Financial

generate

dollar

revenue,

the

ratio

(i)

total

non-interest

expense

(excluding

goodwill

impairment charges, amortization of other acquisition-related intangibles, losses on real estate assets and

non-recurring

expenses)

(the

numerator)

(ii)

net

interest

income

fully

taxable

equivalent

("FTE")

basis

plus total non-interest income (including the FTE adjustment on bank-owned life insurance ("BOLI") income,

and excluding gains and losses on sales of assets other than residential mortgage loans, and non-recurring

income) (the denominator). People’s United Financial generally considers an item of income or expense to be

non-recurring if it is not similar to an item of income or expense of a type incurred within the last two years and

is not similar to an item of income or expense of a type reasonably expected to be incurred within the following

two years.

Non-GAAP Financial Measures and Reconciliation to GAAP

Operating earnings exclude from net income those items that management considers to be of such a non-

recurring or infrequent nature that, by excluding such items (net of income taxes), People’s United Financial’s

results can be measured and assessed on a more consistent basis from period to period. Items excluded from

operating earnings, which include, but are not limited to, merger-related expenses, charges related to

executive-level management separation costs, severance-related costs and writedowns of banking house

assets, are generally also excluded when calculating the efficiency ratio. Operating earnings per share is

calculated by dividing operating earnings by the weighted average number of dilutive common shares

outstanding for the respective period. Operating return on average assets is calculated by dividing operating

earnings (annualized) by average assets. Operating return on average tangible stockholders' equity is

calculated by dividing operating earnings (annualized) by average tangible stockholders' equity. The operating

dividend payout ratio is calculated by dividing dividends paid by operating earnings for the respective period.

Operating net interest margin excludes from the net interest margin those items that management considers to

be of such a discrete nature that, by excluding such items, People’s United Financial’s net interest margin can

be measured and assessed on a more consistent basis from period to period. Items excluded from operating

net interest margin include cost recovery income on acquired loans and changes in the accretable yield on

acquired loans stemming from periodic cash flow reassessments. Operating net interest margin is calculated

by dividing operating net interest income (annualized) by average earning assets.

Non-GAAP Financial Measures and Reconciliation to GAAP

The

tangible

equity

ratio

the

ratio

(i)

tangible

stockholders’

equity

(total

stockholders’

equity

less

goodwill

and

other

acquisition-related

intangibles)

(the

numerator)

(ii)

tangible

assets

(total

assets

less

goodwill

and

other acquisition-related intangibles) (the denominator). Tangible book value per share is calculated by

dividing tangible stockholders’

equity by common shares (total common shares issued, less common shares

classified as treasury shares and unallocated Employee Stock Ownership Plan ("ESOP") common shares).

In light of diversity in presentation among financial institutions, the methodologies used by People’s United

Financial for determining the non-GAAP financial measures discussed above may differ from those used by

other financial institutions.

For more information, investors may contact:

Peter Goulding, CFA

203-338-6799

peter.goulding@peoples.com

People's United Financial (PBCT) 8-KCertain statements contained in this release are forward-looking in nature. These include all statements