KBW Winter Financial Services Symposium

William Losch, Chief Financial Officer

February 11, 2021

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Disclaimer

Portions of this presentation use non-GAAP financial information. Each of those portions is so noted, and a reconciliation of that non-GAAP information to comparable GAAP information is provided in a footnote or in the appendix at the end of this presentation. Annualized, pro forma, projected and estimated numbers are used for illustrative purpose only, are not forecasts and may not reflect actual results. This presentation also includes certain non-GAAP financial measures related to “tangible common equity” and certain financial measures excluding notable items, including merger-related charges. Notable items include certain revenue or expense items that may occur in a reporting period which management does not consider indicative of ongoing financial performance. Management believes it is useful for the investment community to consider financial metrics with and without notable items in order to enable a better understanding of company results, facilitate comparability of period-to-period financial results, and to evaluate and forecast those results. Although FHN has procedures in place to ensure that these measures are calculated using the appropriate GAAP or regulatory components, they have limitations as analytical tools and should not be considered in isolation, or as a substitute for analysis of results under GAAP. For more information on these calculations and to view the reconciliations to the most comparable GAAP measures, please refer to the appendix of this presentation.

Forward-Looking StatementsThis communication may contain forward-looking information, including guidance, involving significant risks and uncertainties. Forward-looking information is identified by words such as "believe," "expect," "anticipate," "intend," "estimate," "should," "is likely," "will," "going forward," and other expressions that indicate future events and trends and may be followed by or reference cautionary statements. A number of factors could cause actual results to differ materially from results stated in or suggested by forward-looking information. Those factors include: general economic and financial market conditions, including expectations of and actual timing and amount of interest rate movements including the slope of the yield curve; competition; ability to execute business plans; regional, national, and world-wide political developments; recent and future legislative and regulatory developments; inflation or deflation; market (particularly real estate market) and monetary fluctuations; pestilence; man-made or natural disasters; customer, investor and regulatory responses to any of those conditions or events; matters mentioned in this release; critical accounting estimates; FHN’s success in executing its business plans and strategies following its 2020 merger with IBERIABANK Corporation, and managing the risks involved; the potential impacts on FHN’s businesses of the coronavirus COVID-19 pandemic, including negative impacts from quarantines, market declines, and volatility, and changes in customer behavior related to COVID-19; and other factors described in FHN's annual report on Form 10-K, FHN’s other recent filings with the SEC, and FHN’s most recent earnings release and related materials. FHN disclaims any obligation to update any forward-looking statements to reflect future events or developments, or changes in expectations.

Throughout this presentation, numbers may not foot due to rounding and all references to loans are averages unless otherwise stated.

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• Integration activities ongoing, cost saves being realized, and early

success on revenue synergies evident

• Merger providing additional expense, investment and credit flexibility in

current environment

Resilient Business Model Well-Positioned to Deliver Top-Quartile Returns

• Countercyclical businesses providing profitable offsets

• Conservative risk profile, balance sheet strength and significant loss

absorption capacity

• Reallocating resources to higher growth markets

• Investing in higher-return specialty businesses

• Evolving technology and fintech capabilities

MOE

Progressing

Well

Proven

Defensive

Differentiation

Building

Offensive

Differentiation

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Well-diversified business model with attractive geographic footprint

Headquarters

• Diversified business mix with regional

and specialty banking focus

Highly attractive markets

Countercyclical businesses allow for

more resilient returns

• Top 15 Southern MSAs projected to

outpace national average population

growth by 34%

• History of successfully executing

M&A transactions

• Proven expense discipline commitment

• Strong risk and credit culture

Competitive Advantage

Top 5 deposit market share in 10 of the

Top 20 Southern MSAs

$810 Million

4Q20 Adjusted Revenue1

$59.8 Billion

4Q20 Loans

$69.6 Billion

4Q20 Deposits

64%

36%

Net Interest Income

Fee Income

78%

22%

Commercial

Consumer

68%

32%

Interest Bearing

Non Interest Bearing

Source,: MSA weighted average population data per S&P Global of 12/31/2020,; Map as of 11/30/20.. 1 Adjusted revenue excluding $.1m purchase accounting gain which is nontaxable.

