June 12, 2023 2023 Second Quarter Investor Update

2 Forward-Looking Statements; Use of Non-GAAP Financial Measures Forward Looking Information This earnings presentation includes “forward-looking statements” as that term is defined in the Private Securities Litigation Reform Act of 1995. These statements, often accompanied by words such as “may,” “might,” “could,” “anticipate,” “expect,” and similar terms, are based on management’s current expectations and assumptions regarding future events or determinations, all of which are subject to known and unknown risks and uncertainties. Forward-looking statements are not guarantees, nor should they be relied upon as representing management’s views as of any subsequent date. Actual results and outcomes may differ materially from those presented. Although this list is not comprehensive, important factors that may cause material differences include the quality and composition of our loan and securities portfolios and the quality and composition of our deposits; changes in general industry, political and economic conditions, including continued high inflation, economic slowdown or recession, or other economic disruptions; changes in interest and reference rates which could adversely affect our revenue and expenses, the value of assets and obligations, and the availability and cost of capital and liquidity; deterioration in economic conditions that may result in increased loan and leases losses; securities and capital markets behavior, including volatility and changes in market liquidity and our ability to raise capital; the impact of bank failures or adverse developments at other banks on general investor sentiment regarding the stability and liquidity of banks; the possibility that our recorded goodwill could become impaired, which may have an adverse impact on our earnings and capital; our ability to recruit and retain talent, including increased competition for qualified candidates as a result of expanded remote-work opportunities and increased compensation expenses; competitive pressures and other factors that may affect aspects of our business, such as pricing and demand for our products and services; our ability to complete projects and initiatives and execute on our strategic plans, manage our risks, and achieve our business objectives; our ability to provide adequate oversight of our suppliers or prevent inadequate performance by third parties upon whom we rely for the delivery of various products and services; our ability to develop and maintain technology, information security systems and controls designed to guard against fraud, cybersecurity, and privacy risks; changes and uncertainties in applicable laws, and fiscal, monetary, regulatory, trade, and tax policies, and actions taken by governments, agencies, central banks and similar organizations; adverse media and other expressions of negative public opinion whether directed at us, other banks, the banking industry generally or otherwise that may adversely affect our reputation and that of the banking industry generally; the effects of pandemics and other health emergencies, including the lingering effects of the COVID-19 pandemic that may affect our business, employees, customers, and communities, such as ongoing effects on availability and cost of labor; the effects of wars and geopolitical conflicts, and other local, national, or international disasters, crises, or conflicts that may occur in the future; natural disasters that may impact our and our customer's operations and business; and governmental and social responses to environmental, social, and governance issues, including those with respect to climate change. Factors that could cause our actual results, performance or achievements, industry trends, and results or regulatory outcomes to differ materially from those expressed or implied in the forward-looking statements are discussed in our 2022 Form 10-K and subsequent filings with the Securities and Exchange Commission (SEC) and are available on our website (www.zionsbancorporation.com) and from the SEC (www.sec.gov). We caution against the undue reliance on forward-looking statements, which reflect our views only as of the date they are made. Except to the extent required by law, we specifically disclaim any obligation to update any factors or to publicly announce the revisions to any forward-looking statements to reflect future events or developments. Use of Non-GAAP Financial Measures: This document contains several references to non-GAAP measures, including but not limited to, pre-provision net revenue and the “efficiency ratio,” which are common industry terms used by investors and financial services analysts. Certain of these non-GAAP measures are key inputs into Zions’ management compensation and are used in Zions’ strategic goals that have been and may continue to be articulated to investors. Therefore, the use of such non-GAAP measures are believed by management to be of substantial interest to the consumers of these financial disclosures and are used prominently throughout the disclosures. A reconciliation of the difference between such measures and GAAP financials is provided within the document, and users of this document are encouraged to carefully review this reconciliation.

