Webster Financial : 2023 CR Report

2023 Awards &

Recognition

In the past year, Webster has earned more than 50 recognitions for our performance, our focus on excellence and serving our clients and communities. Our accomplishments over the years are

Webster Bank was recognized as a Corporate Citizen of the Year by Long

Island Business News in the publication's 2023 Corporate Citizenship Awards.

Long Island Business News annually publishes this list to showcase companies that promote and prioritize giving back to the Long Island community. Corporate Citizenship honorees are recognized for their impact on multiple nonprofit organizations through financial contributions, fundraising and volunteer efforts.

Webster Bank was again named a Top Corporate Contributor honoree by the Boston Business Journal in its annual 2023 Corporate Citizenship Awards, a recognition of the region's top corporate charitable contributors.

The Business Journal annually publishes this list to showcase companies that promote and prioritize giving back to their communities. This year, 100 companies have qualified for the distinction by reporting at least $100,000 in cash contributions to Massachusetts-based charities last year. The honorees this year include companies from such industry sectors as financial and professional services, health care, technology, retail and professional sports.

due to the dedication, teamwork and commitment to values demonstrated by our colleagues every day. Webster is making meaningful progress toward becoming one of the highest performing commercial banks in the country. Along the way, we are pleased to have been recognized for our overall accomplishments as a bank, as well as for the individual achievements of our colleagues. The recognition we receive builds on our momentum and confidence as we focus on our strategic priorities.

Newsweek Most Trusted Companies Newsweek recognized Webster Bank for the second consecutive year as one of its Most Trusted Companies in the United States.

Connecticut Green Bank Annual Awards

The Connecticut Green Bank honored Webster for its outstanding partnership and support of Green Bank initiatives, including residential and commercial solar PV, Green Liberty Bonds and C-PACE.

Women's Enterprise Development Center (WEDC) presented Webster with its Corporate Partnership Award

for its many years of support for WEDC's services and training programs for underserved women and minority small business owners in Westchester and the Hudson Valley (NY).

Yonkers Partners in Education (YPIE) recognized Webster as the YPIE Corporate Honoree,

for its continued generous support of the YPIE- Webster Finance Lab, providing students with access to financial empowerment and exposure to careers in the financial industry.

Sun River Health honored Webster for their support and commitment to the health of communities in the Hudson Valley, New York City and Long Island.

Women's Housing and Economic Development Corporation (WHEDco) honored Webster with their 2023 Corporate Leadership Award for the important role they play in supporting WHEDco's broader efforts to improve Bronx residents' access to financial products.

Dear Shareholders,

Our 2023 Corporate Responsibility Report is a demonstration of our ongoing commitment to environmental, social and governance principles. It summarizes our strategic approach to creating a positive social and environmental impact within an effective governance framework, based on strong ethics and risk management.

This Report demonstrates how our values drive our collective commitment to serving our clients, our communities and each other every day.

During the past year, we marked several achievements that helped grow our businesses, while supporting our sustainability initiatives. Under the leadership of Chief Corporate Responsibility Officer Marissa Weidner and her team, we launched a multi- year Community Investment Strategy bringing greater scale and additional resources to the communities we serve. In the two years since its inception, this investment strategy is creating an even stronger foundation to provide more opportunities and value across our footprint.

John R. Ciulla

President and

Chief Executive Officer

CCRO Q&A

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What are your reflections on the Office of Corporate Responsibility journey to date?

Since we established the Office of Corporate Responsibility (OCR) in 2022, we have continued to execute on our multi-year Community Investment Strategy (CIS), with a focus on our commitment to driving economic vitality in our communities.

OCR has made tremendous progress in the two years since we began. We have built and maintained solid partnerships both internally across the enterprise and externally with community partners, especially our Community Advisory Councils. These relationships have created the strong foundation for our execution against the CIS. With a focus on both qualitative and quantitative measures, we're helping to create meaningful impact in our communities and we're proud to be a part of this effort.

The CIS is a major commitment for Webster, and our entire leadership team has not only embraced it but they're actively working to support its success. I'm also grateful for the continued enthusiasm and engagement of our colleagues. This truly shows the Webster values of Integrity, Collaboration, Agility, Accountability, Respect and Excellence in action.

What were some of the achievements in 2023?

2023 was a busy and productive year. We launched "Webster You're Home," our Special Purpose Credit Program aimed at expanding homeownership opportunities for low- to moderate-income (LMI) first- time homebuyers. We know that homeownership strengthens our neighborhoods and helps individuals and families build generational wealth, and this new program will provide greater access to credit in economically- disadvantaged communities.

We introduced Webster's Minority and Women Owned Business Enterprise (MWBE) team. These colleagues work to support the growth and development of minority- and women-owned small businesses across our footprint. Webster has also partnered with a number of organizations that support women- and minority-owned businesses in New England and New York.

Webster's signature Finance Lab initiative continued to expand as we opened our third Finance Lab and announced three new Finance Labs in Connecticut and Massachusetts.

We measure our progress not only by the milestones we reach, but also in the way our colleagues have matched our ambitions with actions.

Marissa Weidner

Chief Corporate

Responsibility Officer

Continuing our collaborative approach to corporate responsibility, we strengthened our partnerships with nonprofits across our footprint. We also engaged more deeply with internal teams to successfully launch our "Webster You're Home" program, grow our Supplier Diversity program and expand community development lending and other OCR efforts.

How is Webster continuing its approach to Corporate Sustainability?

Our approach is tied to our mission and values: a strategic program clearly focused on positive social and environmental impact within an effective governance framework based on ethics and risk management.

Responsible governance is the cornerstone of everything we do at Webster. Our Board continues to oversee our Environmental, Social and Governance (ESG) efforts, with the Nominating and Corporate Governance Committee having primary responsibility for coordination of that oversight.

We're firmly focused on achieving our community commitments and making the right long-term investments to support the economic vitality of our communities. We measure our progress not only by the milestones we reach, but also in the way our colleagues have matched our ambitions with actions.

As investors continue to demand more consistent and relevant ESG information, we've expanded

our Corporate Responsibility reporting. This year, we added disclosures from the Task Force on Climate-Related Financial Disclosures (TCFD) framework to our Sustainability Accounting Standards Board (SASB) disclosures. 2023 also marks the first time we have reported greenhouse gas (GHG) emissions.

What are some new Corporate Responsibility initiatives for 2024?

As we continue to execute on our multi-year Community Investment Strategy, we'll be announcing three new Finance Labs, expanding this signature initiative for a total of nine programs across our footprint. We're excited to grow our Supplier Diversity program, creating more opportunities for increased revenue, profit and growth for diverse small businesses in the communities we serve. We're creating a multicultural campaign to engage with more communities in our footprint. We'll also continue to develop our ESG strategies, creating a more formal program and maturing our processes.

These and other programs and projects are built on the foundations of our four Corporate Responsibility pillars: Economic Vitality, Valuing Our People, Our Environment and Responsible Governance. They create value across our business as they help to strengthen the systems and organizations that drive shared prosperity in our communities.

OCR brings together Community Reinvestment Act (CRA) and Fair and Responsible Banking; Community Investment, Engagement and Philanthropy; Government Relations and Public Affairs; Supplier Diversity; and, of course, all Environmental, Social and Governance efforts, all in one business unit. This structure allows us to plan more strategically, support enterprise goals more effectively and use our resources more efficiently.