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Well-diversified, balanced business mix

Regional Banking Specialty Banking

$59 billion

loan mix2

$272 million

fee income2

• Market-centric business model to

adapt to local market needs

• Experienced, trusted RMs

• Targeting higher-value

Commercial and Private Client

relationships

• Strong retail bank that provides

efficient source of funding

• Opportunity for cross-sell and

referrals across lines of business

Asset Driven:

• ABL

• Loans to mortgage companies

• Equipment Finance

• Corporate Banking/Syndications

• CRE

• Franchise Finance

• Correspondent

Fee Driven:

• Fixed Income

• Mortgage Banking/Title

• Treasury Mgmt/International

Positioned to drive relative outperformance with strong collaboration across

regional footprint and specialty businesses

ROA

1.7%

Efficiency Ratio

55%

ROE1

18%

ROA

2.7%

ROE1

36%

Efficiency Ratio

39%

69%31%

39% 61%

1Segment equity is allocated based on an internal allocation methodology 2Data as of 4Q20, balances exclude amounts in Corporate

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Merger integration update

Systems

Integration

Talent

• Associate retention remains strong, including in

leadership/critical positions (95%)

• New sales team structures and credit partnerships for

combined organization successfully implemented

• Completed SunTrust Branch conversion post IBERIABANK

merger announcement. Customer retention at 94%

• Early system conversions completed include:

HR (Payroll, Benefits etc)

Retail Brokerage

Mortgage division operating on single platform

Consolidated procurement and expense

management systems

Converted and upgraded to a consolidated project

management system

Converted training systems and migrated associates to a

new digital training platform

• Wealth and Trust conversions scheduled for early summer

• Core systems (Loan and Deposit) conversion planned for fall

of 2021

Financial Highlights

Increased targeted

annualized cost saves to

~$200 million by 1H22

• Achieved ~$32 million

YTD with ~$14 million

in 4Q20

Seeing strong early

success on revenue

synergies not included in

deal economics

Annualized Savings$s in millions

Actual Estimated3Q20 4Q20 2021 2022~$32 ~$56 ~$115 ~$200

Aligning cultures and making good progress;

focused on optimizing customer experience

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Countercyclical and specialty businesses enhance revenue profile

$ 278 million

$ 423 million

2019 2020

$4.4 billion

$6.4 billion

2019 2020

• Fixed income, loans to mortgage companies and

mortgage banking provide attractive ballast in low-

rate environments

Core customer revenue levels provide

attractive returns during periods of rising rates

• Niche specialty businesses drive improved

differentiation for commercial customers and strong

cross-sell opportunities

Emphasis on high-return businesses where we have deep knowledge and expertise

2019 – 2020 Revenue Growth1,2

Average LMC Balances2,3Fixed Income Fees2 Mortgage Banking Fees2

4.5%

2.6%

FHN + IBKC

Adj. Combined

Peers

$99 million

$206 million

2019 2020

1Peer group includes BPOP, CFG, CIT, CMA, EWBC, FITB, FRC, HBAN, KEY, MTB, PBCT, RF, SBNY, SIVB, SNV, TCF, and ZION 2Illustrative of combined FHN and IBKC results from public disclosures. Fixed Income and LMC reflects FHN only; Mortgage Banking reflects legacy FHN and legacy IBKC

combined with no adjustments. 3Represents average balances from 4Q19 and 4Q20

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Lower-risk profile with solid capital positioning

2.8%3.5%

0.9%

6.9%

2.0%

-1.1%FHN Peers

4.91%

1.76%

0.75 % 0.70%

FHN Peers

1Peer group includes BPOP, CFG, CIT, CMA, EWBC, FITB, FRC, HBAN, KEY, MTB, PBCT, RF, SBNY, SIVB, SNV, TCF, and ZION . 2 Based on Fed Comprehensive Capital Analysis and Review (CCAR) Severely Adverse scenario released September 17, 2020 using a flat (static) balance sheet over 9 quarter planning horizon from 3Q20

to 3Q22 Current Expected Credit Loss. Fed methodology sets allowance equal to the next four quarters of forecasted losses. References to peer stress testing data represents the median 2H20 CCAR results of 33 participating firms. Also assumes maintenance of all preferred dividends. Median change in peer results may not

equal difference from median starting point to median minimum. PPNR = Pre-Provision Net Revenue Source: Federal Reserve

• PPNR/Assets outperformed CCAR-bank median ~150 bps

• Loss rates >400 bps below CCAR-bank median

• Significant loss absorption capacity of ~2.2% of loans

~45% of portfolio marked

• Transformed loan portfolio since Global Financial Crisis from

higher-risk, real estate concentration to commercially

diversified portfolio

Stress test results illustrate PPNR resilience and lower-risk characteristics of

commercially-oriented portfolio

Loan Loss

Rate

PPNR %

Assets

Pre-tax

Net Income %

Assets

Stress test results outperform CCAR median2Substantial loss absorption capacity

Significant improvement

in NPL levels1

2008 3Q203Q20 2008

1.80%2.14% 2.22%

4Q20

ACL/Total

Loans

4Q20

ACL/Total

Loans ex.

