Meet the ManagementMeet the Management

AIB Investor DayLondon, 8th November 2006

René Jones

Chief Financial Officer - M&T Bank Corporation

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A number of statements we will be making in our presentation and in the accompanying slides will not be based on historical fact, but will be “forward-looking” statements within the meaning of the United States Private Securities Litigation Reform Act of 1995. Actual results may differ materially from those projected in the forward looking statements. Factors that could cause actual results to differ materially from those in the forward looking statements include, but are not limited to, global, national and regional economic conditions, levels of market interest rates, credit or other risks of lending and investment activities, competitive and regulatory factors and technology change. Any ‘forward-looking statements made by or on behalf of the Group speak only as of the date they are made.

visit www.aibgroup.com/investorrelations

Forward looking statements

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M&T - A name known in Buffalo since 1856

• One of the 20 Largest U.S. Banks• $13.5 Billion Market Cap• $56.4 Billion in assets• +670 branches in 6 States and the District of Columbia

• Serving customers in 2 million households and +150,000 businesses• +13,500 employees• +1,500 ATM’s

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Best of times Many US Bank stocks near all-time highs

“Own banks when short term interest rates peak” Benign credit environment

Worst of times

NIM pressure – subdued revenue growth

Revenue growth for top 50 US banks 2Q05 – 2Q06 – 6%

EPS growth below long term average

EPS growth for top 50 US banks 2Q05 – 2Q06 – 5%

Slowdown in housing market

Environment for US banks

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Seeing same slower revenue growth as the industry

Significant variability among geographic regions

Closely managing expenses in response

Maintain positive operating leverage

Allocate resources toward fastest growing

businesses/geographies

Maintaining standards for credit quality and returns

Excellent credit results

M&T reaction to current environment

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M&T Bank Corporation - Earnings Per Share Summary

(1) Excludes merger-related costs and amortization expense associated with intangible assets. *Intangible Amortization net of tax: Sept. 2005 YTD =$27MM, Sept. 2006 YTD = $27MM Merger-related costs net of tax: Sept. 2006 YTD = $3MM

($ in millions)

2005 2006 2006 vs. 2005

Sept. YTD Sept. YTD % Growth

Net Operating Income 1 604$ 656$ 9%

Net Operating EPS 1 5.18$ 5.75$ 11%

GAAP Net Income 577$ 626$ 8%

GAAP EPS 4.95$ 5.49$ 11%

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Revenue growth of 4.7% year-over-year

Average loans & leases grew 4.7%

NIM declined to 3.69% from 3.79%

Operating expenses up 2.7%*

Net charge-offs of $43 million, down $11 million from 2005

* Excluding $18MM donation to the M&T Charitable Foundation.

M&T Bank Corporation – nine month highlights

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M&T Corporation vs. Top 50

Note: Efficiency ratio excludes amortization expense associated with intangible assets, merger-related expenses, and G/L on investment securities.

*MTB’s efficiency ratio excludes the $25 million pretax contribution to The M&T Charitable Foundation.

** MTB’s efficiency ratio excludes the $18 million pretax contribution to The M&T Charitable Foundation and $13 million gain on an FHLB borrowing.

Net Interest Margin

3.70

4.23

3.69

3.77

3.56

3.97

3.64

3.50

3.75

4.00

4.25

4.50

2001 2002 2003 2004 2005 1H06 Sept '06YTD

MTB Top 50 Median

Allowance to Loans

1.54

1.69

1.55

1.43

1.08

1.00

1.25

1.50

1.75

2.00

2001 2002 2003 2004 2005 1H06 Sept '06YTD

MTB Top 50 Median

Net Charge-Offs to Average Loans

0.14

0.31

0.13

0.40

0.14

0.00

0.10

0.20

0.30

0.40

0.50

2001 2002 2003 2004 2005 1H06 Sept ' 06YTD

MTB Top 50 Median

Efficiency Ratio

51.5351.53 51.43

59.31

56.45

48.00

51.00

54.00

57.00

60.00

63.00

2001 2002 2003 2004* 2005 1H06 Sept '06YTD **

MTB Top 50 Median

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($ in millions)

(1) Includes Upstate NY and Western NY regions. (2) Includes NYC, Philadelphia, and Tarrytown regions. (3) Includes Baltimore, Washington DC, and Chesapeake regions. (4) Includes Pennsylvania, less Philadelphia. Note: Operating Income excludes amortization of intangibles, merger-related expenses and non-recurring items.

Sept. '06 % Growth 3 Yr CAGRYTD Prior Year 06 vs. '03

Upstate NY (1) 319.8$ 21.7% 12.8%

Metro (2) 157.5 -0.6% 7.5%

Mid-Atlantic (3) 177.3 28.7% 33.2%

Pennsylvania (4) 163.1 25.7% 29.9%

Multi-Region 171.5 -26.4% -9.3%

Total 989.0$ 7.3% 10.7%

M&T Bank Corporation – pretax operating income by region

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$0.00

$1.00

$2.00

$3.00

$4.00

$5.00

$6.00

$7.00

$8.00

1983 1985 1987 1989 1991 1993 1995 1997 1999 2001 2003 2005

Diluted Net Operating Earnings Dividends

+22% CAGR

+18% CAGR

$7.03

Note: Data prior to 1998 does not include provisions of SFAS No. 123 andNo.148 stock option expensing.

M&T per share data 1983-2005

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Recent performance

Stock Price

Performance since

Y/E 2004 Y/E 2005

MTB 11.2% 10.0%

BKX (1) 8.8% 9.1%

S&P 500 10.2% 7.0%

NASDAQ 3.8% 2.4%

Note: Reflects stock price performance through Sept 30. 2006(1) BKX indicates the KBW Bank Index.

