Esg-Report-Mt-Bank 2021

Together we can
M&T Bank | Wilmington Trust | 2021 Environmental, Social and Governance Report
Principles
Introduction of Governance Planet People Prosperity Metrics, TCFD & SASB 02
Contents
Introduction
Welcome from our Chairman and CEO...................04
Our purpose...................................................................05
Embracing employees’ interests and
passions��46
Awards and recognition�� 47
2021 highlights
Our approach to ESG.................................................. 07 Taking time to learn and connect��48
42% 21% $173.8m

Principles of Governance Prosperity
Ensuring the integrity of our Board........................... 11 Improving access to housing......................................51
Compensating executive management�� 12 Keeping people in their homes��52
Ensuring ethical behavior�� 13 Bolstering business and income............................... 53
Raising concerns without fear�� 13 Supporting our community....................................... 55
Managing risk..................................................................14 Creating value through innovation, customer of our directors reduction of Scope 1 and 2 invested in the renewable
Dedicated to a fair and responsible service and community.............................................. 58 are diverse GHG emissions since 2019 energy sector
banking program............................................................15 Strengthening communities through
Ensuring compliance with the law............................15 philanthropy................................................................... 59
Defining our political activities...................................16 Investing in sustainability.............................................61
Data privacy and security............................................ 17 Appendices
9.9 665,084 $1.73b

Keeping vigilant against fraud�� 19 ESG metrics Index
Being transparent on tax�� 19 Planet.............................................................................. 64
Planet People............................................................................. 68
Creating climate opportunities..................................22 Prosperity .......................................................................75
Building climate-resilient communities...................23 Task Force on Climate-related
Reducing our carbon footprint��24 Financial Disclosures (TCFD) Index years average hours of training for colleagues in financing to projects which
Task Force on Climate-related Financial
Integrating climate risk into the
Disclosures (TCFD) index............................................81
employee tenure contain affordable housing
risk framework..............................................................30
Sustainability Accounting Standards
People Board (SASB) Index
Committing to a shared future��36
1,115 3,255 $33.9m

SASB index..................................................................... 84
Listening and learning�� 37 Disclosures
Attracting and recruiting diverse talent�� 37 Disclosures�� 90
Supporting veterans��39
Developing remote recruitment practices�� 40
Developing our people�� 40
Supporting our talent��43
Defining leadership competencies��44
SBA loans home purchase loans contributed to nonprofit
Promoting Diversity, Equity and Inclusion��45 originated to Low-and-Moderate organizations by M&T and
Income residents the M&T Charitable Foundation
Equal Housing Lender.

©2022 M&T Bank.
Member FDIC. NMLS# 381076
The report covers the period of January 1 – December 31, 2021 and is as of December 31, 2021 unless otherwise noted.
Principles
Welc me
Principles
Welcome from our As a bank for communities, we pride This year’s ESG Report highlights the • measuring our impact and setting And as we look to safeguard our
ourselves on our deep local risks and opportunities ahead. It goals and targets to reduce our future, we also reflect on the past.
Chairman and CEO knowledge. Through our work, we discusses our long-term success and carbon footprint We are a historic firm that, for 165
understand the unique needs of our ability to add value. And it showcases • deepening our work in the years, has adapted and thrived even
customers and communities, and the incredible work our teams and communities we serve by as our cities and regions have
provide significant support to our communities are doing, and all engaging with small businesses, changed. We have been able to look
improve the quality of their lives. And we have learned along the way. The entrepreneurs, consumers and around corners, even as the pace of
now, as the world finds its footing benefits of our ongoing investment nonprofits change has accelerated, to be there
after a period of much uncertainty, are there to see: better features, for our customers, our people and
we have a tremendous opportunity services and convenience for We partnered with coalitions our communities when they need us
to be a force for good and help solve customers, and a more capable and and organizations including: the most.
problems that have plagued our engaged team of professionals. • The Council for Inclusive
customers and neighborhoods for We are proud of the progress that we
Capitalism – joining business
decades. We continue to learn how deeply have made, but mindful that we have
and public sector leaders in a
interconnected ESG issues are. How much more to do. We are building a
René F. Jones mission to build a more inclusive,
In People’s United, we have found an ensuring that M&T has great tech sustainable infrastructure that
Chairman and CEO sustainable, transparent and
incredible like-minded partner. To talent can provide access to high- supports our ESG initiatives, while
trusted economic system
increase our joint impact, M&T has paying jobs for underserved partnering with like-minded
committed to substantial ongoing communities. How recruiting and • Risk Management Association’s organizations to form coalitions that
I am excited to share our second investment. Our five-year, $43 billion developing diverse talent leads to (RMA) Climate Risk Consortium are equal parts inclusive, diverse and
annual Environmental, Social and Community Growth Plan was better products and identifying new – cofounding as one of the transparent. It is through partnership
Governance (ESG) Report with you. developed in partnership with the customers to serve. How member banks, to collaborate on and collaboration that we will make
Although we are living in a time where National Community Reinvestment understanding climate risks allows us governance, disclosure and risk the greatest impact.
the unprecedented has been made Corporation, and is the result of to help our customers and management
to feel normal, I am more encouraged many months of community communities become more resilient. • The Taskforce on Climate-related And as we continue to contend with
than ever by the work we do. conversations, meetings and, most Financial Disclosures (TCFD) – worldwide crises, I remain confident
importantly, listening sessions. The Since last year, we strengthened signing on as a supporter and that we are on the right path.
Our purpose is a simple one: make a plan will nurture greater economic our ESG foundation by: aligning this year’s report to its Together, we will make great strides
difference in people’s lives and uplift opportunities for Low-to-Moderate- • building a centralized ESG framework (see our TCFD index on toward solving the pressing issues
the communities we serve. I’m proud Income households and team and defining Board and page 81) affecting our communities and our
of the work we’ve done and communities of color across our management ESG governance country. Together, we can make a
• Partnership for Carbon Accounting
optimistic about the work we are footprint. difference.
• engaging with stakeholders to Financials (PCAF) – joining to
going to do.
conduct our first materiality assess and disclose greenhouse
assessment and prioritize gas emissions of loans and René F. Jones
our work investments Chairman and CEO
Principles
Our purpose
Our enduring purpose is to make a difference

Our values and how we work together
in people’s lives. We’re driven to help, encourage,
and enable our customers and communities to
thrive. From our founding in 1856, we have cared Integrity Candor Ownership
deeply about, served and helped to develop • We treat others with respect • We are open and honest • We understand what’s
our communities. • We do the right thing, even • We seek and share feedback important to our customers
when nobody is watching and communities
• We question behavior that doesn’t
• We trust each other to do align with our values • We follow through
We are a top 20 full-service, U.S.- We succeed when our employees, on commitments
what’s best
based, commercial bank1. As we customers, communities and
• We execute with urgency
grow, we treat each new community shareholders succeed. We deliver
as unique: focusing on its needs, industry-leading capabilities with • We act responsibly
hiring local talent and helping it the care and empathy of a local bank. to preserve our future
overcome challenges.
We offer advice, guidance, expertise
Our mission
We live and work alongside our
customers: developing deep, lasting
and solutions across the financial
spectrum, combining M&T’s
traditional banking services with the
Curiosity Collaboration
relationships; supporting local wealth management and institutional • We never stop learning • We work together as one team
businesses, schools, universities, expertise of Wilmington Trust.
• We encourage creativity • We are transparent and share
sports, arts and social organizations
Our values • We embrace and adapt what we know
and government institutions; and
participating in projects that drive Our values guide our colleagues to change • We are inclusive and value
economic growth and champion to create and reinforce a culture • We are empathetic diverse perspectives
causes that make our communities of which we are proud and that and listen actively • We celebrate our successes
better places to live. will sustain us for the long term.
1
By asset size
Principles
Our employees Our performance

Deeply embedded in our communities, The communities we serve (United States) We have been profitable for 182
our 17,000+ employees strive to make
a difference every day for our
customers. They are concentrated
consecutive quarters: more than 45
straight years. We were one of two
commercial banks in the S&P 500
Setting
across the Northeast and Mid-Atlantic,
as well as the nation and
at the start of the 2008 financial crisis
to maintain a dividend throughout.
goals and
internationally.
Our footprint
These accomplishments are driven
in part by our strong credit culture.
measuring
We have more than 700 offices, This is characterized by fewer than
spanning nine states and Washington, 50 percent of the industry average
We strive to set goals and
DC. By tailoring our services to the net charge-offs2 over the past 20
targets across the different
needs of our communities – and years, and strong returns (with 20
ESG pillars, to inspire action
regarding each region as unique – percent return on tangible common
and to better communicate
we operate as a hometown institution M&T Bank & Wilmington Trust offices Wilmington Trust offices equity – ROTCE – compared to the
performance over time on
in every market we serve. median 15 percent of our peers
a frequent and regular basis.
over the past 20 years).
Wilmington Trust expands our reach, The communities we serve (EU & U.K.) Our goals outline the broad,
with offices across the U.S. and long term and overall state
Europe. we’d like to achieve.
NCOs ROTCE
700+
Our targets specify what
20% exact results and outcomes
0.67% we’d like to achieve, including
15% a key performance indicator
(KPI) and the time horizon.
offices worldwide
0.33%
We are working to include
KPIs for all leadership and
foundational priorities, even
when a target has not been
MTB Peer MTB Peer
Median Median set, to create transparency
and accountability.
Wilmington Trust offices 2
et charge-offs (NCOs) are debts owed to a
N
company that are unlikely to be recovered
Principles
Our approach to ESG is rooted in the Engaging stakeholders

• Transparent and • Integrating climate • Data privacy and security
and assessing ESG
long-standing guiding principles that priorities
consistent reporting risk considerations
into the risk framework
• Customer financial
protection
have made M&T successful: In 2021, we engaged our • Financing an equitable
stakeholders, internal and economy
external, to gauge which ESG • Ethical behavior,
Serving the whole Recognizing the interconnected topics were most important to business conduct
of our communities nature of ESG issues them and to M&T’s success. and culture
Our approach is not exclusionary: We look at ESG issues holistically • Employee incentives
when we identify ESG risks, we and view the intersections We conducted in-depth and risk culture
partner with our customers and as points of leverage. interviews and listening
sessions, and used surveys
Importance to stakeholders
vendors to manage them.
to collect feedback from • Reducing our • Financing the transition • Talent attraction,
our colleagues and other environmental impact to a low-carbon economy development and
Focusing where we can Realizing business stakeholders. • Social justice issues • Helping customers retention
have the greatest impact value through ESG transition to a low- • Employee and
We find unique niches to add While identifying and managing carbon economy leadership diversity
value to our stakeholders, and ESG risks, we seize opportunities This engagement was
• Equal pay and wage gap • Board diversity
collaborate with and support to create value. conducted across regions,
and independence
others in areas where we do tenure, function and title, from
not have expertise. directors to customers, and
from community partners to
investors.
Integrating ESG into Creating transparency
everything we do and accountability With the results collated, we
Understanding and serving the We focus on continuous identified multiple topics of • Advocacy and public • Strategic philanthropy
needs of all our stakeholders improvement in how we measure importance. All of these topics
policy and volunteerism
is how we’ve built M&T and how our impact (positive and negative, • Community climate
are important to M&T and our
we continue to operate. across each ESG pillar) and how
resilience
stakeholders, but the following
we share the lessons we learn were prioritized based on the
from our risks and opportunities. impact we can have. We will
advance our work in each area
and report our progress.
Importance to business success

Principles
Taking a leadership stance Issue Goals How we measure our progress

To put our work in a global context,
we mapped our leadership Financing an equitable economy For the communities we serve to have thriving, inclusive, • Number and value of Small Business/Small Business
opportunities and foundational Our products, services, capital and purchasing power sustainable economies, including: Administration loans
challenges to the United Nations’ give us a unique opportunity to help build equitable • safe, high-quality affordable housing • Total new, affordable housing created
Sustainable Development Goals communities. Growing our communities also increases
• a growing small business and entrepreneur community, • Consumer access to finance
(SDGs). We have set a goal to map our shareholder value and ensures sustainability for our
inclusive and accessible to all • Community development loans
value chain to potential positive and community-centric business model. That model spans
the spectrum of communities from fast-growing to • easy-to-use, low-cost financial services for all people and investment
negative impacts on the SDGs by the
end of 2022. This will be important to shrinking, and from high-density urban to rural. • a social safety net of great community organizations • Supplier diversity
identify risks and opportunities for
our business.
We will endeavor to address all issues
identified as important to the
business and its stakeholders, and to Attracting, developing and retaining talent To attract, retain and grow world-class talent that • Training hours
continue to engage stakeholders and Exceptional, passionate talent is how we differentiate delivers M&T’s distinctive experience and results. • Internal promotion and transfers
assess risks, opportunities and and excel in an increasingly competitive marketplace.
• Recruitment rates
impact yearly or bi-annually. Our 2021 Our people are our greatest strength – and excellent
assessment identified six priority human capital management is how we create value for • Employee turnover
issues where we could make the most our colleagues, customers, communities and
significant positive impact or needed shareholders.
to build foundational capabilities.
Thus, we have outlined our current Ensuring employee and leadership diversity • To be a workplace where our colleagues feel they • Annual demographic workforce data (EEO-1) that
priorities and metrics for each of Creating exceptional experiences requires us to reflect truly belong and can be their authentic selves includes race/ethnicity, gender identity and job
our customers and communities. Ensuring diversity • To have diverse leadership at all levels, reflecting our categories
these areas.
across every horizontal and vertical component of the employee base and the communities we serve • New hire diversity
The table to the right shows our three organization is how we will best create value for all
• Turnover diversity data
leadership issues. stakeholders.
• Employment Engagement Survey data
SDGs
Principles
Foundational priorities Issue Goals How we measure our progress

Our stakeholder engagement
identified three areas in which Integrating climate risks into the risk framework Enhance our risk framework by building the • Formalization of framework components
we will be accelerating our work to Understanding the impacts of climate change on our competencies and tools needed to identify, measure, • Execution of heatmapping activities
meet stakeholder expectations customers, operations and communities is essential to monitor and mitigate climate risk.
• Enhancing employee training
and prepare for the future. ensuring the safety and soundness of M&T.
• Exploration of scenario analysis
The table to the right shows our
three foundational issues.
Reducing our environmental impact Decrease our direct and indirect emissions • Greenhouse gas emissions
Aligning our operational impact to a 1.5 degrees Celsius and conserve natural resources. • Water use
(2.7 degrees Fahrenheit) future while benefiting from
• Waste to landfill
reduced costs.
Financing the transition to a low-carbon economy Enable and accelerate the transition • Renewable power investments, both for
Leveraging capital to improve the lives of our customers to a low-carbon economy. our own operations and by supporting renewable
and the economies of our communities has been, and energy projects through tax-equity-based
continues to be, our purpose. investments
• Charitable activities and contributions
SDGs
Principles
Principles
Introduction
Introduction of Governance
of Governance Planet
Planet People
People Prosperity
Prosperity Appendix
Metrics, TCFD & SASB 10
Together we can...
Govern
Principles
Principles of governance As of December 31, 2021, 84 percent

of our directors met the criteria for Board of Directors overview, as of December 31, 2021
independence required by the New
Employees are expected to act in the best York Stock Exchange as well as our
interests of all of our stakeholders. This culture is Corporate Governance Standards.
With nearly half its members having
Gender, racial and sexual
orientation diversity
Diverse by race/
ethnicity
Diversity by gender
driven by our values, the institutional knowledge a tenure of five years or less, the
of our long-tenured employees, and our deep Board balances newer directors,
who have different expertise and
21% 21%
42%
engagement in the communities we serve. fresh perspectives, with longer-
tenured counterparts who possess 58%
deep organizational knowledge 79% 79%

Ensuring the integrity
and experience.
of our Board
esults of Employee
R Our Board promotes our long-term Members of our Board’s committees Diverse Diverse Female
performance, encourages discipline are appointed annually. The Audit
Engagement when taking risk and helps deliver Committee, the Nomination,
Not diverse Not diverse Male
Survey question: sustainable value to shareholders – Compensation and Governance

“This company is all while supporting a culture (NCG) Committee, and the Risk
Board independence Tenure
of openness and debate. Committee are entirely comprised
committed to ethical of independent directors.
We strive to foster an inclusive and
business practices” diverse workplace that respects and 16%
The Board provides robust oversight
values differences – an ambition that of executive management and,
2019 2021
extends to the Board. We prioritize through the NCG Committee, 53% 47%
93% 93%
a range of backgrounds, professions, conducts an annual evaluation of
skills, experiences and community CEO performance and compensation. 84%
representation among our directors, The Board and its committees review
because a variety of viewpoints, skills their own performance through
2020 and experiences allows for effective annual self-evaluations. Independent 0-5 years
94%
discussion and oversight. Non-Independent >5 years
Please visit the 2022 Proxy
We regularly review the composition Statement for the most up-to-date
of our Board to make it more Board information.
representative of the communities
we serve.
This report on Principles of Governance covers the period of January 1 – December 31, 2021 and is as of December 31, 2021 unless otherwise noted.
Principles
Board governance Our work and commitments are incentives and long-term equity-
Director experience, as of December 31, 2021 Number of directors amplified through our colleagues, based incentives that vest over time,
• The NCG Committee of the Board
Technology/Digital Innovation 5 is responsible for oversight of and we have embarked on a journey to align officers with the long-term
ESG strategy and policies, human to educate the broader M&T interest of the Bank.
Financial expertise/Accounting 13 capital management and diversity, community on ESG.
We expect that within five years
equity and inclusion
Commercial banking 8 Compensating executive of becoming eligible under the
• The Risk Committee of the Board management compensation program, executive
Customer experience/Retail 8 is responsible for oversight of Our executive compensation is officers achieve and maintain a level
climate risk being incorporated overseen by the NCG Committee of of stock ownership that is related
Corporate governance 12 into our risk framework the Board. A primary objective of to their position, again aligning the
executive compensation is to help officers to the long-term interest of
Community engagement 16 Management governance
attract and retain executives who can M&T. For non-executive directors, the
Wealth investment management
• Our ESG Council includes senior maximize benefit for the business and stock ownership requirement is two
5
leaders responsible for business shareholders. We endeavor to times their annual retainer amount.
Bank regulatory 10 lines, investor relations, human establish compensation that is
resources, the Community competitive and that is strongly Further details of our executive
Risk management/Cybersecurity 13 Reinvestment Act, public relations, aligned with performance while compensation appear in our 2022
government relations, enterprise discouraging excessive risk-taking. Proxy Statement.
Chief Executive Officer experience 8 risk, legal, community markets and
corporate services. This team is An independent consultant advises
responsible for the development, the NCG Committee. We also conduct
oversight and advancement of our an annual risk assessment of our
Taking responsibility for ESG materiality assessment, and held an ESG management framework incentive compensation plans. As part
Well before the establishment of our education session and a discussion of M&T’s Enterprise Risk Framework,
• The Management Risk Committee
ESG office, focusing on long-term on climate risk. control functions across our company
is responsible for incorporating
enterprise value, creating value for all are actively involved in the oversight
Given the importance of these climate risk into our risk
stakeholders and being a partner and of our incentive compensation plans,
topics, we have established formal framework
supporter of our communities, have and our Chief Risk Officer meets with
been foundational principles for M&T. roles and responsibilities for M&T’s
ESG is an organization-wide the NCG Committee to review risk
Building on this tradition over the past ESG risks, opportunities, practices,
imperative, and thus management’s management at M&T.
year, the Board discussed ESG best performance and disclosure:
responsibility is shared across the
practices and industry standards, organization. Our executive compensation program
participated in our inaugural provides for a market-competitive
mix of base salary, short-term cash
Principles
Ensuring ethical behavior Raising concerns without fear This policy also protects whistleblowers.
Our Code of Business Conduct and Our complaints procedures help Fraud, illegal or unethical conduct, and
A culture of collaboration Ethics applies to all employees, whom

we expect to act with integrity and
honesty. The code covers ethical
employees navigate potentially
difficult situations and enable them to
submit any concerns, complaints and
other employment-related concerns, can
be reported to line managers, Human
Resources or our employee hotline.
conduct in general and specific information anonymously. Our “See Complaints can be made anonymously,
Culture is created through By engaging a broad group issues such as conflicts of interest, something, suspect something – say 24 hours a day, seven days a week,
the millions of decisions and of stakeholders in the insider trading, discrimination something” policy forbids retaliation by phone or through our dedicated
interactions of our colleagues, planning process we were and harassment. It also requires against employees who report online portal.
leadership and communities. able to make significant compliance with all applicable anti- violations of our code of conduct or
One great example of the inroads: of the projected bribery and corruption laws in the other wrongdoing.
collaboration that is core third-party spend related markets and jurisdictions in which we
to our culture from 2021 to the acquisition, over 20% operate, including the UK Bribery Act
is how we rallied around will be with diverse vendors Dedicated
and the Foreign Corrupt Practices Act. investigations
promoting diverse suppliers from these groups, creating team charged with
to support our work related new partnerships and An additional Code of Ethics for the investigating and
to the People’s United Bank opportunities with businesses CEO and Senior Financial Officers resolving employee
complaints
acquisition. in our communities. is designed to ensure fair, accurate,
timely and clear disclosures are filed Ongoing statistical Triage of all
Our Corporate Procurement This initiative provided not with the Securities and Exchange analysis of complaints, complaints at intake by
outcomes, demographics cross-functional team
department identified the only great momentum for our Commission. It also obliges our CEO and emerging trends to to assess risk and need
acquisition, and related Supplier Diversity program and Senior Financial Officers to report improve outcomes and for escalation
engagement
spend, as an exceptional to build on in 2022, but also violations of the Code and covers
opportunity to engage new sparked related efforts, such actions to be taken should a Complaint
suppliers in the People’s as the organization of a cross- violation occur. process
United Bank footprint, functional team to identify Centralized complaint Regular reports to and
with a particular focus on potential implicit biases in our Staff in areas such as brokerage system for the intake meetings with “response
businesses owned by people sourcing process that may and investment are subject to and tracking of team” of senior corporate
of color, women, veterans, unintentionally disadvantage additional conduct-related obligations employee complaints leaders charged with
(EthicsPoint) oversight of complaint
people with disabilities and diverse suppliers. including, in certain cases, the laws process
members of the LGBTQ+ of overseas countries.
Semi annual report to
community. the Board of Directors
on complaint data,
analysis and trends
Principles
Managing risk Our multi-tiered governance Risk Committee