LMC & PPP

4Q20

total loss

absorbtion

capacity

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Redeploying capital to higher growth, higher return products and markets

28%

22%13%

10%

9%

9%

5%4%

36%

31%

10%

6%

6%

5%4%2%

Focus on profitable, sustainable relationship-driven growth

• Expanded footprint has significant scale and

client reach in attractive markets

Reallocating resources and investments in

talent and capabilities toward higher-

opportunity geographies

• Ability to leverage relationships and specialty

expertise across markets

Simplifying banker ecosystem with

migration to digital channels

• Specialty areas drive enhanced risk-adjusted

returns and economic profit

ABL/equipment more resilient during

downturns as clients provide essential

goods and services

$40.6 billion

4Q20 Regional Loan Portfolio

TN

FL LA

TX

NC & VA

Other

ALGA

Corporate

Correspondent

$18.2 billion

4Q20 Specialty Loan Portfolio

Loans to Mortgage

Companies

Commercial Real Estate

Asset Based Lending

Equipment Finance

Franchise Finance

Other

Corporate Banking

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Investing to enhance client experience and improve efficiency

New

Technology

&

Operational

Merger expense saves drive incremental investment in people and technology

• nCino platform deployment for loan origination and Treasury Management

• New wire system

• Pipeline management capability

• Customer relationship management system

• Imaging system

• Cloud-based core (Finxact) with API enabled apps for VirtualBank

• Advanced data governance tool set

• Cloud-based enterprise data hub

• Investment in Canapi

• Cloud-based consumer /small business mobile app

Targeted cost saves are net of technology investments

Expense

Saves

• Net targeted ~$200 million in cost saves

Gross ~$250 million

Allows for reinvestment of ~$50 million through mid-2022

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Targeting top-quartile returns

Medium-Term Targets

Near-Zero Interest Rate

Environment

Pre-Pandemic Interest Rate

Environment

Adjusted ROTCE ~12% - 14% ~15% - 17%

Fed funds effective rate

10-year treasury yield

~10 bps

~1.20%

~2.10%

~3.20%

Strength from countercyclical

businesses, combined with

enhanced scale and merger

efficiencies result in stable to

improving returns on capital

Assumes gradual improvement in

macroeconomic conditions with

moderate inflation and a return to

more normalized countercyclical

business activity

Assumes CET1 ratio of ~9.5%, provision expense equals net charge-offs and stable tax rates

Well positioned to deliver top-quartile returns from a diversified business model

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Well-positioned to deliver strong execution

• MOE enhances efficiency with cost saves and technology investments

Uniquely positioned to deliver significant cost savings in a challenging environment

• Defensive, balanced business model to navigate challenging environment

Countercyclical businesses producing above average revenue growth

45% of loan book marked with ~$1.3 billion of total loss absorption capacity

• Building strong offense with focus on differentiation

Expanded franchise in attractive Southern markets

Diversified balance sheet across multiple geographies and products

• Flexibility to deploy capital through organic growth, dividends, and share buybacks

Significant opportunities to drive relative outperformance and

build shareholder value

Appendix

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Countercyclical businesses and favorable portfolio mix help First Horizon outperform peers in latest stress test

Based on Fed Comprehensive Capital Analysis and Review (CCAR) Severely Adverse scenario released September 17, 2020 using a flat (static) balance sheet over 9 quarter planning horizon from 3Q20 to 3Q22 $ in thousands

• Severe global recession with heightened stress in commercial

real estate and corporate debt markets

Real GDP grows 8.5%

Unemployment up to 12.5%

Short-term rates near zero

• Asset prices drop sharply

House prices down 25.7%

CRE prices down 28.5%

Equity prices fall 43%, surge in market volatility

Fixed Income Countercyclical Contribution

• 9 quarter cumulative losses of $1.5B; additional pre-tax

loss capacity of ~$3.1B to 4.5% CET1 Capital regulatory

requirement

• FHN’s portfolio mix contributes to lower losses

Loans to mortgage companies have relatively low

loss rates and represent ~7% of average loans

Loss rates excluding PPP and LTMC are 3.0%

Credit card portfolio is <0.5% of average loans

First Horizon Stressed Loan Loss Rate

0%

5%

10%

15%

20%

25%

$-

$50

$100

$150

$200

$250

$300

$350

Total PPNR Fixed Income PPNR Fixed Income PPNR %

Note: 3Q '20 Total PPNR = 713

6.9%2.8%

0.0% 5.0% 10.0% 15.0% 20.0% 25.0%

Total Loan Losses

Other Loans

Other Consumer

Credit Cards

Commercial and Industrial

Commercial real estate

Junior liens and HELOCs

First-lien mortgages2020 First Horizon Stress Test Results

Median 2020 Peer Results

Stress testing