 Affiliate CEOs “own” their local market opportunities and challenges  One of only four banks to have averaged 15 or more Greenwich Excellence Awards since 2009  Roughly 2/3 of revenue from commercial customers  Best-in-class credit quality  0.00%: Net charge-offs in 1Q23; consistently among the lowest of peers Zions Is A Collection of Community Banks 3 Key Differentiators: Local decision-making and top-notch service, commercial banking focus, superior credit performance Source: S&P Global and internal data, as of 1Q23 except where noted. 1 March 31, 2023, ending balances. 2 Represents long-term debt / senior debt issuer rating, as of June 9, 2023. Key Metrics 1Q23 Listing NASDAQ: ZION Market Capitalization (as of 6/9/23) $4.7B Total Assets $88.6B Total Loans $56.3B Total Deposits $69.2B Common Equity Tier 1 Capital $6.6B Common Equity Tier 1 Capital Ratio 9.9% Zions Bancorp. Rating (S&P/Fitch/Kroll)2 BBB+ / BBB+ / A- Rating Outlook (S&P/Fitch/Kroll)2 Negative / Stable/ Positive Financial Highlights Zions’ Markets1 Bank Headquarters Ending Deposits % of Total Zions Bank Salt Lake City $19.9B 29% CB&T San Diego $13.5B 20% Amegy Houston $11.6B 17% NB│AZ Phoenix $7.0B 10% NSB Las Vegas $6.6B 10% Vectra Denver $3.4B 5% Commerce Seattle $1.1B 2% Brokered Deposits & Other — $6.2B 9% Zions Bancorporation Salt Lake City $69.2B 100%

Zions Consistently Receives National and Local Recognition for Excellence One of only four banks to have averaged 15 or more Greenwich Excellence Awards since 2009 Affiliates have strong brands in their markets 1 https://www.americanbanker.com/list/most-powerful-women-in-banking-top-teams-zions-bancorp; https://www.americanbanker.com/list/the-most-powerful-women- in-banking-2022; 2 The San Diego Union-Tribune (annually #1 from 2011-2022) and Orange County Register (annually #1 from 2014-2022); 3 Sixteen annual occurrences, Ranking Arizona Magazine; 4 Las Vegas Review-Journal, Reno Magazine and/or Reno Gazette-Journal, Elko Daily Free Press (annual winner since 2017); 5 https://topworkplaces.com/company/vectra-bank-colorado/, https://www.bcivic.org/the-civic-50-colorado Top Team of Women Bankers1 (2015-2020) Most Powerful Women in Banking (2022) National Bank of Arizona consistently voted #1 Bank in Arizona3 Nevada State Bank consistently voted #1 Bank in Nevada4 4 Consistently Voted Best Bank in San Diego and Orange Counties2 Business Services — Banking (17th consecutive year) Business Services — Mortgage Banking Community Development — Corporate Giving Community Development — Employer Vectra Bank Colorado voted a Top Workplace5

5 Zions Finishes Fifth Nationally in 2022 Greenwich Excellence Awards Zions compares favorably to major competitors (JPMorgan, Bank of America, Wells Fargo, US Bank) Zions Bancorp Major Bank Competitors (Average Score) Highest Major Bank Competitor's Score Zions’ Rank Middle Market (Revenue of $10MM-$500MM) Overall Satisfaction - Customers 55 42 48 1st Bank You Can Trust 75 53 62 1st Values Long-Term Relationships 73 51 59 1st Ease of Doing Business 66 45 54 1st Digital Product Capabilities 51 44 52 2nd Overall Customer Satisfaction with Bankers 72 55 61 1st Net Promoter Score** 56 27 45 1st Source: 2022 Greenwich Associates Market Tracking Program Nationwide . * Excellent Citations are a "5" on a 5 point scale from "5" excellent to "1" poor ** NPS Range: World Class 70+; Excellent 50+; Very Good 30+; Good 0 - 30; Needs Improvement (100) - 0 Greenwich Associates Customer Satisfaction (2022) % Excellent Citations* (Major Bank Competitors: JP Morgan, Bank of America, Wells Fargo, US Bank) Greenwich Excellence Awards • Ranked fifth among all U.S. banks in overall Greenwich Excellence Awards and first in the Middle Market segment, receiving 14 awards • One of four U.S. banks to average 15 or more wins since the inception of the awards in 2009 Greenwich “Best Brand” Awards • Won all three brand awards in the Middle Market category • Bank You Can Trust • Values Long-Term Relationships • Ease of Doing Business