All employees play a vital role in proactively identifies risks, develops Board of Directors and Risk Appetite Statement of the Board
managing risk. The Risk Committee an aggregated view of them and
of the Board, comprised entirely provides consistent governance
Management Risk
of independent directors, assists across M&T. Risk Governance
Executive Management Committee
the Board of Directors in its oversight Committees are predominantly
of risk management, it provides chaired by members of
independent challenges and Independent Risk Management. The Third Line is Internal Audit, which is independent from the First and Second
Credit Risk
All such committees report to the Committee
reviews and approves key policies
Enterprise Functions (e.g., Finance, Human Resources, Legal)

Lines and provides assurance to senior and executive management and the
and practices. Management Risk Committee, Board, via the Audit Committee of the Board, of the effectiveness of risk
3rd Line
which is chaired by the Chief Risk management programs, policies, processes, practices and controls, as well as Assets and Liabilities
Our Enterprise Risk Framework Officer, and serves as the executive adherence to regulatory guidance. Activities of the First and Second Lines are Committee
Risk Governance Committees

is reviewed and approved by the level committee responsible for subject to Internal Audit review and testing.
Risk Committee at least annually. It the implementation and oversight Operational Risk
incorporates three lines of defense, of the Framework. Committee
covering our approach to risk-taking
our oversight and our risk assurance Consists of the Independent Risk Division. It provides independent challenge
practices. and oversight of the identification, assessment, monitoring, mitigation and Regulatory
reporting of significant risks and risk practices within the First Line and
2nd Line
Compliance Risk
The framework also clearly throughout the enterprise. The Second Line oversees the establishment of risk Committee
limits and monitors compliance with those limits, in accordance with M&T’s
defines roles, responsibilities and Markets, Products
Risk Appetite, and communicates identified significant risks to executive
risk management policies and management and as deemed necessary by the Chief Risk Officer (CRO), to the and Services Risk
procedures, including our Risk Risk Committee and/or the Board. Committee
Appetite Statement and Risk
Governance Committee oversight. Fiduciary, Agency and
Consists primarily of the front-line business and operational support areas Asset Management
that participate in the delivery of products or service to customers, as well Risk Committee
as related servicing and technology. They are the ultimate owners of risk
1st Line
and are responsible for aligning their respective business strategies with the BSA/AML Steering
Company’s Risk Appetite. The First Line ensures that key risks within their Committee
areas are identified, assessed, monitored and mitigated through an effective
system of internal controls developed and maintained within the First Line.
Model Risk Oversight
Committee
Principles
Defining our appetite for risk In addition to the ongoing monitoring Our Responsible Banking Program Responsible Banking applies staff to “see something, suspect
Our Risk Appetite Statement of measures, management regularly applies to all of our business units and throughout a product or service something – say something.”
articulates, in written form, the assesses and monitors its adherence to third parties acting on our behalf lifecycle, including product
types of risk that we are willing to its desired Risk Appetite that provide services in connection development, marketing, advertising, Our BSA risk governance is
to accept and those that we seek and results of this analysis are with M&T products and services. It sales, pricing, application processing, accomplished through formal
to avoid in pursuit of our business shared with the Management Risk identifies, measures, monitors and underwriting and origination, oversight by the Board and its
objectives. It guides our decision- Committee and the Risk Committee manages our responsible banking and operations, servicing, escrow, Risk Committee. The committee
making and serves as the link of the Board. fair lending risks, and prohibits unfair collections, loss mitigation and receives reports and updates from
between M&T’s corporate values, (including discriminatory), deceptive foreclosure activities, among others. the designated BSA Group in our
business operations and risk Dedicated to a fair and or abusive acts and practices Compliance Risk Management
culture, by ensuring the Board and responsible banking program (UDAAP). Ensuring compliance with the law division at least twice a year. The BSA
our employees share a consistent We foster an enterprise-wide culture We comply with anti-money laundering Group is responsible for enterprise-
understanding of our appetite for of fair and responsible banking. We seek to comply with the letter laws and regulations including the Bank wide BSA compliance and oversight,
risk. Managers at all levels reinforce This requires treating customers and spirit of all applicable fair and Secrecy Act (BSA) and USA PATRIOT including all related government
its principles, and the statement and consistently and equitably, in responsible banking laws and Act and with sanctions programs such reporting. The BSA Officer also chairs
its supporting metrics are reviewed compliance with consumer protection regulations, including best practices, as those administered by the Office the BSA/AML Compliance Steering
at least annually by the CRO, the laws and regulations, and without industry guidance and other laws and of Foreign Assets Control (OFAC). Committee, which assists in the
Risk Committee and the Board. It is regard to any specific characteristics regulations that are not specifically The Committee receives reports execution of the Risk Committee’s
intended to be a dynamic document or basis as prohibited by law. All staff focused on fair lending or UDAAP and updates from the designated responsibilities. The Steering
that is reviewed regularly to evolve are expected to deliver products but are extensions of the responsible BSA/AML/OFAC Officer from our Committee meets monthly and
with the business. and services in a fair and transparent banking concept. M&T is cognizant Compliance Risk Management division consists of Senior Management and
manner that meets the customer’s of its responsibility to comply with at least twice a year. The BSA Group is other key executives.
In formulating our risk principles, needs regarding costs, benefits and laws at each level of government, responsible for enterprise-wide BSA
we consider business integrity and options. whether it is federal, state or local, compliance and oversight, including all
reputation, our long-standing culture, for areas where M&T’s business required government reporting.
our colleagues and our communities. We ensure equal access to banking activities are conducted. The
and provide safeguards against combination of fair and responsible All employees are trained on their
We have identified metrics deemed financial abuse. Staff are trained banking-related laws, regulations and BSA responsibilities when hired and
critical measures of the organization’s on fair lending and fair treatment of guidance are important inclusions annually thereafter. The Board also
adherence to its risk appetite. These customers as part of our Enterprise to the Responsible Banking Program undertakes annual BSA, anti-money
measures are regularly monitored Mandatory Training. Fair and to address the intersection of anti- laundering and OFAC training.
against triggers and limits that are responsible banking compliance discrimination and whether an act
approved by the Management Risk is an essential part of M&T’s We provide targeted, supplemental
or practice is also determined training for other personnel in certain
Committee, Risk Committee business strategy. to be a UDAAP.
and the Board. positions, track participation in
mandatory training and encourage
Principles
The BSA Steering Committee and the BSA program – ensures that A technical review of our training • We publicly disclose all Employees who transact business
is responsible for executing the we adhere to regulatory standards. content is undertaken annually to expenditures of corporate funds with government officials or
responsibility of Senior Management Meanwhile, our Compliance Testing identify areas for improvement, used for lobbying at the federal entities – as well as senior level
to communicate and reinforce the Group undertakes ongoing testing and make recommendations and state level and we respect and management and Board members –
tone from the top established by across the entire organization. for alignment with our risk and adhere to applicable federal, state must also obtain pre-clearance for
the Board. The Risk Committee regulatory expectations. and local laws regarding political personal political contributions. Risk
of the Board, M&T Management Training for compliance activities Management assists employees,
Employees and contingent workers
Risk Committee and the BSA/AML We are subject to federal, state including pre-clearing contributions,
are trained to comply with applicable
Compliance Steering Committee and international laws, regulations Political contributions to ensure compliance with
laws, regulatory guidance and
are all intended to oversee and and regulatory guidance. Training is We do not contribute corporate applicable laws.
policies. Managers are required
monitor the effectiveness of the therefore vital to ensure we manage funds to candidate campaigns, to
to account for employees’ timely
controls and processes in place to risks and functions effectively. political party committees or to Our advocacy
completion of training as part of
identify, measure, mitigate, monitor Our Bank-wide Mandatory Assigned federal, state or local initiatives On the state and local level, we lobby
annual reviews. Divisional monitoring
and report on BSA/AML and OFAC Training Policy sets out guiding advancing election campaign and solely in our headquarters state of
and reporting of training occur
risks. Our BSA Program is subject principles for our staff and ballot issues. New York, and file timely disclosure
throughout the enterprise.
to federal and state regulatory contingent workers. reports as required by the New
No gift, political contribution or York State Joint Commission on
examinations, and testing by our This training:
Defining our political activities anything else of value may be offered
Internal Audit Department. The latter We educate elected officials about Public Ethics.
• promotes awareness of to a public official with the intent of
– independent from the business how their decisions impact our ability
regulations influencing a government decision or At the federal level, we file quarterly
to serve customers, the strength
under circumstances in which such disclosures about issues for which
• communicates our policies to of our financial system, the quality
a gift, contribution or thing of value is we have lobbied and total related
comply with those regulations of lives in our communities and
linked with a government decision expenditures, which include trade
• defines mandatory procedures our employees.
or otherwise in violation of law. association dues allocable to
• provides knowledge to identify • We advocate and engage in the lobbying, outside lobbying firms,
and report risks and issues political process on behalf of all Investment Advisors are subject to employee compensation, travel
our stakeholders – our customers, laws that restrict or ban their ability to and expenses. In 2021, we reported
We seek to ensure employees, communities and make personal political contributions. lobbying expenditures of $320,000
the training content is: shareholders Employees who transact business for pandemic response, small
• comprehensive • We do so with the best of with government officials or entities businesses, technology innovation
• updated regularly and delivered intentions and no personal agendas – as well as senior level management and fair and safe banking.
in a timely manner and Board members – must also
• We engage in the political process
obtain pre-clearance for personal Our quarterly disclosures are publicly
• risk-based in a transparent way, with full
political contributions. available via the Office of the Clerk
• tailored to the particular reporting, accountability
of the U.S. House of Representatives
responsibilities of the and oversight
or the Secretary of the U.S. Senate.
staff receiving it The search name is “M&T Bank
Corporation.”
Principles
Political Action Committees The PAC makes required filings to commitment to the confidentiality, In accordance with the Gramm- M&T expects third-party service
We participate in the political process the Federal Election Commission and integrity, and availability of Leach-Bliley Act, we undertake providers granted access to customer
through bipartisan contributions from relevant state and local commissions, information and services, while periodic assessments to identify and and/or corporate information to
the M&T Bank and Wilmington Trust and works with Risk Management pursuing business opportunities. assess risks to customer information protect its confidentiality, integrity,
Political Action Committee (PAC). and our Legal Department to ensure The CISO is responsible for the and evaluate the effectiveness and availability of its information
This allows employees to pool their that all contributions are made in design and execution of the program, of our security controls. Ongoing assets by implementing layered
resources to support candidates for accordance with applicable laws which complies with applicable assessments – including vulnerability security controls that are reasonable
public office. We do not contribute and M&T policies. legal and regulatory standards, and and penetration testing of our and appropriate for the level of risk
corporate funds to the PAC, and all is supported by the governance computing infrastructure – are and classification of data as
$54,150
funds are provided on a voluntary structure defined within the performed by independent third defined by M&T.
basis by eligible directors and officers. Enterprise Risk Framework. The CISO parties and by our cybersecurity
No retaliatory action may be taken reports to senior management and personnel.
against employees who choose the Board on information security
not to contribute. issues and the effectiveness of
in contributions made our information security program.
A committee of M&T executives by the PAC during 2021
approves contributions by the PAC Aligned with leading industry
to local, state and federal political standards – including the U.S.
candidates and committees who Data privacy and security Department of Commerce’s National
represent the communities we serve, Cybersecurity Institute of Standards and Technology
who serve in relevant positions, or The Risk Committee of the Board (NIST) Cybersecurity Framework –
who otherwise support initiatives is the primary committee that our program is built upon a strong
aligned with our businesses, oversees cybersecurity, and the Chief foundation of policies, standards and
shareholders, core values, customers Information Security Officer (CISO) procedures, which leverage the NIST
and communities. regularly reports to it. Cybersecurity standards, to help safeguard our
risk is continually assessed and customers’ information and reduce
PAC contributions are made without monitored as part of M&T’s Enterprise the risk of incidents and breaches.
regard for the personal political views Risk Framework.
or interests of senior management. It features layered controls of network
The PAC does not contribute to M&T recognizes the value of our intrusion detection and prevention,
candidates running for the President customers’ personal and financial enterprise malware protection,
of the United States. information. We take the protection threat-monitoring and a Security
of that information very seriously. Operations Center that provides 24/7
Our Board-approved Information support and additional operational
Security and Business Continuity measures to monitor and respond to
Program enables us to meet our data breaches and cyberattacks.
Principles
Such providers are required to have Our Information Security Awareness • external customer cybersecurity Privacy
security policies, standards and Program – an important component awareness webinars M&T’s Privacy Program reflects our
procedures that meet or exceed of the overall Information Security • cybersecurity briefings commitment to complying with all
the information security guidelines Program – ensures that employees domestic and international privacy-
as specified in M&T’s Information and contingent workers are aware To further support our information related laws and regulations in the
Security Program. of cyber-related policies, principles, security practices, we maintain jurisdictions in which we and our
standards, and practices, as well insurance policies that cover subsidiaries and affiliates conduct
Roles, responsibilities and as new and current regulatory potential financial losses associated business. The Privacy Officer
expectations for service providers requirements that are required to with cybersecurity events and have oversees, implements and maintains
and third parties are communicated safeguard customer and corporate agreements in place with an industry- this program enterprise-wide and
through contract vehicles (and information assets. The program leading computer forensics firm. ensures it is reasonably designed
other associated agreements) and includes web-based training courses to identify, assess, monitor and
monitored through oversight as Business continuity
that all employees and contingent Business can be interrupted by mitigate privacy risk throughout the
part of the Third Party Risk workers are required to take organization. As new technologies Where the law permits, and in
Management Program. natural and human events, ranging
upon joining the Bank and on an from small to catastrophic. Therefore, emerge, and as data privacy and accordance with customer opt-
Core security principles are ongoing basis. we have a Disaster Recovery and protection continue to be growing out choices, we disclose nonpublic
incorporated across the enterprise, Business Continuity Program that priorities for consumers, the program personal information with our
Information security awareness seeks to align M&T with rapidly affiliates and non-affiliated third
such as the Principle of Least initiatives and resources are provided is reviewed and approved annually
Privilege, whereby information is by senior executive management. changing privacy regulation. parties for marketing and everyday
to employees throughout the purposes such as to process
disclosed on a “need to know” basis, year, including: The program and its related policies, Our Privacy Office, established within
and Segregation of Duties, which is standards and procedures are owned transactions, maintain accounts,
the Compliance Risk Management report to credit-reporting agencies
designed to prevent fraud and errors • targeted information and maintained by the Disaster Program, oversees privacy laws and and comply with legal requests.
by sharing the tasks and benefits of security training Recovery and Business Continuity regulations relating to the treatment
a specific business process among • resources and references on Team. The Program is supported by and protection of consumers’ Information about the personal
multiple users. the cybersecurity intranet site the governance structure defined nonpublic personal information, information we collect, what
• internal communications regarding within the Enterprise Risk Framework including limitations on the use or information is shared with affiliates
These controls are designed to to ensure constituents at all levels of
threat trends and high-risk sharing of consumer information and non-affiliates and when and how
provide comprehensive technical, the organization are communicated
activities among affiliates, and opportunities to customers may limit that sharing can
administrative, and physical security to effectively.
of our corporate-customer and • phishing awareness testing opt out of sharing certain information. be found in our Privacy Notice. This
employee-related systems. Every and training Additionally, the Education and notice is provided to all customers
employee is responsible and • National Cybersecurity Awareness component addresses when they establish a relationship
accountable for properly safeguarding Awareness Month communications, training and with M&T and can be found on our
company information to which they awareness activities for employees website.
• security content on the bank’s
are permitted access. customer-facing website at all levels.
Principles
Our Privacy Program also addresses: Business lines, including all entities, Being transparent on tax
• protecting individuals’ health divisions and departments in We disclose all current and deferred
information the M&T family develop internal federal and state taxes in our reports
controls, policies and procedures to the SEC. We also participate in the
• protecting personal information
to comply with applicable privacy IRS Compliance Assurance Process
from, or about, children under 13
laws and regulations. This is done to resolve issues prior to filing our
on the internet
with guidance and oversight from tax returns and to enhance accuracy.
• protecting personal financial the Privacy team and in alignment M&T has been accepted into the
records from government scrutiny with our Privacy Program. Monitoring Compliance Assurance Process
(the program includes our and testing of those controls are program by the IRS for tax years
commitment to follow due process undertaken regularly to ensure through 2022.
when legally mandated requests compliance with data privacy
for information are received from requirements and our own policies
government agencies) and standards.
• a consumer’s rights to limit
marketing, such as telemarketing If issues are identified, the Privacy
and commercial emails Office oversees escalation and
timely resolution in accordance with
Our Privacy Program is reviewed risk management procedures. This
annually by the Privacy Officer and includes notifying customers and
approved by M&T’s Regulatory regulators if data breaches or other
Compliance Risk Committee. The data incidents involving customer
Program is a coordinated effort information occur.
within the M&T organization.
All employees are responsible Keeping vigilant against fraud
for ensuring the privacy and As fraud techniques become more
confidentiality of customer sophisticated, our technology, staff
information. Employees and and vendors adapt to keep our
contractors who have access to customers safe. We have multiple
M&T customer or employee layers of protection and monitoring
nonpublic personal information are for payment methods and channels,
required to take Privacy of Consumer including behavioral monitoring tools,
Information compliance training authentication methods, biometrics
at the time of hire and on an and always-on monitoring.
annual basis.
Principles
Together we can...
Pr tect
Principles
Planet
Since our founding in 1856, we have been driven by a

mission to make our communities better places to live. Our priorities:
Similarly, our environmental sustainability strategy is rooted

