If you held shares of People’s United Financial, Inc. common stock, par value $0.01 per share, as of immediately prior to the effective time of the merger, each such share will be converted into the right to receive 0.118 of a share of M&T common stock, par value $0.50 per share. No fractional part of a share will be issued, and you will receive a check from Computershare for any cash in lieu of fractional shares of M&T common stock.

If you held shares of People’s United Financial, Inc. Fixed-to-Floating Rate Non-Cumulative Perpetual Preferred Stock, Series A, par value $0.01 per share, as of immediately prior to the effective time of the merger, each such share will be converted into the right to receive a share of M&T Perpetual Fixed-to-Floating Rate Non-Cumulative Preferred Stock, Series H, par value $1.00 per share.

You will also receive a check from Computershare for any dividends or other distributions payable with respect to the M&T stock that your People’s United Financial, Inc. shares have been converted into the right to receive.