 Earnings and Profitability:  $1.33 diluted earnings/share, compared to $1.84  $850 million adjusted taxable-equivalent revenue, compared to $892 million  $336 million Pre-Provision Net Revenue(1)  $341 million Adjusted PPNR(1), compared to $420 million  $45 million provision for credit losses, compared to $43 million  $198 million Net Income Applicable to Common, compared to $277 million  0.91% Return on Assets (annualized), compared to 1.27%  12.3% Return on Average Tangible Common Equity(1), excl. AOCI (annualized), compared to 16.9%  Credit quality (excluding PPP Loans):  0.30% Nonperforming Assets + loans 90+ days past due / non-PPP loans and leases and other real estate owned, from 0.26%  0.00% net loan charge offs/(recoveries) as a percent of loans, annualized, from (0.02)%  Allowance for credit losses (“ACL”), of $678 million or 1.21% of non- PPP loans, from 1.15% 6 First Quarter 2023 Financial Highlights A quarter marked by overall healthy profitability, continued strength in credit quality, and increased capital Note: For the purposes of comparison in this presentation, we use linked-quarter ("LQ") unless stated otherwise. (1) Adjusted for items such as severance and restructuring costs, other real estate expense, pension termination-related expense, securities gains and losses, and accruals for investment and advisory expenses related to SBIC investments. See Appendix for non-GAAP financial measures.  Loans and Deposits: Vs. 4Q22, growth rates not annualized  1.2% increase in period-end loan balances  1.3% increase in period-end loan balances (excluding PPP loans)  2.9% increase in average loan balances (excluding PPP loans)  3.4% decrease in period-end deposits  5.5% decrease in average deposits  81% period-end loan-to-deposit ratio  0.47% cost of average total deposits  Capital:  9.9% Common Equity Tier 1 Ratio (CET1), compared to 9.7%  11.0% (CET1+Allowance for Credit Losses) / Risk-Weighted Assets  $50 million of common stock repurchased during 1Q23

$50.9 $51.8 $53.0 $54.7 $56.2 3.52% 3.67% 4.17% 4.81% 5.30% $0.0 $25.0 $50.0 $75.0 $100.0 1Q22 2Q22 3Q22 4Q22 1Q23 Average Loan and Deposit Balances Average Total Loans Yield on Total Loans Average Total Deposits Cost of Total Deposits 7 Vs. 4Q22, average loans increased 2.7% in 1Q23; average deposits decreased 5.5% $40.7 $39.8 $37.8 $36.2 $35.8 $40.9 $41.1 $39.6 $38.0 $34.4 0.03% 0.03% 0.10% 0.20% 0.47% $0.0 $25.0 $50.0 $75.0 $100.0 1Q22 2Q22 3Q22 4Q22 1Q23 Average Noninterest-bearing Deposits Average Interest-bearing Deposits ($ billions) ($ billions) Zions’ cost of total deposits at the end of May was 1.40% (interest-bearing of 2.43%), resulting in a deposit beta1 of 27% (1) Deposit beta compares the change in the cost of deposits relative to 4Q21

Noninterest-Bearing Deposits (“NIB”) Mix Through multiple rate cycles, Zions’ NIB deposit concentration has been consistently among the best of peers Source: S&P Global. The federal funds rate shown on this page has been adjusted such that, for example, the 2007 peak rate of 5.25% is the daily average rate from July 1, 2006 to June 30, 2007, which attempts to reflect the delay between the Fed’s increase or decrease and the response by Zions and the banking industry to increase or decrease rates paid on deposits. Average Noninterest Deposits / Average Total Deposits 0 1 2 3 4 5 6 7 0% 10% 20% 30% 40% 50% 60% 20 00 20 01 20 02 20 03 20 04 20 05 20 06 20 07 20 08 20 09 20 10 20 11 20 12 20 13 20 14 20 15 20 16 20 17 20 18 20 19 20 20 20 21 20 22 1Q 23 ZION Peer Top Quartile Peer Bottom Quartile Avg Fed Funds (6-Mo Lag) Zions ranked 2nd (Left Axis) %  Zions’ NIB deposit mix has consistently exceeded most peers due in part to a higher proportion of operating accounts for businesses  Fluctuation in the NIB mix ratio is to be expected, attributable to factors including:  The absolute and relative level of interest rates  The desired liquidity levels for households and business owners – which may be greater after the global financial crisis and the pandemic  Technological advances – which have reduced the frictional cost of moving money from NIB to IB accounts 8