in a single purpose: making a difference in people’s lives. Creating climate
opportunities
Key statistics Science tells us that the transition to We also strive to align our work to
$173.8m
an economy that operates within all support progress towards the United
of our planetary boundaries3 needs Nations’ SDGs.
to be both fast and far-reaching. The
In the years to come, we will prioritize Building climate-resilient
changing climate – its impacts
widespread, rapid and intensifying – work to measure progress towards communities
invested in the renewable will require transformative changes. goals 7 (Affordable and clean
energy sector Our actions, combined with those of energy), 12 (Responsible
18%
other financial institutions and consumption and production)
players in the real economy, can help and 13 (Climate action).
bend the emissions curve and build To fulfill our environmental Reducing our
climate-resilient communities. sustainability commitments, carbon footprint
reduced electricity We strive to set short-term we will focus on:
consumption since 2017 greenhouse gas emission targets and • creating climate opportunities
21%
take action to align our business to • building climate-resilient
limit the worst impacts of climate communities
change, in line with the Paris • reducing our carbon footprint Integrating climate risk
Agreement.
• integrating climate risk into the into the risk framework
reduced Scope 1 and 2 risk framework
GHG emissions since 2019
3 Four of the nine environmental limits within which humanity can operate sustainably have already been breached: biodiversity loss, biogeochemical flows,
land-system change and climate change. Rockstrom, Johan et al, Stockholm Resilience Center: https://www.stockholmresilience.org/research/planetary-boundaries.html
Principles
Creating climate opportunities • in line with our Community Growth commitment to increase investment The 2021 delivery solar projects are
We can contribute by creating Plan, we will invest more than in projects in the communities we expected to generate more than
climate opportunities: namely $1 billion in renewable energy serve – we provided a tax equity 305,000 MWh in year one
“2021 was a year
helping our customers and vendors projects over the next five years, commitment and substantial operations. Based on our investment of significant and
to reduce their carbon footprint and with a particular focus on funding to a 217 MW portfolio of as a percentage of total project fair strategic growth for
prepare for a low-carbon future. initiatives in our expanded eight projects. market value, our share of that
Offering products and services that geographical footprint impact is more than 105,000 MWh.
the M&T and Goldman
These projects are part of New
enable our customers to reduce their • using our supply chain spending to
York State Energy and Research This is the equivalent of Sachs Renewable
carbon footprint is an enormous
opportunity for M&T and our fellow
support the transition to a low-
Development Authority’s (NYSERDA) approximately 78,000 metric tons of Power (GSRP)
carbon future. We aim to establish CO2e avoided annually4 or the
banks and can help limit global procurement policies and
Large-Scale Renewables program
equivalent of removing more than relationship. We were
and will help fulfill New York State’s
warming to 1.5 degrees Celsius processes that prioritize
Clean Energy Standard. Further, 2021
17,000 cars from U.S. roads. delighted to see M&T
(2.7 degrees Fahrenheit). addressing climate change and
saw M&T make its first entry into the provide tax equity to a
$1.0b
other environmental
Mobilizing capital residential solar space, with the tax
for a low-carbon future
considerations. We look forward
equity financing of a portfolio of
GSRP-sponsored
By mobilizing capital and changing
to sharing progress as this work
assets in various states including a portfolio of utility-
advances
practices up and down our value material component in our footprint: scale projects in New
chains, banks can play a unique role Ramping up renewable power Connecticut, Massachusetts,
in the transition to a low-carbon We are ramping up our investments Maryland, New Hampshire, New
to be invested in renewable energy York. Both our firms
projects over the next five years
economy. We have identified three in renewable power, both for our own Jersey, New York, Pennsylvania, are clearly aligned to
areas which we will focus on in operations and by supporting Rhode Island and Vermont. help the East Coast
$638.4m
2022-2023: innovative solar projects through tax
• expanding innovative ways for us to equity-based investments. Tax
And, for the first time, M&T is – and, specifically, our
financing battery energy storage
finance the transition, beginning equity enables us to repurpose our
solutions mated with solar
state of New York –
with the development of a working federal income tax dollars into
generation that are increasingly reach its renewable
definition of “sustainable finance”. attractive renewable energy
A consistent definition and shared investments.
essential to the integration of total investments in the renewable energy goals.”
renewable resources into the grid, to energy sector over the past three
understanding of what sustainable grid resiliency and to decarbonization years Claire Sieuzac
finance is will enable us to set goals We focus on high-quality, durable
infrastructure that has a substantial of the power sector. Head of Tax Equity and Debt
and dedicate resources to develop Structuring, Goldman Sachs
more products and services to and positive environmental impact.
In 2021, we fulfilled our 2020 Renewable Power
move this work forward
4 Avoided GHG emissions (measured in mt CO2e) are derived from the Environmental Protection Agency’s Emissions & Generation Resource Integrated Database (“eGRID”). The GHG figures above were specifically calculated using the physical location of solar projects by
state, the projects’ expected year one electrical generation output measured in (MWh), and the 2019 eGRID data set by reference of State annual CO2 equivalent non-baseload output emission rate (lb/MWh).
Principles
Tackling our financed emissions Building climate-resilient Supporting our many communities
Our greatest impacts – both positive communities M&T made loans totaling $856 million
and negative ones – on the climate M&T has long believed that strong in 2021, in conjunction with green “GHG emissions associated with
are through our loans and communities create a strong Bank. programs by Fannie Mae and the financial institutions’ lending,
investments. Addressing M&T’s Consistent with our purpose to make Federal Housing Authority (FHA). investing and underwriting are
financed emissions is therefore an a difference in people’s lives, we will Fannie Mae offers green building
essential step towards aligning our further enhance our long-standing certification and a rewards program estimated to be around 700 times
portfolios with a low-carbon ideology and support of our for building energy improvements, higher than their operational
economy. We have joined the communities. We know we need to which applies to multi-family
Partnership for Carbon Accounting do more to address building climate- properties anywhere in the U.S.
emissions. Banks need to apply
Financials (PCAF): an industry-led resilient communities, and we are The FHA’s energy-efficient mortgage consistent and comparable ways to
initiative that is developing and currently focused on understanding program – mainly for single-family measure, monitor and understand
implementing consistent and and creating impact. We will play a key homes – is used for home
transparent standards. These enable role in preparing our communities for – improvements, installations of our full impact. We want to play a
financial institutions like M&T to and helping them through – many solar and wind technology and constructive role in charting a low-
measure, assess and report weatherizing measures.
emissions associated with loans and
of the climate impacts that carbon future in collaboration with
are now irreversible.
investments. We are working We also support Freddie Mac’s Green our clients. Measuring and
We will be inclusive and solutions- Advantage program, which focuses
towards disclosing our financed
focused, and will enhance climate solely on workforce housing. And we
disclosing our financed emissions
emissions by 2025.
resilience in vulnerable, low-income are actively evaluating the market for will inform how we can align and
communities. Climate change impacts financing energy efficiency and develop products to better help
are largely determined by a population’s renewable energy improvements at
vulnerability and resilience. Many Black, commercial properties. Integrating prepare everyone involved.”
Indigenous and People of Color are the Commercial Property Assessed
Peter G. D’Arcy
disproportionally impacted by climate- Clean Energy (C-PACE) tool into
Area Executive, M&T Bank
related impacts such as flood damage holistic solutions for clients, via
and the urban heat island effect. partnerships with C-PACE lenders
Without enhanced resilience and green and investors, can lead to more
innovation, socioeconomically and climate-resilient communities.
environmentally disadvantaged
communities will bear an even
worse burden.
Principles
We are always looking for ways to The pandemic altered our reduction
enhance M&T’s leadership position in figures in 2020 and 2021 – owing
Building healthy the community and have identified to reduced activity at our sites –
flood risk as another area of but we continue to work hard to
particular interest to our Bank. permanently reduce emissions
neighborhoods We are also building community
climate resilience through our
from our direct activities.
Our first goals and targets, to reduce
charitable giving to environmental the impact of our operations, are:
M&T supports Healthy Those energy-saving and conservation organizations and
Neighborhoods, a nonprofit improvements included: programs. From 2018-2021, the M&T
organization that helps strong • heating, ventilation and Charitable Foundation contributed
but undervalued Baltimore air-conditioning equipment $3,136,836 to environmentally
neighborhoods. Previously, replacement related programs (see the Spotlight
Healthy Neighborhoods could stories on the current page, pages 25
• air sealing and insulation
not pay contractors until it and 27). to be carbon neutral by 2035
had been reimbursed by • lighting retrofitting
100%
Baltimore City. We provide a • door weatherizing Reducing our carbon footprint
$1 million line of credit that • water heater installation Reducing operational impacts.
allows small contractors to be • Energy Star appliances Setting the foundation for short-
paid promptly on completion installation term emissions targets. Exploring
of work. M&T Charitable renewable power. These are the key renewable power by 2030
• water-conserving fixtures
Foundation also contributes steps on our journey to becoming
20%
installation
$25,000 each year, which – carbon neutral.
alongside donations from These energy-saving
other partners – has enabled As we begin that journey, we want
improvements to outdated
improvements to 147 to be transparent about the
and sometimes hazardous
commercial buildings challenges we face and about our
facilities lower operating reduction in waste to landfill
operated by 66 nonprofits. priorities. We’re focusing on areas
costs. The nonprofits are by 2025 (2019 baseline)
in which we can have a significant
then able to concentrate their
impact through our business
20%
resources on their programs.
activities and internal operations –
reducing negative impacts or
increasing positive impacts.
Many years of green initiatives and
reduction in water consumption
facilities management have reduced
by 2025 (2019 baseline)
our overall operational impacts.
Principles
Preparing targets for

greenhouse gas emissions Scope 1 and Scope 2 CO2e emissions, 2017-2021
Funding a
We began disclosing our direct (scope Scope 1: Oil and Natural Gas
1) and indirect (scope 2) greenhouse Scope 2: Electricity (eGRID subregion emission factor)
gas (GHG) emissions in 2020,
reporting emissions from 2017
onwards. We have since refined our
48,018
49,810
20,213 46,634
sustainable future
calculations and included more 18,026
20,591
categories under scope 1 and scope 3 39,563 We are long-time supporters M&T Charitable Foundation
in our GHG inventory5. For scope 1, we 36,796 of People United for has approved a $250,000
16,953
have added emissions from our Sustainable Housing (PUSH grant, over three years, for
15,120
vehicle fleet. For scope 3 (indirect Buffalo). PUSH’s workforce PUSH’s 2,500 square foot
emissions in our value chain), we have development programs place Net-Zero Sustainable
Metric tons
included category 6 and started 29,992 29,597
workers in the renewable Workforce Training Center.
tracking and reporting on some of our 26,043 energy and green
business travel emissions data. 22,610 construction sector. They Currently in its design
21,676
offer training to Buffalo’s and construction phase,
We have also applied subregion the center will be a
emission factors from the Emissions & low-income residents who
are underemployed, jobless, demonstration space for
Generation Resource Integrated sustainable technology and
Database (eGRID), for our purchased returning citizens and youth
not on a college track. construction, and a venue
electricity (scope 2), as shown below6. for PUSH’s workforce
Trainees are subsequently
We will continue to refine our GHG matched with contractors, development and training.
inventory and review categories to add 2017 2018 2019 2020 2021
building relationships for
to fully align with the GHG Protocol’s long-term workforce
Corporate Standard. This will allow us development.
to measure, further reduce and better
report our GHG emissions. We will then
seek third-party verification of our
inventory and performance and
announce short-term emission targets.
5 We follow the WRI and WBCSD Greenhouse Gas Protocol Corporate Standard to calculate our scope 1, 2 and 3 emissions. We use an operational control
approach to define our boundary. Scope 1 and 2 calculations are based on site-specific data for fuel consumed and utilities purchased. We have applied
published emission factors and global warming potentials (GWP).
6 Subregion emission factors give a more accurate view of our scope 2 emissions compared to U.S. average emissions factors.
Principles
Embracing energy efficiency One of the main drivers of electrical

and renewable power savings during 2021 was our effort to
Getting wise
Emissions from our electricity usage convert lighting to LED fixtures or
are a significant proportion of our replacement bulbs. We expect
total operational carbon emissions. annual savings of 1,845,797 kWh per
We have reduced our electricity
consumption by investing in energy
efficiency and changing behaviors at
year from 2022 onwards.
As of 2021, we had reduced our
electricity consumption since 2017
on waste
our offices and branches.
by 18 percent.
We are also committed to purchasing Paper and printing
Total electricity consumption, 100 percent renewable electricity by
2017-2021 Digital tools and smart printing have slashed
2030 at the latest. In 2021, we began our paper consumption, and we are
assessing renewable energy encouraging our colleagues to keep up their
opportunities, to guide our path and good habits as they return to the office. Our
selection of projects contributing to “Digital1st” strategy encourages us to think
120,339
119,453
clean energy, local job creation, mindfully about our everyday printing. In 2021,
111,240
supplier diversity and biodiversity

102,974
we removed 45 percent (408) of our printing

98,154
within our communities. devices. Those with a short-lease lifespan were

MWh
Our goal of carbon neutrality by 2035 refurbished and sold for reuse, and all others
is based on our scope 1 and 2 were resold or diverted from landfill via
emissions. The goal will be achieved electronic recycling.
through continued energy savings
and fuel replacements. Residual
emissions will be offset using
credible and effective carbon offsets Printer paper used (sheets)
2017 2018 2019 2020 2021 and/or carbon removals only credits.
2020 2021
46,149,739 44,270,821
Principles
We collect used toner cartridges at Technical equipment Technical equipment recycled in pounds, 2017-2021
our back office and retail sites. All are Repair, refurbishment, reuse, resale
Improving
turned into useful products, such as and recycling are the key elements 2017 2018 2019 2020 2021
fences, landscaping products and of our circular-economy mindset. 143,303 230,843 115,819 127,376 270,045
outdoor furniture. Our multipurpose support center,
In 2021, we returned 1,682
cartridges. This is equivalent to 2.3
Corporate ReUse, processes tech
items from issue to retirement. The total amount of technical equipment
recycled since 2017 is the same weight as access to food
and farmland
three Statues of Liberty (minus the base)7.
tons of waste diverted from landfill. This equips us to meet regulatory
requirements, benefits the
In 2021, we recycled 3,355,695 lbs of
887,386 =
environment by minimizing waste,
paper through our sensitive- and reduces expenditure. Many of
document recycling program. We these items have no value at
have also standardized double-sided retirement but we are able to divert lbs Since 2019, M&T Charitable
printing and made recycled paper computers, monitors, keyboards, total recycled since 2017
Foundation has provided
our standard for copies. shredded hard drives and televisions several capacity building
from landfill via electronic recycling. grants to Providence Farm
A pilot recycling project for single- Collective, a nonprofit
use coffee pods saw about 75 organization empowering just
percent of the weight converted to and equitable access to food
compost, and about 25 percent and farmland to under-
converted to recycled product. resourced communities.
This newly established
Number of pounds of sensitive documents recycled, 2017-2021
organization is growing
2017 2018 2019 2020 2021 quickly to accommodate high
demand from New Americans
Paper recycled (pounds) 2,040,842 2,272,803 2,145,468 1,474,838 3,355,695
for food resources. In the
Change from previous year – 11% -6% -31% 128% 2021 growing season,
Providence Farm Collective
was home to 275 farmers and
84 summer youth employees,
representing seven unique
communities who worked
together to manage 16
diversified, organic farms.
7 “https://www.themeasureofthings.com/results.php?amt=887000&comp=weight&unit=lbs&searchTerm=887000+lbs ”The Measure of Things - 887,000 pounds
Principles
Expanding our recycling to In 2021, we signed off adding an Circular economy

drive ongoing improvements additional 40 sites to our recycling
We closely monitor our annual waste
streams, including contamination
program in 2022. This will bring the
total number of sites involved in From cladding
rates. Building on our success with further reducing our trash streams to
Rethink
paper, e-waste and overall waste to
landfill, we identify and tackle hot
150. We will track data from these
sites, allowing us to make educated
to chipping
spots with targeted reduction decisions that will support
strategies. sustainable waste management.
Lessons learned will be applied to Our recycling effort is not limited to
our overall footprint, to help us technology, paper and coffee pods. At our
achieve our 2025 target of reducing headquarters in Buffalo, New York, we are
waste to landfill by 20 percent. removing about 350,000 lbs of worn
Repurpose Reuse exterior marble cladding. Having mandated
a ReUse solution at the start of the project,
we have partnered with two companies
Diverted and non-diverted waste produced, 2017-2021 who will repurpose the better pieces into
benches, pavers and other elements. Any
Diverted remaining cladding will be converted into
Non-diverted
decorative landscape chips. Our intent is to
prevent any cladding going to landfill.
6,210,028 6,218,972
1,395,503 1,246,266 5,568,431

5,187,360
4,972,523
1,099,848
1,069,719
4,814,525 4,972,706 1,060,137
Pounds
4,468,583
4,117,641
3,912,386
2017 2018 2019 2020 2021
Principles
Conserving and protecting water Harnessing people power incentivizing their use of public
Most of our nearly 1,000 properties To engage and empower our staff, transport. During 2021, 318
are between the Great Lakes and we offer programs and benefits employees took advantage of the
Chesapeake Bay. Consequently, we that help employees become discount, with greater engagement
are sensitive to how our actions better environmental stewards. anticipated as pandemic
impact waterways. For example: restrictions and concerns ease.
• We have teamed with formal • We have ten electric vehicle
More than 12 years ago, we began to
carpool programs in the District chargers at our Amherst (NY)
replace nearly all bottled water
of Columbia, Delaware, Maryland, center that are free for our
deliveries with on-site filtration,
Southern Pennsylvania, Virginia employees and neighbors. We
which significantly reduced delivery
and Western New York. expect to expand the number of
truck carbon emissions. And during
• The Niagara Frontier locations with charging stations in
branch and office renovations, we
Transportation Authority transit 2022, beginning with our largest
have upgraded our plumbing to be
pass program offers generous office in downtown Buffalo.
more efficient. We have reduced
our water consumption by 37 discounts for M&T employees,
percent since 2017.
We want to leverage our water usage
data to identify further opportunities Total water usage, 2017-2021
for capital investment and behavior
change. These will support our water
reduction targets for each of the
next three years, en route to a
20 percent reduction in
122,358,248
consumption by 2025.
99,226,722
89,883,106
Gallons
77,618,120
65,060,203
2017 2018 2019 2020 2021
Principles
Integrating climate risk into We endorsed the TCFD

the risk framework recommendations on climate-related
Making M&T greener M&T Bank is committed to disclosures in 2021 (see our TCFD
continually enhancing its capabilities index on page 81)
to identify, measure, monitor, and
mitigate climate-related risks to
The employee-led resource • worked with bank ensure our safety and soundness
group, Think Green, promotes departments on green and to better inform us of the impact
sustainability at the employee initiatives such as climate risk may have on our
and organizational level. In DocuSign, Digital1st customers.
As we continue to allocate resources
2021, Think Green had 639 and recycling projects Extreme weather events such as to actively build our Climate Risk
members and organized 12 • provided a network for floods, hurricanes and droughts Framework, we are carefully
events. Since 2019, it has: employees to exchange (acute physical risks), and long-term contemplating the various risks
• sponsored events that ideas, news of local changes such as rising sea levels and posed to the organization by climate
educate and encourage activities and events, global temperature rises (chronic risk, such as credit and operational
discussion on sustainable suggestions and clips physical risks), are happening faster risks and applying a risk-based
living, earth and animal on green issues from than previously predicted. We also approach to these critical endeavors.
preservation, climate legislation to sustainable recognize that there are multiple We are leveraging our learnings in our
change, diversity and gift giving possible pathways to achieve the pursuit to improve data, assess risk,
inclusion and green choices • encouraged and assisted necessary transition, and, in most develop metrics and perform
in the workplace M&T to join the Western science-based scenarios, fossil scenario analysis, all of which serve
• participated in cleanups, New York Sustainable fuels decline significantly by 2040. as key tools that will be necessary to
concerts and community Business Roundtable, Advancements in clean energy properly manage climate risk.
and neighborhood activities to increase access to development, shifts in consumer
Within the past year, we focused on
educational webinars, and investor preferences as well as
foundation-building activities, such
networking opportunities new regulations will spur changes
as acknowledging climate risk within
and workshops to today’s business models. As
our Risk Appetite Statement, our
companies adapt and transition,
Enterprise Risk Framework and our
the Bank might incur credit and
Risk Committee of the Board of
operational impacts (transition risks).
Directors charter. We also engaged
our Board of Directors and
developed a roadmap to promote a
thoughtful approach to our pursuit of
continually enhancing our climate
risk management capabilities.
Principles
In concert with many financial To that end, we are active members For example, we are dedicating
institutions, we acknowledge the of the Risk Management Association resources to a climate risk heatmap Climate risk management implementation progress
inherent challenges in areas such as (RMA) Consortium on Climate Risk, and researching several science- Risk identification and assessment processes
data and the lack of consistent the New York State Department of based scenarios, such as the Risk management processes
methodologies. We believe that Financial Services Roundtable on Network for Greening the Financial Integration into overall risk framework
partnership with other financial Climate Risk, the Bank Policy System (NGFS), to develop a better
institutions and the regulatory Institute’s Climate Risk Working understanding of what a Paris Achievements Current focus Future priorities
community is vital to reaching Group and the American Bankers Agreement-aligned energy transition
consensus and necessary to efforts Association Climate Risk will look like, different time horizons Introduced climate Establish a Climate Risk Pilot scenario analysis
risk into the Risk Appetite Working Group and enhance in critical high-risk sectors
intended to encourage an orderly Working Group. of relevance and the implications
Statement and Enterprise resources in the Climate and/or regions
transition to a low-carbon economy. for our energy portfolio.
For 2022 and beyond, we are Risk Framework Risk Management team
focused on further developing
our climate risk management Designated a second Develop a risk inventory Develop initial
infrastructure. line of defense senior of climate risks and quantitative measures for
manager responsible for heatmapping analysis potential incorporation into
climate risk the Risk Appetite Statement
The risk framework ecosystem
Identification Developed a roadmap to Maintain a high level Consider qualitative