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49.5%

20.5% 6.0%

24.0%

Management’s interest

aligned with Shareholders’

Interests

Over 50% Ownership

between AIB, M&T insiders

and Warren Buffett

AIB

BerkshireHathaway-Warren Buffett

OtherShareholders

M&T Management, Directors and Employees

* As of 2/28/06. Includes options & deferred bonus shares

What makes M&T unique?*

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24.6% Annual rate of return since 1980 13th best return of the entire universe of over a thousand U.S. based stocks that have traded publicly since 1980

$2,790 invested in M&T in 1980 would be worth $1 million today

Note: CAGR calculated assuming reinvestment of dividends through September 30, 2006.

Source: IDC & Factset

Rank Company Name Industry Annual Return (%)1 Eaton Vance Corp. Financials 30.32 Circuit City Stores Inc. Consumer Discretionary 27.53 Stryker Corp. Health Care 26.64 Gap Inc. Consumer Discretionary 26.55 State Street Corp. Financials 26.56 Forest Laboratories Inc. Health Care 26.37 Countrywide Financial Corp. Financials 26.28 Progressive Corp. Financials 25.99 Mylan Laboratories Inc. Health Care 25.710 Wal-Mart Stores Inc. Consumer Staples 25.411 Leucadia National Corp. Financials 25.012 Robert Half International Inc. Industrials 24.713 M&T Bank Corp. Financials 24.6

M&T Bank Corporation… a solid investment

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Appendix

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Reconciliation of GAAP and Non-GAAP Results of Operation

Net Income Sept. '06 Sept. '05and Earnings Per Share YTD YTD 2005 2004 2003 2002 2001 2000 1999$'s in millions

Net income $625.9 $577.2 $782.2 $722.5 $573.9 $456.8 $353.1 $268.2 $252.4Intangible amortization,

net of tax 27.0 26.9 34.7 46.1 47.8 32.5 99.4 56.1 42.4 Merger-related expenses,

net of tax 3.0 - - - 39.2 - 4.8 16.4 3.0

Net operating income $655.9 $604.1 $816.9 $768.6 $660.9 $489.2 $457.3 $340.7 $297.8Earnings Per Share

Diluted earnings per share $5.49 $4.95 $6.73 6.00 4.95 4.78 3.58 $3.24 $3.13Intangible amortization,

net of tax 0.23 0.23 0.30 0.38 0.41 0.34 1.00 0.67 0.52 Merger-related expenses,

net of tax 0.03 - - 0.34 - 0.05 0.20 0.04 Diluted net operating

earnings per share $5.75 $5.18 $7.03 $6.38 $5.70 $5.12 $4.63 $4.11 $3.69

Efficiency Ratio

$'s in millions

Non-interest expenses $1,167.9 $1,116.0 $1,485.1 $1,516.0 $1,448.2 $961.6 $980.6 $718.6 $596.7less: intangible amortization 44.3 44.1 56.8 75.4 78.2 51.5 121.7 69.6 49.7 less:charitable contribution 18.0 - - 25.0 - - - - - less: merger-related expenses 5.0 - - - 60.4 - 8.0 26.0 4.7 Adjusted net operating expenses $1,100.6 $1,071.9 $1,428.3 $1,415.6 $1,309.6 $910.1 $850.9 $623.0 $542.3

Adjusted T.E. revenues* $2,153.4 $2,086.4 $2,789.5 $2,692.0 $2,443.7 $1,774.2 $1,651.4 $1,192.5 $1,047.9

Net operating efficiency ratio 51.1% 51.4% 51.2% 52.6% 53.6% 51.3% 51.5% 52.3% 51.8%

Note: Effective January 1, 2003, M&T began recognizing expense for stock-based compensation in accordance with SFAS No. 123, as amended, and chose the retroactive restatement method described in SFAS No. 148. As a result, financial information for all prior periods presented has been restated to reflect the provisions of these pronouncements.* Excludes securities transactions

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Reconciliation of Assets & Equity to Tangible Assets & Equity

Sept. '06 Sept. '05Assets YTD YTD 2005 2004 2003 2002 2001 2000 1999$'s in millionsAverage assets 55,591$ 53,899$ 54,135$ 51,517$ 45,349$ 31,935$ 30,842$ 23,670$ 21,065$ Goodwill (2,908) (2,904) (2,904) (2,904) (2,456) (1,098) (1,126) (641) (521) Core deposit and other intangible assets (167) (142) (135) (201) (233) (143) (196) (125) (73) Deferred taxes 39 55 52 - - 46 56 30 22

Average tangible assets 52,555$ 50,908$ 51,148$ 48,412$ 42,660$ 30,740$ 29,576$ 22,934$ 20,493$

Equity$'s in millionsAverage equity 5,973$ 5,772$ 5,798$ 5,701$ 4,941$ 3,026$ 2,975$ 2,045$ 1,744$ Goodwill (2,908) (2,904) (2,904) (2,904) (2,456) (1,098) (1,126) (641) (521) Core deposit and other intangible assets (167) (142) (135) (201) (233) (143) (196) (125) (73) Deferred taxes 39 55 52 76 68 46 56 30 22

Average tangible equity 2,937$ 2,781$ 2,811$ 2,672$ 2,320$ 1,831$ 1,709$ 1,309$ 1,172$

Note: Effective January 1, 2003, M&T began recognizing expense for stock-based compensation in accordance with SFAS No. 123,

as amended, and chose the retroactive restatement method described in SFAS No. 148. As a result, financial information for all

prior periods presented has been restated to reflect the provisions of these pronouncements.