33% 72% 82% 67% 28% 18% Commercial Other Consumer Insured Uninsured Data as of March 31, 2023; Brokered, trust, estate, and internal operational accounts included in Other Deposits. 9 55% of deposits are insured; an additional 3% of deposits are collateralized; 66% of commercial balances are on analysis No single customer had uncollateralized deposits exceeding 0.25% of total deposits; the top 25 largest uncollateralized deposit accounts were just 3.7% of total deposits Commercial Deposit Accounts  Commercial Operating Deposit Accounts on Analysis represent:  66% of Commercial Deposit Balances  61% of Uninsured Commercial Deposit Balances  78% of Commercial Deposit Count Number of Accounts  Commercial Accounts ≈ 275,000  Consumer Accounts ≈ 1.1 million Deposit Portfolio Composition Other Deposits $9.0 Billion Consumer Deposits $23.6 Billion Composition of Deposit Portfolio Total Deposits: $69.2 Billion Commercial Deposits $36.6 Billion

Built for Resilience:  Risk Management Practices: Longstanding practice of maintaining a high degree of secured funding capacity  Without selling any securities, Zions has ample capacity to fund all uninsured deposits  Zions established borrowing capacity at the Bank Term Funding Program (BTFP) but has not utilized this source of liquidity other than performing an operational test  Zions has not used the Federal Reserve Discount Window in 2023 10 Immediately Available Sources of Cash vs. Uninsured Deposits Zions has ample capacity to fund 100%+ of its uninsured deposits 13.6 28.6 7.3 2.4 9.2 4.6 3.4 Uninsured Deposits $ Bi lli on s Unutilized and Immediately Available Sources of Cash(1) vs. Uninsured Deposits Collateralized Deposits Money Market Investments Repurchase Agreement Federal Home Loan Bank Bank Term Funding Program Discount Window Immediately Available Sources of Cash (1) Money market investments and deposits as of March 31, 2023; Immediately available sources of cash are as of April 18, 2023. $38B $31B

Securities & Money Market Investments 11 Total Securities Portfolio (at Fair Value) and Money Market Investments (end of period balances) $27.0 $26.2 $24.2 $23.5 $22.6 $7.4 $3.5 $4.1 $3.8 $3.4 1Q22 2Q22 3Q22 4Q22 1Q23 Total Securities Money Market Investments ($ billions) We have strong on-balance sheet liquidity The investment portfolio is designed to be a storehouse of balance sheet liquidity  Money market investments and securities make up 32% of earning assets, compared to 24% immediately preceding the pandemic  1Q23 period-end securities declined $939 million. Cash flow of the securities portfolio was $814 million  The securities portfolio is expected to decline in the near term at an annualized rate of between $2.8 billion and $3.2 billion, primarily through principal pay downs and maturities  The composition of the investment portfolio allows for deep on-balance sheet liquidity through the GCF Repo market 40% 36% 34% 33% 32% Percent of earning assets After liquidity, the investment portfolio is used to balance interest rate risk  The estimated deposit duration at March 31, 2023 of 2.9% is assumed to be longer than the loan duration of 1.8% (including swaps); the investment portfolio brings balance to this mismatch  The duration of the investment portfolio is 4.1%, virtually unchanged from a year ago ~90% of securities are U.S. Government and U.S. Government Agency/GSE securities