integrate climate risk into of peer and industry enhancements to the
the risk framework engagement articulation of climate risk
within the Risk Appetite
Climate risk Statement
Traditional risk pillars
Added climate risk to Enhance climate risk Develop metrics and
annual risk management training for all employees reporting to provide a
Reporting Credit Operational Interest rate
and liquidity
Regulatory
compliance
Assessment training transparent view of climate
risks to management and
the Board
Fiduciary Model Strategic and
reputational
Engaged the peer and Explore and enhance Review and enhance Risk
industry community data analysis, capabilities, Control Self-Assessment
Mitigation Monitoring and strategy processes
Principles
Assessing environmental risk Assessing the impacts from climate Based on that assessment, we
Our Environmental Risk group change and our resilience are monitoring a list of sensitive
conducts due diligence on all The results of our preliminary industries with higher exposure
commercial loans secured by real assessments (below) of climate risks to risk, including coal mining and
estate, to evaluate the environmental to our business model have informed terminals, oil and gas exploration and
liabilities. For example, properties our current key priorities. production, and coal-based power
may be undergoing remediation generation. In concert with other
under the Brownfields Program. The impact of transition risks on our climate risk activities, we will
This ensures that our financing is commercial and industrial portfolios determine if further diligence is
responsible, allows us to assist the We have utilized Moody’s overall required for decision-making
remediation, redevelopment, and sector environmental risk scoring regarding our business activities in
reuse of contaminated property, and and S&P’s Sector Risk Atlas. These these sectors.
helps to avoid financial losses arising qualitative assessments of the credit
from environmental issues materiality of environmental risks Initial findings indicate minimal
with the collateral. consider a sector’s unmitigated overall commercial and industrial
exposure to five categories of exposure to the sensitive industries
The process begins with an environmental risk: carbon transition, mentioned above. In 2021, our
environmental due diligence physical risks, water management, outstanding balances for mining,
report, which can be a customer- waste and pollution and natural quarrying, oil and gas extraction were
supplied report or one ordered by capital. Each is assigned a score to $306 million and we had $251 million
M&T from an approved vendor. describe the risk. These category in outstanding balances for utilities.
The report type is based on the loan scores are combined with sector- M&T’s lending within the utility sector
value, property use and risks wide mitigating factors to create an includes activities such as natural
identified during underwriting. M&T’s overall score. gas distribution, hydroelectric power
Environmental Risk group is staffed generation and electric power
by environmental professionals, M&T has assessed climate-related generation, as well as sewage
as defined by ASTM’s Phase I transition risks based on these treatment facilities and water supply
Environmental Site Assessment scores. Focusing initially on our and irrigation systems, etc. Our total
Standard. The department evaluates commercial and industrial lending outstanding balances for mining,
concerns, and the results inform the portfolio, we assessed our exposure quarrying, oil and gas extraction plus
decision to finance the collateral. by maturity, region and North utilities were $557 million – this
American Industry Classification totals less than 1 percent of our
System codes. outstanding commercial balances,
and is a decrease from $646 million
in 2020.
Principles
Our current focus and future • develop assessments at a The impact of physical risks on our Investment Real Estate – Our current focus and future
priorities are to: relationship level, with an initial commercial real estate portfolios physically located in one of the five priorities are to:
• continue enhancing data capture focus on industries identified as We have assessed regional data on boroughs as of January 2019 – to • monitor mortgage insurance
and methodologies to quantify the more vulnerable to transition risks the effects of climate change from determine the percentage of M&T’s premiums and availability
impact of transition risks • evaluate our credit climate risk National Climate Assessment NYC commercial real estate (CRE)
• monitor the severity and
appetite and the need for, and Reports and analyzed our exposure properties located in these
• identify opportunities as we frequency of weather events
timing of, exposure limits and to flood and wildfires. Following flood and wildfire zones.
engage with customers and • enhance our impact analysis
thresholds Hurricane Sandy, we analyzed data
support them in the transition to a We also used data from the U.S. capabilities, using geospatial data
collected by the Department of
low-carbon economy Forest Service to monitor large and analytics
Small Business Services and our
wildland fires and looked at our real
estate secured exposure from
2014-18 in Texas, California, North
Carolina, Georgia, Missouri, Florida,
Mississippi, Montana, Arizona
and Oregon.
Our preliminary analysis indicated
that climate-related risks, at the time
of the assessment, have a limited
near-term impact on our commercial
real estate portfolio. However, we are
developing processes to weave
together databases housing physical
climate risks – including flood,
drought and wildfire – to better
assess our exposure.
Principles
The impact of physical risks on our To counter impacts, we have made a The Paris Agreement and our path forward
business operations large capital investment in backup We are evaluating ways to play our part in tackling
Climate change is expected to generators and upgraded our climate change and have identified key steps to “M&T is one of 70+ members actively
generate more extreme and less communication and information support our customers and communities through sharing and learning from one
predictable weather events, infrastructure at critical facilities in the transition to a net-zero world: another through the Western New
including record high and low Western New York and locations
temperatures and unusual across the Mid-Atlantic. A robust York Sustainable Business
Ensure full alignment with the Greenhouse Gas
precipitation. These can lead to
flooding, power interruptions
and road closures. In 2021, we
work-from-home capability for the
majority of our non-branch
employees further mitigates risk.
1 Protocol’s Corporate Standard and seek third-
party verification of our GHG inventory
Roundtable. The roundtable’s spirit
of collaboration and knowledge-
experienced the third-most active sharing go hand in hand with M&T’s
Atlantic hurricane season on record,
including hurricane Ida (a deadly and
Our current focus and future
priorities are: 2 Set short-term GHG emission targets
for our operations mission to make our communities
destructive Category 4 Atlantic • assessing the physical M&T better places to live.
hurricane, with maximum sustained
winds at landfall of 150 mph). Lake
locations in relation to physical
risk data 3 Measure our financed emissions
a community bank, it’s important
As
effect snow (i.e., major snowfalls • maintaining and hardening our to assist and encourage small- and
caused by cold, dry air passing over
warmer water) in our Western New
York headquarters region is also
physical infrastructure to
withstand severe weather 4 Support clients’ transition to
a low-carbon economy medium-sized companies as they
incorporate sustainability into their
• enhancing our technology to
expected to become more severe as provide even better tools for Keep up to date with expectations for financial operations. It benefits staff, the
high temperatures prevent Lake Erie
from freezing.
remote work, and creating office
hoteling spaces for our employees 5 institutions in science-based net-zero standards
and those from the International Sustainability
Standards Board
environment and the bottom line.”
Power interruptions and road to further enable flexible working Stephanie Tisdale,
closures directly impact operations, Disclose our financed emissions and evaluate S
trategic Initiatives Expert,
interrupting business at bank
branches and other properties. 6 sector-based emission targets
(by 2025 at the latest)
M&T Bank and Board
President, Western New
York Sustainable
Business Roundtable
7 Use only renewable power
8 Achieve carbon neutrality

Principles
Together we can...
Principles
People
“At M&T, our greatest asset
Individual employees, and their stories, combine to create is our people. They are what
the M&T Story. Our teams’ expertise passion and unyielding set us apart, reflecting our
commitment to doing the right thing for our customers, values of integrity,
employees and communities help to drive our success. ownership, collaboration,
curiosity and candor in their
Key statistics Committing to a shared future
attitude and actions.”
We’ve become one of the nation’s
9.9 665,084
strongest banks by understanding Tracy Woodrow
what matters most to our customers Chief Human Resources Officer
– and our employees. Our colleagues
experience the advantage of working
years of average in a large company with the rewards
hours of training for M&T colleagues
employee tenure of working in a community-focused
62%
organization.
175
And M&T employees tend to stick
around. On average, our employees’
tenure is twice as long as that of
diverse hires through our Technology their counterparts at other banks.
EquityOne participants Development Program Their careers at M&T are a personal
with engaged sponsors investment in the future.1
This report on People covers the period of January 1 – December 31, 2021 and is as of December 31, 2021 unless otherwise noted.
1 https://www.bls.gov/news.release/tenure.t05.htm
Principles
Listening and learning Through hard work, engagement Attracting and recruiting
We have conducted Employee in our communities and our shared diverse talent
Employee Engagement Scores and voluntary turnover rates
Engagement Surveys since 2001. mission, M&T leadership and Recruiting new employees is vital
In 2021, 91 percent of our employees colleagues continue to build deep 100% to our success. Our Corporate
16%
participated in the survey. This bonds with one another and our Recruiting team ensures that we
customers. As a result, we have been 15%
indicates their willingness to share 95% 14% 14% attract and invest in top talent.
14%
the feedback that helps make M&T able to maintain our above-average 13%
14% This enables our colleagues to
the best place to work. The survey tenure across the organization and 90% progress into positions of greater
Employee Engagement Score

12% 12%
results are analyzed at the team and in our leadership ranks. And we 11% 11% responsibility and maintains a high-
88%
Voluntary turnover
enterprise level, to identify areas of continue to work hard every day on 85% 10% caliber workforce. Leadership and
opportunity and to plan for maintaining our strong corporate 84% 9% 84% behavioral competency interviewing
demonstrable changes. culture and community strength. 80% 8% techniques ensure that we hire
people whose strengths align with
2021 employee survey highlights 75% 6%
75% our purpose, values and strategies.
93% 90%
73% 73%
70% 72% 4%
71% 71%
65% 2% “All aspects of my

60% 0% onboarding were
said their team is committed feel their manager treats all colleagues 2011 2013 2015 2016 2017 2018 2019 2020 2021
to doing high-quality work fairly, regardless of background very effective and
the communication
89%
said the people they work
93%
believe the company is committed
to ethical business practices
Like the rest of the nation, we
experienced a rise in employee
turnover in 2021, compared to 2020.
In the first year of the pandemic,
turnover was the lowest we’ve seen
provided at my
orientation was very
clear. This was the
most informative/
with model our values in recent years. While our 2021 effective orientation
88%
voluntary turnover of 14.2 percent
was not significantly higher than in I have been to.”
previous years (as demonstrated in
the chart above), we continue to M&T New Hire
monitor the potential impact of
feel their manager cares about them macroeconomic trends.
Principles
Focusing on diversity They participated as panelists University of Maryland Eastern

To transform how we look at and at university and college events, Shore, with the nonprofit Thurgood
tackle real-world problems, we rely
on creative solutions fueled by
individuals from diverse
engaged with candidates on social
media, found new ways to connect
with the community, and provided
Marshall College Fund, and with
women’s colleges such as Barnard
College, Wellesley College and
Developing diverse
backgrounds. We partner with
organizations such as the National
résumé reviews, mock interview
sessions and networking
Smith College.
We seek talent by engaging
talent together
Society of Black Engineers and opportunities.
Society of Hispanic Professional organizations to promote job
Engineers to recruit diverse talent Our 2021 Candidate Connections opportunities at M&T. These include:
program allowed candidates chosen • The Consortium Delaware State University’s a $100,000 grant in 2021
nationwide, and host campus events
for an interview to learn more about 130-year mission – to to establish an M&T
and hackathons. These talent • National Black MBA Association
our culture and community from empower students to turn Scholarship Program
pipelines ensure that we have a • Reaching Out MBA
the ambassadors. Topics included their dreams into reality, as • as a partner in developing
broad range of perspectives, and
diversity, equity and inclusion, the • MBA Veterans one of the nation’s premier talent, we are the founding
that we provide opportunities to
ambassadors’ experiences at the • Prospanica Historically Black Colleges partner for the Executive
students who represent the
bank and the recruiting process. and Universities – is one we POD (Pipeline of Diversity)
communities that we serve. • National Society of Black
Participants rated the experience as are proud to support and Mentoring program with
Engineers
To provide opportunities to helpful in understanding how they partner to deliver. Our the College of Business,
• Society of Hispanic Professional relationship with the
underserved and underrepresented would fit in at M&T. which pairs students with
Engineers university is deep and broad.
groups, we launched a pilot program executive mentors at M&T
in 2020. Forty employees from Expanding partnerships • Black Is Tech To name a few of the many and provides professional
different groups throughout the bank We continually seek opportunities to • TAPIA ways we are involved: development sessions
were trained as Talent Acquisition expand our collegiate partnerships
• Out in Science, Technology, • as their bank, we provide • as community members,
Ambassadors, tasked with to universities and colleges with
Engineering, and Mathematics the financial services our leaders serve across
expanding community relationships strong ties to our communities
(oSTEM) essential to running the institution, on the
and promoting career opportunities and a focus on supporting
underrepresented populations. • Grace Hopper Celebration the organization DSU College of Business
at M&T to diverse talent pools in our board and the DSU Career
communities. • Technica Corporation • as a funder, M&T Charitable
In 2021, we partnered with Pathways Program
• Department of Defense SkillBridge Foundation provided
Between September 2020 and Historically Black Colleges and Employer Roundtable
Universities including Bowie State • Hiring Our Heroes
May 2021, these ambassadors
contributed a combined 800 University, Lincoln University,
hours of service. Delaware State University and
Principles
Through these partnerships, we Supporting veterans

attended more than 50 recruiting Referral applicant In 2021, we launched a Corporate
events, including hackathons, and
informational and networking
sessions. The diverse audiences
diversity composition
Overall diversity
Fellowship Program, in partnership
with the Department of Defense
(DoD) SkillBridge and Hiring Our
From military to M&T
included Black, Latinx, and LGBTQ+ Heroes (HOH) programs, for active
28%
people, veterans, individuals with service members who are within Sonja Mariner, from the “At M&T, I am excited to
disabilities and women. their last 180 days with the military. United States Air Force, showcase my value by utilizing
Texas, joined M&T’s Talent my military experience and
In partnership with employee 72% DoD SkillBridge helps active service Acquisition team as skill sets. I look forward to
resource groups, our Employee members discover opportunities for a Senior Sourcer through the setting a positive example for
Referral Program generated more work experience and industry DoD SkillBridge program in the SkillBridge program that
than 12,000 job applications in 2021 Diverse Not Diverse training before exiting the military. November 2021. She will join will benefit future transitioning
and resulted in 29 percent of all new They can review positions available the bank full-time as a Senior military members. I love the
hires. Ethnicity
immediately or apply for Recruiter, post-fellowship. team of professionals I’m
3%
development programs – through working with, which makes
The staff-led program helps drive third parties such as HOH – offered “Transitioning from the
diversity in recruiting, and we me proud to be part of the
32% at select times each year. service is challenging and M&T family. My advice to
continue to look for targeted ways to 65% nerve-wracking,” explains
extend our reach and help those in The 12-week HOH Corporate others is, ‘Do not let these
Sonja. “I wanted to ensure fellowship programs go to
search of a new career with M&T. 69% Fellowship Program delivers the my military experience
Hiring demographic reporting is same valuable work experience and waste!’ Use the transition
and skills were translatable period wisely, to research
included on page 70. industry training, with additional to a civilian position... The
People of Color White career development opportunities companies’ job positions
fellowship programs are an
12,000+
Not Declared
and mentorship provided by HOH and apply.”
excellent opportunity to do
Gender identity and the host company. just that. They allow you to Sonja Mariner
We are proud to offer these get your foot in the door so Senior Talent Acquisition Recruiter
2%
opportunities to service members you can understand how the
job applications generated by and are piloting our program with civilian sector operates.”
Employee Referral Program in 2021 58% 58% 40% direct hire positions on the DoD
SkillBridge site and as a 2022 HOH
Fellowship host company.
Female Male
Not Declared
Principles
Developing remote Developing our people Since 1983, our Management

recruitment practices From #NationalInternDay, here’s what two At M&T, career development is an Development Program has helped
The past year’s recruiting season interns said about their virtual experiences: ongoing priority. We want our more than 1,500 bright and
required us to adapt our employees to grow and succeed as motivated students make a seamless
development programs to the virtual team members, individuals and transition from college to career with
“A major consideration for “What excited me most about members of our communities. We us. Participants join the bank in a
environment. Internship programs
me when choosing my internship joining M&T was that they didn’t provide learning opportunities to range of roles and divisions, allowing
– including Summer Executive
was finding a company that had end the mentorship during the enhance their knowledge, empower them to immediately provide value
Associates, the Summer Internship
a sense of community and a pandemic… Not canceling the their performance and maximize and develop in-depth knowledge
program and the Technology
strong culture; a company that program demonstrated their their positive impact. about particular business lines.
Summer Internship program – were
encourages employees to take commitment to people and
modified to include professional
pride in their work and stay their ability to adapt to the Developing leaders Our Executive Associate Program
development, class project work,
committed to the communities challenges we all had to face. We run multiple development gives MBA graduates a wide breadth
and networking that could be
that surround them. What excited What I have learned throughout programs to support and progress our of experience in an accelerated
performed remotely.
me most about starting my my experience is how M&T is people through our business. leadership development program.
Without ever meeting our interns in internship was the sense community-driven, and I like Development program demographic Since 1984, it has enabled hundreds
person, we introduced our company of support I felt immediately. their concept of an M&T ‘journey’ reporting is included on page 73. of students to learn more about the
culture, fostered an environment I have been provided valuable rather than your traditional one financial services industry in general
of inclusivity and collaboration, feedback from my manager when joining a bank. I learned Campus recruits help drive as well as how M&T is structured.
and created a strong network of and coworkers, been offered that it’s okay to step out of new thinking and growth.
countless resources for your comfort zone and to Our Management Development Our Summer Internship is a 10-week,
colleagues with relationships
professional development be ‘different’.” and Executive Associate programs paid program. Department-specific
that will continue beyond the
and made friends in my provide entry points for graduates and projects provide exposure to bank
summer internship.
internship class.” develop leaders such as our CEO, René leadership, training, networking
Jones – one of four African-American opportunities, early access to full-
CEOs in the Fortune 500 – and our time roles.
President, Rich Gold. These leadership
development programs provide The Technology Development
2021 Summer Internship program key statistics
immediate access to peer support Program focuses on recruiting
145 46% 47%

groups and senior management, with undergraduates with software
work on highly visible projects that can engineering experience. Its aim
greatly benefit the bank. is to expand our diverse pipeline
of tech talent. A two-year rotational
program, it is self-directed, allowing
summer interns female people of color participants to build essential soft
skills in concert with their job roles.
Principles
An immersive 10-week technology Precision Leadership, in conjunction the appropriate solutions in order to Our Relationship Management
internship program provides with consulting service Aubrey RLDP participants help them grow their business. Development Program prepares
hands-on experience and channels Daniels International, is the individuals to be successful
students’ passion for coding and foundation for a science-based Our Operations Development Commercial Relationship Managers.
14%
learning into real-life impacts. approach to leadership throughout Program services two of the largest It combines simulated case studies
On completion, interns are M&T. The program focuses on operations divisions: Banking and on-the-job responsibilities with
prequalified for our Technology connecting leadership initiatives Services and Customer Asset regular rotations between regional
Development Program. around the bank and demonstrating Management. Aimed at high- (home office) assignments and
how they can be enhanced with
86% potential internal talent and recent credit analysis. Participants learn
2021 welcomed our third Technology behavioral science. college graduates, it focuses on about our credit culture and
Development Program class. Sixty- Men Women
leadership and operations skills that commercial loan underwriting, while
two percent of the class was diverse, Our Rising Leaders Development foster both career growth and developing sales and relationship
and 22 percent came from the 2020 Program (RLDP) is designed to build organizational bench strength. skills.
Technology Internship class. the diversity of our talent pipeline,
with participation goals for women, Our flagship Senior Leadership
We also offer specialized people of color and other diverse
38% Development Program selects
programs to develop skill sets individuals. The 11-month program participants with exceptional
in functional areas such as sales, increases participants’ leadership
62% performance and potential. It
operations, marketing and finance. skills by focusing on leading change, spans four nonconsecutive weeks
Comprehensive, hands-on training customer-centricity, communication, and aims to:
and mentorship benefit students personal branding, interpersonal • increase awareness of personal
People of Color White
who are interested in accelerating leadership and building connections. strengths and areas needing
their careers in a defined role. development
Our Manager Acceleration Program RLDP key statistics Our Relationship Manager Sales • create strong leaders to drive
255
is designed for new managers and Program is designed to elevate the collaboration across the business
existing employees moving into Business Banking acumen of new • provide access to the Executive
managerial roles. It eases the hire Relationship Managers with little Leadership Team and other
transition, building strong to no Business Banking knowledge. senior leaders
foundations and ensuring early It utilizes a combination of lecture,
total number of active participants • impart and apply skills based on
success. It teaches managers how to activities and subject matter experts
our Leadership Competencies
78%
support, motivate and empower to enhance skills around Prospecting,
(see “Defining leadership
their teams, to increase engagement Networking, Financial Analysis and
competencies” on page 44)
and productivity. And it provides Systems. Upon completion, the
standardized management across all Associate Relationship Manager will
areas of our business. have the ability to identify what is
retention rate important to clients and understand
Principles
Training opportunities 2021 employee training at-a-glance
1,460
We want to provide training and
development opportunities to every
employee. eLearning and in-person
training is available through our
Tech Academy: Investing in talent
internal Workday Learning platform.
Employees have access to hundreds course offerings
through skills-based training
20,059
of web-based training courses,
webinars and instructor-led classes.
These cover personal and In our fast-paced and In December 2020, in While we recognize the power
professional development, changing world, it’s crucial we response to the negative of arming people with new
leadership development, technical invest in growing our tech economic impacts of skills in high-demand career
skills and specialized options for total participants talent through resources and COVID-19, the Tech Academy areas, we also see a need to
665,084
specific roles. programs that enable them to launched the Western New connect community
continually upskill and reskill, York Tech Skills Initiative, with members to real jobs. In the
Our state-of-the-art, high-tech
to meet the ever-evolving General Assembly and a summer of 2021, M&T began
training facility – created with a
demands of the market. The coalition of 12 regional collaborating with four
$4 million investment – provides
Tech Academy was created to stakeholders and industry regional employers,
a base for our Corporate Learning
hours of training for M&T colleagues address these needs in our partners. With this program, TechBuffalo and General
and Development and a place for
33
organization and throughout we strove to reach a diverse Assembly to plan the
employees to come together
our communities. audience using the inaugural Tech Academy
and collaborate in-person.
relationships and influence Community Bootcamp: a
In 2021, in partnership with of community-based 12-week full-time bootcamp
To encourage employees to take
global technology training organizations. Since the to train 19 community
job-related or Center for Financial
average hours of training per employee provider General Assembly, program started in December members in Data Analytics,
Training/Certified Financial Planning
the Tech Academy trained 2020, we engaged a group of at no cost to the students.
courses, we offer a Tuition
M&T employees – through more than 1,200 people: 50 Offering an opportunity to
Reimbursement Program.
virtual, instructor-led classes percent of those were female, interview for a job in Data
In 2021, 204 M&T employees – in skills such as Cloud 66 percent reported an Analytics with one of our
participated in the Tuition Computing, Java, SQL and annual income of $50,000 or employer partners at the end
Reimbursement Program and the bank Python. Employees also spent less, and 38 percent did not of the program, the inaugural
paid $1,354,676 in tuition payments. almost 12,000 hours learning have a college degree. bootcamp, launching in 2022,
on-demand through will give deserving community
Pluralsight’s online members the opportunity to
technology skills platform. start a career in technology.
Principles
Supporting our talent The Employee Relations team also Maintaining physical wellness
Nurturing through HR manages bank-wide policies, helps to A single medical plan allows us to
At M&T, it is important for us to ensure address issues from our confidential, manage services, resources and costs
we have a thorough support 24-hour Employee Complaint Hotline throughout our footprint.
framework for each of our employees and plays an important part ensuring
to enable us to deliver the best work appropriate employee assistance It helps employees receive and pay for
experience. Our Human Resources resources are available, when an treatment, manage their health with
(HR) Business Partners have a employee is going through a difficult free preventive services and, most
thorough understanding of our time in their life. importantly, stay healthy and take care
organizational strategy and the talent of their families. We are committed to
needed by each department to excel. The Employee Experience team sharing that responsibility. Our medical
They liaise with leaders across the proactively maintains a holistic plan is supported by concierge
breadth of our business, getting to understanding of the employee vendors, to help employees navigate
know their teams, business models experience through pulse surveys, the the challenges of healthcare.
and objectives. The HR Business annual engagement survey and
employee life cycle touch points (such To maintain a healthy work-life balance,
Partner team of 26 brings more than it’s important that employees enjoy
355 combined years of HR experience as onboarding and exit), in addition to
other feedback channels throughout time to rest and relax. Our annual
to the table, with diverse perspectives allowance of Paid Time Off is Supporting emotional • Cleveland Clinic: Provides
from prior organizations, non-HR roles, the bank. The team works closely with
determined by years of service and and social wellness employees with free eCoaching
professional certifications and HR Analytics to understand employee
employment grade. Emotional health affects how programs such as Stress Free Now
graduate degrees. trends and utilizes different data
we think, feel and function. and the Clarity Program, which help
points to identify and act on We offer up to 12 weeks of Parental manage overall wellbeing.
The Employee Relations team provides opportunities that make M&T a great Leave. This pays 100 percent of base It also affects our ability to cope with
staff and managers with guidance and place to work. • Teladoc: Behavioral Health
salary (or average commissions for stress, overcome challenges and
tools to manage performance and consultation, available 24 hours
Finally, our HR Direct team is available commissioned employees). create a strong social support system.
conduct that meet our expectations of a day, seven days a week, via
to all employees to answer any HR- Employees returning to work from Therefore, we offer the following
excellence. Tools include Corrective phone or video.
specific questions and ensure Parental Leave have the same job wellness programs:
Action to address conduct issues and reinstatement protection as • Employee Assistance Program: Contributing to financial wellness
the Action Plan for Success, an employees have the information and
the resources that they need to be employees returning from family and Free to employees and their Security arises from ensuring you have
interactive tool for managers to engage medical leave. Break times and private dependents, this provides confidential resources to meet your needs, being in
with employees who are struggling to successful.
rooms are offered to nursing mothers. support on a range of issues 24 control of your day-to-day finances,
achieve a high level of performance. hours a day, seven days a week. and having the financial freedom to
We also offer other leave varieties
make choices that allow you to enjoy
including personal, medical and
life and plan for the future. To ensure
military service.
our staff enjoy that security, we provide
the following schemes:
Principles
• 401k Plan: Available for all employees Ensuring equitable We conduct regular and extensive Recognizing and
An M&T leader: to join immediately. After completing performance management market benchmarking to establish rewarding excellence
six months of employment, we match Fundamental to M&T, we believe competitive salary ranges. This, in Recognition has a proven effect
Creates Vision
Sets priorities and aligns the first five percent of contributions that creating and supporting turn, enables us to attract, motivate on employee engagement, which
people to them made to employee accounts on a a fair performance culture is the and retain talent with the experience, in turn results in better performance
biweekly basis. responsibility of both leaders qualifications and performance that and positive business results.
Inspires Followers • Retirement Accumulation Account: and employees. align with our organization’s overall We believe in recognizing the unique
Energizes and mobilizes For eligible employees, M&T makes talent strategy. contributions and efforts of our
others to take action Our performance management aligns employees in meaningful ways:
an annual contribution to this
individual goals with organizational Competitive base pay and short-
retirement savings program, based • our colleague-to-colleague
Builds Alliances priorities and measures the results. term and long-term incentives are
on the employees’ total pay and and customer-to-colleague
Creates opportunities This transparent process – allowing the basis of our pay-for-performance
through partnership and length of service. program recognizes employees
performance to be measured against strategy. Short-term cash incentives
inclusion • Discretionary Employer who embody our corporate
defined objectives – helps staff to motivate staff to attain organizational
Contribution: For eligible employees values and behaviors
excel and enables employees and and business unit goals.
Influences hired after January 1, 2020, the M&T • our ANDY Awards recognize
Gains buy-in without
leaders to identify developmental
contribution is based on total pay and needs. Ongoing coaching and Long-term incentives – namely employees who embrace a
the use of position
length of service. The contribution feedback are provided, and stock – drive retention and align “customer first” mindset
level is determined annually and outstanding performance is the success of our employees
Delivers Results
Drives agility and based on the bank’s performance. recognized and rewarded. with the long-term success of the
accountability to • Employee Stock Purchase Plan: organization and our shareholders.
elevate performance This provides the opportunity to Recognizing and rewarding talent
Compensation at M&T reinforces Equitable pay is simply the right
share in our growth and success. thing to do. Compensation practices
Develops Talent
Eligible employees can purchase our purpose and values, engages
Develops a diverse our colleagues and maximizes for hiring and internal mobility
workforce for stock with a 10 percent discount are designed to ensure the fair
through payroll deductions. long-term performance.
competitive advantage and equitable treatment of our
Defining leadership competencies These elements combine to create employees. We continually evaluate
Innovates a competitive package targeted pay to ensure compliance with
Embraces diverse Our development, training,
career progression and talent around the market median for our organizational and regulatory
ideas and fosters a
culture of change management programs are all built our sector. pay equity standards and close
upon a consistent Leadership potential disparities.
Grows Value Competencies framework that
Understands our has been adopted enterprise-wide.
customers and the
business of banking
Principles
Promoting diversity, This applies to all terms and

equity and inclusion conditions of employment, including, Consequently, we launched Workforce data
“We need to provide Ensuring equal opportunities but not limited to, recruiting, hiring, our Diversity Vision 2025 by ethnicity and gender
a best-in-class and We are unwavering in providing placement, training, promotion, statement: People of Color
equitable experience employment opportunities without compensation and termination. More Women
regard to applicants’ race, color, on diversity in our recruitment “We will have diverse
for our employees in national origin, religion, ethnicity, sex, practices can be found in “Focusing leadership at all levels, so
All colleagues
order to provide a gender identity, sexual orientation, on diversity” on page 38. employees feel like they truly
age, disability, citizenship, pregnancy belong. This will enable us to 24%
best-in-class customer status, veteran status, military Identifying our DEI vision be the clear bank of choice 60%
experience. To do status, marital status, genetic Through people-centric interviews, for our diverse customers in
every community where we
that, all levels of information or any other focused on our employees’ and
choose to compete.”
Management
characteristic protected under customers’ concerns and
management must applicable federal, state or opportunities, we identified areas
15%
49%
reflect the diversity local laws. that we needed to address to
become a leader in diversity, equity As our diversity efforts grow, so do
of each of the and inclusion (DEI). the individuals driving those efforts.
Senior leadership
communities we serve.” In 2021, the DEI Office expanded to
8%
In 2021, we announced our goals nine individuals, focusing on bank- 25%
for representation at senior wide efforts.
Glenn Jackson management level, to better reflect Board composition
Chief Diversity Officer our employee population and Our Diversity and Inclusion Council 21%
community demographics: promotes and guides efforts that
21%
• We will achieve Gender Parity, enable us to meet the needs of our
diverse employees, customers,
• 11 percent of our Senior Promotions
shareholders and communities.
Managers will be Black, and 22%
• 5 percent will be Latin/Hispanic. Grassroots efforts – those that 63%
embed our DEI work across the
organization and that can be New hires
leveraged by others – flourished in 41%
2021. One of those efforts became
60%
the collaboration of informal DEI
leaders to create DEI Connect,
through which best practice,
and challenges, are shared. Our complete EEO-1 report is
included on page 70.
Principles
Embracing employees’
interests and passions Employees and managers who participate in resource groups
“Action-based committees have
34% 53%
We offer employees a unique
been launched, and leaders sought opportunity to participate in
guidance on how to make an impact. resource groups that fit their
interests and passions. Our 14
The opportunity was clear: we needed resource group charters and 71
a way to connect, communicate, chapters are voluntary, employee- of employees participate of managers participate
driven groups organized around in resource groups in resource groups
collaborate, and support each other’s shared interests or characteristics
grassroots DEI efforts. With the such as race, ethnicity, gender,
guidance of a wonderful steering sexual orientation or differing African American Resource
Group (AARG)
PRIDE Resource Group
(PRIDE)
abilities.
committee, we set up DEI Connect.
Our objectives are simple: share These groups help us recruit and Asian Pacific American
Resource (APARG)
Intergenerational Resource
Group (iGen)
retain talented employees, enhance
ideas, collaborate on initiatives the professional development of
Welcome Resource
and support DEI employee their members, provide mentoring Group
Native American Resource
Group (NARG)
opportunities, increase business
engagement.” generation and create M&T Bank Intrapreneurship Resource Veterans Resource Group
Dan Theal ambassadors in the communities Group (IRG) (VRG)
Founder, DEI Connect where we do business.
Think Green Resource STEM Resource Group
Senior Diversity and Group (STEM)
Inclusion Program Manager, M&T Bank
Wellness Resource Women’s Interest Network
Group (WIN)
Hispanic Resource Disability Advocacy Network

Group (HOLA) (DAN)
Principles
Identifying moments that matter

To ensure a great employee
Creating a safe space with Share a Story experience for all, we also conduct
journey-mapping exercises focused
on our different diverse employee
populations that chart their
experience, identify pain points
DAN (Disability Advocacy disability, whether it be Everyone is encouraged to
and create solutions. So far, we
Network) is an M&T resource parenting a child with a share challenges, resources
have engaged approximately 175
group focused on promoting a disability, living with a loved and provide support for
employees in these journeys, Human Rights Campaign Foundation
forward-thinking, unbiased one with a disability or self- one another.
focusing on Black, Latin/Hispanic Best places to work for LGBTQ+
culture surrounding the view identified.
In one session, team member and LGBTQ+ experiences. equality for the fourth year in a row
and acceptance of individuals
impacted by disability. The one-hour virtual session Kathy Camalleri shared her
We will expand these efforts in 2022
is facilitated by a DAN experience of living with
and beyond to adjust processes that
One of our most popular member and covers topics bipolar disorder, describing
may not affect all staff in the same
events is Share a Story. ranging from depression, how she was able to
way, such as onboarding,
anxiety, accessibility issues, overcome obstacles to
Share a Story is a safe space performance management and
as well as specific conditions, become a Senior Leader at
for DAN members to share recognition.
such as autism, cerebral palsy M&T. The participation and
their experiences living with a and MS. feedback received both
Awards and recognition
during and after this session National Organization on Disability
truly enforced the relevance Leading Disability Employer
and necessity of these Share
a Story events.
“As I work with business
partners now,” explains Kathy
Camalleri, “they often DiversityInc
comment on the story I told Top Regional Company in 2021
before sharing their own
stories, so the benefits
continue to pay it forward.”
WNY Women’s Foundation

Disability Equality Index
Power Seal Company
Best place to work for individuals with
First company to achieve this
disabilities for the third year in a row
designation local to Western New York
Principles
Spotlighting sponsorship
In 2021, we launched EquityOne, EquityOne sponsorship
EquityOne Highlighting one pair of Tyré is now participating as a
175
a sponsorship program that targets
protégé and sponsor is Tyré protégé herself. She is paired
60-70 percent participation from
Robinson, a Business Banking with Michele Trolli, Head of
Latin/Hispanic, Black and Brown
Regional Manager, and Corporate Operations and
team members to meet our 2025
Destiny East, Senior Talent Enterprise Initiatives, and a
DEI objectives. The program is for EquityOne is an enterprise- Acquisition Coordinator. Since member of our Enterprise
aspiring leaders who want to move number of protégés wide campaign of education, starting the program in May, Leadership Team, to enable
up in the organization and have a awareness and action Destiny has grown her her to develop further in
strong vision of their trajectory. They promoting racial equity in
Protégés by gender network, developed senior management.
are paired with senior leaders, who the targeted increase of relationships with senior
advocate for their protégés as Black, Brown and Latin leadership and landed a
they progress. representation in senior
31% new role within our Talent
management, which has Acquisition team.
Taking time to learn and connect already brought us closer
In 2021, we launched an online DEI to our 2025 goals.
69% “Have an open mind,” advises
training curriculum, covering topics
Destiny. “This is a great
such as unconscious bias, Diverse protégés are opportunity to connect and
microaggression, systemic racism, connecting with sponsors
Women Men
build relationships within the
people first and cultural competency. throughout the bank and bank. Be flexible; business is
The courses are designed to engage having the opportunity to busy at the bank, and you may Destiny East
employees and reinforce learning develop as leaders. Both
Protégés by ethnicity need to reschedule some Senior Talent Acquisition Coordinator
through team discussion and protégés and sponsors are meetings.”
application. Our commitment to DEI engaging in critical learning
helps ensure that we engage 31% about racial equity, and “I think that it’s important to
changing market demographics. they’re bringing that pair people with similarities
Employees and customers tell us knowledge to their peers. in certain respects but to
how important it is that they are able 69% We’re excited to see how the consider the importance of
to see themselves and relate to first class of 175 protégés differences,” suggests Tyré.
people at all levels of the company. grows and continues to “Sponsors and protégés
People of Color White influence change throughout should approach the
We have made progress in ensuring the organization. relationship seriously and
we reflect our communities and in
be willing to devote the time Tyré Robinson
creating an environment in which all
and energy to helping each Regional President, Tarrytown
employees and customers feel they
other grow.”
belong. We will embrace
opportunities to continue to improve.
Principles
Together we can...
Prosper
Principles
Prosperity
M&T is successful when the communities we serve are successful.

Our destinies are interwoven: For more than 160 years, we “M&T is a bank for communities. We
have lived in, worked in, and helped build our neighborhoods. understand every community is
And harnessing the power of capital to build equitable different and has its own unique
characteristics, cultures and
communities is the best way we can ensure long-term success economies. In 2021, we introduced
for M&T and its neighbors. our Community Banking team to
Key statistics
help us build upon and scale our
community banking approach. By
$1.73b 1,115 57,822

listening to local insights and
harnessing M&T’s full capabilities,
we will provide every customer with
in financing to projects which Small Business Administration hours dedicated by M&T staff to access to the support and services
contain affordable housing loans originated, totaling working in our communities
$201.5 million
they need and accelerate the
equitable growth of communities.”
3,255
home purchase loans to
Low-and-Moderate Income
99
additional bank branches designated
as multicultural centers, totaling 118
$1.78b
in investments through our sustainable
investing strategies, together with
Mike Keegan
Head of Community
Banking
residents third-party socially responsible and ESG

investments
Principles
Improving access to housing In 2021, we committed $117 million in

M&T financing for projects that contain affordable housing Safe, high-quality, affordable investments, through Low Income
(in dollars financed) housing is key to tackling inequality Housing Tax Credit (LIHTC) equity, “Paul is the best
and building communities. There is a which added an estimated 768 new person I have ever
shortage of nearly seven million units or renovated affordable housing worked with in this
of affordable, available housing1 units in the communities we serve.
across the US. The total book value of our LIHTC capacity. I will only
Overcoming this challenge requires
investment portfolio was $785.2 come to M&T Bank
million as of December 31, 2021.
long-term commitment from both for my loans in the
the public and private sectors, and Our affordable housing investment future entirely based
we are committed. M&T Bank and portfolio includes projects targeted
M&T Realty Capital Corporation have toward tenants with specific needs, on Paul’s excellent
teams dedicated to the financing of such as seniors, families, veterans, knowledge, intuition
victims of domestic abuse and those
affordable housing (which has rent or
with health conditions like mental
and courtesy.
income restrictions to help keep it
below market price), from illness and vision impairment.
construction and bridge loans to
Paul worked with me
mortgages. through some of the
In 2021, M&T Bank and its affiliates most difficult times in
provided $1.73 billion in financing to my life. He was there
106 projects that contain affordable for me more than my
housing. This includes $589.8 million
in CRA-eligible financing for 2,790 family and my
affordable units within M&T’s friends.’’
statewide footprint.
Duane McGraw
Mortgage Customer
1 https://reports.nlihc.org/sites/default/files/
gap/Gap-Report_2021.pdf” THE GAP:
The $1.73 billion in financing to projects containing affordable housing also included projects within The Affordable Housing Gap Analysis 2021
Colorado, Florida, Georgia, Iowa, Illinois, Kansas, Oklahoma, Oregon, Rhode Island and Washington. (nlihc.org)
Principles
Keeping people in their homes Since 2013, we have supported

Helping customers to stay in their homeowners during employment
Supporting first-time homebuyers homes and small businesses to

avoid foreclosures are priorities
at all times. During COVID-19, we
uncertainty with our NextJob
program. To those who meet our
unemployed/underemployed criteria,
through partnership redeployed staff to handle a massive
volume of calls from customers
we offer training as they prepare to
reenter or take steps in the
experiencing pandemic hardship. We workforce. In 2021, 36 percent of
We are proud to partner with improvement loans to LMI New first-time homebuyer went above and beyond government those who went through the program
Home HeadQuarters (HHQ), homeowners. In addition, our Sheona Williams (pictured mandates by providing forbearances, confirmed they secured a job.
an incredible nonprofit colleagues volunteered for below) stands with Latoya deferments and loan modifications
housing and community HHQ’s community clean up Allen, Home HeadQuarters on thousands of mortgages and In 2021, we wanted to expand what
development organization. Its and small repair initiative. Deputy Director, on the porch business loans, both conventional we saw as the increasing service
mission is to create housing of her newly constructed and government-backed. needs of our customers. To do so,
opportunities in Central and “M&T Bank is a long-time, home on Syracuse’s Near we worked with the social impact
Upstate New York, and it is engaged partner of Home Northside. The former public Once we addressed the initial surge fintech SpringFour to assist
quickly expanding across the HeadQuarters that, at every housing resident took in need caused by the pandemic, we customers in finding local resources
state to help communities level of our nonprofit HomeBuyer Education then shifted to providing permanent such as utility savings, food savings,
from Buffalo to Albany. HHQ’s business, helps us deliver classes, met with housing and relief, such as deferments and loan financial counseling and home
work has played a major role needed education, housing financial counselors and modifications for customers who repairs. Offered at no cost to
in stabilizing and revitalizing and financial support to saved for more than three regained financial stability in customers, this worked in tandem
Central and Upstate New York first-time homebuyers and years to purchase her new 2021. We suspended all vehicle with services we offer such as credit
neighborhoods. existing homeowners in home. It was built by HHQ as repossessions – even in states with monitoring and financial education.
our community,” says part of Syracuse Mayor Ben no loan moratoriums – and waived The top resources utilized by our
In 2021, we worked with HHQ Kerry Quaglia, Chief Walsh’s Resurgent late fees. We also suspended customers were those helping with
to facilitate affordable Executive Officer of Home Neighborhood Initiative. adverse credit bureau reporting on heating and utility costs,
homebuyer classes for HeadQuarters. “M&T Bank our consumer book and overdraft employment services, food savings
first-time homebuyers, employees are indispensable recoupment opportunities. and healthcare savings.
funded their annual Block to our annual volunteer Block
Blitz Initiatives and Blitz, our certified HomeBuyer
HomeBuyer Education Education courses and to our
Program through the M&T accessible lending efforts
Charitable Foundation and throughout Upstate and
provided a term loan as a Central New York.”
source of funding for home
Principles
Bolstering business and income Meeting the needs of our communities • the Howard County Accelerator, Pictured below are the finalists for the Small Business Innovation Lab’s Pitch
Supporting small businesses By meeting the specific needs of with the Maryland Innovation Competition; left to right: Alicia Officer, Unapologetic Coffee; Symphonie
Partnering with small businesses to each community, and finding great Center, the Howard County Allen, Her Sacred Way LLC; Alisa Officer, Unapologetic Coffee; Jalen Law,
create jobs, build our communities partners to do so, we help our Economic Development The Jalen Law Collection LLC; Brianna Clemons, BCW Dispatching and
and develop our economy is the core communities grow. Authority, the Howard County Consulting Group LLC; Franketta Willoughby, Franketta Willoughby Daycare
of our business model. Executive’s Office and the
In 2021, we launched new programs Maryland Small Business
Small businesses generate sustainable to help minority and women-owned Development Center
growth, keep money circulating businesses develop and thrive:
through the economy and create new • Our Small Business Innovation The accelerators provide formal
opportunities for community members. Lab is a partnership with Canisius education in business structure,
College. Piloted in Buffalo, it finance, access to capital, pricing
Although we cover just two percent of models, marketing, risk and
delivered a curriculum for
the nationwide market, we ranked networking. They also offer pitch
multicultural business leaders,
seventh nationwide for small business competitions with cash prizes. A
culminating in a pitch competition.
lending in 2021. We originated 1,115 SBA curriculum focused on Minority and
Thirty-two small businesses
loans, totaling $201.5 million, and Women Entrepreneurship was
participated, and three winners
topped the Small Business launched through our Business
earned financial awards. The
Administration’s lenders list in Education Center and will be
program will be expanded in 2022.
Baltimore, Buffalo/Rochester, expanded in 2022. In 2021, the client
Delaware, Philadelphia, Syracuse • Our Ignite program launched two
base for our Ignite program grew by
and Washington, DC. business growth, or accelerator,
74 percent. Of the new customers,
programs:
In 2021, we were awarded 29 86 percent were minority or women-
• t he 0 to 100 Accelerator owned businesses.
Greenwich Excellence Awards and six in Baltimore, with the Baltimore
Greenwich Best Brand Awards across City Mayor’s Office of Minority
Business Banking and Middle Market. and Women-owned Business
These brought our total Greenwich Development and Baltimore
Excellence awards since 2011 to 166. City Small Business
Development Center
Principles
Supporting businesses The digital application process To achieve this, our SBA team
through COVID-19 for customers was revamped and rapidly scaled up, bringing together
Our Paycheck Protection Program streamlined, and our passionate customer journey mappers, “I wanted to take a minute today
(PPP) played a critical role in keeping staff offered extensive guidance technologists and frontline and let you know how much we
small businesses open and people via webinars, step-by-step guides employees from across the appreciate your continued
working through the pandemic. and personalized support. organization.
When M&T’s second round of PPP assistance. During unprecedented
Following the 34,999 PPP loans We are proud of our role in helping
was announced in January 2021, our
funded in 2020, we processed businesses access these much-
times, M&T Bank has gone above
teams leapt into action, determined
to match or exceed the exceptional 24,449 successful applications needed resources: securing funding and beyond helping [us] secure
experience that we delivered in in 2021. This was in addition to for 59,448 loans, totaling $9.9 billion, funding. Due to your assistance, our
1,115 standard SBA loans originated for companies that together employ
the previous year.
during the fiscal year. 849,482 people. company has been able to survive,
when plenty of other corporations
Positive feedback included many
firms commenting that they felt were not as fortunate. Our financial
they were “the only customer” and health has been fortified by M&T’s
that they were touched staff had
reached out to see how they could
hard work and commitment.
help. Others noted how our people THANK YOU!”
guided them through the process,
often working late into the night Joe Lyons
to ensure customers didn’t lose out. Karasch & Associates
Principles
Introducing MagnusCards® Supporting our community