$0.41 $0.79 $0.10 $0.20 4Q23 4Q24 Securities Cash Flow Interest Rate Swaps Accumulated Other Comprehensive Loss Accretion Accretion of unrealized loss is projected to add 1.1 percentage points to Avg. Equity / Avg. Asset ratio by year-end 2024 $ Bi lli on s Accumulated Other Comprehensive Loss Accretion by Quarter(1) (Cumulative) 12 0.6% 1.1% Effect on Average Equity/Asset Ratio Accumulated Other Comprehensive Loss: (1) Percentage at top of columns represents cumulative accretion of unrealized loss at 3/31/23. Dollar amounts inside columns represent the amount of unrealized loss accretion (2) AFS securities burndown based on path of forward curve at 3/31/23 and assumes no further changes in rates (3) Includes accretion of unrealized losses related to the 4Q22 transfers of AFS securities to HTM  Principal amortization of the investment portfolio will lead to a commensurate improvement in Accumulated Other Comprehensive Loss  The $2.9 billion Accumulated Other Comprehensive Loss is expected to improve by nearly $1 billion  This would add 1.1% to the Avg. Equity / Avg. Asset ratio of 5.6% (as of March 31st) all else equal  This is approximately $6.70 per share on a book value basis (2,3)

Loan Growth in Detail Loan growth achieved in several categories: residential real estate, term CRE, consumer construction, and C&I (ex-O&G) Linked Quarter Loan Balance Growth, Excluding PPP Total Loans, excluding PPP: +1.3% Linked quarter:  Excluding PPP loans, period-end loans increased $716 million or 1.3%  Loan growth in dollars predominantly in 1-4 Family, Term Commercial Real Estate, Consumer Construction, and C&I (ex-O&G)  Decline of 19% ($38 million) in SBA PPP loans G ro w th R at e: L in ke d Q ua rt er , n ot a nn ua liz ed Dollar Growth: Linked Quarter 13 C&I (ex-Oil & Gas), 1% Owner occupied, -1% CRE C&D, -8% CRE Term, 4% Home Equity, -3% 1-4 Family, 6% Energy (Oil & Gas), 1% Municipal, 0% Other, 8% -10% -8% -6% -4% -2% 0% 2% 4% 6% 8% 10% -$300 -$100 $100 $300 $500 $700 Note: circle size indicates relative proportion of loan portfolio as of 1Q23. PPP loans, not shown on graph, declined 19% in 1Q23 vs. 4Q22 ($ millions)

520 578 657 718 678 24 15 6 2 1 $544 $593 $663 $720 $679 2.60% 2.87% 3.24% 3.53% 3.33% 0.00% 1.00% 2.00% 3.00% 4.00% 5.00% $0 1Q22 2Q22 3Q22 4Q22 1Q23 Net Interest Income (“NII”) and Net Interest Margin (“NIM”) Net Interest Income Net Interest Margin 14 Vs. 4Q22, continued interest income growth offset by increased interest expense from deposits and borrowings ($ millions) Net Interest Margin 4Q22 1Q23 Funding mix Other2 1 Loan Yields includes the effect of swaps. 2 Other includes securities runoff. A shift in funding from deposits to short-term borrowings negatively impacted the margin in 1Q23. Rate sensitivity1

Interest Rate Sensitivity – Net Interest Income Sensitivity Analysis 15 Net Interest Income is expected to decline over the next 12 months (1) 12-month forward simulated impact of an instantaneous and parallel change in interest rates and assumes no change in the size or composition of the earning assets excluding derivative hedge activity, while it assumes a change in composition of deposits (a lesser proportion of noninterest bearing relative to total deposits). (2) Latent interest rate sensitivity refers to future changes in Net Interest Income (“NII”) based upon past rate movements that have yet to be fully realized in revenue; Emergent interest rate sensitivity refers to changes to NII based upon future rate movements, based upon the forward rate curve at 3/31/2023. Vs.1Q23: Latent(2) sensitivity: Modeled to reduce NII by approximately 6.6% in 1Q24  This reflects primarily a modeled deposit beta (cumulative cycle beta of 28% through 1Q24 in both latent and emergent) Emergent (2) sensitivity: Modeled to reduce NII by an additional 0.9% in 1Q24  Adversely affected by the market’s expected reduction in the fed funds rate in 2H23 and lower rates on medium and long maturities (i.e. more inverted curve) This simulation does not include any changes to the size or composition of earning assets; it reflects existing swap maturities and forward-starting swaps The linked-quarter increase in interest rate sensitivity is primarily attributable to swap terminations partially offset by deposit mix shift. -5% -2% 2% 5% -7% -3% 3% 6% −200 bps −100 bps +100 bps +200 bps Simulated Net Interest Income Sensitivity (1) as of 12/31/2022 as of 3/31/2023