We believe in improving access to
access to banking for users,
including minors aged 13-17 with a
education, supporting talent and parent or guardian as joint owner.
In 2021, we became the It uses applied behavior as a potential opportunity community development programs, If insufficient funds are available in
first U.S. bank to team up analysis, offering prompts for the bank, and guided its increasing diversity in our workforce the account, a transaction will, in
with MagnusCards® by and positive reinforcement to implementation and launch, and improving access to capital. most cases, be declined. If the
Magnusmode, a free app support experiential learning. working alongside M&T’s Understanding and addressing the account is overdrawn, an overdraft
that provides autistic and technology team and needs of unbanked and underbanked fee will not be imposed. In 2021,
neurodiverse individuals with “Increasing access to financial people – who represent 18 percent we opened 46,247 new MyWay
colleagues throughout
step-by-step visual guides literacy for people with autism of our population – is essential for accounts, adding to our
the bank.
(in the form of digital Card is essential,” observed creating equitable communities2. 102,396-strong portfolio.
Decks) for home and Magnusmode Founder and “Our MagnusCards® will help • M&T Alerts mean customers can
President Nadia Hamilton. people count money, use Addressing financial inclusion
community independence. set up an alert to be notified when
“Managing money goes hand their debit card to purchase We are committed to assisting
The app is a life skills library funds reach a certain level that
in hand with adulthood but things, withdraw cash from customers in managing their financial
with guides for cooking, requires a money transfer or
there are so many people who an ATM or teller and deposit wellness and are a proud member of
taking the bus, going to spending reduction.
are never empowered to learn cash and checks into an the Bank On coalition. This supports
restaurants and many more • Overdraft Protection is offered
these skills.” ATM,” said David Zolnowski, local financial institutions’ efforts to
activities of daily living. The through a linked savings account,
Senior Finance Manager, connect consumers to safe,
M&T and MagnusCards® M&T’s Disability Advocacy line of credit or a credit card.
president of DAN’s Western affordable bank accounts.
collaboration created new Network (DAN), an employee
New York chapter and a • M&T Money Smart in the mobile
Card Decks that provide resource group that Over the past several years, M&T has
parent-advocate whose son app and online banking can help
visual cues and step-by-step advocates for the needs introduced banking solutions with
has Down syndrome. “Each of customers track spending and
instructions to help people of people with disabilities, those goals in mind, including:
these essential guides will be income, as well as projected cash
access fundamental banking identified MagnusCards® • MyWay Banking is a certified Bank
extremely helpful to people flow and spending trends.
services. On account that offers traditional
with disabilities.” • Our Mobile Flash Funds service
M&T Card Decks provide checking services such as online provides immediate access to
practical guidance to help bill payment and debit card mobile check deposits, for a fee.
users navigate daily tasks and access. Serving customers This supports customers who may
experiences, such as making previously ineligible for checking not have a financial safety net and
ATM transactions and using accounts due to prior banking offers security to small business
a debit card for purchases. issues, it has low or no monthly owners who rely on immediate
service charges, depending on liquidity.
the amounts deposited.
MyWay Banking has improved
2 The Fed Report on the Economic Well-Being of U.S. Households in 2020 – May 2021 – Banking and
Credit (federalreserve.gov)
Principles
Throughout 2021 we had a team Providing financial education

focused on the impact of overdraft- Financial education is another Financial Education Center – Education Playlists
related fees on customers’ financial integral component of serving our
wellness, exploring how we can communities. Over the past 20+
provide more flexible options to years, we’ve prided ourselves on
meet their personal financial needs. relationships with outstanding,
Based on their work and research innovative nonprofits, such as Ariva,
we’re rolling out changes to our Home HeadQuarters and Pathstone
customers in the second quarter of Corporation to deliver in-person
2022 that we believe will empower education, alongside the work that Banking for Families Banking for College Students Building Financial Resilience
customers to bank with more our relationship bankers do with
confidence, including eliminating the customers every day.
non-sufficient funds fee and
overdraft protection transfer charge To expand on our in-person
from a linked deposit account, education, we offer M&T Money
reducing overdraft fees to $15 and Mentor, our Financial Education
limiting the daily fee assessment to Center. This online portal provides
once per day. We will closely monitor access to topics such as emergency
how these changes impact our savings, credit management and
customers, will share the impacts in investing in the future. Its user- Financial Caregiving Banking for Teens Growing your Small Business
next year’s report and are committed friendly, interactive lessons take just
to continuing this work to best serve three to six minutes, making them
all of our stakeholders. easy to fit into busy lives.
Becoming a Homeowner Banking for Entrepreneurs Preparing for Retirement
Principles
Committing to our many cultures Meanwhile, we launched a program Through constant engagement
We have expanded the services we to certify our colleagues as bilingual. with faith-based organizations,
provide to communities with high This allows us to compensate them neighborhood groups and other “Luz Cardona has been our
concentrations of ethnic and racial for the additional service they community partners, we learn and customer for several years. She
diversity by designating an additional provide to customers and to provide develop new ways to serve local feels very comfortable coming
99 bank branches – from 19 to 118 high-quality service across multiple families, individuals and businesses.
– as multicultural centers in 2021. languages. Last year, 244 such to see me since we are both fluent
Improving the diversity
In cities across the Northeast and
language assessments were
of our supplier pool
in Spanish. Last Thursday, Ms.
completed, including for Arabic,
Mid-Atlantic, these centers employ Bengali, Burmese, Chinese, French, We use our spending power to Cardona called me with the
bankers from the community who Hindi, Korean, Polish, Portuguese, advance economic development exciting news that she became
speak customers’ preferred in underrepresented communities.
languages and understand the
Russian and Spanish-speaking
The resilience and drive of these a U.S. resident and is now able
colleagues.
cultural nuances of the individuals communities will propel their to pursue her dream of owning
and neighborhoods they serve. To make our banking tools easier to businesses to success, and we
navigate for non-English speakers, want to be part of their journey.
a house. We set up an appointment
The centers create opportunities for we launched a Spanish-language right away to discuss how to build
businesses, nonprofits, and Diverse suppliers accounted for
community members to attend
website — mtb.com/es — that
7.2 percent of our sourcing spend
her credit to make her dream
provides access to financial
networking events and financial information and resources. in 2021, up from 5.1 percent in 2020 come true.”
wellness classes, and to collaborate (revised from 4.8 percent, as
on community projects. The centers’ We also updated our ATM network originally reported), with 140 diverse Cristina Castillo
locations were chosen based to provide services in Chinese suppliers, up from 135 in 2020. We Bilingual Universal Banker
on insights from community and Korean. At over 1,600 ATMs, are building on this by proactively
partners, M&T’s local bankers and customers can complete cash seeking to make M&T a trusted
neighborhood-level Census data transactions in Chinese, Korean, partner of businesses owned by
on non-English speakers. Spanish and English. We also offer women, people of color, veterans,
phone assistance in 240 languages the LGBTQ+ community and
at 1-800-724-2440. people with disabilities.
These developments are part
of our wider efforts to enhance
the customer experience and
contribute to inclusive growth in
our communities.
Principles
We have set ambitious but The CRA rating is an important one, Creating value through
achievable spending goals. To reach and we are proud that M&T has innovation, customer
these goals, we have examined our earned the highest possible score service and community
sourcing policies and sought to from the Federal Reserve on every M&T is committed to creating
address factors that may impede exam since 1982 and from the NYS products and services that
new, diverse vendors in our supplier Department of Financial Services respond to our customers’ and
pool. Internally, we are enhancing since 1989. This includes our most communities’ changing needs.
communication, transparency and recent rating, in 2021. Our approach to innovation is inclusive
data access to empower our leaders and broad: we engage the full
to take ownership of diverse We continually seek new ways to
organization and our communities,
spending. meet the needs of organizations
and we build, partner and invest to A customer-centric mindset • launching an employee feedback
serving our communities. Among the
acquire new capabilities. Staying close to our customers and tool that has generated over 500
Meanwhile, to connect with diverse many ways in which we do so are
suppliers, we are increasing our New Markets Tax Credit investments putting them at the center of what improvements for our employees
A few of our highlights include:
active participation in networks such and community development loans. we do is key to our success. And we and customers
• building and commercializing Nota, recognize that our relationship with
as the National Minority Supplier a business checking and trust To be truly customer-centric
Development Council and local Our New Markets Tax Credit program our customers must evolve as
provides equity investments for account management platform that customer behaviors change. We have requires a culture that reinforces
organizations throughout our integrates into the workflow of law this behavior.
markets. projects that create jobs and made significant strides over the
services for LMI community firms past 18 months to evolve and
Supporting through members. • partnering with Blend, a cloud transform with our customers. In 2021, we hosted our first CX
access to finance banking platform designed to power Ignite event, focused on customer
Many of the services we offer to In 2021, our new commitments the end-to-end consumer journey Our successes include: experience (CX). This event brought
nurture neighborhoods are evaluated for New Markets Tax Credit for any banking product, to launch a • launching a wire transfer together more than 1,000 colleagues
by the Federal Reserve and the investments totaled $23.5 million. PPP portal in 72 hours experience that saves more than to showcase our progress in this
NYS Department of Financial We’ve provided $1.38 billion in new 6,000 hours of customer and area, hear from industry experts,
• building and launching GrowGrade, a
Services through the Community originations for Community employee effort and reinforce the importance of
business-valuation tool for small-
Reinvestment Act (CRA). These Development loans and lines of customer centricity.
and medium-sized businesses • redesigning and streamlining the
services include mortgages to LMI credit to assist small business and
• launching the WNY region’s first process for opening Investment We also listen to our customers
homeowners and customers living in nonprofit community development
Tech Academy to upskill and reskill Management and Trust accounts through our Voice of the Customer
LMI areas, low income housing tax organizations.
employees at M&T, and provide • saving customers’ time – more office and a multichannel process
credits, small business lending and technology skills training for the than 43,000 hours – by for managing complaints. Complaints
financial education. community streamlining our services are quickly categorized and analyzed,
• reducing the resolution time escalated to compliance risk
of escalated customer management if needed, and shared
complaints by 20 percent with the relevant business units
for remedial action.
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Convening community leaders In 2021, M&T and the Foundation It funds work in areas such as food
To support our stakeholders, it’s together contributed $33.9 million security, homelessness, frontline
crucial to be consistent, reliable and
responsive. We receive regular input
to more than 3,000 nonprofit
organizations. Over the past decade,
healthcare and racial equity, as well as
needs exposed and magnified by the Buffalo Promise
Neighborhood:
and feedback from people and M&T and the Foundation have pandemic, such as digital access
businesses in the areas where we together contributed $279.4 million and workforce development.
operate through channels such as to more than 7,600 nonprofits.
our network of regional Directors
Advisory Councils. Each council This is funding that improves lives,
In addition to contributions
made by the M&T Charitable revitalizing communities
through education
includes both M&T colleagues and with beneficiaries offering mental Foundation across our operations,
local leaders representing their health support, money management our employees donated more than
community, businesses and education, youth development $1.2 million to address social needs
government organizations. services and more. through our United Way campaign.
The councils meet regularly to 2021 contributions M&T’s commitment to private high schools through
proactively identify issues, discuss
$33.9m
education began in 1993 scholarships awarded
opportunities to collaborate and when we partnered with through our Promise
track progress. Westminster Community Scholars Program. 
Strengthening communities Charter School and, in 2010,
Buffalo Promise Neighborhood Buffalo Promise Neighborhood
through philanthropy contributed by M&T and the also includes two early
The M&T Charitable Foundation was established. This unique
M&T Charitable Foundation initiative brings together childhood education centers
supports thousands of nonprofit for infants through Pre-K and
organizations, improving conditions a team of dedicated
an innovative parent support
>3,000
for customers, employees and professional M&T employees
with backgrounds in business, program that provides one-on-
neighbors. Working directly in one coaching to assist with
communities, it empowers local academia and human services
who focus on revitalization financial stability, continuing
teams to ensure grants are tailored education and career
to local needs. It also offers financial through education.
nonprofit organizations advancement. 
support and other resources to many received contributions from Most graduates of our
types of organizations, including Buffalo Promise Neighborhood Our overall focus on family
M&T and the M&T Charitable
access to arts and cultural services, schools have gone on to well-being extends further into
Foundation
civic affairs, healthcare, education attend criteria-based public community initiatives such as
and services to New Americans. and private high schools and neighborhood beautification
50 students have attended projects and health and
wellness programs.
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Giving our time to good causes Financing our nonprofit, education

We empower our people to be active and healthcare organizations
in their communities, and give every
full-time employee 40 hours of paid
time off each year to volunteer.
Meeting the financial needs of
organizations that serve our
communities is a critical element
Meeting a pressing local
We’ve also introduced a platform
to promote volunteer opportunities
of our work.
Our Commercial Bank houses
healthcare need
and to track volunteer time, after
concerns that hours were going expert teams dedicated to providing
unrecognized. guidance and financial services to A project like Yard 56 is When the Porcelain Enamel to build a Federally Qualified
nonprofits, education and healthcare truly transformational for a Manufacturing Company Health Center (FQHC). The
Despite the pandemic, our staff organizations. community. Yard 56 is based (PEMCO) closed in 2006 after FQHC will provide outpatient
dedicated more than 57,822 hours to on Eastern Avenue in East nearly 100 years in Baltimore, healthcare services to
working in our communities in 2021. As of December 31, 2021, there
Baltimore, an area identified the contaminated site was patients regardless of their
was approximately $8.01 billion in
as lacking primary medical designated a brownfield. ability to pay and will serve
In 2020 and 2021, the effects of outstanding balances for commercial
care, mental care and dental Because of the project’s a predominantly medically
COVID-19, along with our employees loans made to nonprofits, education
care health options. location and its nature – uninsured community –
becoming familiar with our new and healthcare organizations. These
replacing urban industrial creating essential services
volunteer platform, resulted in a organizations focus on alleviating
blight with neighborhood retail for our community.
lower number of volunteer hours poverty, combating hunger and
and amenities and creating Through a combination of
logged overall. Since volunteering malnutrition, providing basic
jobs – it is transforming this New Markets Tax Credit,
plays a strong role in M&T’s culture, services, supporting the healthcare
area of Baltimore. Equity Bridge and Direct
as we move into an endemic stage, needs of the underinsured and
Construction loan, M&T was
we are confident our volunteer hours uninsured and delivering Phase 1 of the project brought able to finance this crucial
will increase to pre-pandemic levels. education. a much-needed grocery store project in this previously
to the area. In Phase 2, the
57,822
underserved area of
project received a $23.5 Baltimore.
million New Markets Tax
Credit investment, enabling a
long-term M&T customer and
volunteer hours dedicated minority-owned developer
by employees
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$1.78b
Investing in sustainability Presenting Wilmington Trust’s Alongside the ESG Equity Strategy Influencing from the inside
At Wilmington Trust, our sustainable sustainable investing solutions are externally managed strategies Wilmington Trust believes that
investing philosophy for ESG Wilmington Trust has a long history covering several asset classes. partnership and engagement
is based on the belief that ESG of incorporating clients’ preferences The Wilmington Trust Manager between shareholders and
issues can be financially material into their portfolios, whose interests Research Group seeks to assemble management is crucial to improving in investments through our
for companies, resulting in risks or range from the religious to the a select platform of what we and maintaining ESG commitments. sustainable investing strategies,
opportunities that can substantially socially and environmentally believe to be outstanding investment Our approach to engagement lies together with third-party socially
impact the economic value of a conscious. More recently, we have solutions focused on prudent growth with key timely themes, on which we responsible and ESG investments
company. As such, we believe it is expanded our services to offer full of capital for our clients, selecting connect with multiple companies
our fiduciary duty that ESG analysis sustainable investment advisory companies that exhibit higher simultaneously. Key engagement
should be an integral part of solutions reliant on our deep ESG characteristics relative to themes are likely to shift year-to-
investment decision-making expertise and resources. industry peers. year based on the shifting
along with having a thorough investment landscape.
understanding of our clients’ Our proprietary ESG Equity Strategy In order to meet the needs of our
preferences. seeks to provide risk-adjusted clients, our sustainable investing Our 2020 engagement issue
returns superior to the Russell 1000 platform includes an array of focused on ending investments
Index along with maintaining higher solutions and vehicle structures. Our with companies that have business
ESG standards than its peer group sustainable investing platform dealings with private prisons. In 2021,
based on our proprietary scoring includes both actively managed and we engaged with companies in the
model. We seek to achieve these passive products and features healthcare industry regarding their
objectives by integrating ESG solutions for investors that wish to data privacy and security practices,
analysis throughout the investment reflect environmental, social and and began an ongoing conversation
process, from initial quantitative governance concerns or other values surrounding the disclosure of
screening, fundamental analysis and in their investment portfolios. diversity data. In 2022, we are
portfolio construction, to ongoing engaging with organizations to
risk management of the strategy. make their diversity data available
The strategy invests in a diversified to the public.
portfolio consisting of primarily U.S.
large capitalization stocks which Additional information on assets
exhibit industry-leading ESG under management that employ
characteristics. integration of ESG issues,
sustainable investing and screening
can be found in our SASB index on
page 89.
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Together we can...
Report
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Metrics
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ESG metrics index

We have created the following ESG metrics index to report on key areas of our performance that tie to the leadership opportunities and foundational priorities introduced on pages 8 and 9. This 2021
ESG Report is the first time such an index has been created and, as such, our disclosures on these topics will likely evolve and mature with time. In line with our 2021 ESG Report, this index is organized
according to the World Economic Forum’s Stakeholder Capitalism Pillars: Planet, People and Prosperity. Key Performance Indicators for Planet targets (new) as presented in the Planet section in
the 2021 ESG Report are highlighted in the index below.
Metrics have been identified based on both internal importance and data availability and, where relevant, have been informed by disclosure frameworks, including the United Nations’ Sustainable
Development Goals (SDGs), Sustainability Accounting Standards Board (SASB), the Global Reporting Index (GRI) and the Task Force on Climate-related Financial Disclosures (TCFD). Unless otherwise
specified, the “Planet” section, where possible, includes calendar years 2017-2021; the “Prosperity” and “People” sections cover calendar year January 1, 2021 through December 31, 2021, with data
as of December 31, 2021.
Planet: Key Performance Indicators for environmental sustainability goals and targets
2019 2020 2021
Water usage in gallons 89,883,106 65,060,203 77,618,120

Non-diverted waste produced in pounds 4,468,583 4,117,641 3,912,386
Renewable power usage in Megawatt hours (MWh) through Renewable Energy Certificates (RECs) 0 0 0
Financing provided for renewable energy projects1 $289,224,322 $175,442,565 $173,758,292
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Planet: Emissions
Scope 1, Scope 2 and Scope 3 (business travel) carbon dioxide equivalent (CO2e) emissions in 2019-2021
metric tons2 2017 2018 2019 2020 2021 % change
Scope 13
Natural gas 17,140 19,276 19,784 16,263 14,412 -27%
Oil 886 937 807 690 708 -12%
Owned vehicle fleet Not available Not available 1,506 1,168 1,253 -17%
Scope 1 total (with vehicle fleet in 2019, 2020 and 2021 only) 18,026 20,213 22,098 18,121 16,373 -26%
Scope 1 total (without vehicle fleet) 18,026 20,213 20,591 16,953 15,120 -27%
Scope 24
Electricity: eGRID subregion 29,992 29,597 26,043 22,610 21,676 -17%
Scope 1 (with vehicle fleet in 2019, 2020 and 2021 only) and Scope 2 total 48,018 49,810 48,141 40,731 38,049 -21%
Scope 1 (without vehicle fleet) and Scope 2 total 48,018 49,810 46,634 39,563 36,796 -21%
Scope 3 (Business travel)5
Employee vehicle miles 3,345 3,441 3,322 1,141 820 -75%
Commercial air travel Not available 3,501 3,781 741 485 -87%
Scope 3 total (with commercial air travel in 2018, 2019, 2020 and 2021 only) 3,345 6,942 7,103 1,882 1,305 -82%
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Planet: Resource usage and waste production6

2017-2021
Natural gas consumption 2017 2018 2019 2020 2021 % change
Consumption in Metric Million British thermal units (MMBtu) 322,699 362,918 372,486 306,181 271,332 -16%
Oil consumption
Consumption in gallons 87,028 92,088 81,867 68,339 69,779 -20%
Electricity consumption
Consumption in Megawatt hours (MWh) 120,339 119,453 111,240 102,974 98,154 -18%
Water usage
Usage in gallons 122,358,248 99,226,722 89,883,106 65,060,203 77,618,120 -37%

Usage per employee in gallons 7,243 5,741 5,079 3,738 4,438 -39%
Waste produced
Diverted and non-diverted waste produced in pounds 6,210,028 6,218,972 5,568,431 5,187,360 4,972,523 -20%
Diverted waste produced in pounds 1,395,503 1,246,266 1,099,848 1,069,719 1,060,137 -24%
Non-diverted waste produced in pounds 4,814,525 4,972,706 4,468,583 4,117,641 3,912,386 -19%
Sensitive documents recycled
Paper recycled in pounds 2,040,842 2,272,803 2,145,468 1,474,838 3,355,695 64%
Sheets printed
Number of printed sheets7 Not available Not available Not available 46,149,739 44,270,821 Not available
Technical equipment recycled
Technical equipment recycled in pounds 143,303 230,843 115,819 127,376 270,045 88%
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Planet: Philanthropy and finance

M&T Charitable Foundation contributions to environmental or conservation organizations 2018 2019 2020 2021
Contributions in dollars $677,196 $900,065 $743,025 $816,550
Financing provided for renewable energy projects1 2018 2019 2020 2021
Financing in dollars $28,649,266 $289,224,322 $175,442,565 $173,758,292
Green program loans 2020 2021
$ of loan originations8 $547,064,433 $855,961,867
Planet notes:
1 Financing instruments include tax equity investments, tax leases and conditional sales contracts.
2 Energy data and associated emission calculations are for our owned or leased buildings in the United States where we receive a utility bill. Data here includes a restatement of 2017 through 2020 emissions from the 2020 M&T Environmental, Social and Governance
Report due to updated data and calculation methods. At the time of production of the 2021 M&T Environmental, Social and Governance Report approximately 5% of natural gas, oil and electricity utility bills from which consumption data is sourced had not yet been
processed for 2021. Emission factors for Scope 1, 2 and 3 emissions were sourced from the most recent versions available at the time of the 2021 M&T Environmental, Social and Governance Report’s production. Emission factors for Scope 1 and 2 emissions were
sourced from the April 2021 version of the Environmental Protection Agency’s Center for Corporate Climate Leadership’s GHG Emission Factors Hub (GHG Emission Factors Hub | US EPA). For all conversions to carbon dioxide equivalent emissions, the global warming
potentials (GWP) cited within Table 11 (Global Warming Potentials (GWPs)) in the GHG Emission Factors Hub for methane CH4 and nitrous oxide N2O were used. Light flight jet emissions are also relevant but not yet calculated.
3 Data is not available for 2017 and 2018 for the M&T vehicle fleet. The following tables and fuel types were used for the Scope 1 calculations from Table 1 (Stationary Combustion) within the GHG Emission Factors Hub: Natural gas: fuel type of natural gas; oil: fuel types
of distillate fuel oil no. 2 and propane; owned vehicle fleet: fuel type of motor gasoline (note, calculations assume all vehicles use motor gasoline). For the owned vehicle fleet, because the miles traveled, vehicle type and year of each vehicle is not known, Table 2
(Mobile Combustion CO2) and Table 3 (Mobile Combustion CH4 and N2O for On-Road Gasoline Vehicles) were not used for this calculation. Note that the CO2 factors are the same for motor gasoline (8.78 kg CO2 per gallon) under Table 1 (Stationary Combustion) and
Table 2 (Mobile Combustion). Fugitive emissions are also relevant but not yet calculated.
4 Emission factors for Scope 2 emissions were sourced from the Environmental Protection Agency’s Emissions & Generation Resource Integrated Database (eGRID) (Download Data | US EPA). For subregion calculations, the subregions were determined based on the
ZIP code of the site of electricity consumption and were mapped to subregions using the Power Profiler Emissions Tool 2019 (Power Profiler | US EPA). For Scope 2 calculations, output emission rates (lb/MWh) for 2017 and 2018 used eGRID2018, 2019 used
eGRID2019, and 2020 and 2021 used eGRID2020. Because there are numerous subregions used, those emission factors are not listed within these notes but can be viewed within the “Summary Tables” for each eGRID year at (Download Data | US EPA). The 2020 M&T
Environmental, Social and Governance Report included Scope 2 emissions based on eGRID U.S. national average output emission rates. Because the eGRID subregion rates provide more precision, this method has been adopted for the 2021 M&T Environmental,
Social and Governance Report. For reference, the Scope 2 CO2e emissions based on the eGRID U.S. national average output emission rates are 2017: 52,014; 2018: 51,631; 2019: 44,868; 2020: 38,424; 2021: 36,625.
5 For Scope 3 calculations, Table 10 (Scope 3 Category 6: Business Travel and Category 7: Employee Commuting) from the GHG Emission Factors Hub was used with the following units applied: For employee vehicle miles, passenger car vehicle-miles were used because
employee vehicle type is not available; for commercial air travel, air travel passenger-miles for short-haul, medium-haul and long-haul flights were used. Mobile combustion emissions from rail and rental cars are also relevant but not yet calculated.
6 Energy, water and waste data are for our owned or leased buildings in the United States where we receive a utility bill. At the time of production of the 2021 M&T Environmental, Social and Governance Report, approximately 5% of natural gas, oil, electricity and water
utility bills from which consumption data is sourced had not yet been processed for 2021.
7 Does not include printing from home, which is available for a small portion of employees (~120, <1% of employees).
8 Includes new originations and loan modifications for Fannie Mae, Freddie Mac and/or FHA green program loans.
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People
Category Metric Units 2021
Talent Number and percentage of new employee hires by demographic category (employee category is noted where # and % of new hires See tables on pages 72
attraction available) and 73
Number and percentage of employees (new and internal hires) in training and development programs by # and % of program participants See tables on page 73
demographic category
Z Development Program (ZDP): number of participants (apprentices) and hours of pre-apprenticeship training1 # of apprentices 23
# of pre-apprenticeship training hours 2,300
Talent Average hours of training per employee2 # of average hours of training 33
development
Tuition Reimbursement Program participation # of employees reimbursed 204
$ of tuition reimbursed $1,354,676
General Assembly (technology training provider): number of employees trained and certified # of employees trained and certified 204
(i.e., employee meets all course requirements) and number of training hours
# of training hours 342
Pluralsight (online technology skills platform): number of employees trained, number of training hours # of employees trained 1,440
(including average view time) and total courses completed
# of training hours spent and average view time 11,812 (10 hours average)
# of courses completed 8,902
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People continued
Talent Number of promotions and lateral moves by demographic category, 2021 # of promotions and # of lateral moves See table on page 74
retention
Average employee tenure # of years 9.9
Employee engagement index3 Engagement index % 84%
Employee Number and percentage of employees by demographic category (employee category is noted where available) # of employees and % of employees See tables on pages 70
diversity and and 71
inclusion
Percentage of employees who feel their manager treats all colleagues fairly, regardless of background4 % of employees 90%
Percentage of employees who feel their team has a climate in which diverse perspectives are valued4 % of employees 88%
Percentage of employees who feel the company has created an environment where people with diverse % of employees 82%
backgrounds can succeed4
Percentage of employees who feel like they really belong at the company4 % of employees 74%
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People continued
Number and percentage of employees by gender, 20215,6 Women Men Undeclared Total
Employee category7 # % # % # % #
Executive/Senior Officials and Managers 26 25% 78 75% 0 0.0% 104

First/Mid Level Officials and Managers 1,424 49% 1,482 51% 2 0.1% 2,908
Professionals 3,216 51% 3,058 49% 15 0.2% 6,289
All Other 5,800 71% 2,380 29% 10 0.1% 8,190
Total 10,466 60% 6,998 40% 27 0.2% 17,491
Number and percentage of employees by race/ethnicity, 20215,6
Native Hawaiian
Black/African Hispanic American Indian or Other Two or
White Asian American or Latino or Alaska Native Pacific Islander More Races Not Specified Total
Employee
category7 # % # % # % # % # % # % # % # % #
Executive/ 95 91% 3 3% 4 4% 0 0% 1 1.0% 0 0.0% 0 0% 1 1.0% 104

Senior Officials
and Managers
First/Mid Level 2,455 84% 131 5% 176 6% 75 3% 4 0.1% 3 0.1% 51 2% 13 0.4% 2,908
Officials and
Managers
Professionals 4,930 78% 408 6% 511 8% 185 3% 20 0.3% 7 0.1% 145 2% 83 1.3% 6,289
All Other 5,591 68% 367 4% 1,325 16% 543 7% 31 0.4% 15 0.2% 251 3% 67 0.8% 8,190
Total 13,071 75% 909 5% 2,016 12% 803 5% 56 0.3% 25 0.1% 447 3% 164 0.9% 17,491
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People continued
Number and percentage of employees by age group, 20215,6 Age <30 Age 30-50 Age >50 Total
Executive/Senior Officials and Managers 0 0% 23 22% 81 78% 104

First/Mid Level Officials and Managers 103 4% 1,538 53% 1,267 44% 2,908
Professionals 1,130 18% 3,087 49% 2,072 33% 6,289
All Other 1,707 21% 3,548 43% 2,935 36% 8,190
Total 2,940 17% 8,196 47% 6,355 36% 17,491
Number and percentage of employees self-identifying as having a disability, as a Veteran or as LGBTQ+, 20215,6,8
Disability Veteran LGBTQ+
Status # % # % # %
Employee self identifies 1,516 9% 249 1% 236 1%

All others 15,975 91% 17,242 99% 17,255 99%
Total 17,491 100% 17,491 100% 17,491 100%

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People continued
Number and percentage of new employee hires by gender, 20215,9 Women Men Undeclared Total
Executive/Senior Officials and Managers 0 0% 1 100% 0 0.0% 1

First/Mid Level Officials and Managers 79 45% 95 55% 0 0.0% 174
Professionals 467 42% 643 57% 9 0.8% 1,119
All Other 1,593 69% 692 30% 9 0.4% 2,294
Total 2,139 60% 1,431 40% 18 0.5% 3,588
Number and percentage of new employee hires by race/ethnicity, 20215,9
American Native Hawaiian

Black/African Hispanic or Indian or Alaska or Other Pacific Two or More
White Asian American Latino Native Islander Races Not Specified Total
Employee category7 # % # % # % # % # % # % # % # % #
Executive/Senior Officials 0 0% 0 0% 1 100% 0 0% 0 0.0% 0 0.0% 0 0% 0 0% 1

and Managers
First/Mid Level Officials 112 64% 27 16% 19 11% 13 7% 0 0.0% 0 0.0% 3 2% 0 0% 174
and Managers
Professionals 707 63% 166 15% 133 12% 59 5% 2 0.2% 1 0.1% 25 2% 26 2% 1,119
All Other 1,241 54% 123 5% 526 23% 291 13% 15 0.7% 5 0.2% 66 3% 27 1% 2,294
Total 2,060 57% 316 9% 679 19% 363 10% 17 0.5% 6 0.2% 94 3% 53 1% 3,588
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People continued
Number and percentage of new employee hires by age group, 20215,9 Age <30 Age 30-50 Age >50 Total
Executive/Senior Officials and Managers 0 0% 1 100% 0 0% 1

First/Mid Level Officials and Managers 11 6% 112 64% 51 29% 174
Professionals 516 46% 458 41% 145 13% 1,119
All Other 1,010 44% 983 43% 301 13% 2,294
Total 1,537 43% 1,554 43% 497 14% 3,588

Number and percentage of new employee hires self-identifying as having a disability, as a Veteran or as LGBTQ+, 20215,8,9
Disability Veteran LGBTQ+
Employee status # % # % # %
Employee self identifies 365 10% 64 2% 92 3%

All others 3,223 90% 3,524 98% 3,496 97%
Total 3,588 100% 3,588 100% 3,588 100%
Number and percentage of employees (new and internal hires) in training and development programs by gender and race/ethnicity, 20219,10
Native
American Hawaiian or
Gender Black/African Hispanic or Indian or Other Pacific Two or More Race/Ethnicity
Women Men Undeclared White Asian American Latino Alaska Native Islander Races Not Specified Total
# % # % # % # % # % # % # % # % # % # % # % #
Total across 132 48% 141 51% 4 1% 166 60% 36 13% 32 12% 18 6% 2 1% 1 0.4% 16 6% 6 2% 277
programs
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People continued
Number of promotions and lateral moves by demographic category, 20215,9
Native Employee Employee Employee
American Hawaiian or Race/ Self Self Self
Black/ Indian or Other Two or Ethnicity Identifies Identifies Identifies
Gender African Hispanic or Alaska Pacific More Not as Having a as a as
Women Men Undeclared White Asian American Latino Native Islander Races Specified Age <30 Age 30-50 Age >50 Disability8 Veteran8 LGBTQ+8 Total
Number of 1,560 898 2 1,893 103 278 91 10 3 61 21 570 1,328 562 228 35 40 2,460
promotions
Number of 687 377 6 737 58 113 116 3 1 33 9 240 536 294 100 20 26 1,070
lateral moves
Total promotions 2,247 1,275 8 2,630 161 391 207 13 4 94 30 810 1,864 856 328 55 66 3,530
and lateral moves
People notes:
1 Because hours are tracked for the program, rather than the calendar year, this total includes 2020 hours, which cannot be split out.
2 Training hours include activities tracked through our internal learning and development platform, development training programs and estimates for some additional training. There are some activities not yet included that we are working to track.
3 Based on responses within the 2021 Employee Engagement Survey.
4 Based on responses within the 2021 Employee Engagement Survey. The percentage is the share of employees who answered the survey question with a favorable rating (strongly agree or agree); the remaining percentage includes neutral (neither agree nor disagree)
and unfavorable (strongly disagree or disagree) ratings.
5 Includes employees with work locations in the United States, or if work from home, with a home address in the United States.
6 Data is as of 12/31/2021.
7 Employee categories align to EEO-1 employment category definitions.
8 Self-identification as having a disability, as a Veteran or as LGBTQ+ is not required to be reported by employees and is voluntarily self-disclosed by employees. As such, we expect these numbers to grow as M&T continues efforts to enhance data collection by working
with employees to provide guidance on and understanding of self-reporting.
9 Data is as of 12/31/2021 and covers 1/1/2021-12/31/2021.
10 These numbers reflect anyone hired into the 2021 classes for these programs; it does not remove anyone terminated from the rosters. The total includes the following programs: Community Branch Management Program, Executive Associate Program, Management
Development Program, Relationship Manager Development Program, Relationship Manager Sales Program, Rising Leaders Development Program, Senior Leadership Development Program and the Technology Development Program.
Principles
Prosperity
Housing Low-income housing tax credits (LIHTC) investment $ committed $117,079,631
# of new or renovated affordable housing units created (estimated) 768
total $ book value of all investments as of 12/31/21 $785,203,471
Affordable housing debt: total transactions, financing and units in projects which # of transactions In-footprint: 88
contain affordable housing Out-of-footprint: 18
Total: 106
$ of total project debt In-footprint: $1,587,077,317
Out-of-footprint: $141,328,492
Total: $1,728,405,809
# of total project units In-footprint: 9,221
Out-of-footprint: 2,153
Total: 11,374
Affordable housing debt: total CRA-eligible transactions, financing and affordable units # of transactions In-footprint: 47
Out-of-footprint: n/a
Total: 47
$ total CRA-eligible debt In-footprint: $589,762,000
Total: $589,762,000
# of total affordable units In-footprint: 2,790
Total: 2,790
Originated and purchased home purchase loans by low- and moderate-income (LMI) # of home purchase loans 3,255
applicants
% of home purchase loans 37%
Originated and purchased home purchase loans by low- and moderate-income (LMI) # of home purchase loans 2,111
Census Tracts
% of home purchase loans 24%
Principles
Prosperity continued
Small Small business and small farm loans within low- and moderate-income (LMI) Census Tracts1 # of loans 6,832
business
% of total loans 20%
$ amount of loans $688,256,000
% of total $ amount of loans 20%
Small business and small farm loans to businesses with Gross Annual Revenue (GAR) # of loans 12,107
<=$1,000,0001
% of total loans 36%
$ amount of loans $723,284,000
% of total $ amount of loans 21%
Small Business Association (SBA) loan # and $ originated by Fiscal Year (October 1, 2020 to # of loans originated 1,115
September 30, 2021)
$ amount of loans originated $201,474,900
Number of small business education events and estimated attendees2 # of events 106
# of estimated attendees 5,566
Number of users and activity starts for Business-oriented content on the online Financial # of users3 2,212
Education Center
# of activity starts 1,523
Principles
Retail MyWay checking: originations, number of accounts and balances # of originations 46,247
customers
# of open accounts in portfolio 102,396
$ balances in portfolio $108,922,333
Secured Credit Card: originations, number of accounts and balances # of originations 8,200
# of open accounts in portfolio 11,624
$ of balances in portfolio $3,459,349
Number of branches designated as multicultural centers in the year and overall # of branches designated in the year 99
# of branches designated overall 118
Retail and mortgage events: number of events and estimated attendees for events to expand # of events Retail: 157
access to financial services and education4 Mortgage: 584
# estimated attendees Retail: 2,013
Mortgage: 7,669
Number of users and activity starts for Consumer-oriented content on the online Financial # of users3 24,074
Education Center
# of activity starts 16,578
Principles
Community Community development investment and loan activities Community development investment $ See table on page 79
development commitments and total $ book value;
community development lending $
originated
CRA Rating Rating Outstanding
Charitable $ contributed by the M&T Charitable Foundation $ contributed $33,954,600
contributions
Responsible Number and share of suppliers, $ spent and share of overall spend $ by diverse supplier ownership5 # of suppliers 140
sourcing
% of suppliers 4.1%
$ of sourceable spend $68,644,938
% of sourceable spend 7.2%
Principles
Community development investments
Investment type New commitments in 2021 Total book value as of 12/31/2021
New Markets Tax Credits (NMTC) $23,500,000 $33,591,534

Equity Equivalent Investments (EQ2) $0 $6,701,084
Rural Business Investment Companies (RBIC) $0 $1,662,585
Impact pools $0 $2,898,917
Small Business Investment Companies (SBIC) $1,165,631 Not available
Community Development Credit Unions (CDCU) (non-member deposits) $708,191 $783,191
Bonds $33,965,000 Not available
Other investments6 $3,531,401 Not available
Community development lending

Loan type Total 2021 originated amounts
Community development loans and lines of credit7 $1,379,284,000
Prosperity notes:
1 Loans included are less than or equal to $1,000,000.
2 These events are self-reported and therefore may not represent the full scope of financial education activities conducted by M&T employees for our customers and broader communities. Events included in-person and virtual sessions (e.g., webinars, Facebook Live),
as well as other media (e.g., radio).
3 These may be non-unique; we do not have the ability to track unique users.
4 These events are self-reported and therefore may not represent the full scope of financial education activities conducted by M&T employees for our customers and broader communities. Events included in-person and virtual sessions (e.g., webinars). In addition,
retail events do not represent the full 2021 calendar year because tracking began July 23, 2021.
5 The diverse supplier ownership categories are minority-owned, women-owned, LGBTQ+-owned, veteran-owned and disabled-owned.
6 Includes tax credits and preferred stock not captured under the other investment types.
7 Includes $532,256,000 in financing that is also captured within the "$ total CRA-eligible debt" amount for affordable housing debt.
Principles
TCFD
Principles
Task Force on Climate-related Financial Disclosures (TCFD) index

The Financial Stability Board established the Task Force on Climate-related Financial Disclosures (TCFD) to develop recommendations for transparent disclosures. The result, published in 2017, is a
voluntary reporting framework with four pillars: governance, strategy, risk management and metrics and targets. We endorsed the TCFD recommendations in 2021. The index below references our
disclosures in this report pertaining to TCFD’s four recommended pillars, following the updated and supplemental guidance from October 2021. This alignment provides a foundation for our future
climate-related financial disclosures.
Certain information may not be disclosed within the index if it is not considered material; if it is privileged or confidential; if it could cause a competitive disadvantage to our business if publicly
disseminated; or if it is not currently collected in a manner wholly correlative with the related TCFD disclosure framework.
Reporting status:
Fully reporting
Partially reporting
Not reporting
Disclosure Reporting status Response
Governance
Describe the Board’s oversight of climate-related risks and opportunities Refer to the “Taking responsibility for ESG” section (page 12) of the 2021 ESG Report
Describe management’s role in assessing and managing climate-related risks and Refer to the “Taking responsibility for ESG” section (page 12) and “Integrating climate
opportunities risk into the risk framework” section (pages 30-33) of the 2021 ESG Report
Strategy
Describe the climate-related risks and opportunities the organization has identified over Refer to the 10-K form for the Fiscal Year ended December 31, 2021 (pages 28, 52-53)
the short, medium and long term and the “Creating climate opportunities” & “Building climate resilient communities”
sections (pages 21-24) and the “Integrating climate risk into the risk framework” section
(pages 30-33) of the 2021 ESG Report
Describe the impact of climate-related risks and opportunities on the organization’s Refer to the “Creating climate opportunities”, “Building climate resilient communities”
business, strategy and financial planning sections (pages 21-24), “Reducing our carbon footprint” (pages 24-29) and the
“Integrating climate risk into the risk framework” (pages 30-33) sections of the 2021
ESG Report
Describe the resilience of the organization’s strategy, taking into consideration different Refer to the “Integrating climate risk into the risk framework” (pages 30-33) section of
climate-related scenarios, including a two degree Celsius or lower scenario the 2021 ESG Report
Principles
Task Force on Climate-related Financial Disclosures (TCFD) index continued

Disclosure Reporting status Response
Risk management
Describe the organization’s processes for identifying and assessing Refer to the 10-K form for the Fiscal Year ended December 31, 2021 (pages 28, 52-53)
climate-related risks and the “Integrating climate risk into the risk framework” (pages 30-33) section of the
2021 ESG Report
Describe the organization’s processes for managing climate-related risks Refer to the “Integrating climate risk into the risk framework” (pages 30-33) section of
the 2021 ESG Report
Describe how processes for identifying, assessing and managing climate-related risks Refer to the “Integrating climate risk into the risk framework” (pages 30-33) section of
are integrated into the organization’s overall risk management the 2021 ESG Report
Metrics and targets
Disclose the metrics used by the organization to assess climate-related risks and Refer to the “Creating climate opportunities”, “Building climate resilient communities”
opportunities in line with its strategy and risk management process sections (pages 21-24), “Reducing our carbon footprint” (pages 24-29) and the
“Integrating climate risk into the risk framework” (pages 30-33) sections and Planet
index (pages 64-67) of the 2021 ESG Report
Disclose Scope 1, Scope 2 and, if appropriate, Scope 3 greenhouse gas (GHG) Refer to the “Creating climate opportunities”, “Building climate resilient communities”
emissions, and the related risks sections (pages 21-24), “Reducing our carbon footprint” (pages 24-29) and the
Describe the targets used by the organization to manage climate-related risks Refer to the “Creating climate opportunities”, “Building climate resilient communities”
and opportunities and performance against targets sections (pages 21-24), “Reducing our carbon footprint” (pages 24-29) and the
Principles
SASB
Principles
SASB index
About this index
For readers who want a simpler way to view our performance against industry standards, we include this index. The Sustainability Accounting Standards Board (SASB) is an independent standards-
setting organization that supports reporting standards for companies to identify, manage and communicate sustainability information to their stakeholders. This 2021 ESG Report is M&T’s second
disclosure pursuant to the SASB standards.
SASB guidelines differ depending on the industry. This report provides SASB information for the 2021 calendar year, referencing SASB’s reporting framework for the following industries:
Asset Management & Custody Activities and Commercial Banks. For more information on SASB, visit www.sasb.org. All data covers the period of January 1 – December 31, 2021 and is as of December
31, 2021 unless otherwise noted.
Certain information is not included below because the information (1) is not considered material or is privileged or confidential; (2) could cause competitive disadvantage to our business if publicly
disseminated; or (3) is not currently collected in a manner wholly correlative with the related SASB metric. Where possible we have shared alternative information that we believe covers the SASB topic.
Asset Management & Custody Activities

This disclosure follows early adoption of Version 2021-12 of the Asset Management & Custody Activities Industry Standard.
With this adoption, codes FN-AC-550a.1, FN-AC-550a.2, FN-AC-550a.3 and FN-AC-550a.4 under topic Systemic Risk Management have been removed.
Topic Accounting metric SASB code 2021
Transparent Information and (1) Number and (2) percentage of covered employees with a record FN-AC-270a.1 Refer to page 54 (Legal Proceedings) and page 192 (Note 22 to
Fair Advice for Customers of investment-related investigations, consumer-initiated Financial Statements: Commitments and Contingencies) within
complaints, private civil litigations, or other regulatory proceedings the 2021 10-K for disclosure of material legal proceedings
Total amount of monetary losses as a result of legal proceedings FN-AC-270a.2 Refer to page 54 (Legal Proceedings) and page 192 (Note 22 to
associated with marketing and communication of financial product- Financial Statements: Commitments and Contingencies) within
related information to new and returning customers the 2021 10-K for disclosure of material legal proceedings
Description of approach to informing customers about products FN-AC-270a.3 Refer to page 15 of the 2021 ESG Report
and services
Employee Diversity & Inclusion Percentage of gender and racial/ethnic group representation for FN-AC-330a.1 Refer to page 70 of the 2021 ESG Report
(1) executive management, (2) non-executive management,
(3) professionals, and (4) all other employees
Principles
Incorporation of Environmental, Amount of assets under management, by asset class, that employ FN-AC-410a.1 See table on page 89
Social, and Governance Factors (1) integration of environmental, social, and governance (ESG)
in Investment Management and issues, (2) sustainability themed investing, and (3) screening
Advisory
Description of approach to incorporation of environmental, social, FN-AC-410a.2 Refer to page 61 of the 2021 ESG Report
and governance (ESG) factors in investment and/or wealth
management processes and strategies
Description of proxy voting and investee engagement policies and FN-AC-410a.3 Refer to page 61 of the 2021 ESG Report
procedures
Business Ethics Total amount of monetary losses as a result of legal proceedings FN-AC-510a.1 Refer to page 54 (Legal Proceedings) and page 192 (Note 22 to
associated with fraud, insider trading, anti-trust, anti-competitive Financial Statements: Commitments and Contingencies) within
behavior, market manipulation, malpractice, or other related the 2021 10-K for disclosure of material legal proceedings
financial industry laws or regulations
Description of whistleblower policies and procedures FN-AC-510a.2 Refer to page 13 of the 2021 ESG Report and to the
Code of Business Conduct and Ethics
Topic Activity metric SASB code 2021
(1) Total registered and (2) total unregistered assets under FN-AC-000.A Refer to page 94 in the 2021 10-K for total assets under
management (AUM) management. We do not disclose the breakdown between
registered and unregistered assets under management
Total assets under custody and supervision FN-AC-000.B Refer to page 94 in the 2021 10-K for total assets under
management. We do not disclose the breakdown of assets
under custody and supervision
Principles
Commercial Banks
Data Security (1) Number of data breaches, (2) percentage involving personally FN-CB-230a.1 Any breach with a material impact on the financial statements
identifiable information (PII), (3) number of account holders affected would be disclosed in the 10-K. No such breaches occurred in
2021. Refer to pages 46-48 (Operational Risks) of the 2021 10-K
for a disclosure of the risk of such an event. Also refer to page 54
(Legal Proceedings) and page 192 (Note 22 to Financial
Statements: Commitments and Contingencies) for disclosure of
material legal proceedings
Description of approach to identifying and addressing data security FN-CB-230a.2 Refer to pages 17 and 18 of the 2021 ESG Report
risks
Financial Inclusion & (1) Number of loans outstanding qualified to programs designed to FN-CB-240a.1 2021 originated loans as reported on the CRA Loan/Application
Capacity Building promote small business and community development1 Register (LAR):
Small business loans: 35,104
Small farm loans: 27
Community development loans: 146
(2) Amount of loans outstanding qualified to programs designed to FN-CB-240a.1 2021 originated loan amounts as reported on the CRA LAR:
promote small business and community development1 Small business loans: $3,696,299,000
Small farm loans: $7,868,000
Community development loans: $1,333,926,000
(1) Number and (2) amount of past due and nonaccrual loans FN-CB-240a.2 Refer to Note 4 (Loans and Leases) on page 141 of the 2021 10-K
qualified to programs designed to promote small business and for disclosure of nonaccrual and past due loans as of December
community development 31, 2021. Loans are not reported at the small business and
community development level of detail
Principles
Commercial Banks
Financial Inclusion & Number of no-cost retail checking accounts provided to previously FN-CB-240a.3 102,396 MyWay Accounts (a checkless checking account with no
Capacity Building unbanked or underbanked customers overdraft fee, available to minors and customers who do not
qualify for traditional checking accounts)
Number of participants in financial literacy initiatives for unbanked, FN-CB-240a.4 26,286 people participated in M&T’s online financial education
underbanked, or underserved customers program in 2021.2
Additionally, an estimated 15,248 people participated in in-person
and virtual events that were held to support financial education
for consumer and small business customers and community
members.3
Incorporation of Environmental, Commercial and industrial credit exposure, by industry FN-CB-410a.1 Refer to page 71 of the 2021 10-K. Additional detail on
Social, and Governance Factors ESG-related exposure is included on pages 32 and 60 of the
in Credit Analysis 2021 ESG Report
Description of approach to incorporation of environmental, social, FN-CB-410a.2 Not disclosed – see introduction
and governance (ESG) factors in credit analysis
Business Ethics Total amount of monetary losses as a result of legal proceedings FN-CB-510a.1 Refer to page 54 (Legal Proceedings) and Note 22 to Financial
associated with fraud, insider trading, anti-trust, anti-competitive Statements within the 2021 10-K for disclosure of material legal
behavior, market manipulation, malpractice, or other related proceedings and the Company’s commitments and contingencies
financial industry laws or regulations
Description of whistleblower policies and procedures FN-CB-510a.2 Refer to page 13 of the 2021 ESG Report and to the Code of
Business Conduct and Ethics
Systemic Risk Management Global Systemically Important Bank (G-SIB) score, by category4 FN-CB-550a.1 According to the Basel Committee on Banking Supervision’s
assessment methodology, M&T is not considered to be a Global
Systemically Important Bank (G-SIB) and, accordingly, does not
have a G-SIB score
Description of approach to incorporation of results of mandatory FN-CB-550a.2 Refer to pages 10 and 11 in the 2021 10-K
and voluntary stress tests into capital adequacy planning, long-term
corporate strategy, and other business activities
Principles
Commercial Banks
Topic Activity metric SASB code 2021
(1) Number of checking and savings accounts by segment: (a) FN-CB-000.A (a) 3,157,997 personal checking and savings accounts
personal and (b) small business5 (b) 269,233 small business checking and savings accounts
(2) Value of checking and savings accounts by segment: (a) personal FN-CB-000.A (a) $47,718,833,412 in deposits in personal checking and savings
and (b) small business5 accounts
(b) $17,264,666,478 in deposits in small business checking and
savings accounts
(1) Number of loans by segment: (a) personal, (b) small business, FN-CB-000.B (a) 510,590 non-revolving personal loans
and (c) corporate5,6 (b) 29,141 non-revolving small business loans
(c) Refer to page 71 of the 2021 10-K
(2) Value of loans by segment: (a) personal, (b) small business, and FN-CB-000.B (a) $13,567,385,221 in outstanding balances for non-revolving
(c) corporate5,7 personal loans
(b) $5,545,970,699 in outstanding balances for non-revolving
small business loans
(c) Refer to page 71 of the 2021 10-K
Principles
FN-AC-410a.1: Amount of assets under management, by asset class, that employ (1) integration of environmental, social, and governance (ESG) issues, (2) sustainability themed investing,
and (3) screening8
Sustainability themed
Asset class Integration of ESG issues investing Screening Total by asset class
Domestic equity $904,397,663 $6,572,328 $139,818,091 $1,050,788,083

Emerging markets equity $18,822,082 $12,907,461 $31,729,543
Fixed income $155,424,643 $14,481,996 $169,906,639
Global equity $4,908,885 $18,377,517 $23,286,402
International equity $387,480,567 $23,396,803 $410,877,369
Other/multi-asset class $96,597,529 $96,597,529
Total by type $1,471,033,839 $24,949,845 $287,201,880 $1,783,185,564
SASB notes:
1 The 2020 SASB index separately referenced Small Business Association (SBA) loans in this metric. They have not been separately referenced in the 2021 disclosure because doing so is not within the SASB definition for this metric.
2 These may be non-unique; we do not have the ability to track unique users.
3 These events are self-reported and therefore may not represent the full scope of financial education activities conducted by M&T employees for our customers and broader communities. Events included in-person and virtual sessions (e.g., webinars, Facebook Live),
as well as other media (e.g., radio broadcasts). In addition, retail events do not represent the full 2021 calendar year because tracking began July 23, 2021.
4 The 2020 SASB Index referred to the G-SIB score as “Category 4.” Restated for 2020: According to the Basel Committee on Banking Supervision’s assessment methodology, M&T is not considered to be a Global Systemically Important Bank (G-SIB) and, accordingly,
does not have a G-SIB score.
5 Small business is generally defined by M&T as businesses with less than $10 million in revenue.
6 The 2020 SASB disclosure included revolving loans. Restated to only include non-revolving loans, there were in 2020: (a) 483,236 non-revolving personal loans; (b) 47,226 non-revolving small business loans.
7 The 2020 SASB disclosure included revolving loans. Restated to only include non-revolving loans, there were in 2020: (a) $11,881,861,111 in outstanding balances for non-revolving personal loans; (b) $7,282,390,650 in outstanding balances for non-revolving small
business loans.
8 The 2020 SASB report included ~1.4% of assets under management within these three categories that meet criteria that has been removed within the 2021 disclosure. Restated for 2020, there were the following assets under management: 1) integration of ESG
issues: $959,053,140; 2) sustainability themed investing: $6,083,151; 3) screening: $230,983,569.
Principles
Disclosures This report uses certain terms, including those that the SASB refer to as “material” topics, to
M&T Bank Corporation (“M&T” or “we”) is publishing this report to better meet the needs of our reflect the issues we believe are of greatest importance to M&T and our stakeholders. Used in this
stakeholders and to help illustrate how we bring our purpose to life through our business context, these terms are distinct from, and should not be confused with, the terms “material” and
activities. We share information about our environmental, social and governance (“ESG”) efforts “materiality” as defined by or construed in accordance with securities law or as used in the
through several channels – including various reports and presentations, our website, press context of financial statements and reporting.
releases and conversations with stakeholders. This report is designed to summarize our ESG
approach and key ESG efforts and performance data for the financial year ending December 31, The content presented in this report is for general, informational purposes only. This report is not
2021, focusing on issues that we believe are most important to our stakeholders. The report is intended to provide legal, tax, accounting, financial, investment or other professional advice, and
intended to provide a high-level overview of our ESG approach and efforts with selected is not to be used as such. This report does not constitute a recommendation or advice by M&T of
examples; it is not a comprehensive description, a financial report or a financial presentation or any kind. Information in this report is not tailored to specific requirements, circumstances and/or
legal summary of our ESG programs and involvements. Accordingly, this report should be read in investment philosophies, and does not take into account any particular investment objectives,
conjunction with our 2021 Annual Report on Form 10-K and any subsequent Quarterly Reports strategies, tax status or investment horizon. This report should not be used as the primary basis
on Form 10-Q (including the “Forward-Looking Statements” and “Risk Factors” sections in such for any investment decisions; you should evaluate and assess the information in this report
filings), our 2022 Proxy Statement, and any subsequent filings with the U.S. Securities and independently in light of your particular circumstances. M&T is not, by virtue of providing the
Exchange Commission (“SEC”), which can be found on our Investor Relations website at material presented herein or otherwise, undertaking to manage money or act as your fiduciary.
ir.mtb.com. This ESG Report and other information on our website is not incorporated by We encourage you to consult your own investment, legal, tax and/or financial advisors.
reference into, nor is otherwise a part of, any of our SEC filings, except as may be expressly set Use of our products and services is subject to various regulations and regulatory oversight.
forth by specific reference. This report, and the statements contained herein, is not an offer or solicitation to buy or sell
All information and reporting and performance data in this report is provided for the financial year any product, service, investment, security or financial instrument or to pursue any trading or
ending December 31, 2021, unless otherwise noted. ESG data and metrics in this report are not investment strategy, including in any jurisdiction where or to whom it would be unauthorized or
prepared in accordance with generally accepted accounting principles (“GAAP”) or audited. unlawful to do so, and should not be construed as such. This report is not intended for distribution
Any forecasts, projections, forward-looking statements or other goals discussed in this report to, or use by, any person or entity in any jurisdiction or country in which such distribution or use
are aspirational; as such, no guarantees or promises are made that any such goals will be met. would be contrary to local law or regulation. Persons into whose possession this report comes are
Information contained in this report may not be comprehensive or up to date, and is subject to required to inform themselves about, and to observe any restrictions that apply to, the
change without notice. M&T has no obligation to update the information or data in this report. distribution of this document in their jurisdiction. This report may not be reproduced or
disseminated in any form without the prior written consent of M&T.
There are a number of frameworks and standards-setting organizations that guide reporting of
ESG efforts of companies; we have not used any one specific framework for the reporting of data M&T and Wilmington Trust are corporate brand names of M&T Bank Corporation (NYSE: MTB).
in this report. However, we have included indices that indicate where content in this report is The terms “M&T”, “Wilmington Trust”, “we,” “us” and “our” in this report may be used as a generic
specifically aligned to the Sustainability Accounting Standards Board (“SASB”) standards and term to reference the corporation as a whole and/or its various subsidiaries generally, when or
Taskforce on Climate-related Financial Disclosures (“TCFD”). where appropriate. This report, however, is limited to information and data relating only to M&T’s
wholly owned U.S. subsidiaries and does not cover information or data relating to M&T’s non-U.S.
subsidiaries or operations outside of the U.S. Third-party logos and product, service, business
and program names are trademarks and/or service marks of their respective owners.
Principles
Wilmington Trust is a registered service mark used in connection with various fiduciary and Cautionary note regarding forward-looking statements
non-fiduciary services offered by certain subsidiaries of M&T Bank Corporation, including, but not This report may contain forward-looking statements regarding M&T within the meaning of the
limited to, Manufacturers and Traders Trust Company (“M&T Bank”), Wilmington Trust Company Private Securities Litigation Reform Act of 1995. Any statements that do not describe historical or
(“WTC”) operating in Delaware only, Wilmington Trust National Association (“WTNA”), Wilmington current facts are forward-looking statements, including statements regarding M&T’s
Trust Investment Advisors, Inc. (“WTIA”), Wilmington Funds Management Corporation (“WFMC”), expectations, predictions or strategies related to ESG, sustainable investments, or future
and Wilmington Trust Investment Management, LLC (“WTIM”). Such services include, but are financial or business performance or conditions.
not limited to, trustee, custodial, agency and investment management services. Loans, credit
cards, retail and business deposits, and other business and personal banking services and ESG data and metrics in this report, including climate data and metrics, are based on significant
products are offered by M&T Bank, member FDIC. WTIA, WFMC, and WTIM are investment assumptions and estimates as well as standards and methodologies that continue to evolve.
advisors registered with the SEC. Registration with the SEC does not imply any level of skill or Changes in data availability, market practices, and laws and regulations may significantly affect
training. Additional Information about WTIA, WFMC, and WTIM is also available on the SEC’s the assumptions, estimates, standards and methodologies used by us and our ability to achieve
website at adviserinfo.sec.gov. our targets and goals. In addition, assumptions, estimates, standards and methodologies used in
this report may differ significantly from those used by other companies and those used by us in
Bank deposit products and services are provided by M&T Bank, Member FDIC. the future.
Important Investments Information Any statement that does not describe historical or current facts is a forward-looking statement.
Brokerage and insurance products are: Forward-looking statements are typically identified by words such as “believe,” “expect,”
• Not FDIC Insured “anticipate,” “intend,” “target,” “estimate,” “continue,” “positions,” “prospects,” or “potential,”
by future conditional verbs such as “will,” “would,” “should,” “could,” or “may,” or by variations of
• Not Bank Guaranteed
such words or by similar expressions. Forward-looking statements are not guarantees of future
• Not a Deposit performance and involve certain risks, uncertainties and assumptions that are difficult to predict.
• Not Insured By Any Federal Government Agency Forward-looking statements speak only as of the date they are made and M&T assumes no duty
• May Lose Value to update forward-looking statements. Actual outcomes and results may differ materially from
what is expressed or forecasted in such forward-looking statements. A number of factors, many
of which are beyond M&T’s control could cause our actual results, events or developments, or
industry results, to be materially different from any future results, events or developments
expressed, implied or anticipated by such forward-looking statements, and thereby our business
and financial condition and results of operations could be materially and adversely affected.
For more information about such factors, risks and uncertainties that could cause M&T’s
actual results to differ materially from forward-looking statements, please refer to M&T’s filings
with the SEC, including the “Forward-Looking Statements” and “Risk Factors” sections of M&T’s
2021 Form 10-K and subsequent Form 10-Qs.
Together we can
Further information
Additional information about M&T Bank
can be found on the website and in our
2021 Message to Shareholders.
M&T Bank Corporation
One M&T Plaza
Buffalo, NY 14203-2399
United States
Tel: 001 (716) 842-5138

Email: ir@mtb.com
Want to know more?

ead our 2021 Message to
R
Shareholders online now.

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Together we can

42% 21% $173.8m

9.9 665,084 $1.73b

1,115 3,255 $33.9m

Equal Housing Lender.

Our enduring purpose is to make a difference

Our employees Our performance

Our approach to ESG is rooted in the Engaging stakeholders

Importance to business success

Taking a leadership stance Issue Goals How we measure our progress

Foundational priorities Issue Goals How we measure our progress

Principles of governance As of December 31, 2021, 84 percent

deep organizational knowledge 79% 79%

Survey question: sustainable value to shareholders – Compensation and Governance

A culture of collaboration Ethics applies to all employees, whom

Managing risk Our multi-tiered governance Risk Committee

Enterprise Functions (e.g., Finance, Human Resources, Legal)

Risk Governance Committees

Since our founding in 1856, we have been driven by a

Similarly, our environmental sustainability strategy is rooted

Preparing targets for

Embracing energy efficiency One of the main drivers of electrical

supplier diversity and biodiversity

we removed 45 percent (408) of our printing

within our communities. devices. Those with a short-lease lifespan were

Expanding our recycling to In 2021, we signed off adding an Circular economy

1,395,503 1,246,266 5,568,431

2017 2018 2019 2020 2021

2017 2018 2019 2020 2021

Integrating climate risk into We endorsed the TCFD

Identification Developed a roadmap to Maintain a high level Consider qualitative

8 Achieve carbon neutrality

Employee Engagement Score

65% 2% “All aspects of my

Focusing on diversity They participated as panelists University of Maryland Eastern

Through these partnerships, we Supporting veterans

Developing remote Developing our people Since 1983, our Management

145 46% 47%

Training opportunities 2021 employee training at-a-glance

Promoting diversity, This applies to all terms and

Hispanic Resource Disability Advocacy Network

Identifying moments that matter

WNY Women’s Foundation

EquityOne Highlighting one pair of Tyré is now participating as a

M&T is successful when the communities we serve are successful.

$1.73b 1,115 57,822

residents third-party socially responsible and ESG

Improving access to housing In 2021, we committed $117 million in

Keeping people in their homes Since 2013, we have supported

Supporting first-time homebuyers homes and small businesses to

Introducing MagnusCards® Supporting our community

Throughout 2021 we had a team Providing financial education

Becoming a Homeowner Banking for Entrepreneurs Preparing for Retirement

Giving our time to good causes Financing our nonprofit, education

ESG metrics index

Water usage in gallons 89,883,106 65,060,203 77,618,120

Planet: Resource usage and waste production6

Consumption in gallons 87,028 92,088 81,867 68,339 69,779 -20%

Usage in gallons 122,358,248 99,226,722 89,883,106 65,060,203 77,618,120 -37%

Sensitive documents recycled

Paper recycled in pounds 2,040,842 2,272,803 2,145,468 1,474,838 3,355,695 64%

Technical equipment recycled

Planet: Philanthropy and finance

65% 2% “All aspects of my